UTime Raises $1.2 Million in Registered Direct Offering to Boost Working Capital
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UTime Limited has successfully raised $1.2 million through a registered direct offering, issuing 200,000 Class A ordinary shares and pre-funded warrants for 800,000 additional shares. The offering, arranged by Univest Securities, aims to enhance the company's liquidity for working capital. UTime has agreed to a 30-day restriction on issuing more equity, while its officers and directors are under 90-day lock-up agreements. The company, trading on Nasdaq as WTO, focuses on mobile devices and smart hardware, targeting both China and international markets.
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