UTime Limited (NASDAQ: WTO) announced it entered into a securities purchase agreement with institutional investors for a registered direct offering of 1,000,000 class A ordinary shares at $1.20 per share.

The Shenzhen-based technology company expects to receive gross proceeds of approximately $1.2 million before deducting placement agent fees and other offering expenses. The transaction is expected to close on or about May 4, 2026, subject to customary closing conditions.

Univest Securities, LLC is serving as the sole placement agent for the offering. The company may issue pre-funded warrants in lieu of some shares.

The offering is being conducted under a shelf registration statement on Form F-3 that was filed by UTime and declared effective by the Securities and Exchange Commission on June 10, 2024. The company will file a final prospectus supplement and accompanying prospectus with the SEC.

UTime Limited designs, develops, and manufactures mobile devices and smart hardware products, serving customers in China and globally.