WeCommerce Announces Vertical Amalgamation
VICTORIA, British Columbia--(BUSINESS WIRE)--Jan 3, 2023--
WeCommerce Holdings Ltd. (TSXV:WE) (“ WeCommerce ” or the “ Company ”) is pleased to announce that effective as of 12:01 a.m. on January 1, 2023 it has completed a vertical short form amalgamation with its wholly-owned subsidiaries, Foursixty Holdings Inc. (formerly, Foursixty Inc.) and Pixel Union Design Ltd. (collectively, the “ Subsidiaries ”).
The amalgamation of the Company and the Subsidiaries was undertaken in order to simplify the corporate structure of WeCommerce and to reduce administrative costs.
No securities of WeCommerce will be issued in connection with the amalgamation and WeCommerce’s share capital will remain unchanged. All of the issued and outstanding shares of the Subsidiaries will be cancelled and the assets, liabilities and obligations of the Subsidiaries will be assumed by WeCommerce. The amalgamation will not have any significant effect on the business and operations of WeCommerce and the shares of WeCommerce will continue to be listed on the TSX Venture Exchange.
About WeCommerce Holdings Ltd.:
WeCommerce provides merchants with a suite of ecommerce software tools to start and grow their online stores. Our family of companies and brands includes Pixel Union, Out of the Sandbox, KnoCommerce, Archetype, Yopify, SuppleApps, Rehash, Foursixty and Stamped. As one of Shopify’s first partners since 2010, WeCommerce is focused on building, acquiring, and investing in leading technology businesses operating in the Shopify partner ecosystem.
For more about WeCommerce, please visit https://www.wecommerce.co/ or refer to the public disclosure documents available under WeCommerce’s SEDAR profile at www.sedar.com.
This news release contains certain forward-looking statements and forward-looking information within the meaning of applicable securities law. Such forward-looking statements and information include, but are not limited to, statements with respect to the business and assets of WeCommerce and its strategy going forward.
Forward-looking statements and information are frequently characterized by words such as “plan”, “project”, “intend”, “believe”, “anticipate”, “estimate”, and other similar words, or statements that certain events or conditions “may” or “will” occur. Although the Company’s management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include risks relating to reliance on the Shopify platform; the Company’s limited operating history; reliance on management and key employees; conflicts of interest in relation to the Company’s officers, directors, and consultants; additional financing requirements; resale of common shares of the Company in the publicly-traded market; market price fluctuations for the common shares of the Company; global financial conditions; management of growth; risks associated with the Company’s strategy of growth through acquisitions; tax risks; currency fluctuations; competitive markets; uncertainty and adverse changes in the economy; unsustainability of the Company’s rapid growth and inability to attract new customers, retain revenue from existing merchants, and increase sales to both new and existing customers; adverse effects on the Company’s revenue growth and profitability due to the inability to attract new customers or sell additional products to existing customers; future results of operations being harmed due to declines in recurring revenue or contracts not being renewed; security and privacy breaches; changes in client demand; challenges to the protection of intellectual property; infringement of intellectual property; ineffective operations through mobile devices, which are increasingly being used to conduct commerce; and risks associated with internal controls over financial reporting. The Company undertakes no obligation to update forward-looking statements and information if circumstances or management’s estimates should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements and information. More detailed information about potential factors that could affect results is included in the documents that may be filed from time to time with the Canadian securities regulatory authorities by the Company.
For a more detailed discussion of certain of these risk factors, see the Company’s most recent MD&A described in the “Risk Factors” as well as the list of risk factors in the Company’s Annual Information Form available on SEDAR at www.sedar.com under the Company’s profile.
Source: WECOMMERCE HOLDINGS LTD
View source version on businesswire.com:https://www.businesswire.com/news/home/20230103005790/en/
CONTACT: David Charron
Chief Financial Officer
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ONLINE RETAIL ELECTRONIC COMMERCE RETAIL TECHNOLOGY SOFTWARE
SOURCE: WeCommerce Holdings Ltd.
Copyright Business Wire 2023.
PUB: 01/03/2023 04:06 PM/DISC: 01/03/2023 04:05 PM