UTime receives noncompliance notification from Nasdaq

UTime (WTO) announced that on August 15, the company received a notification letter from Nasdaq notifying the company that it is no longer in compliance with the requirement of maintaining a minimum of $2.5M in stockholders’ equity for continued listing on the Nasdaq Capital Market set forth in Nasdaq Listing Rule 5550 based on the company’s reported stockholders’ equity in its Form 20-F for the year ended March 31, which is below the foregoing requirement of minimum stockholders’ equity. In addition, the company does not meet the alternatives of market value of listed securities or net income from continuing operations as of August 14.