Singapore, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Webuy Global Ltd. (NASDAQ: WBUY) ("Webuy" or the "Company"), a leading AI-driven e-commerce and travel platform, today provided an update regarding its Nasdaq listing status and ongoing strategic growth initiatives.
Nasdaq Compliance and Appeal Process
On January 22, 2025, Webuy received a delisting notice from Nasdaq due to non-compliance with the $1.00 minimum bid price requirement. Following the expiration of the second 180-day compliance period on January 21, 2025, Nasdaq suspended trading of the Company's stock on January 31, 2025. As a result, Webuy's shares are currently trading on the OTC market due to the implementation of new Nasdaq regulations that mandate immediate delisting after the second compliance period.
To regain its Nasdaq listing, the Company has formally appealed the decision and is scheduled to present its compliance plan at a hearing on February 27, 2025.
Reverse Stock Split and Compliance Plan
To address the bid price deficiency, Webuy's shareholders approved a reverse stock split at the Company's Annual General Meeting (AGM) on December 18, 2024, with an approved ratio ranging from 1-for-10 to 1-for-40. On January 15, 2025, the Board of Directors approved a 1-for-40 reverse stock split, and the Company immediately filed the required documents with the secretary of Cayman Islands on January 16, 2025.
Following the delisting notice, the Company's shares are now on the OTC market, under which additional approval from the Financial Industry Regulatory Authority (FINRA) is required to proceed with the reverse split. Webuy submitted its FINRA application on February 3, 2025 and has been actively responding to FINRA to provide supplemental information as requested, and is expecting FINRA clearance in due course.
Strong Business Performance and AI Expansion
Despite the above procedural challenges, Webuy remains financially robust and is actively expanding its AI-driven business model to drive growth. On December 17, 2024, the Company successfully raised $3.6 million in a registered direct offering, which would be used to enhance its AI-powered solutions across e-commerce and travel, including:
• Enhancing the AI-powered Travel Consultant for personalized itinerary planning.
• Improving predictive demand analytics to optimize the group-buy model.
• Strengthening community engagement through AI-driven tools.
Commitment to Shareholders
Webuy remains committed to regaining its Nasdaq listing and executing its AI-driven growth strategy to create long-term shareholder value. The Company will continue to update shareholders on its progress and remain dedicated to delivering innovative solutions that enhance customer experiences.
About Webuy Global Ltd.
Webuy Global Ltd. is a forward-thinking, technology-driven company aimed at becoming the leading e-commerce and travel platform in Southeast Asia. Leveraging advanced AI technologies, the Company enhances its 'group buy' model by providing personalized recommendations, predictive demand analytics, and seamless community interactions. In addition, Webuy integrates AI-powered travel solutions, such as its proprietary AI Travel Consultant, to deliver personalized itineraries, group travel planning, and real-time support. These innovations streamline the traditional supply chain, foster a community-driven shopping experience, and simplify travel planning for its users. Webuy is committed to improving the lives of millions of families in Southeast Asia with high-quality, affordable products, services, and travel experiences. For more information, visit https://www.webuysg.com/Investor/
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected due to various factors, including regulatory approvals, market conditions, and operational execution. Webuy Global Ltd. undertakes no obligation to update any forward-looking statements, except as required by law.
