Webuy Global Limited Announces Pricing of $15.2 Million Initial Public Offering
19 10월 2023 - 9:18AM
Webuy Global Ltd (Nasdaq: WBUY) (“Webuy” or the
“Company”), a Southeast Asian community e-commerce retailer, today
announced the pricing of its initial public offering of 3,800,000
ordinary shares at a public offering price of $4.00 per share for
aggregate gross proceeds of approximately $15.2 million, prior to
deducting underwriting discounts and offering expenses.
In addition, the Company has granted the
underwriters a 45-day option to purchase up to an additional
570,000 ordinary shares at the initial public offering price, less
underwriting discounts to cover over-allotments, if any. The
offering is expected to close on October 20, 2023, subject to
customary closing conditions.
In connection with the offering, Webuy has
received approval to list its ordinary shares on the Nasdaq Capital
Market, with the shares expected to begin trading on October 19,
2023 under the symbol “WBUY”.
Webuy expects to use the net proceeds from this
offering for marketing, development and expansion of business, and
working capital and general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC
(“EF Hutton”), is acting as sole book-running manager for the
Offering.
A registration statement on Form F-1 relating to
the Offering, as amended, was filed with the Securities and
Exchange Commission (the “SEC”) (File Number: 333-271604) and was
declared effective by the SEC on September 28, 2023. The Offering
is being made only by means of a prospectus, forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering, when available, may be obtained from EF Hutton, Attn:
Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY
10022, or via email at syndicate@efhuttongroup.com or telephone at
(212) 404-7002. In addition, a copy of the prospectus relating to
the Offering may be obtained via the SEC's website at
www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more complete information about the Company and
the Offering. This press release shall not constitute an offer to
sell, or the solicitation of an offer to buy any of the Company’s
securities, nor shall such securities be offered or sold in the
United States absent registration or an applicable exemption from
registration, nor shall there be any offer, solicitation or sale of
any of the Company’s securities in any state or jurisdiction in
which such offers, solicitations or sales would be unlawful prior
to registration or qualification under the securities laws of such
state or jurisdiction.
About Webuy Global Ltd
The Company’s mission is to make social shopping
a new lifestyle for consumers and to empower consumers’ purchases
with an efficient, cost-saving purchasing model. Webuy is committed
to developing a community-oriented e-commerce platform in the
Southeast Asia region and transforming the e-commerce model into a
community-driven experience for consumers. For the year ended
December 31, 2022, revenue increased 99.9% to approximately $44.6
million.
The Company’s ‘group buy’ business model is
designed to transform conventional shopping avenues, in order to
achieve attractive, efficient cost-savings for customers (similar
to group purchases and bulk orders), without having to undertake
bulk purchases individually, through a community-centric approach.
The business model is also disrupting the traditional supply chain
by cutting out intermediaries to provide a “farm-to-table” supply
model. This brings about cost savings to both last-mile suppliers
as well as end consumers. Additional information about the Company
is available at http://webuy.global/
Forward-Looking Statements
This press release contains forward-looking
statements regarding the Company’s current expectations. These
forward-looking statements include, without limitation, references
to the Company’s expectations regarding the closing of the public
offering and its anticipated use of net proceeds from the offering.
These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and assumptions that are
difficult to predict. Factors that could cause actual results to
differ include, but are not limited to, risks and uncertainties
related to the satisfaction of customary closing conditions related
to the public offering, or factors that result in changes to the
Company's anticipated use of proceeds. These and other risks and
uncertainties are described more fully in the section captioned
"Risk Factors" in the Company’s Registration Statement on Form S-1
related to the public offering (SEC File No. File No. 333-271604).
Forward-looking statements contained in this announcement are made
as of this date, and the Company undertakes no duty to update such
information except as required under applicable law.
Contact:Crescendo Communications, LLCTel:
212-671-1020Email: wbuy@crescendo-ir.com
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