Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem announces that Ascendiant Capital Markets LLC (“Ascendiant”) has issued an equity research update.

Click Here (on Society Pass website) or Here (on Ascendiant website) to view the full Ascendiant Equity Research Report.

Summary Points:Valuation: Ascendiant maintains a positive outlook due to SoPa’s high growth prospects and large upside opportunities. Continued strong economic expansion, robust population growth, rising level of urbanization, the emergence of the middle class, and the increasing rate of adoption of mobile technology provide fast growing market opportunities for SoPa.

3rd Quarter 2023 Results Shows Improvement Y-O-Y: Revenues reached $2.3 million (+11% y-o-y). Gross profit for the quarter was $0.6 million. Gross margin for the quarter was 25%, versus 15% last year. Operating expenses were $4.7 million, versus Ascendiant expectation of $4.9 million. Operating loss was $4.1 million. Net loss was $3.9 million.

Strong Balance Sheet: SoPa’s balance sheet had $8 million in cash and no debt. In October, the company announced a new $40 million equity line of credit with Strattners FZCO.

2 IPOs Planned: In October 2023, the company announced plans to spinoff two of its businesses in IPOs in 2024, its digital advertising ecosystem, Thoughtful Media Group Inc., and its online travel platform, NusaTrip Inc. Ascendiant believes that these IPOs will drive significant value to Society Pass’s shareholders and will be key catalysts for the company in 2024.

Management Change: In October 2023, Raynauld Liang was appointed as the new Chief Executive Officer of the company. Yee Siong Tan was appointed as the Chief Financial Officer replacing Mr. Liang.

About Society Pass Inc.Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 5 interconnected verticals (loyalty, digital media, travel, telecoms, and lifestyle), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.7 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator;, Vietnam’s leading lifestyle e-commerce platform.

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Cautionary Note Concerning Forward-Looking StatementsThis press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:Rokas SidlauskasChief Marketing

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