BEIJING, Oct. 3, 2023
/PRNewswire/ -- WeTrade Group Inc. ("WETG" or the "Company")
(NASDAQ: WETG) today (October 3, 2023) announced that on
September 28, 2023, a derivative
lawsuit was filed in the United
States District Court for the District of Wyoming against Biming Guo, Ning Qin, Yuxing
Ye, Hechun Wei, Kean Tat Che,
and Annie Huang (the "Named
Defendants") by certain shareholders (the "Majority
Shareholders").
The Majority Shareholders, derivatively on behalf of WETG, seek
a judgment from the Court confirming that the Named Defendants
resigned as officers and directors of the Company as of
June 30, 2023 and that the attempted
private placement transactions announced after that date relating
to the issuance of 105,400 WETG shares and 1,465,200 WETG shares
were invalid. In addition, the Majority Shareholders also ask the
Court to find that the Action by Written Consent of the Sole
Director of the Board of Directors of WeTrade Group Inc. dated
September 22, 2023, which appointed
two new directors, and the Unanimous Written Consent of the Board
of Directors of WeTrade Group Inc. dated September 22, 2023, which appointed Ms.
Lina Jiang as the Chief Executive
Officer of the Company and Ms. Xiaodong
An as the Interim Chief Financial Officer of the Company,
are valid, enforceable, and binding.
In connection with the lawsuit, the Majority Shareholders also
filed a motion for a temporary restraining order and preliminary
injunction (the "TRO") on September 28,
2023. This motion aims to restrain the Named Defendants from
acting on behalf of the Company while the lawsuit is pending, and
to halt both them and Globex Transfer, LLC from consummating the
private placement transactions linked to the aforementioned share
issuances under certain agreements.
About WeTrade Group Inc.
WeTrade Group Inc. is a global diversified "Software as a
Service" ("SaaS") technology service provider committed to offering
technical support and digital transformation tools for enterprises
across various industries. WeTrade Group consists of four business
segments: YCloud, WTPay, Y-Health, and YG.
YCloud is a micro-business cloud intelligent system launched by
WeTrade, serving the global micro-business industry. YCloud
strengthens users' marketing relationships and CPS commission
profit management through leading technology and big data analysis.
It also helps increase payment scenarios to boost customers'
revenue through multi-channel data statistics, AI fission, and
management, as well as an improved supply chain system.
Independently developed by the Company, WTPay supports multiple
methods of online payment and eight mainstream digital wallets in
over 100 countries, helping customers quickly realize global
collection and payment business.
Y-Health is the sector focusing on public health business,
engaging in the development of global business for biological
health and medical enterprises. Currently, Y-Health mainly focuses
on epidemic detection and prevention, daily healthcare, traditional
Chinese medicines, and more.
YG is the new energy business segment that mainly provides tools
and technical support for the digital new energy industry in the
Middle East and Central Asia.
For more information, please visit https://ir.wetg.group.
Forward-Looking Statements
This press release contains information about the Company's
view of its future expectations, plans, and prospects, constituting
forward-looking statements. Actual results may differ materially
from historical results or those indicated by these forward-looking
statements due to various factors, including but not limited to,
risks and uncertainties associated with its ability to raise
additional funding, maintain and grow its business, variability of
operating results, enhance its brand, develop and introduce new
products and services, successfully integrate acquired companies,
technologies, and assets into its portfolio of products and
services, conduct marketing and other business development
initiatives, face competition in the industry, navigate general
government regulation, economic conditions, dependence on key
personnel, attract, hire and retain personnel with the technical
skills and experience necessary to meet clients' requirements, and
protect its intellectual property. The Company encourages you to
review other factors that may affect its future results in the
Company's annual reports and in its other filings with the
Securities and Exchange Commission.
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SOURCE WeTrade Group INC