IPOS - WeTrade updates financial info for proposed $50M IPO uplisting to Nasdaq

WeTrade Group (OTCPK:WETG) has updated financial information for its proposed $50M initial public offering and uplisting to Nasdaq. The cloud-based microbusiness platform, which operates primarily in China, reported net income of $5.2M on revenue of $14.4M for 2021 in its latest filing. WeTrade reaffirmed that it intends to offer up to 10M shares priced between $4 and $6 per share, which would raise $50M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to an additional 15% of the total shares offered, which would generate additional gross proceeds of around $3M if the shares were priced at $5 per share. Univest Securities is serving as lead underwriter. Incorporated in Wyoming as a holding company, WeTrade provides payment processing, supply chain system integration, data analytics and other technical services to online microbusinesses in mainland China through a subsidiary. The company also has subsidiaries in Hong

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WeTrade updates financial info for proposed $50M IPO, uplisting to Nasdaq