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WeCap PLC - London-based investor whose main holding is e-commerce and social media platform WeShop - Reports loss of GP781,069 in the year ended April 30, compared to £863,682 loss a year ago on nil revenue. Administrative costs decline to £267,973 from £301,755. Finance costs rise to £491,664 from £448,100 million. Finance income swings to £7,568 from a loss of £9,500 a year ago. As of April 30, WeCap has cash reserves of £58,111, up from £49,035. Says listing on the Nasdaq Capital Market to occur following the US Security and Exchange Commission’s ongoing review process.
WeCap comments: ‘WeCap stands at a pivotal juncture, propelled by the promising trajectory of WeShop. With the anticipated direct listing on the Nasdaq Capital Market, WeShop is poised to enhance its visibility and accessibility to a broader investor and customer base. This critical milestone not only validates our commitment to innovative business models but also positions WeShop as a leader in the burgeoning market of shoppable social networks. We are excited about the growth potential that this listing will unlock for WeCap shareholders.’
Current share price: flat at 2.70 pence on London’s Aquis exchange
12-month change: more than double
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