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NEW YORK - UTime Limited (NASDAQ:WTO), a mobile device manufacturer known for its cost-effective products, has announced a reverse share split of its Class A ordinary shares. This corporate action, set at a ratio of 1-for-10, is scheduled to take effect at the opening of trading on NASDAQ on or around Monday, March 31, 2025. The reverse split aims to comply with NASDAQ’s minimum bid price requirement for continued listing, which stipulates a $1.00 per share threshold. The move comes as the company’s stock has fallen by over 96% in the past year, currently trading at $0.21 with a market capitalization of just $7.46 million. According to InvestingPro analysis, the stock shows signs of being undervalued despite its challenges.
The company’s ordinary shares, post-split, will have a new par value of $0.001 each and will continue trading under the ticker symbol WTO with a new CUSIP number. The reverse share split will proportionally adjust the exercise prices and number of shares issuable upon the exercise of outstanding derivative securities and under the company’s equity incentive plans. InvestingPro data reveals concerning financial metrics, including a weak gross profit margin of 4.81% and negative EBITDA of -$20.14 million in the last twelve months.
UTime’s move will decrease the total number of issued and outstanding ordinary shares from approximately 36 million to about 3.6 million. Shareholders approved this reverse share split on March 12, 2025. VStock Transfer, LLC has been appointed as the exchange agent and paying agent for this process. Shareholders with shares in book-entry form or held in brokerage accounts are not required to take any action. Those holding share certificates will receive instructions from VStock Transfer, LLC on exchanging their certificates for new ones reflecting the post-reverse split share count.
UTime, established in 2008, has expanded its offerings to include smart electric vehicle chargers since July 2023, aligning with the global push for energy conservation and carbon reduction. The company continues to focus on making mobile technology accessible, especially for low-income individuals in both established and emerging markets.
The information in this article is based on a press release statement. It is important to note that forward-looking statements regarding the company’s ability to meet NASDAQ listing requirements and other future expectations are subject to various factors that could cause actual results to differ materially from those anticipated. For deeper insights into UTime’s financial health and 14 additional key ProTips, visit InvestingPro, where subscribers can access comprehensive financial analysis tools and real-time market data.
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