![]() However, if the Company fails to timely regain compliance with the Rule, the Company’s securities will be subject to delisting from Nasdaq. ![]() The Notice has no immediate effect on the listing or trading of the Company’s securities. ![]() If the Staff does not accept the Company’s plan, then the Company will havethe opportunity to appeal that decision to a Nasdaq Hearings Panel. 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 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 Februto regain compliance. 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. The extension period provided under Rule 12b-25 expired on August 16, 2022. 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”).Īs 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. ![]() 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 Ma(the “Form 20-F”) in a timely fashion. Our prime end user groups are segmented into regions like South America, South Asia, Southeast Asia and Africa.New York, Aug. We have two in -house brands, “UTime,” which is known as our middle to high-end label and targets middle-class consumers from emerging markets, and “Do,” as our low- to mid -end brand, is positioned to the majority of grassroots consumers and price -sensitive consumers in emerging markets. Our operations are based in China whereas most of our products are sold globally, including India, Brazil, the United States, and other emerging markets in South Asia and Africa as well as Europe. We also provide Electronics Manufacturing Services (“EMS”), including Original Equipment Manufacturer (“OEM”) and Original Design Manufacturer (“ODM”) services, for well -known brands, such as TCL Communication Technology Holdings, Ltd., a subsidiary of TCL Corporation, and Haier Electronics Group Co., Ltd., a subsidiary of Haier Group Corp. We believe we fit the needs of low -to-mid income groups of many developing countries and we believe we avoid the vicious competition from large international brands. We believe our products are comparable in quality to the large brands and are also price competitive. ![]() We primarily cover two product categories: 13 types of smartphones and 11 types of feature phones. We are mainly engaged in the design, development, production, sales and brand operation of mobile phones, accessories and related consumer electronics. We are committed to providing cost -effective mobile devices to consumers globally and to helping low -income individuals from established markets, including the United States, and emerging markets, including India and countries in South Asia and Africa, have better access to updated mobile technology. ![]()
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