UTime Ltd Sells 7.7M Shares in Direct Offering
Ticker: WTO · Form: 6-K · Filed: Sep 18, 2024 · CIK: 1789299
| Field | Detail |
|---|---|
| Company | Utime Ltd (WTO) |
| Form Type | 6-K |
| Filed Date | Sep 18, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 1 min |
| Key Dollar Amounts | $5 million, $0.65 |
| Sentiment | neutral |
Sentiment: neutral
Topics: direct-offering, capital-raise, shares
TL;DR
UTime sold 7.7M shares to an investor on Sept 12. Raising cash.
AI Summary
On September 12, 2024, UTime Limited entered into a securities purchase agreement to sell 7,692,308 ordinary shares to a non-affiliated institutional investor. The company is a foreign private issuer based in Shenzhen, China, and is filing this report under the 1934 Act.
Why It Matters
This direct offering indicates UTime Limited is raising capital, which could fund operations or expansion, but also dilutes existing shareholders.
Risk Assessment
Risk Level: medium — Direct offerings can signal a need for capital and lead to share dilution, impacting existing investors.
Key Numbers
- 7,692,308 — Ordinary Shares (Number of shares sold in the direct offering)
Key Players & Entities
- UTime Limited (company) — Filer of the report and seller of shares
- September 12, 2024 (date) — Date of the securities purchase agreement
- 7,692,308 (dollar_amount) — Number of ordinary shares to be sold
FAQ
What is the total value of the direct offering?
The filing does not specify the price per share or the total dollar amount of the offering, only the number of shares (7,692,308).
Who is the institutional investor purchasing the shares?
The filing refers to the purchaser as a 'certain non-affiliated institutional investor' but does not name the specific entity.
What will UTime Limited use the proceeds from this offering for?
The filing does not disclose the intended use of the proceeds from the direct offering.
When did the securities purchase agreement take effect?
The securities purchase agreement was entered into on September 12, 2024.
What type of securities is UTime Limited selling?
UTime Limited is selling its 'Ordinary Shares'.
Filing Stats: 365 words · 1 min read · ~1 pages · Grade level 11.4 · Accepted 2024-09-18 16:05:01
Key Financial Figures
- $5 million — ;), for gross proceeds of approximately $5 million. The purchase price for each Ordinary S
- $0.65 — rchase price for each Ordinary Share is $0.65. The Company currently intends to use
Filing Documents
- ea0214878-6k_utime.htm (6-K) — 13KB
- ea021487801ex5-1_utime.htm (EX-5.1) — 49KB
- ea021487801ex99-1_utime.htm (EX-99.1) — 172KB
- ea021487801ex99-2_utime.htm (EX-99.2) — 8KB
- ex5-1_001.jpg (GRAPHIC) — 9KB
- ex5-1_002.jpg (GRAPHIC) — 13KB
- 0001213900-24-079871.txt ( ) — 273KB
SIGNATURES
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: September 18, 2024 UTIME LIMITED By: /s/ Hengcong Qiu Name: Hengcong Qiu Title: Chief Executive Officer 2