These statements include, but are not limited to, statements relating to the ability of the Company to regain compliance with Nasdaq continued listing requirements. 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. 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. UTime Limited values systematic management and organizes production with strict high-quality standards and production technologies. UTime Limited is mainly engaged in the design, development, production, sales and brand operation of mobile phones, accessories and related consumer electronics. 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. In the event the Company does not regain compliance by September 20, 2023, the Company may be eligible for additional time to regain compliance or may face delisting. To regain compliance, the Company’s ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until September 20, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). The Notification Letter does not impact the Company’s listing on the Nasdaq Capital Market at this time. Based on the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from Februto March 23, 2023, the Company no longer meets the minimum bid price requirement. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. She is a native speaker of Mandarin Chinese and Shanghainese dialect and has passed the Chinese Bar Exam.NEW YORK, Ma(GLOBE NEWSWIRE) - UTime Limited (“UTime” or the “Company”) ( Nasdaq: UTME), 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, have better access to updated mobile technology, today announced that the Company received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) on March 24, 2023, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on the Nasdaq. Grace has been admitted to practice law in the State of New York and is the member of the New York City Bar Association and the New York Asian American Bar Association. Grace also assists on real estate transactions for purchase, sale, and financing of residential properties in New York City. Grace had experience in merger and acquisition and private equity fund prior to joining the Firm. Her practice focuses on general corporate governance matters, public offering, and securities law compliance, including preparing and filing for formation of LLCs, drafting board resolutions, drafting and filing registration statements, confidential treatment requests, annual and quarterly reports, and preparing and applying for listing on NASDAQ. She assists companies raise capital and transition from private to public markets. Grace advises domestic and foreign companies on a wide range of corporate and securities matters. Yuning “Grace” Bai is an associate in the firm’s Capital Markets practice and Asian practice.
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