WeShop Update
19/11/2024 08:57
WeCap plc
AQSE: WCAP
("WeCap" or the "Company")
WeShop Update
WeCap plc is pleased to provide an update on progress of its primary
portfolio company, WeShop Holdings Limited ("WeShop"). WeShop has
confirmed that as part of its listing process on a recognised stock exchange,
its audited accounts for the 12-month periods ending 31/12/2022 and 31/12/2023
have been signed off by their US auditor that is Public Company Accounting
Oversight Board ("PCAOB") compliant. The PCAOB regulates the audits of public
companies in order to promote investor protection and further the public
interest in the preparation of informative, accurate, and independent audit
reports.
The audit sign off is a significant step towards WeShop's planned listing.
WeShop notes that it is continuing to work with its advisory team to complete
the required regulatory documents and expects to announce a further update in
the near future relating to this progress.
Key completed achievements for WeShop's listing process include:
· Appointment of U.S. investment bank.
· Completion of the required financial audit.
· Drafting of principal regulatory documents and verification
materials.
John Taylor Executive Director of WeCap said,
"It is extremely encouraging that WeShop has completed the financial audit
which is one of the key milestones in the listing process. It is evident that
there is a substantial amount of work going on to achieve the transformational
goal that a listing would bring in relation to the value proposition of the
WeShop business model."
The Directors of the Company accept responsibility for the contents of this
announcement.
END
Enquiries:
Company:
info@iamfireplc.com
Corporate Advisor:
Peterhouse Capital Limited
Corporate Broker:
Tennyson Securities Limited
Peter Krens: +44 (0) 20 7186 9033 (Direct)
About WeShop:
WeShop is a social commerce platform that allows users to shop and help each
other by reviewing, asking about or recommending products. It is affiliated to
the vast majority of the UK's top 1,000 online retailers. Instead of
rewarding the users with cashback, discount codes or vouchers, WeShop allows
users to earn shares in the business.
WeShop intends to be 90% owned by its community of users, so the more users
shop, recommend and refer friends the more shares they will own in WeShop and
the more they will share in its financial success. Users of WeShop buy
products from retailers through the platform, as they would normally, but in
doing so they will earn shares in WeShop and benefit from aggregation as a
community and the revenue streams generated from affiliate programs, data,
promotion and advertising that the community through WeShop will generate.
WeShop intends to be the first truly shoppable social network owned by its
community of users. By creating a disruptive online model it hopes to create
a retail revolution which shares the financial success of online businesses
with the users of those online businesses whose data, transactions and
engagement has created them in the first place.
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