UTime to sell 7.69M shares at 65c in registered direct offering

UTime Limited has entered into a securities purchase agreement with certain accredited investor to sell $5 million of its ordinary shares in a registered direct offering. Under the terms of the securities purchase agreement, UTime has agreed to sell 7,692,308 ordinary shares with a purchase price of $0.65 per share. The gross proceeds to UTime are estimated to be $5 million before deducting the estimated offering expenses. The registered direct offering is expected to close on or about September 16, 2024, subject to the satisfaction of customary closing conditions.