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WEBUY GLOBAL LTD's $3.7M Offering: Key Insights from Form 6-K Report

$WBUY
Form 6-K
Filed on: 2024-12-19
Source
WEBUY GLOBAL LTD's $3.7M Offering: Key Insights from Form 6-K Report

Here are the key insights and information extracted from the financial report of WEBUY GLOBAL LTD, filed as a Form 6-K:

  1. Company Overview:
  • Name: WEBUY GLOBAL LTD
  • Address: 35 Tampines Street 92, Singapore 528880
  • SEC Commission File Number: 001-41840
  1. Registered Direct Offering:
  • Date of Agreement: December 16, 2024
  • Closing Date: December 17, 2024
  • Securities Offered:
    • 5,372,792 Class A ordinary shares at a price of $0.1756 per share.
    • Pre-Funded Warrants to purchase up to 15,640,447 Class A ordinary shares at a price of $0.1755 each.
  • Total Gross Proceeds: Approximately $3.7 million.
  1. Use of Proceeds:
  • The net proceeds from the offering will be used for working capital and general corporate purposes.
  1. Pre-Funded Warrants:
  • Each warrant allows the purchase of one Class A ordinary share at an exercise price of $0.0001.
  • The warrants are immediately exercisable and can be exercised until fully exercised, subject to ownership limitations.
  1. Lock-Up Agreement:
  • Directors and executive officers have agreed to a 90-day lock-up period post-offering during which they cannot sell or transfer their securities.
  1. Restrictions on Future Issuance:
  • For 90 days post-offering, the Company will not issue any shares of capital stock or file new registration statements, with certain exceptions.
  1. Placement Agency Agreement:
  • The Company engaged D. Boral Capital LLC as the exclusive placement agent for the offering.
  • Placement Agent Fee: 7% of the gross proceeds, in addition to reimbursement for legal expenses up to $180,000.
  • Right of first refusal granted for six months after the closing.
  1. Regulatory Filings:
  • The offering was made under a registration statement on Form F-3, which was declared effective on December 3, 2024.
  • Related press releases regarding the pricing and closing of the offering are included as exhibits.
  1. Legal Opinions:
  • Legal opinions regarding the issuance and sale of the shares and warrants are included as exhibits.
  1. Forward-Looking Statements:
    • The report includes forward-looking statements that are subject to inherent risks and uncertainties, cautioning that actual results may differ.
  1. Signature:
    • The report is signed by Bin Xue, the Chief Executive Officer, on December 19, 2024.

This summary encapsulates the significant aspects of the securities offering, regulatory compliance, and corporate governance actions taken by WEBUY GLOBAL LTD as outlined in the Form 6-K filing.