Singapore, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Webuy Global Ltd (NASDAQ:WBUY) ("Webuy" or the "Company"), a Southeast Asian community e-commerce retailer, today announced that it has closed its initial public offering of 3,800,000 ordinary shares at a public offering price of $4.00 per share, for aggregate gross proceeds of approximately $15.2 million, prior to deducting underwriting discounts and other offering expenses.
In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 570,000 ordinary shares at the initial public offering price, less underwriting discounts.
The shares began trading on the Nasdaq Capital Market on October 19, 2023, under the symbol "WBUY."
Webuy expects to use the net proceeds from this offering for marketing, development and expansion of business, and working capital and general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC ("EF Hutton"), acted as sole book-running manager for the Offering.
A registration statement on Form F-1 relating to the Offering, as amended, was filed with the Securities and Exchange Commission (the "SEC") (File Number: 333-271604) and was declared effective by the SEC on September 28, 2023. A registration statement on Form F-1MEF was filed with the SEC on October 18, 2023 (File ...