UTime Limited operates as a mobile device manufacturing company committed to providing cost effective products and solutions to consumers globally and helping low-income individuals from established and emerging markets. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. In addition, a copy of the final prospectus relating to the offering may be obtained via the SEC's website at A registration statement relating to these securities was filed with the Securities and Exchange Commission (the "SEC") and was declared effective on April 5, 2021. The offering has been made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Boustead Securities, LLC, via email: or by calling +1 (949) 502-4408 or standard mail at Boustead Securities, LLC, Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA. The ordinary shares are expected to begin trading on the Nasdaq Capital Market on Apunder the symbol "UTME." The offering is expected to close on April 8, 2021, subject to customary closing conditions.īoustead Securities, LLC ("Boustead"), acted as the lead underwriter for the offering, with Brilliant Norton Securities Company Limited and Fosun Hani Securities Limited serving as co-underwriters. branch, expand global sales and distribution teams, increase promotions, launch 4G feature phones and develop Bluetooth glasses, according to the prospectus.NEW YORK, Ap/PRNewswire/ - UTime Limited ("UTime" or the "Company") (Nasdaq: UTME), a mobile device manufacturing company committed to providing cost effective products and solutions to consumers globally, today announced the pricing of its initial public offering of 3,750,000 shares of its ordinary shares at a price of US$4.00 per share to the public for a total of US$15 million of gross proceeds to UTime. The company plans to use the IPO capital to grow its U.S. ![]() The company also provides manufacturing services to other makers of electronics. ![]() It has subsidiaries operating in Hong Kong and India. The company also turned up profit in the six months, posting nearly 7 million yuan ($1 million) in income in contrast to losses of 9.8 million yuan.īased in Shenzhen, UTime sells cost-effective mobile devices to consumers globally, including the United States, India, Brazil, and some countries in South Asia, Africa, and Europe. In the six months through September, UTime booked $26.3 million in revenue, nearly doubled from the same period of 2019. A year later, however, its updated financial data shows an upturn. listing in March 2020, showing declining sales. The company first publicly filed for a U.S. investors' interest toward small-cap Chinese companies. Today, however, UTime celebrates with fanfare, enjoying U.S. (Nasdaq: EM) was among those that experienced the IPO troubles first-hand as it debuted on Friday. Bloomberg interpreted the numerous delays early this quarter as a sign of market weakness, citing the postponements and size reductions across global exchanges. ![]() UTime appeared on Nasdaq's schedule for planned lift-off on April 1, but was taken off the IPO list by midday. Earlier today, UTME stock surged over 1000% on heavy volume and has halted a number of times.īoustead Securities, Brilliant Norton Securities, and Fosun Hani Securities are underwriting the deal. The company sold 3.8 million shares and raised $15.2 million for purposes including expanding in the U.S. UTime priced its offering at $4 per share, the low end of the expected range of $4 to $5. In the afternoon, shares in the Chinese budget phone maker traded 602% above issue price, at $28.07 apiece. (Nasdaq: UTME) has enjoyed a striking good debut Tuesday after last week's postponement.
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