Singapore, July 26, 2024 — Webuy Global Ltd. (Nasdaq: WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, announced today that it received an extension from Nasdaq to regain compliance with the minimum bid price requirement. Nasdaq had initially notified Webuy on January 26, 2024, that its shares were not meeting the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”) for continued listing on the Nasdaq Capital Market. This latest notification from Nasdaq provides an additional 180 calendar days, or until January 21, 2025, for Webuy to regain compliance with the minimum bid price of U.S. $1.00 per share.
According to Nasdaq Listing Rule 5810(c)(3)(A), if Webuy’s share price closes at U.S. $1.00 per share or more for a minimum of ten consecutive business days (with the possibility of Nasdaq requiring a longer period of compliance, generally no more than 20 consecutive business days), Nasdaq will confirm Webuy’s compliance, and the matter will be closed.
Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy Global, stated, “We appreciate Nasdaq’s flexibility and support, and are committed to maintaining our listing. We continue to generate significant growth and our business fundamentals are stronger than ever. In addition, over the coming months, we look forward to unveiling a number of major initiatives underway that we expect will positively impact on our financial results. We remain laser-focused on driving value for shareholders and look forward to providing further updates.”
About Webuy Global Ltd
Webuy Global Ltd (Nasdaq: WBUY) is an innovative, technology-focused company with a goal of building the most trusted retail brand and advanced e-commerce platform in Southeast Asia, designed to leverage data in order to provide a community-driven experience for consumers. The Company’s unique ‘group buy’ business model is set to revolutionize traditional shopping practices, by offering substantial cost savings to customers through an efficient purchasing model and community-centric approach. Akin to group purchases and bulk orders, this approach simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the Company’s business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct “farm-to-table” supply model. The Company’s vision is to enable the ten million families in Southeast Asia to live a healthier, higher-quality lifestyle. Additional information about the Company is available at
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties are described more fully in the section captioned “Risk Factors” in the Company’s registration statement on Form F-1 related to the public offering (SEC File No. File No. 333-271604) and annual report on Form 20-F. 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: Contact: Crescendo Communications, LLC Tel: 212-671-1020 Email: wbuy@crescendo-ir.com
