WeShop SEC Submission
24/12/2024 10:05
WeCap plc
AQSE: WCAP
("WeCap" or the "Company")
WeShop:
Confidential Submission of
Draft Registration Statement to SEC for Proposed Direct Listing
WeCap plc is pleased to provide an update on progress of its primary
portfolio company, WeShop Holdings Limited ("WeShop"). WeShop has
announced that it has confidentially submitted a draft "Registration
Statement" on Form "F-1" to the Securities and Exchange Commission (the "SEC")
relating to the proposed direct listing of its ordinary shares. The direct
listing is expected to take place after the SEC completes its review process,
subject to market and other conditions.
Highlights
* WeShop has confidentially filed a Form F-1 with the SEC.
* A successful listing will allow WeShop to rollout its app to new territories
including the United States.
Draft Registration Statement to SEC
WeShop has confidentially submitted the SEC Form F-1 which begins with a
prospectus summary that provides comprehensive sections on the business,
management, related party transactions, principal shareholders, description of
share capital, shares eligible for future sale, and audited financial
statements.
WeShop app and platform update
* WeShop has now partnered with over 1,500 retailers across North America
including Walgreens, Walmart, Macy's, Sam's Club, Best Buy, Levi's and Kohl's.
* WeShop recently reported Gross Merchandise Sales of over £100,000,000 in
the proof of concept in the United Kingdom.
* Multi-territory platform in final stages of testing with quality assurance.
* System security penetration tests have been successfully completed by an
independent company.
Sandy Barblett, Executive Director of WeCap said,
"WeShop's Draft Registration Statement to SEC for Proposed Direct Listing is a
significant goal and we congratulate the WeShop team on this major milestone.
WeShop is unique in that it believes in share democratisation which is
delivered through its revolutionary ShareBack® mechanism. WeShop will enable
the majority of the company to be owned by the community that uses it.
The proposed listing will unlock the next and seminal step in the WeShop
journey and excitingly open up new global territories for the WeShop app.
The proposed listing would also give WeCap a direct see-through valuation from
its approximately 16% current holding in WeShop on an enlarged basis* and
would be a major step forward in providing our shareholders with a liquidity
event that should be transformational to the value of WeCap."
* The approximately 16% holding in WeShop assumes an in-specie distribution of
WeCap's shareholding in Community Social Investments Limited ("CSIL"), WeCap
holds 23.5% of CSIL, a private company whose only asset is 8,333,333 shares in
WeShop.
The Directors of the Company accept responsibility for the contents of this
announcement.
END
Enquiries:
Company:
info@wecapplc.com
Corporate Advisor:
Peterhouse Capital Limited
+ 44 (0) 20 7469 0930
Corporate Broker:
Tennyson Securities Limited
Peter Krens: +44 (0) 20 7186 9033 (Direct)
About WeShop®
WeShop® is a shoppable social network allowing users to shop from hundreds of
leading retailers, recommend products to each other and refer friends to the
platform whilst receiving Shareback® - a unique, dynamic and disruptive
loyalty reward of shares in the WeShop® business. It is the intention for the
majority of the Company to be owned by its community as a reward for
transactional activity via the platform. It is the firm belief that the
community creates value in any social platform and should be rewarded for
their usage through ownership.
This Is How® WeShop®, This is How® we ShareBack® and This is How® we make
WeShop® yours.
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