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UTime Limited Secures $1.53M in New Securities Purchase Agreement - January 2025 Report

$WTO
Form 6-K
Filed on: 2025-01-08
Source
UTime Limited Secures $1.53M in New Securities Purchase Agreement - January 2025 Report

Here are the key insights extracted from the provided section of the financial report (Form 6-K) of UTime Limited:

  1. Reporting Entity: UTime Limited, a foreign private issuer based in Shenzhen, People's Republic of China.
  2. Report Date: The report is dated January 8, 2025, and covers activities from January 2025.
  3. Securities Purchase Agreement (SPA):
  • Date of Agreement: January 6, 2025.
  • Nature of Agreement: The company entered into a SPA with certain non-U.S. persons (the Purchasers) to sell up to 10,200,000 units.
  • Composition of Units: Each unit consists of one ordinary share (par value $0.0001) and a warrant to purchase three ordinary shares.
  1. Financial Terms:
  • Price per Unit: $0.15.
  • Total Proceeds: Approximately $1.53 million.
  • Use of Proceeds: The funds raised will be utilized for working capital and general corporate purposes.
  1. Warrant Details:
  • Exercise Price: $0.344 per share.
  • Exercise Terms: Warrants are exercisable immediately upon issuance and can also be exercised on a cashless basis after six months if there is no effective registration statement for resale.
  • Expiration: The Warrants will expire five years from the issuance date.
  • Anti-Dilution Provisions: The Warrants are subject to customary anti-dilution provisions.
  1. Representations and Warranties:
  • The Purchasers are defined as "non-U.S. Persons" and are acquiring shares for investment purposes.
  • The SPA includes provisions regarding undisclosed material adverse effects and the absence of legal proceedings that could affect the transaction.
  1. Closing Conditions: The closing of the Offering is contingent on the satisfaction of all closing conditions set forth in the SPA.
  2. Exhibits: The forms of the SPA and the Warrant are included as Exhibits 99.1 and 99.2 in the filing.

This information highlights a significant capital raising event for UTime Limited, detailing the terms of the agreement that could impact the company's financial standing and corporate strategy going forward.