WeShop Community Update: Nov 2024
Read the latest updates from WeShop on our progress to listing on a public exchange: https://we.shop/wshp-update-timeline/
Following successful completion of the PCAOB (Public Company Accounting Oversight Board) financial audits, we’re working with our advisory team to complete the required regulatory documents and we expect to announce another update around the 2nd December 2024.
The information from the successful audit constitutes a significant part of the required regulatory documents, and therefore, this is a major milestone completed in the listing process.
Shares are marked as “available” in your dashboard after a 12-month verification period, and once validated by the retailer, confirming the transaction is correct and the item wasn’t returned. Once available, you have two options:
Request a Share Certificate: This certifies you as a beneficiary in WeShop Holdings Limited, though a fee applies and certificates are only issued for available shares. The share certificate issuance fee is £15.
Wait for Public Listing: Subject to the company going public, you will then be able to transfer your shares to a regulated stockbroker account. Registering for a stockbroker account with any of the leading online brokers is subject to a successful standard KYC process (similar to opening a bank account). This would enable you to sell your shares, depending on market demand.
Following our recent PCAOB audit update, we’re working with our advisory team on the next key milestone of the process, which is the submission of the required documents to all the regulatory bodies. Once submitted to the regulatory bodies, we will provide updates to the progress made. Please ensure you’re subscribed to WeShop’s marketing and news announcements in your app settings to stay updated.
We will share updates on the chosen stock exchange, noting that due to regulatory requirements, some information can only be disclosed at specific stages.
You’re free to sell your shares privately before listing if you have a buyer. Just request a share certificate, complete the sale, and inform WeShop of the transaction.
Alternatively, on a successful listing of WeShop Holdings Limited, it will mean your shares would be publicly tradable, meaning you could buy or sell them on the stock market, providing liquidity without needing to find a buyer yourself.
For more information on shares, pre-IPO shares, and stock exchanges, please see WeShop’s YouTube channel.
We’re pleased to announce the completion of the PCAOB financial audit.
The next step is to submit all documentation to the relevant regulator, who will review it and provide feedback. This Q&A process will continue until the regulator and exchange are satisfied.
While we can’t control the timing, we’ll keep our community updated, and the documentation may be made public at any stage for review.
Key progress includes:
Appointment of U.S. investment bank, ThinkEquity, LLC.
Completion of the required financial audit.
Drafting of regulatory documents, data rooms, and verification materials.
Examples of listing documents for both the U.S. and London Stock Exchange are available for reference:
Reddit S1
Spotify F1
Raspberry Pi – Prospectus
WeShop is in discussions with several regulated stockbroking platforms to make it as easy as possible for the WeShop community to open an account and deposit their shares into it. We will update the community when any such agreement with a provider is reached to benefit the community with easy onboarding.
Step-by-step:
WeShop will invite you to set-up an account with a regulated stockbroking platform. This process will be very similar to setting up a new bank account (i.e. providing proof of address and verifying your identity).
Your available shares will then be sent to your individual stockbroking account.
When and if you wish to sell your shares, you will need to instruct your broker to sell your shares (usually a simple button on the stockbroking platform).
Once the broker has sold your shares, you may be subject to some small industry-standard commission fees. These fees are governed by the regulatory body in the relevant country, for example, the Financial Conduct Authority (FCA). The FCA protects your consumer financial services rights.
You will then be able to transfer the cash from your stockbroker account to a bank account of your choice.
The fees for selling shares varies from provider to provider. Please see the links below to the fee schedules from some of the top online brokers in the UK.
Hargreaves Lansdown
AJ Bell
Interactive Investor
All of these companies are regulated by the Financial Conduct Authority whose role is to protect the interests of consumers as investors.
One of the pillars that WeShop was founded on was to create generational wealth. Our users have received their shares at £0 investment cost. Upon a successful listing, it will be possible to put them into tax efficient savings accounts such as SIPP’s, ISA’s or Junior ISA’s (JISA’s.) We hope that we can have direct social impact by allowing users to empower themselves and their children using the shares to fund education, housing and other development. Re-visiting the Amazon example – $1k of shares in Amazon when it listed would be worth circa $1.87m today. Imagine the impact this could have on people’s families.
Reference: Yahoo Finance
Read the full update on our website: https://we.shop/wshp-update-timeline/
What does the audit mean to WeShop®, and me personally?
