Society Pass (SoPa) Files 1st Form 10-Q; Building Sales Momentum After Recent Launch of LeFlair Lifestyle E-Commerce Platform and IPO Capital Raise

Rhea-AI Summary

Society Pass Incorporated (Nasdaq: SOPA) has filed its first quarterly Form 10-Q since its IPO on November 9, 2021. The report covers the three months ending September 30, 2021, highlighting the launch of Leflair, a lifestyle e-commerce platform in Vietnam. The CEO noted significant revenue generated from Leflair in just three weeks and stated that the IPO raised $28.125 million. Future plans include enhancing marketing, implementing a loyalty program, and investing in infrastructure and acquisitions across Southeast Asia.

Positive

• Revenue growth from Leflair in just three weeks post-launch.
• Successful IPO raised $28.125 million to fund strategic initiatives.
• Plans for increased marketing spend to boost platform visibility.

Negative

• None.

Singapore, Dec. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Society Pass Incorporated (Nasdaq: SOPA) (“SoPa” or the “Company”), a leading, Southeast Asian data-driven loyalty platform, today announced the filing of its first quarterly Form 10-Q with the Securities and Exchange Commission since completing its initial public offering on November 9, 2021. The filing is for the three month period ended September 30, 2021, during which Society Pass launched Leflair, its lifestyle e-commerce platform that markets and sells products in three verticals including Fashion & Accessories, Beauty & Personal Care, and Home & Lifestyle.

Dennis Nguyen, CEO of Society Pass, commented, “As you can see from the revenues from our Leflair business unit in just the final three weeks of September, the recent launch of LeFlair into the Vietnam marketplace in early September has gone extremely well and sales momentum is building every day. Supported by the completion of our IPO that raised gross proceeds of $28.125 million in early November, we believe that Society Pass is well positioned to execute its strategic plans. These include increasing the marketing spend for our platforms, rolling out our Society Points loyalty program, investing in additional infrastructure such as data centers, call centers, and warehouses, and funding acquisitions of e-commerce companies in Southeast Asia (SEA) and South Asia.” 

For Society Pass’ complete financial results for the period ended September 30, 2021, see the Company’s quarterly Form 10-Q filed with the Securities and Exchange Commission on December 9, 2021.

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:

Chuck Harbey, Managing Director, Corporate Advisory

PCG Advisory

charbey@pcgadvisory.com

(917) 553-3953

FAQ

What is Society Pass's latest quarterly filing date?

Society Pass filed its first quarterly Form 10-Q on December 9, 2021.

What were the proceeds from Society Pass's IPO?

The IPO raised gross proceeds of $28.125 million.

What is Leflair?

Leflair is a lifestyle e-commerce platform launched by Society Pass, focusing on Fashion, Beauty, and Home products.

When was Leflair launched in Vietnam?

Leflair was launched in Vietnam in early September 2021.

What strategic plans does Society Pass have post-IPO?

Society Pass plans to enhance marketing, roll out a loyalty program, and invest in infrastructure and acquisitions.