BEIJING, April 6,
2023 /PRNewswire/ -- WeTrade Group Inc. ("WeTrade" or
the "Company") (NASDAQ: WETG),
a global diversified "software as a service" ("SaaS") technology
service provider committed to providing technical support and
digital transformation tools for enterprises across multiple
industries, today announced that it has entered into those certain
securities purchase agreements with certain accredited investors
for the sale and issuance of a new series of senior secured
convertible notes in the original principal amount of $18,333,333.33 (the "Notes") and common stock
purchase warrants to purchase up to 25% of the shares of common
stock underlying the Notes (the "Warrants") at initial exercise of
$1.00 per share, subject to
adjustment, subject to customary closing conditions. The net
proceeds, after original issue discount will total $16.5 million. The transaction has not been
closed as of the date hereof.
Provided no Event of Default (as defined in the Notes) has
occurred, the Notes will accrue interest at an interest rate of 5%
per annum, and the Company will be required to pay installment
amounts, or at its option redeem such amounts under the Notes each
month commencing on the last trading day of the calendar month in
which the control account trigger date occurs, and thereafter, the
last trading day of each calendar month until the maturity date of
eighteen months from issuance, at which time all outstanding
amounts remaining, if any, will be due and payable in full.
At the Company's option, each redemption payment can be made in
cash or stock at a discount to the then-current closing bid price
at the time of the redemption. The investor will also have the
right to an accelerated conversion of any or all of the outstanding
balance of the Notes into stock. The Notes will be secured by
substantially all assets of the Company and will rank superior to
all outstanding and future indebtedness of the Company. The Warrant
can be exercised on a cashless basis. The exercise price of the
Warrant is subject to (i) customary anti-dilution adjustments; and
(ii) in the case of a subsequent equity sale at a per share price
below the exercise price, the exercise price of the Warrant will be
adjusted to such lower price, and the number of shares underlying
the Warrant will increase proportionately.
The Company expects to use the proceeds from the sale of the
Notes for general corporate purposes, which may include, among
other things, research and development, legal and accounting fees.
The Notes, Warrants, and the shares issuable upon the conversion of
the Notes and the exercise of the Warrants are offered and sold
pursuant to exemptions from the registration requirements of the
Securities Act afforded by Section 4(a)(2) thereof and Rule 506 of
Regulation D promulgated thereunder.
Univest Securities, LLC served as the sole placement agent in
the transaction.
About WeTrade Group Inc.
WeTrade Group Inc. is a global diversified "software as a
service" ("SaaS") technology service provider which is
committed to providing technical support and digital transformation
tools for enterprises across different industries. The four
business segments of WeTrade Group are YCloud, WTPay,Y-Health and
YG.
YCloud is a micro-business cloud intelligent system launched by
WeTrade, serving global micro-business industry. YCloud strengthens
users' marketing relationship and CPS commission profit management
through leading technology and big data analysis. It also helps
increase the payment scenarios to increase customers' revenue by
multi-channel data statistics, AI fission and management as well as
improved supply chain system.
Independently developed by the Company, WTPay supports multiple
methods of online payment and eight mainstream digital wallets in
over 100 countries to help customers quickly realize global
collection and payment business.
Y-Health is the sector focusing on public health business, which
engages in developing global business for biological health and
medical enterprises. Currently, Y-Health mainly focuses on
detection and prevention of epidemic, daily healthcare, traditional
Chinese medicines, and others.
YG is the new energy business segment which mainly provides
tools and technical support for the digital new energy industry in
the Middle East and Central Asia.
For more information, please
visit https://ir.wetg.group.
Forward-Looking Statements
This press release contains information about the Company's view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements as a result of a variety of factors including, but not
limited to, risks and uncertainties associated with its ability to
raise additional funding, its ability to maintain and grow its
business, variability of operating results, its ability to maintain
and enhance its brand, its development and introduction of new
products and services, the successful integration of acquired
companies, technologies and assets into its portfolio of products
and services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. The Company's
encourages you to review other factors that may affect its future
results in the Company's annual reports and in its other filings
with the Securities and Exchange Commission.
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SOURCE WeTrade Group INC