# EDGAR Filing Document

**Accession Number:** 0002048271
**File Stem:** 0001493152-25-018478
**Filing Date:** 2025-10
**Character Count:** 870209
**Document Hash:** ed5a2bc461eaa9481eba65e2ec3100a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-018478.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001493152-25-018478

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 50

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WeShop Holdings Ltd
- **CENTRAL INDEX KEY:** 0002048271
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290275
- **FILM NUMBER:** 251401237

**BUSINESS ADDRESS:**
- **STREET 1:** HAWK HOUSE
- **STREET 2:** 22 THE ESPLANADE
- **CITY:** JERSEY
- **STATE:** Y9
- **ZIP:** JE1 1HH
- **BUSINESS PHONE:** 212-446-4800

**MAIL ADDRESS:**
- **STREET 1:** HAWK HOUSE
- **STREET 2:** 22 THE ESPLANADE
- **CITY:** JERSEY
- **STATE:** Y9
- **ZIP:** JE1 1HH

**As filed with the U.S. Securities and Exchange Commission on October 17, 2025.**

**No. 333-290275**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 2 to**

**FORM F-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**WeShop Holdings Limited**

(Exact name of registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **British Virgin Islands** | **7389** | **NOT APPLICABLE** |
| (State or other jurisdiction | (Primary Standard Industrial | (I.R.S. Employer |
| of incorporation or organization) | Classification Code Number) | Identification No.) |

---

**Hawk House**

**22 The Esplanade**

**Jersey, JE1 1HH**

**Channel Islands**

**+44 (808) 196-8324**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

 **(302) 738-6680**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

*Copies of all communications, including communications sent to agent for service, should be sent to:*

**Christian O. Nagler, P.C.**

**Christina M. Thomas**

**Kirkland & Ellis LLP**

**601 Lexington Avenue**

**New York, New York 10022**

**(212) 446-4800**

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

This registration statement shall hereinafter become effective in accordance with the provisions of Section 8(a) of the Securities Act of 1933, as amended.

The information in this prospectus is not complete and may be changed. The securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. The prospectus is not an offer to sell these securities nor a solicitation of an offer to buy these securities in any jurisdiction where the offer and sale is not permitted.

Subject to Completion

Preliminary Prospectus, dated October 17, 2025

<u>PROSPECTUS</u>

**WeShop Holdings Limited**

![](formdrs_001.jpg)

**Class A** **Ordinary Shares**

This prospectus relates to the registration of the resale of up to 3,980,128 Class A ordinary shares by our shareholders identified in this prospectus, or the Registered Shareholders, in connection with our direct listing, or the Direct Listing, on the Nasdaq Capital Market, or Nasdaq. Unlike an initial public offering, the resale by the Registered Shareholders is not being underwritten on a firm-commitment basis by any investment bank. The Registered Shareholders may, or may not, elect to sell their Class A ordinary shares covered by this prospectus, as and to the extent they may determine. The Registered Shareholders may offer, sell or distribute all or a portion of the Class A ordinary shares hereby registered publicly or through private transactions at prevailing market prices or at negotiated prices. If the Registered Shareholders choose to sell their Class A ordinary shares, we will not receive any proceeds from the sale of Class A ordinary shares by the Registered Shareholders.

No public market for our Class A ordinary shares currently exists, and our Class A ordinary shares have a limited history of trading in private transactions. On March 21, 2024, we sold an aggregate, on a pre-consolidation basis, of the equivalent of 12,000 Class A ordinary shares to investors in a private placement, at a price of the equivalent of £5.06 per Class A ordinary share or approximately $6.40 at the spot rate of exchange on that date and, on a post-consolidation basis (after giving effect to our share consolidation to occur on October 22, 2025), the equivalent of 3,000 Class A ordinary shares, at a price of the equivalent of £20.24 per Class A ordinary share or approximately $25.40 at the spot rate of exchange on that date.

Recent purchase prices of our Class A ordinary shares in private transactions may have little or no relation to the opening public price of our Class A ordinary shares on Nasdaq or the subsequent trading price of our Class A ordinary shares on Nasdaq. Further, the listing of our Class A ordinary shares on Nasdaq, without a firm-commitment underwritten offering, is a novel method for commencing public trading in our Class A ordinary shares and, consequently, the trading volume and price of our ordinary shares may be more volatile than if our Class A ordinary shares were initially listed in connection with an initial public offering underwritten on a firm-commitment basis.

