Subject: Webuy Global Ltd: Key Updates and Investor Engagement
Dear Shareholders,
I hope this message finds you well. On behalf of Webuy Global Ltd (Nasdaq: WBUY), we would like to express our sincere gratitude for your continued support and provide an update regarding the strategic initiatives we are taking to address the Minimum Bid Price compliance requirements from Nasdaq.
On January 26, 2024, we received written notification from the Nasdaq Listing Qualifications Department (“Nasdaq”) for falling short of the minimum bid price requirement of U.S.$1.00 per share for the last 30 consecutive business days, as mandated by Nasdaq Listing Rule 5550(a)(2) – bid price (the “Minimum Bid Price Rule”).
As per Nasdaq regulations, in the event of non-compliance, the company is granted a "compliance period" of 180 calendar days to regain compliance with the bid price requirement. Importantly, under certain conditions, an additional 180-day compliance period may be available if specific criteria are met. The criteria for eligibility for an additional 180-day compliance period typically include:
We want to reassure our shareholders that the additional 180-day compliance period provided by Nasdaq is a viable option for Webuy Global Ltd. to regain compliance with the Minimum Bid Price Rule. At the same time, we have implemented several strategic initiatives aimed at enhancing investor confidence and awareness in our company. These include:
We have engaged Crescendo Communications, LLC, a global leader in strategic communications and advisory services, to execute these initiatives and ensure effective communication going forward.
We understand the concerns that may arise from this situation, but please be assured that the management at Webuy Global Ltd is fully committed to regaining compliance with Nasdaq listing requirements and maximizing shareholder value.
For further details on Nasdaq compliance, please refer to the attached file or reach out to our Investor Relations team at wbuy@crescendo-ir.com. If you would like to receive future updates directly from our Investor Relations team, please opt-in to our email list by replying to this message or subscribe through here.
We appreciate your continued support and look forward to updating you on our progress.
Best regards,
Webuy Investor Relations