WeCap Plc - WeShop Update

WeCap plc

AQSE: WCAP

("WeCap" or the "Company")

WeShop Update

WeCap plc is pleased to provide an update on progress of its primary portfolio company, WeShop Holdings Limited ("WeShop").  WeShop has confirmed that as part of its listing process on a recognised stock exchange, its audited accounts for the 12-month periods ending 31/12/2022 and 31/12/2023 have been signed off by their US auditor that is Public Company Accounting Oversight Board ("PCAOB") compliant. The PCAOB regulates the audits of public companies in order to promote investor protection and further the public interest in the preparation of informative, accurate, and independent audit reports.

The audit sign off is a significant step towards WeShop's planned listing.

WeShop notes that it is continuing to work with its advisory team to complete the required regulatory documents and expects to announce a further update in the near future relating to this progress.

Key completed achievements for WeShop's listing process include:

·         Appointment of U.S. investment bank.

·         Completion of the required financial audit.

·         Drafting of principal regulatory documents and verification materials.

 John Taylor Executive Director of WeCap said,

"It is extremely encouraging that WeShop has completed the financial audit which is one of the key milestones in the listing process. It is evident that there is a substantial amount of work going on to achieve the transformational goal that a listing would bring in relation to the value proposition of the WeShop business model."

The Directors of the Company accept responsibility for the contents of this announcement.

 END

Enquiries:

Company:

info@iamfireplc.com

Corporate Advisor:

Peterhouse Capital Limited                                 

Corporate Broker:                      

Tennyson Securities Limited

Peter Krens: +44 (0) 20 7186 9033 (Direct)

About WeShop:

WeShop is a social commerce platform that allows users to shop and help each other by reviewing, asking about or recommending products. It is affiliated to the vast majority of the UK's top 1,000 online retailers.  Instead of rewarding the users with cashback, discount codes or vouchers, WeShop allows users to earn shares in the business.

WeShop intends to be 90% owned by its community of users, so the more users shop, recommend and refer friends the more shares they will own in WeShop and the more they will share in its financial success.  Users of WeShop buy products from retailers through the platform, as they would normally, but in doing so they will earn shares in WeShop and benefit from aggregation as a community and the revenue streams generated from affiliate programs, data, promotion and advertising that the community through WeShop will generate.

WeShop intends to be the first truly shoppable social network owned by its community of users.  By creating a disruptive online model it hopes to create a retail revolution which shares the financial success of online businesses with the users of those online businesses whose data, transactions and engagement has created them in the first place.