WeTrade Group, Inc. announced that it has entered into a securities purchase agreement with certain investors to issue senior convertible notes in the aggregate original principal amount of $35,000,000 and warrants to purchase up to 100% of the number of the company?s shares of common stock on August 23, 2023. The transaction is subject to shareholders approval. The transactions is expected to close on or about September 29, 2023.

The convertible notes bear interest at an interest rate of 10% per annum payable on each installment date commencing on the original date of issuance. If an event of default has occurred and is continuing, interest would accrue at the rate of 18% per annum, compounding monthly. The notes are convertible into shares of common stock, beginning after the original date of issuance at an initial conversion price of $4.76 per share.

The convertible notes, the PIPE warrants, the placement warrants and the conversion shares have been offered and sold pursuant to exemptions from the registration requirements of the Securities Act afforded by Section 4(a)(2) thereof and Rule 506 of Regulation D promulgated thereunder.