New York, July 21. 11, 2022 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), Member FINRA and SIPC, and a New York-based full-service investment bank and brokerage firm, announced today today closed an underwritten public offering (the “Offer”) for its client WeTrade Group Inc. (“Wetrade” or the “Company”) (NASDAQ: WETG), an emerging growth company specializing in the provision of software as a service (SAAS) and intelligent cloud systems for micro-enterprises. The Company received aggregate gross proceeds of US$40 million on 10,000,000 common shares at a public offering price of US$4.00 per share from this offering, before deduction of subscription discounts and fees of offer. In addition, the Company has granted the underwriters an option, exercisable one or more times in whole or in part, to purchase up to 1,500,000 additional common shares at the public offering price, less underwriting discounts, in 45 days following the closing date of the Offer to cover over-allotments, if any. The Offering closed on July 21, 2022 and the common shares of the Company began trading on July 19, 2022 on the Nasdaq Capital Market under the symbol “WETG”.
The net proceeds of the Offering will be used for the Company’s R&D and technology development, marketing and talent acquisition in China, strategic investment in the service provider and general working capital.
The Offer was made on the basis of a firm commitment. Univest Securities, LLC acted as sole bookrunner for the Offering. Ortoli Rosenstadt LLP acted as legal counsel to the Company and Hunter Taubman Fischer & Li LLC acted as legal counsel to Univest Securities, LLC in connection with the Offer.
A registration statement on Form S-1 relating to the offering has been filed with the United States Securities and Exchange Commission (the “SEC”) (File Number: 333-252149) and, as amended, was declared effective by the SEC on July 18, 2022. The Offering was made only by means of a prospectus forming part of the registration statement. A final prospectus relating to the Offering, filed with the SEC on July 19, 2022, may be obtained from Univest Securities, LLC by email at [email protected], or by standard mail at Univest Securities , LLC, 75 Rockefeller Plaza Suite 18C, New York, NY 10019. In addition, a copy of the final prospectus relating to the Offer may be obtained through the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, and there will be no sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or territory.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients worldwide, including brokerage and execution services, sales and trading, market making , investment banking and consulting, wealth management. She strives to provide her clients with value-added service and is focused on building long-term relationships with her clients. For more information, please visit: www.univest.us.
About WeTrade Group inc.
WeTrade Group Inc. is a technical service provider of SAAS and cloud intelligent system for micro-enterprises, and an internationalized system pioneer in the global field of micro-enterprise cloud intelligence and the leader, innovator and promoter of global intelligent cloud system for micro enterprises. businesses. WeTrade Group has independently developed the intelligent cloud system for micro-enterprises (abbreviation: YCloud). YCloud empowers users’ marketing relationship and CPS commission profit management with advanced technology and big data analytics. It also enables increasing payment scenarios to increase customer revenue through multi-channel data statistics, AI fission and management as well as improving supply chain system. To date, YCloud’s business has successfully landed in mainland China and Hong Kong, covering micro-enterprise industry, tourism industry, hotel industry, live streaming industry and short videos, the aesthetic medical industry and the traditional retail industry. For more information, please visit https://ir.wetg.group.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements other than statements of historical fact. Where the Company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or similar expressions that do not relate solely to matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company’s expectations described in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, uncertainties relating to market conditions and whether the IPO will occur on the terms expected or not at all, and to other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Other factors are discussed in the Company’s filings with the SEC, which may be viewed at www.sec.gov. Univest Securities LLC and the Company undertake no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.
For more information please contact:
Univest Securities, LLC
Chief executive officer
75 Place Rockefeller, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: [email protected]