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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE
13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001- 40306
UTime Limited
7th Floor, Building 5A
Shenzhen Software Industry Base
Nanshan District, Shenzhen, 518061
People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Change of Trading Symbol
On August 28, 2023, UTime Limited (the “Company”) announced a change of trading symbol for its ordinary shares to “WTO” (from “UTME”), which the Company anticipates will become effective on the Nasdaq Stock Market at the open of trading on Tuesday September 5, 2023.
On August 28, 2023, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K, announcing the ticker symbol change.
Notice of Failure to Satisfy a Continued Listing Rule or Standard
On August 28, 2023, UTime Limited (the “Company”) received a letter from the Listings Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) notifying the Company that the minimum bid price per share for its ordinary shares was below $1.00 for a period of 30 consecutive business days, and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). The Nasdaq notification letter does not result in the immediate delisting of the Company’s ordinary shares, and the shares will continue to trade uninterrupted.
The Company has a compliance period of 180 calendar days (the “Compliance Period”) to regain compliance with Nasdaq’s minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company’s ordinary shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance by the end of the Compliance Period, the Company may be eligible for an additional 180 days. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
EXHIBIT INDEX
| Exhibit No. | ||
| 99.1 | Press release issued by UTime Limited dated August 28, 2023, titled “UTime Limited Announces Nasdaq Ticker Symbol Change to WTO.” |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: August 28, 2023
| UTIME LIMITED | ||
| By: | /s/ Hengcong Qiu | |
| Name: | Hengcong Qiu | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
UTime Limited Announces Nasdaq Ticker Symbol Change to WTO
SHENZHEN, China, Aug. 28, 2023 (GLOBE NEWSWIRE) -- UTime Limited (NASDAQ: UTME; the “Company” or “UTME”) announced that the Company will be changing its ticker symbol from “UTME” to “WTO”. Effective on Tuesday September 5, 2023, the Company’s ordinary shares will trade on Nasdaq under the new symbol “WTO”.
“According to the needs of the Company’s future strategy and business development, we will officially change the ticker symbol,” CEO of the Company, Hengcong Qiu commented. “Over the past few years, the Company has actively sought to diversify its business development and has brought us new business growth opportunities in many areas. The change of the Company’s ticker symbol to ‘WTO’ will have a positive impact on building the Company’s long-term brand influence and enhancing our brand value.”
No action is required by existing shareholders with respect to the ticker symbol change. The Company’s ordinary shares will continue to be listed on Nasdaq and the CUSIP will remain unchanged.
About UTime Limited
UTime Limited, established in 2008, is committed to providing cost-effective mobile devices to consumers globally and to helping low-income individuals from established markets, including the United States, and the emerging markets, including countries in South Asia and Africa, have better access to updated mobile technology. The Company is mainly engaged in the design, development, production, sales and brand operation of mobile phones, accessories and related consumer electronic products. For more information, visit the Company’s website at http://www.utimeworld.com/.
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial projections. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact:
Kim He
Email: kim@westock.com