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SHENZHEN, China - UTime Limited (NASDAQ:WTO), a mobile device manufacturer whose stock has shown significant volatility with a 90% decline over the past year according to InvestingPro data, issued a statement Tuesday clarifying that a recent Securities and Exchange Commission filing claiming leadership changes at the company was fraudulent and unauthorized.
The company said that a filing submitted to the SEC via the EDGAR system on Tuesday falsely claimed that UTime’s officers and directors had resigned and been replaced by new appointees.
UTime confirmed that Hengcong Qiu remains Chief Executive Officer, Chief Financial Officer and Chairman of the Board, while Minfei Bao continues to serve as a Director. The company stated that its Board of Directors continues to consist of Minfei Bao, Hengcong Qiu, Xiaoqian Jia, Hailin Xie and Yanzhi Wang.
According to the statement, UTime believes the unauthorized filing was made by a former employee who had illicit access to the company’s EDGAR filing codes, describing it as "a deliberate attempt to interfere with the Company’s business operations and stable management."
The company said it is taking immediate actions to address the situation, including formally notifying the SEC of the fraudulent filing and alerting proper authorities to investigate the matter.
UTime Limited, which trades on the NASDAQ under the ticker WTO, designs, develops, produces and sells mobile devices in China and internationally.
The clarification was issued in a press release statement from the company.
In other recent news, UTime Limited has announced that it received a notification from Nasdaq regarding non-compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. The notification, received on August 15, highlighted that UTime failed to maintain the required minimum of $2,500,000 in stockholders’ equity. This was reported in the company’s Form 20-F for the year ended March 31, 2025. Additionally, UTime does not meet alternative compliance criteria based on the market value of listed securities or net income from continuing operations. These recent developments indicate challenges for UTime in maintaining its Nasdaq listing status. The company will need to address these compliance issues to avoid further consequences.
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