Society Pass (SoPa) Announces Closing of US$11.5 Million Underwritten Public Offering, Including Full Exercise of the Overallotment Option

Rhea-AI Summary

Society Pass (Nasdaq: SOPA) has successfully closed an underwritten public offering of 3,484,845 shares of common stock along with warrants, raising approximately US$11.5 million. Each share was sold with one warrant at a combined price of US$3.30, which are exercisable at the same price for five years. This offering followed a registration statement that was declared effective by the SEC on February 8, 2022, and a final prospectus was filed on February 10, 2022. The funds raised will support SoPa's growth and expansion initiatives in Southeast Asia.

Positive

• Raised approximately US$11.5 million in gross proceeds from the offering.
• Strengthens capital for future growth and expansion.

Negative

• Potential dilution of shares due to the issuance of new stock and warrants.

SINGAPORE, Feb. 11, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Society Pass Incorporated (Nasdaq: SOPA) (“SoPa” or the “Company”), a leading Southeast Asian data-driven loyalty platform, today announced the closing of its underwritten public offering of 3,484,845 shares of common stock and accompanying warrants to purchase up to 3,484,845 shares of common stock, which includes 454,545 shares of common stock and warrants to purchase 454,545 shares of common stock issued pursuant to the full exercise of the underwriter’s over-allotment option, for aggregate gross proceeds to the Company of approximately US$11.5 million.

Each share of common stock was sold together with one warrant at a combined purchase price of US$3.30. The warrants are immediately exercisable at a price of US$3.30 per share and will expire five years from the date of issuance. The shares of common stock and accompanying warrants could only be purchased together in the offering, but were issued separately and are immediately separable upon issuance. The warrants will not be listed on any exchange. 

Maxim Group LLC acted as sole book-running manager for the offering.

The offering was conducted pursuant to the Company's registration statement relating to the Shares which was declared effective by the SEC on February 8, 2022. A final prospectus relating to the offering was filed with the SEC on February 10, 2022. Both the registration statement, as amended and the final prospectus are available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Society Pass

SoPa’s customer loyalty and analytics platform has onboarded hundreds of thousands of registered consumers. SoPa provides merchants with SoPa.asia – an online commerce platform for users, alongside with #HOTTAB Biz – a convenient order management app for business partners on SoPa.asia, and #HOTTAB POS – a specialized POS technology solution, a comprehensive system for payment, loyal customer management, user’s profile analytics, and convenient financial support packages for small and medium-sized enterprises. All tools offered above will allow businesses to attract and retain customers through personalized interaction based on analytics with a high profit margin. SoPa also operates www.leflair.com, Vietnam’s leading lifestyle e-commerce platform.

For more information, please check out: http://thesocietypass.com/

Forward-Looking Statements

The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results.

Contacts:

SoPa:
Raynauld Liang, CFO
ray@thesocietypass.com

Investor Relations:
Stephanie Prince
PCG Advisory
sprince@pcgadvisory.com
(646) 863-6341

FAQ

What is the purpose of Society Pass's recent public offering?

The public offering aims to raise funds for future growth and expansion of Society Pass's operations.

How many shares were issued in Society Pass's public offering?

Society Pass issued a total of 3,484,845 shares of common stock in its public offering.

What was the combined price of shares and warrants in the Society Pass offering?

Each share and warrant were sold at a combined price of US$3.30.

When was the SEC registration statement for Society Pass declared effective?

The SEC registration statement for Society Pass was declared effective on February 8, 2022.

What are the terms of the warrants issued by Society Pass?

The warrants are immediately exercisable at US$3.30 per share and expire five years from the date of issuance.