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WEBUY GLOBAL LTD January 2025 Financial Report: Debt Settlement & Share Issuance Insights

$WBUY
Form 6-K
Filed on: 2025-01-17
Source
WEBUY GLOBAL LTD January 2025 Financial Report: Debt Settlement & Share Issuance Insights

Here are the key insights extracted from the financial report of WEBUY GLOBAL LTD:

  1. Type of Document: This is a Form 6-K, which is a report of a foreign private issuer submitted to the SEC.
  2. Company Information:
  • Name: WEBUY GLOBAL LTD
  • Address: 35 Tampines Street 92, Singapore 528880
  • Contact: +65 8859 9762
  1. Report Date: The report is for the month of January 2025.
  2. Commission File Number: 001-41840
  3. Debt Settlement Agreement:
  • On January 13, 2025, WEBUY GLOBAL LTD entered into a debt settlement agreement with its wholly-owned subsidiary, New Retail International Pte. Ltd., and a shareholder.
  • The agreement was to settle accrued and outstanding interest amounting to $124,055.56, associated with a convertible loan between New Retail and the shareholder.
  • New Retail had already repaid the principal amount of the convertible loan.
  1. Issuance of Shares:
  • To settle the remaining outstanding interest, the Company issued 932,849 Class A ordinary shares to the shareholder.
  • The shares were issued at a price of $0.133 per share, which is 85% of the closing price of the Company on January 9, 2025.
  • The shares were officially issued to the shareholder on January 14, 2025.
  1. Signatory:
  • The report was signed by Bin Xue, who holds the position of Chief Financial Officer of WEBUY GLOBAL LTD.
  • The signing date is recorded as January 17, 2025.

Summary:

WEBUY GLOBAL LTD has settled a debt by issuing shares to a shareholder as part of a debt settlement agreement. This agreement reflects the company's strategy to manage its financial obligations efficiently while also impacting its equity structure by increasing the number of outstanding shares.