UTime Gains on $50 Million Raise; Warrants Still Loom
UTime Limited jumped Friday after a filing said the Shenzhen firm closed a private placement of about $50 million. The new capital may boost working funds but also leaves the company with a hefty warrant overhang. Shares on the Nasdaq last changed hands near $1.07, up about 16% from the prior close at $0.9198, after swinging between $0.9001 and $1.20 earlier, according to market data. The Nasdaq Composite added roughly 0.4% in mid-afternoon trading.