On the day that our Class A ordinary shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price (as defined below) on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which ThinkEquity LLC, or the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our Class A ordinary shares are ready to trade, Nasdaq will confirm the Current Reference Price for our Class A ordinary shares, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of our Class A ordinary shares on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules. Under Nasdaq rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (i.e. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (i.e. the specified price entered in an order by a customer to buy or sell) at which our Class A ordinary shares will remain unmatched (i.e. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder. Neither we nor our Registered Shareholders will be involved in Nasdaq's price-setting mechanism, including any decision to delay or proceed with trading, nor will we or they control or influence the Advisor in carrying out its role as a financial adviser. The Advisor will determine when our Class A ordinary shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. For more information, see "Plan of Distribution" beginning on page 98 of this prospectus.

We have applied to list our Class A ordinary shares on Nasdaq under the symbol "WSHP." We expect our Class A ordinary shares to begin trading on Nasdaq on or about November 10, 2025.

If our Nasdaq application is not approved or we otherwise determine that we will not be able to secure the listing of our Class A ordinary shares on Nasdaq, we will not complete this Direct Listing. This listing is a condition to the offering. No assurance can be given that our Nasdaq application will be approved and that our Class A ordinary shares will ever be listed on Nasdaq. If our listing application is not approved by Nasdaq, we will not be able to consummate the offering and we will terminate this Direct Listing.

We are an "emerging growth company" as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to do so in future filings. See "Prospectus Summary—Implications of Being an Emerging Growth Company."

**Investing in our Class A ordinary shares involves a high degree of risk. See the "Risk Factors" section beginning on page 9 of this prospectus for the risks and uncertainties you should consider before investing in our Class A ordinary shares.**

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Prospectus dated , 2025

![](formdrsa_010.jpg)

i

ii

iii

iv

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#aj_001) | vii |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#aj_002) | viii |
| [PRESENTATION OF FINANCIAL INFORMATION](#aj_003) | ix |
| [TRADEMARKS, SERVICE MARKS AND TRADE NAMES](#aj_004) | x |
| [MARKET AND INDUSTRY DATA](#aj_005) | x |
| [PROSPECTUS SUMMARY](#aj_007) | 1 |
| [RISK FACTORS](#aj_008) | 9 |
| [USE OF PROCEEDS](#sl_001) | 25 |
| [DIVIDEND POLICY](#sl_002) | 25 |
| [CAPITALIZATION](#sl_003) | 26 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#sl_004) | 27 |
| [BUSINESS](#sl_005) | 39 |
| [MANAGEMENT](#sk_001) | 75 |
| [REGISTERED SHAREHOLDERS](#t_1) | 82 |
| [RELATED PARTY TRANSACTIONS](#sk_002) | 83 |
| [PRINCIPAL SHAREHOLDERS](#sk_003) | 84 |
| [DESCRIPTION OF SHARES AND MEMORANDUM AND ARTICLES OF ASSOCIATION](#sk_004) | 85 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#sk_005) | 92 |
| [PLAN OF DISTRIBUTION](#sk_006) | 98 |
| [EXPENSES OF THE OFFERING](#bs_001) | 101 |
| [LEGAL MATTERS](#bs_002) | 102 |
| [EXPERTS](#bs_003) | 102 |
| [SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES](#bs_004) | 102 |
| [WHERE YOU CAN FIND MORE INFORMATION](#bs_005) | 102 |
| [INDEX TO FINANCIAL STATEMENTS](#bs_006) | F-1 |

---

**You should rely only on the information contained in this prospectus or contained in any free writing prospectus filed with the Securities and Exchange Commission. Neither we nor any of the Registered Shareholders have authorized anyone to provide any information different from, or in addition to, the information contained in this prospectus and in any free writing prospectuses we have prepared or that have been prepared on our behalf or to which we have referred you. Neither we nor any of the Registered Shareholders take responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. The Registered Shareholders are offering to sell, and seeking offers to buy, shares of their Class A ordinary shares only under the circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date, regardless of the time of delivery of this prospectus or of any sale of our Class A ordinary shares. Our business, financial condition, results of operations and prospects may have changed since such date.**

**For investors outside the United States: Neither we nor any of the Registered Shareholders have done anything that would permit the use of or possession or distribution of this prospectus or any related free writing prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of our Class A ordinary shares by the Registered Shareholders and the distribution of this prospectus outside the United States.**

v

**ABOUT THIS PROSPECTUS**

This prospectus is a part of a registration statement on Form F-1 (the "Registration Statement") that we filed with the Securities and Exchange Commission (the "SEC") using a "shelf" registration or continuous offering process. Under this shelf process, the Registered Shareholders may from time to time sell the Class A ordinary shares covered by this prospectus in the manner described in "Plan of Distribution." Additionally, we may provide a prospectus supplement to add information to, or update or change information contained in this prospectus, including the "Plan of Distribution." You should read this prospectus before deciding to invest in our Class A ordinary shares. You may obtain this information without charge by following the instructions under "Where You Can Find More Information" appearing elsewhere in this prospectus.

