WeCap
plc
AQSE:
WCAP
("WeCap" or the
"Company")
WeShop
Update
WeCap plc is pleased
to provide an update on progress of its primary portfolio
company, WeShop Holdings Limited ("WeShop"). WeShop
has confirmed that as part of its listing process on a recognised
stock exchange, its audited accounts for the 12-month periods
ending 31/12/2022 and 31/12/2023 have been signed off by their US
auditor that is Public Company Accounting Oversight Board
("PCAOB") compliant. The PCAOB regulates the audits
of public companies in order to promote investor protection and
further the public interest in the preparation of informative,
accurate, and independent audit
reports.
The audit sign off is a
significant step towards WeShop's planned
listing.
WeShop notes that it is
continuing to work with its advisory team to complete the required
regulatory documents and expects to announce a further update in
the near future relating to this
progress.
Key completed achievements
for WeShop's listing process
include:
·
Appointment of U.S. investment
bank.
·
Completion of the required financial
audit.
·
Drafting of principal regulatory documents and verification
materials.
John Taylor
Executive Director of WeCap said,
"It is extremely
encouraging that WeShop has completed the financial audit which is
one of the key milestones in the listing process. It is evident
that there is a substantial amount of work going on to achieve the
transformational goal that a listing would bring in relation to the
value proposition of the WeShop business
model."
The Directors of the
Company accept responsibility for the contents of this
announcement.
END
Enquiries:
Company:
info@iamfireplc.com
Corporate
Advisor:
Peterhouse Capital Limited
Corporate Broker:
Tennyson Securities
Limited
Peter Krens: +44 (0) 20 7186 9033
(Direct)
About
WeShop:
WeShop is a social
commerce platform that allows users to shop and help each other by
reviewing, asking about or recommending products. It is affiliated
to the vast majority of the UK's top 1,000 online retailers.
Instead of rewarding the users with cashback, discount codes or
vouchers, WeShop allows users to earn shares in the
business.
WeShop intends to be 90%
owned by its community of users, so the more users shop, recommend
and refer friends the more shares they will own in WeShop and the
more they will share in its financial success. Users of
WeShop buy products from retailers through the platform, as they
would normally, but in doing so they will earn shares in WeShop and
benefit from aggregation as a community and the revenue streams
generated from affiliate programs, data, promotion and advertising
that the community through WeShop will
generate.
WeShop intends to be the
first truly shoppable social network owned by its community of
users. By creating a disruptive online model it hopes to
create a retail revolution which shares the financial success of
online businesses with the users of those online businesses whose
data, transactions and engagement has created them in the first
place.
