WeTrade Group (OTCPK:WETG) has updated financial information for its proposed $50M initial public offering and uplisting to Nasdaq.
The cloud-based microbusiness platform, which operates primarily in China, reported net income of $5.2M on revenue of $14.4M for 2021 in its latest filing.
WeTrade reaffirmed that it intends to offer up to 10M shares priced between $4 and $6 per share, which would raise $50M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to an additional 15% of the total shares offered, which would generate additional gross proceeds of around $3M if the shares were priced at $5 per share. Univest Securities is serving as lead underwriter.
Incorporated in Wyoming as a holding company, WeTrade provides payment processing, supply chain system integration, data analytics and other technical services to online microbusinesses in mainland China through a subsidiary. The company also has subsidiaries in Hong Kong and Singapore.
WeTrade is seeking to have its shares listed on Nasdaq. Its shares are currently traded OTC under the symbol WETG. As of Friday afternoon, the company had a market capitalization of approximately $740M.
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