Webuy Global Limited Announces Closing of $15.2 Million Initial Public Offering
October 20 2023 - 4:05PM
Webuy Global Ltd (Nasdaq: WBUY) (“Webuy” or the “Company”),
a Southeast Asian community e-commerce retailer, today announced
that it has closed 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 other offering expenses.
In addition, the Company 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.
The shares began trading on the Nasdaq Capital
Market 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”), acted 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. A registration
statement on Form F-1MEF was filed with the SEC on October 18, 2023
(File No. 333-275074) and became effective upon filing. A final
prospectus relating to the Offering 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.
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. 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 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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