LONDON – WeCap plc (AQSE: WCAP), the parent company of WeShop Holdings Limited, has announced the confidential submission of a draft registration statement with the US Securities and Exchange Commission (SEC) for the proposed direct listing of WeShop common shares. The timing of the listing is subject to the SEC review process and market conditions.
WeShop has partnered with more than 1,500 retailers in North America, including high-profile names such as Walgreens, Walmart (NYSE: ), and Best Buy (NYSE: ). The company reported Gross Merchandise Sales in excess of £100 million in the UK, demonstrating a successful proof of concept.
The registration document submitted to the SEC includes more information about WeShop's business, management, and finances, as well as the new ShareBack® method, which aims to democratize share ownership among the community that uses it.
Sandy Barblett, Managing Director of WeCap, expressed optimism about the possibility of a direct listing to provide a clear value for WeCap's share in WeShop, which is approximately 16% on a diluted basis after accounting for the distribution of certain types of shares to Community Social Investments Limited. . The event is expected to significantly increase liquidity for WeCap's shareholders.
The upcoming listing is part of WeShop's plan to expand its use in new regions, including the United States. The platform is currently in the final stages of multi-domain testing, having completed independent system penetration tests.
This article is based on a news report.
This article is powered by AI and updated by an editor. For more information see our T&C.