Webuy Global Ltd 6-K, filed Oct 20, 2023
Webuy Global Ltd (WBUY)
About this 6-K
Webuy Global Ltd filed this 6-K on October 20, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2023
Commission File Number: 001-41840
| WEBUY GLOBAL LTD |
35 Tampines Street 92 Singapore 528880
+65 8859 9762
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
On October 20, WEBUY GLOBAL LTD (the “Company”) closed its initial public offering (the “IPO”) of 3,800,000 ordinary shares, par value $0.000000385 per share (the “Shares”). The Company completed the IPO pursuant to its registration statement on Form F-1 (File No. 333-271604, “Form F-1”), originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 3, 2023 (as amended), and registration statement on Form F-1MEF (File No. 333-275074, “Form F-1MEF”) (Form F-1 and Form F-1MEF, together, the “Registration Statements”). The registration statement on Form F-1 was declared effective by the SEC on September 28, 2023, and the registration statement on Form F-1MEF became effective upon filing on October 18, 2023. The Shares were priced at $4.00 per share, and the offering was conducted on a firm commitment basis. The Shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “WBUY.”
In connection with the IPO, the Company issued a press release on October 18, 2023 announcing the pricing of the IPO and a press release on October 20, 2023 announcing the closing of the IPO, respectively. Copies of each press release are attached hereto as Exhibit 99.1 and Exhibit 99.2 and are incorporated by reference herein.
This report does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WEBUY GLOBAL LTD |
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| Date: October 20, 2023 | By: | /s/ Bin Xue |
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| Name: | Bin Xue |
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| Title: | Chief Executive Officer |
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EXHIBIT INDEX
| Exhibit No. |
| Description |
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| Press Release on Pricing of the Company’s Initial Public Offering | |
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| Press Release on Closing of the Company’s Initial Public Offering |
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EXHIBIT 99.1
Webuy Global Limited Announces Pricing of $15.2 Million Initial Public Offering
Singapore – October 18, 2023 – Webuy Global Ltd (Nasdaq: WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, today announced the pricing of 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 offering expenses.
In addition, the Company has 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 to cover over-allotments, if any. The offering is expected to close on October 20, 2023, subject to customary closing conditions.
In connection with the offering, Webuy has received approval to list its ordinary shares on the Nasdaq Capital Market, with the shares expected to begin trading 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”), is acting 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. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from EF Hutton, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.
About Webuy Global Ltd
The Company’s mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient, cost-saving purchasing model. Webuy is committed to developing a community-oriented e-commerce platform in the Southeast Asia region and transforming the e-commerce model into a community-driven experience for consumers. For the year ended December 31, 2022, revenue increased 99.9% to approximately $44.6 million.
The Company’s ‘group buy’ business model is designed to transform conventional shopping avenues, in order to achieve attractive, efficient cost-savings for customers (similar to group purchases and bulk orders), without having to undertake bulk purchases individually, through a community-centric approach. The business model is also disrupting the traditional supply chain by cutting out intermediaries to provide a “farm-to-table” supply model. This brings about cost savings to both last-mile suppliers as well as end consumers. Additional information about the Company is available at http://webuy.global/
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations. These forward-looking statements include, without limitation, references to the Company’s expectations regarding the closing of the public offering and its anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the public offering, or factors that result in changes to the Company’s anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. File No. 333-271604). Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Contact:
Crescendo Communications, LLC
Tel: 212-671-1020
Email: wbuy@crescendo-ir.com
EXHIBIBT 99.2
Webuy Global Limited Announces Closing of $15.2 Million Initial Public Offering
Singapore – October 20, 2023 – 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 No. 333-275074) and became effective upon filing. A final prospectus relating to the Offering may be obtained from EF Hutton, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Webuy Global Ltd
The Company’s mission is to make social shopping a new lifestyle for consumers and to empower consumers’ purchases with an efficient, cost-saving purchasing model. Webuy is committed to developing a community-oriented e-commerce platform in the Southeast Asia region and transforming the e-commerce model into a community-driven experience for consumers.
The Company’s ‘group buy’ business model is designed to transform conventional shopping avenues, in order to achieve attractive, efficient cost-savings for customers (similar to group purchases and bulk orders), without having to undertake bulk purchases individually, through a community-centric approach. The business model is also disrupting the traditional supply chain by cutting out intermediaries to provide a “farm-to-table” supply model. Additional information about the Company is available at http://webuy.global/
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations. These forward-looking statements include, without limitation, references to the Company’s expectations regarding the anticipated use of net proceeds from the offering. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions related to the public offering, or factors that result in changes to the Company’s anticipated use of proceeds. These and other risks and uncertainties are described more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form S-1 related to the public offering (SEC File No. File No. 333-271604). Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Contact:
Crescendo Communications, LLC
Tel: 212-671-1020
Email: wbuy@crescendo-ir.com