UTime Limited Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 20-F
August 24 2022 - 8:05AM
UTime Limited (NASDAQ: UTME) (“UTime” or the “Company), a
mobile device manufacturing company focused on China and other
emerging markets, today announced that it has received a
notice (“Notice”) from the Listing Qualifications Department (the
“Staff”) of The Nasdaq Stock Market (“Nasdaq”) as a result of its
failure to file its Annual Report on Form 20-F for the fiscal year
ended March 31, 2022 (the “Form 20-F”) in a timely fashion. The
Notice advised the Company that it was not in compliance with
Nasdaq’s continued listing requirements under the timely filing
criteria established in Nasdaq Listing Rule 5250(c)(1) (the
“Rule”).
As reported by the Company in its Form 12b-25
filed with the Securities and Exchange Commission (the “SEC”) on
July 29, 2022, the Company was unable to file its Form 20-F within
the prescribed time period without unreasonable effort or expense.
The extension period provided under Rule 12b-25 expired on August
16, 2022.
Nasdaq has informed the Company that, under
Nasdaq rules, the Company will be required to submit a plan to
regain compliance with Rule 5250(c)(1) for the Staff’s
consideration by no later than October 17, 2022, which is 60
calendar days from receipt of the Notice. If the Staff
accepts the plan, the Staff may grant the Company an extension of
up to 180 calendar days from the Form 20-F’s due date, or until
February 13, 2023 to regain compliance. However, there can be no
assurance that Nasdaq will accept the Company’s plan to regain
compliance or that the Company will be able to regain compliance
within any extension period granted by Nasdaq. If the Staff does
not accept the Company’s plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Notice has no immediate effect on the
listing or trading of the Company’s securities. However, if the
Company fails to timely regain compliance with the Rule, the
Company’s securities will be subject to delisting from Nasdaq.
The Company is working diligently to complete
its Form 20-F and intends to file the Form 20-F as soon as
practicable to regain compliance with the Rules.
About UTime Limited
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. UTime Limited is
mainly engaged in the design, development, production, sales and
brand operation of mobile phones, accessories and related consumer
electronics. UTime Limited values systematic management and
organizes production with strict high-quality standards and
production technologies. UTime Limited continuously endeavors to
improve its overall manufacturing service level, to strengthen its
cost control processes, and enhance its ability to respond rapidly
to market dynamics for sustainable development in its Electronics
Manufacturing Services segment.
Statements in this press release about future
expectations, plans and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
“forward-looking statements” within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements relating to the expected Form
20-F filing dates and the ability of the Company to regain
compliance with Nasdaq continued listing requirements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” “would” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various important factors
discussed in the “Risk Factors” section of the Annual Report in
Form 20-F filed with the SEC on July 22, 2021. Any forward-looking
statements contained in this press release speak only as of the
date hereof, and the Company specifically disclaims any obligation
to update any forward-looking statement, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please
contact:
In China:
Wonderful Sky Financial Group Melody Pan Tel: 852-3970-2265
E-mail: melodypanj@wsfg.hk
In the United States:
Wonderful Sky Financial GroupSana Bao Tel: +1-917-975-5673
E-mail: sanabaoh@wsfg.hk
For Company Inquiries, please contact:
Mengzhu Zhao Tel: +86-755-86512181 E-mail:
ir@utimemoblie.com
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