Webuy Receives Nasdaq Notification Regarding Minimum Bid Requirements
29 Gennaio 2024 - 11:00PM
Webuy Global Ltd. (Nasdaq: WBUY) (“Webuy” or the “Company”),
an emerging community e-commerce retailer with a focus on grocery
and travel in Southeast Asia, today announced that on January 26,
2024, it received written notification from the Nasdaq Listing
Qualifications (“Nasdaq”) for failing to maintain a minimum bid
price of U.S.$1.00 per share for the last 30 consecutive business
days, as required by Nasdaq Listing Rule 5550(a)(2) – bid price
(the “Minimum Bid Price Rule”).
The Nasdaq notification has no immediate effect
on the listing of Webuy’s shares. Under Nasdaq Listing Rule
5810(c)(3)(A), Webuy has 180 calendar days, or until July 24, 2024,
to regain compliance. If at any time over this period the bid price
of Webuy’s shares closes at U.S. $1.00 per share or more for a
minimum of ten (10) consecutive business days, Nasdaq will provide
written confirmation of compliance and the matter will be
closed.
If the Company does not regain compliance within
the initial 180-day period, Webuy may be eligible for an additional
180 calendar days to regain compliance, provided that it otherwise
meets the continued listing requirements for market value of
publicly-held shares and all other initial listing standards under
Nasdaq Listing Rule 5505 except for the Minimum Bid Price Rule, and
provides a written notice of its intention to cure this deficiency
during the second compliance period, by effecting a reverse stock
split, if necessary. If Webuy is not granted additional time, then
its shares will be subject to delisting, at which time Webuy may
appeal the delisting determination to a Nasdaq Hearings Panel.
Vincent Xue Bin, Chief Executive Officer and
Co-Founder of Webuy Global, stated, “Our business is growing
rapidly and our financials are stronger than ever. We do not
believe the current share price reflects our intrinsic value, and
look forward to a number of upcoming, potentially transformative
events that we believe will create even further value for our
shareholders. It is our hope and expectation that as we continue to
execute our business model, this will be reflected in the market,
allowing us to meet the minimum bid price requirement.”
About Webuy Global Ltd
Webuy Global Ltd (Nasdaq: WBUY) is an
innovative, technology-focused company with a goal of building the
most trusted retail brand and advanced e-commerce platform in
Southeast Asia, designed to leverage data in order to provide a
community-driven experience for consumers. The Company's
unique 'group buy' business model is set to revolutionize
traditional shopping practices, by offering substantial cost
savings to customers through an efficient purchasing model and
community-centric approach. Akin to group purchases and bulk
orders, this approach simplifies the process for customers,
eliminating the need for individual bulk purchases. Furthermore,
the Company’s business model streamlines the traditional supply
chain by minimizing the involvement of intermediaries, thereby
offering a more direct "farm-to-table" supply model. The
Company’s vision is to enable the ten million families in Southeast
Asia to live a healthier, higher-quality lifestyle. Additional
information about the Company is available at
http://webuy.global/
Forward-Looking Statements
This press release contains forward-looking
statements regarding the Company’s current expectations. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and assumptions that are difficult
to predict. These risks and uncertainties are described more fully
in the section captioned "Risk Factors" in the Company’s
registration statement on Form F-1 related to the public offering
(SEC File No. File No. 333-271604) and annual report on Form 20-F.
Forward-looking statements contained in this announcement are made
as of this date, and the Company undertakes no duty to update such
information except as required under applicable law.
Contact:Crescendo Communications, LLCTel:
212-671-1020Email: wbuy@crescendo-ir.com
Grafico Azioni WeBuy Global (NASDAQ:WBUY)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni WeBuy Global (NASDAQ:WBUY)
Storico
Da Set 2023 a Set 2024