News

Society Pass (SoPa) Announces Pricing of US$10 Million Underwritten Public Offering

SmallCaps Daily February 8, 2022

163 3 minutes read

Singapore – (NewMediaWire) – February 8, 2022 – Society Pass Incorporated
(Nasdaq: SOPA) (“SoPa” or the “Company”), a leading Southeast Asian data-driven
loyalty platform, today announced the pricing of its underwritten public
offering of 3,030,300 shares of common stock and accompanying warrants to
purchase up to 3,030,300 shares of common stock. Each share of common stock is being sold
together with one warrant at a combined purchase price of US$3.30. The warrants
will be 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 can only be purchased together in the offering, but will
be issued separately and will be immediately separable upon issuance. The
warrants will not be listed on any exchange. Gross proceeds, before deducting
underwriting discounts and commissions and estimated offering expenses, are expected
to be approximately US$10 million.

The Company has granted
the underwriters a 45-day option to purchase up to 454,545 additional shares of
common stock and/or additional warrants to purchase up to an additional 454,545
shares of common stock at the public offering price to cover over-allotments,
if any. The offering is expected to close on February 11, 2022, subject to
customary closing conditions.

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

A registration statement
relating to the Shares was declared effective by the SEC on February 8, 2022.
The offering is being made only by means of a prospectus, copies of which may
be obtained by contacting Maxim Group LLC, 300 Park Avenue, 16th Floor, New
York, New York 10022. Copies of the registration statement can be accessed
through the SEC’s website at www.sec.gov.

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.