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.
