Webuy Secures $2 Million Debt Financing Convertible at a Premium to the Current Market Price; Potential to Receive an Additional $4.0 Million Upon Mutual Agreement of the Parties
Singapore, Aug. 09, 2024 (GLOBE NEWSWIRE) — Webuy Global Ltd. (Nasdaq:WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, today announced it has entered into a definitive agreement for senior convertible debt (“Convertible Security”) with an initial principal amount of $2 million, and up to an additional $4 million with an accredited institutional investor (the “Investor”) upon mutual agreement. The initial conversion price of the Convertible Security is $0.213 per share, or 150% of the VWAP of the Class A ordinary shares on the trading day preceding the Note issuance. The notes bear zero interest with monthly payments to be made in either cash or stock at the Company’s option. Additional details regarding the terms of the Convertible Security are available in the Company’s Form 6-K, which has been filed with the Securities & Exchange Commission.