vi

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Many of the forward-looking statements contained in this prospectus can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "should," "target," "would" and other similar expressions that are predictions of or indicate future events and future trends, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors, including, but not limited to, those identified in the section titled "Risk Factors" in this prospectus. The forward-looking statements in this prospectus include, among others, statements regarding:

● our ability to launch our business in the United States and other countries besides the United Kingdom;

● our ability to issue shares pursuant to the Shareback Plan;

● competition, management of growth, potential fluctuations in operating results;

● our ability to find suitable partners or agree on acceptable terms;

● our ability to sufficiently and timely obtain, maintain, protect, defend and/or enforce our intellectual property rights;

● future results of operations, cost of revenues, investment in research and development activities, promotion of our service through performance-based advertising and other programs, changes to our disclosure controls and internal control over financial reporting, trends in our operating expenses and provision for income taxes, increased costs associated with being a public company, and share-based compensation expenses;

● business strategies, including any expansion into new products, categories or countries, and investments to enhance our technology and the content presented on our service;

● industry environment, including our relationships with our significant customers;

● the effects of seasonality; and

● our ability to obtain the substantial additional financing required to achieve our goals.

The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements contained in this prospectus speak only as of the date of this prospectus, and unless otherwise required by law, we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

vii

**PRESENTATION OF FINANCIAL INFORMATION**

This prospectus includes the historical financial statements listed below:

● our audited, consolidated financial statements as of and for the years ended December 31, 2024 and 2023, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"); and

● our unaudited, consolidated financial statements as of and for the six months ended June 30, 2025 and 2024, which have been prepared in accordance with U.S. GAAP.

Our financial information is presented in British pounds ('pounds Sterling', 'Sterling' or '£'), the lawful currency of the UK. In this annual report, references to 'US Dollars', 'US$' or '$' are to the lawful currency of the United States of America (the "US" or "U.S."). Solely for the convenience of the reader, this prospectus contains translations of certain pounds Sterling amounts into US Dollars at specified rates. These translations should not be construed as representations that the pounds Sterling amounts actually represent such US Dollar amounts or could be converted into US Dollars at the rate indicated or at any other rate. Unless otherwise stated, the translations of pounds Sterling into US Dollars have been made at the noon buying rate in New York City for cable transfers in pounds Sterling as certified for customs purposes by the Federal Reserve Bank of New York (the Noon Buying Rate) in effect on December 31, 2024. The Noon Buying Rate on December 31, 2024 differs from certain of the actual rates used in the preparation of the consolidated financial statements, which are expressed in pounds Sterling, and therefore US Dollar amounts appearing in this annual report may differ significantly from actual US Dollar amounts which were translated into pounds Sterling in the preparation of the consolidated financial statements in accordance with US GAAP.

We have made rounding adjustments to some of the figures contained in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that preceded them. Additionally, unless otherwise noted, the share and per share information included in this prospectus reflects a reverse stock split of the outstanding ordinary shares of the Company at an assumed one-for-four ratio to occur on October 22, 2025.

viii

**TRADEMARKS, SERVICE MARKS AND TRADE NAMES**

"WePoints," "WeShop", "WeShare", "Shareback", "This is How", and other trademarks or service marks of WeShop appearing in this prospectus are the property of WeShop Holdings Limited or its subsidiaries. Solely for convenience, some of the trademarks, service marks, logos and trade names referred to in this prospectus are presented without the <sup>®</sup> and <sup>™</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks and trade names of others. All trademarks, service marks and trade names appearing in this prospectus are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, copyrights or trade names to imply an endorsement or sponsorship of us by any other companies.

**MARKET AND INDUSTRY DATA**

This prospectus contains industry, market and competitive position data that are based on industry publications and studies conducted by third parties as well as our own internal estimates and research. These industry publications and third-party studies generally state that the information they contain has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe that each of these publications and third-party studies is reliable, forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements contained in this prospectus. These forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described in "Risk Factors." These and other factors could cause results to differ materially from those expressed in our forecasts or estimates or those of independent third parties. While we believe our internal research is reliable and the definitions of our market and industry are appropriate, neither such research nor these definitions have been verified by any independent source.

