Webuy Global (NASDAQ: WBUY), a Southeast Asian community e-commerce retailer, has closed on its initial public offering. The offering was comprised of 3,800,000 ordinary shares priced at at $4 per share. The public offering resulted in approximately $15.2 million in gross proceeds for Webuy before standard deductions and expenses. According to the announcement, Webuy also granted underwriters a 45-day option to purchase up to an additional 570,000 ordinary shares at the same price. Webuy plans to use the funds from the offering for marketing, development and business expansion purposes as well as for working capital and general corporate expenses. The shares began trading on NASDAQ on Oct. 19, 2023, under the symbol WBUY. EF Hutton, a division of Benchmark Investments LLC, acted as sole book-running manager for the offering.
To view the full press release, visit https://ibn.fm/IPMxl
About Webuy Global Ltd.
Webuy Global is working to making 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. For more information, visit the company’s website at www.WeBuy.global.
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com
InvestorWire is powered by IBN
