10:50 AM EDT, 09/13/2024 (MT Newswires) -- UTime ( WTO ) said Friday it will raise about $5 million from the sale of almost 7.7 million shares at $0.65 per share to an investor.

The mobile device manufacturing company said it expects to close the registered direct offering Sept. 16.

The company's shares were down nearly 16% in recent trading.

Price: 0.65, Change: -0.12, Percent Change: -15.86