InvestmentMay 4, 2026, 01:46 PM
UTime Closes $1.2M Registered Direct Offering
AI Summary
UTime Limited has successfully closed a best-efforts registered direct offering, securing approximately $1.2 million in gross proceeds. The offering involved the sale of 200,000 Class A ordinary shares and 800,000 pre-funded warrants. The company intends to utilize the net proceeds for general working capital and other general corporate purposes.
Key Highlights
- Closed a registered direct offering, raising approximately $1.2 million in gross proceeds.
- Sold 200,000 Class A ordinary shares at an offering price of $1.20 per share.
- Sold 800,000 pre-funded warrants at an offering price of $0.70 per warrant.
- Each pre-funded warrant has an initial exercise price of $0.50 per Class A Ordinary Share.
- Univest Securities, LLC acted as sole placement agent, receiving a 6.0% cash fee.
- Company agreed to a 30-day restriction on issuing further Class A ordinary shares or equivalents.
- Officers and directors entered into 90-day lock-up agreements for their beneficially owned shares.
- Net proceeds from the offering will be used for general working capital and corporate purposes.
Price Impact
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