LONDON - WeCap plc (AQSE: WCAP), the parent company of WeShop Holdings Limited, has announced the confidential submission of a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed direct listing of WeShop's ordinary shares. The timing of the listing is contingent on the SEC's review process and market conditions.
WeShop has partnered with over 1,500 retailers in North America, including high-profile names such as Walgreens, Walmart (NYSE:WMT), and Best Buy (NYSE:BBY). The company has reported Gross Merchandise Sales surpassing £100 million in the UK, indicating a successful proof of concept.
The registration document submitted to the SEC includes detailed information about WeShop's business, management, and financials, as well as its innovative ShareBack® mechanism, which aims to democratize share ownership among its user community.
Sandy Barblett, Executive Director of WeCap, expressed optimism about the direct listing's potential to provide a clear valuation for WeCap's stake in WeShop, which is approximately 16% on an enlarged basis after accounting for an in-specie distribution of shares in Community Social Investments Limited. This event is expected to significantly enhance liquidity for WeCap shareholders.
The upcoming listing is a part of WeShop's strategy to expand its application to new territories, including the United States. The platform is currently in the final stages of multi-territory testing, having completed independent system security penetration tests.
This article is based on a press release statement.
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