UTime Limited (NASDAQ: WTO) completed a $1.2 million registered direct offering, with Univest Securities serving as the sole placement agent, according to a company statement.

The mobile device manufacturer sold 1 million Class A ordinary shares at $1.20 per share to institutional investors. The shares carry a par value of $0.50 each.

The offering was conducted under a shelf registration statement on Form F-3 that the Securities and Exchange Commission declared effective in June 2024. UTime will receive $1.2 million in gross proceeds before deducting placement agent fees and other offering expenses.

UTime Limited operates in the design, development, production and sales of mobile devices in China and internationally. The company trades on the Nasdaq under the ticker WTO.

Univest Securities, a FINRA member firm based in New York, provided investment banking services for the transaction. The firm states it has raised over $1.8 billion in capital for issuers since 2019 across approximately 100 transactions.