Following successful completion of the PCAOB (Public Company Accounting Oversight Board) financial audits, we’re working with our advisory team to complete the required regulatory documents and we expect to announce another update around the 2nd December 2024.
The information from the successful audit constitutes a significant part of the required regulatory documents, and therefore, this is a major milestone completed in the listing process.
What does “available shares” mean and what can I do with them?
Shares are marked as “available” in your dashboard after a 12-month verification period, and once validated by the retailer, confirming the transaction is correct and the item wasn’t returned. Once available, you have two options:
Request a Share Certificate: This certifies you as a beneficiary in WeShop Holdings Limited, though a fee applies and certificates are only issued for available shares. The share certificate issuance fee is £15.
Wait for Public Listing: Subject to the company going public, you will then be able to transfer your shares to a regulated stockbroker account. Registering for a stockbroker account with any of the leading online brokers is subject to a successful standard KYC process (similar to opening a bank account). This would enable you to sell your shares, depending on market demand.
When is the company aiming to list on the stock market and can I then sell my shares?
Following our recent PCAOB audit update, we’re working with our advisory team on the next key milestone of the process, which is the submission of the required documents to all the regulatory bodies. Once submitted to the regulatory bodies, we will provide updates to the progress made. Please ensure you’re subscribed to WeShop’s marketing and news announcements in your app settings to stay updated.
We will share updates on the chosen stock exchange, noting that due to regulatory requirements, some information can only be disclosed at specific stages.
Can I “cash out” my shares now?
You’re free to sell your shares privately before listing if you have a buyer. Just request a share certificate, complete the sale, and inform WeShop of the transaction.
Alternatively, on a successful listing of WeShop Holdings Limited, it will mean your shares would be publicly tradable, meaning you could buy or sell them on the stock market, providing liquidity without needing to find a buyer yourself.
For more information on shares, pre-IPO shares, and stock exchanges, please see WeShop’s YouTube channel.
What is the timetable for the listing?
We’re pleased to announce the completion of the PCAOB financial audit.
The next step is to submit all documentation to the relevant regulator, who will review it and provide feedback. This Q&A process will continue until the regulator and exchange are satisfied.
While we can’t control the timing, we’ll keep our community updated, and the documentation may be made public at any stage for review.
Key progress includes:
Appointment of U.S. investment bank, ThinkEquity, LLC.
Completion of the required financial audit.
Drafting of regulatory documents, data rooms, and verification materials.
Examples of listing documents for both the U.S. and London Stock Exchange are available for reference:
Reddit S1
Spotify F1
Raspberry Pi – Prospectus
How can I sell my shares and will it cost me money in fees to sell them?
WeShop is in discussions with several regulated stockbroking platforms to make it as easy as possible for the WeShop community to open an account and deposit their shares into it. We will update the community when any such agreement with a provider is reached to benefit the community with easy onboarding.
Step-by-step:
WeShop will invite you to set-up an account with a regulated stockbroking platform. This process will be very similar to setting up a new bank account (i.e. providing proof of address and verifying your identity).
Your available shares will then be sent to your individual stockbroking account.
When and if you wish to sell your shares, you will need to instruct your broker to sell your shares (usually a simple button on the stockbroking platform).
Once the broker has sold your shares, you may be subject to some small industry-standard commission fees. These fees are governed by the regulatory body in the relevant country, for example, the Financial Conduct Authority (FCA). The FCA protects your consumer financial services rights.
You will then be able to transfer the cash from your stockbroker account to a bank account of your choice.
The fees for selling shares varies from provider to provider. Please see the links below to the fee schedules from some of the top online brokers in the UK.
Hargreaves Lansdown
AJ Bell
Interactive Investor
All of these companies are regulated by the Financial Conduct Authority whose role is to protect the interests of consumers as investors.
Do I have to sell my shares or can I keep them?
One of the pillars that WeShop was founded on was to create generational wealth. Our users have received their shares at £0 investment cost. Upon a successful listing, it will be possible to put them into tax efficient savings accounts such as SIPP’s, ISA’s or Junior ISA’s (JISA’s.) We hope that we can have direct social impact by allowing users to empower themselves and their children using the shares to fund education, housing and other development. Re-visiting the Amazon example – $1k of shares in Amazon when it listed would be worth circa $1.87m today. Imagine the impact this could have on people’s families.
Reference: Yahoo Finance
Read the full update on our website: https://we.shop/wshp-update-timeline/
Updated on: 18/11/2024