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UTime Limited Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 20-F
New York, Aug. 24, 2022 (GLOBE NEWSWIRE) -- UTime Limited (NASDAQ: UTME) (“UTime” or the “Company), a mobile device manufacturing company focused on China and
About this update from Utime Limited
[{"type":"text","content":"New York, Aug. 24, 2022 (GLOBE NEWSWIRE) -- 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 ind...