Social commerce platform operator WeShop Holdings (NASAQ: WSHP) shares have started trading on Nasdaq. This is good news for two Aquis companies.
On Friday share trading started at $20.02 and ended the day at $30.21. The share price ended the normal trading day (4pm Eastern time) on Monday 30.8% higher at $39.31, which was well below the high earlier in the day, although it fell back to $35.01 after hours. That values the company at $383m. There were 248,701 shares traded on the day.
A shares are traded on Nasdaq and there are B shares issued to shoppers who use the platform.
Aquis investors
WeCap (LON: WCAP) owns 11.8% of WeShop. That is 806,022 shares directly and 2.08 million shares via a 23.5% holding in Community Social Investments Limited (CSIL). This direct and indirect stake is valued at $45.2m. WeCap has a discounted capital bond of £6.97m. Even taking this off, the valuation is 6.2p/share, according to Tennyson Securities.
The flotation has sparked additional interest in WeCap with 51.67 million shares traded on Monday. At 2.35p, the share price was 0.1p lower on the day and this valued the company at £10.9m. The share price had passed 3p at one point in the day. Even if the WeShop share price fell to $25, the value to WeCap would be 4p/share.
Hot Rock Investments (LON: HRIP) has a portfolio of shares, as well as 150,000 shares in WeShop. This stake is valued at $5.25m. At 1.2p. Hot Rocks Investments is valued at £2.8m.