Webuy Global Ltd announced that the company issued convertible loan notes in principal amount of $200,000 to an investor on August 2, 2023. The notes will mature in 12 months to 18 months from the funding date and bear interest at a rate of 10% per annum, to be accrued and payable at the maturity date. The Company is obligated to redeemable the loan in cash on the principal amount together with all interest accrued in full on the maturity date in the absence of a public listing or conversion to shares.

On October 19, 2023, the Convertible Loan Note bearers signed the lock-up agreements to agree that their Notes will be converted after 180 days from the date of closing of the Initial Public Offering. The anticipated conversion date is April 17, 2024. On November 27, 2023, these Note bearers signed another agreement with the Company to provide a waiver of the right of conversion of the Note into conversion shares.

The clause relating to their right of conversion is replaced with a full cash settlement of their Notes bearing interest at the rate of 10% per annum. The settlement shall be made on the date falling six months from October 19, 2023 and in such manner to be agreed in writing between the Lender and the Borrower on or prior to the settlement date.