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  • WeCommerce Holdings (WE) has entered into a bought-deal financing agreement with a syndicate of underwriters led by TD Securities Inc. and Canaccord Genuity Corp.
  • The underwriters have agreed to purchase 2,500,000 common shares of WeCommerce, for $12.00 per share and then offer them to the public
  • WeCommerce has also granted the underwriters an over‐allotment option to purchase up to an additional 375,000 shares
  • If the over-allotment option is exercised in full, the gross proceeds from the offering will be approximately $34.5 million
  • WeCommerce Holdings Ltd. is a holding company that owns a family of companies and brands in the Shopify partner ecosystem
  • WeCommerce Holdings Ltd. (WE) is up 0.76 per cent, trading at C$13.24 per share at 4:30 pm ET

WeCommerce Holdings (WE) has entered into a bought-deal financing agreement with a syndicate of underwriters.

The underwriters, led by TD Securities Inc. and Canaccord Genuity Corp., have agreed to purchase 2,500,000 common shares of WeCommerce, for $12.00 per share and offer them to the public by way of short-form prospectus for total gross proceeds of approximately $30 million.

WeCommerce has also granted the underwriters an over‐allotment option to purchase up to an additional 375,000 shares exercisable in whole or in part for a period of 30 days following the closing of the offering.

If the over-allotment option is exercised in full, the gross proceeds will be approximately $34.5 million.

Two significant shareholders of the company, Tiny Capital Ltd. and Freemark Partners Holding Company have agreed to enter into a private sale agreement with Ben Moore, CEO of the company’s subsidiary, Pixel Union Design Ltd. to purchase 41,667 shares.

Tiny is a company of which Andrew Wilkinson (Chairman of the WeCommerce) holds an approximate 80% controlling interest and Chris Sparling (CEO of WeCommerce) holds an approximate 20% minority interest.

Freemark is a long-standing shareholder of WeCommerce. Upon closing of the private sale, Wilkinson, Freemark and Ben Moore will control approximately 32%, 12% and 3% of shares outstanding. 

The net proceeds will be used to fund strategic acquisitions and for general corporate purposes. WeCommerce will not receive any proceeds from the private sale.

The offering and private sale are expected to close on or about July 7, 2021 and are subject to approval of the TSXV. 

The shares to be issued under the offering will be offered by way of a short form prospectus in Canada and may be offered for sale in the United States to Qualified Institutional Buyers.

WeCommerce Holdings Ltd. is a holding company that owns a family of companies and brands in the Shopify partner ecosystem, including Pixel Union, Out of the Sandbox, Yopify, SuppleApps, Rehash, Foursixty and Stamped. The company’s primary focus is to build, grow and acquire businesses that serve the Shopify Partner ecosystem. 

WeCommerce is focused on acquiring businesses with growth potential, a sustainable competitive advantage and that are or have the potential to become, a leader within their particular market.

WeCommerce Holdings Ltd. (WE) is up 0.76 per cent, trading at C$13.24 per share at 4:30 pm ET.

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