BEIJING, July 21, 2022 /PRNewswire/ -- WeTrade Group Inc. ("Wetrade" or the "Company") (NASDAQ: WETG), an emerging growth company engaged in the business of providing software-as-a-services (SAAS) and cloud intelligent systems for micro-businesses, today announced the closing of an underwritten public offering (the "Offering") of 10,000,000 shares of its common stock at a price to the public of $4.00 per share.
The Company's common stock began trading on the Nasdaq Capital Market at the opening of the market on July 19, 2022, under the ticker symbol "WETG."
The Company received aggregate gross proceeds of $40 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 shares of its common stock at a price to the public of $4.00 per share, less underwriting discounts.
Net proceeds from the Offering will be used for the Company's R&D and technology development, marketing and talent recruitment in China, strategic investment in service provider and general working capital.
The Offering was conducted on a firm commitment basis. Univest Securities, LLC acted as the sole book runner to the Offering. Ortoli Rosenstadt LLP acted as counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as counsel to the underwriter in connection with the Offering.
A registration statement on Form S-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the "SEC") (File Number: 333-252149) and, as amended, was declared effective by the SEC on July 18, 2022. The Offering was made only by means of a prospectus forming a part of the registration statement. A final prospectus relating to the Offering, filed with the SEC on July 19, 2022, may be obtained from Univest Securities, LLC by email at firstname.lastname@example.org, or by standard mail to Univest Securities, LLC, 75 Rockefeller Plaza Suite 18C, New York, NY 10019. In addition, a copy of the final prospectus relating to the Offering, may be obtained via the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About WeTrade Group Inc.
WeTrade Group Inc. is a technical service provider of SAAS and Cloud Intelligent System for micro-businesses, and a pioneering internationalized system in the global micro-business cloud intelligence field and the leader, innovator and promoter of the world's cloud intelligent system for micro-businesses. WeTrade Group independently developed the cloud intelligent system for micro-businesses (Abbreviation: YCloud). YCloud strengthens users' marketing relationship and CPS commission profit management through leading technology and big data analysis. It also helps increase the payment scenarios to increase customers' revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system. As of today, YCloud's business has successfully landed in mainland China and Hong Kong, covering the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, aesthetic medical industry and traditional retail industry. For more information, please visit https://ir.wetg.group.
This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company's 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.
For more information, please contact:
WeTrade Group Inc.
Investor Relations Department
Ascent Investor Relations LLC
SOURCE WeTrade Group Inc.