UTime Ord Shs (NASDAQ:WTO) shares are trading lower by 16.8% to $0.64 during Friday's session after the company announced a $5 million registered direct offering of 7,692,308 shares at $0.65 per share.
The offering is expected to close around September 16, pending standard closing conditions. Gross proceeds are estimated at $5 million, before deducting expenses.
What Else: UTime shares also fell this week after the company announced and effected a 1-for-25 reverse share split.
The move aimed to meet Nasdaq's minimum $1.00 bid price requirement for continued listing.
The company said the reverse split will reduce the total number of outstanding shares from 450 million to approximately 18 million.
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According to data from Benzinga Pro, WTO has a 52-week high of $62.25 and a 52-week low of $0.58.