UTime Gains on $50 Million Raise; Warrants Still Loom
UTime shares jumped 16% Friday after a May 21 SEC filing showed the company raised about $50 million in a private placement, selling 50 million units at $1 each. Each unit included one Class A share and a warrant to buy four more shares at $1.10. Shares traded between $0.9001 and $1.20 during the session. U.S. markets will close Monday for Memorial Day.