UTime shares are trading lower after the company announced a $5 million registered direct offering of 7,692,308 shares at $0.65 per share.
Portfolio Pulse from Benzinga Newsdesk
UTime shares fell following the announcement of a $5 million registered direct offering, selling 7,692,308 shares at $0.65 each.
September 13, 2024 | 1:58 pm
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UTime's stock price declined after the company announced a $5 million registered direct offering, issuing 7,692,308 shares at $0.65 per share.
The announcement of a registered direct offering typically leads to a decrease in stock price due to dilution concerns. UTime's offering of 7,692,308 shares at $0.65 each is likely perceived negatively by investors, causing the stock to trade lower.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100