ix

**GLOSSARY OF TERMS**

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| | |
|:---|:---|
| ***Term*** | **Definition** |
| *Affiliate Marketing* | A marketing strategy where publishers earn a commission for promoting a company's products or services. |
| *Affiliate Network* | A technology provider that offers software for advertisers and publishers to automatically track and attribute transactions to the correct channel. |
| *Cash back* | A cash rebate given to a customer after they make a purchase, often as part of a promotional offer. |
| *Circle of Trust* | The WeShop Circle of Trust describes the end-to-end process for the business model. |
| *Community Guidelines* | WeShop's rules and standards set to regulate user behavior and content on the platform. |
| *Contingent Share* | A contingent entitlement to a Class A ordinary share based on the account owner's performance and return window of product referral  |
| *Conversion Rate* | The rate at which a customer makes a purchase once they click on a product. |
| *Co-Operative* | An organization owned and operated by its members for their mutual benefit. |
| *Earned Media* | Publicity or exposure gained through organic means, such as word-of-mouth or media coverage, rather than paid advertising. |
| *Gross Merchandising Value (GMV)* | The total sales value of merchandise sold through a platform over a specific period. |
| *Influencer* | An influencer is an individual who has the power to affect the purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience. Influencers typically have a dedicated and engaged following on social media platforms, blogs, or other digital channels, where they share content related to their area of expertise or interest. |
| *Lifetime Value* | The total revenue a business can expect to earn from a customer over the duration of their relationship. |
| *Moderation* | The process of overseeing and managing user-generated content to ensure it adheres to WeShop's community guidelines. |
| *Pilot* | The initial WeShop launch in the United Kingdom exclusively from July 2022 until November 2024. |
| *Placements* | The locations where advertisements or content are displayed within the Platform. |
| *Platform* | Used synonymously with WeShop and the service in its entirety. |
| *Product Tag* | A direct link to a product, used in Recommendations. |
| *Recommendation* | The primary content type for WeShop users to post on WeShop when recommending a product to their followers. |
| *Referral* | A person who has joined WeShop using a unique referral link provided by another WeShop user. |
| *Referral Code* | A unique identifier used to identify and attribute any new user registrations back to the person who invited them to WeShop. |
| *Retention Rate* | The percentage of customers who continue to use a product or service over a specific period. |

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|:---|:---|
| *Return on Investment (ROI)* | A measure of the profitability of an investment, calculated as the ratio of net profit to the original investment cost. |
| *Shareback* | WeShop's reward mechanism offered to users who make purchases, or refer users who make purchases, via the WeShop platform. |
| *Shareback Plan* | WeShop's Shareback<sup>™</sup> Rewards Plan |
| *Shareback rate* | The rate at which WePoints will be awarded for each transaction, equal to 80% of the commission paid by the respective affiliate network for a transaction to WeShop. For example, if a user spends $100 at eBay and the affiliate network pays WeShop $10 for that transaction, then the user would receive WePoints equal to $8 divided by the previous full trading day's VWAP. So, if the previous full trading day's VWAP were $4, that user will receive two (2) WePoints. |
| *Social Interaction* | Posting, liking a post, or commenting on a post on the WeShop platform. |
| User or *user* | An entity or individual that creates a valid account on the WeShop platform. |
| *User Dashboard* | A space in the mobile app where users can see their indicative WePoints balance which will ultimately lead to receiving WeShop shares. |
| *User Profile* | A space in the mobile app where users can see the content they have posted in the past, manage their account and view their wish lists. |
| *User Wishlist* | A space in the mobile app where users can add items they would like to purchase in the future. |

|  | The reward system that will dictate the number of shares in WeShop that the WeShop Community Trust will transfer to users, following WeShop's listing in the U.S., pursuant to the Shareback Plan. The number of WePoints issued will depend on how much the user spends, the Shareback rate and the previous full trading day's VWAP. <br>For a user earning WePoints through purchases, the calculation is Shareback rate / previous full trading day's VWAP for our Class A ordinary shares in the market for our Class A ordinary shares. For example, if a user spends $1,000 at a retailer, WeShop earns $100 commission on the transaction, and the previous full trading day's VWAP is $20 per share, the user would receive 4 WePoints. This calculation may change. <br>|
| *VWAP* | Volume weighted average price. |
| *WePoint* | For a user earning WePoints through referrals, the calculation will be 5% of WePoints earned by the referred user during their first twelve (12) months. For example, if User A refers User B who earns 100 WePoints during their first year, User A would receive 5 WePoints. |
|  | WePoints will be awarded by the WeShop Community Trust when the transaction is confirmed by the retailer. WePoints may be revoked if a transaction is voided or if a user returns an item, cancels a booking, or otherwise causes WeShop to not receive a commission from the Affiliate Networks on the transaction. |
| *WeShop* | WeShop is the shoppable social network (also known as WeShop Holdings Limited or WSHP). |
| *WeShop Community Trust* | The WeShop Community Trust is a legal entity for managing assets for the specific, predefined objective of transferring shares of WeShop to users who have earned WePoints. |

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xi

**LETTER FROM OUR BOARD OF DIRECTORS**

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|:---|:---|

| **People and community**<br>It is all about people. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The knowledge of people is one of the most valuable commodities in the world, especially around product and service recommendations to friends and family where trust is at its highest levels. We have all sought advice and given advice around products and services; for example, "any good films to watch", "where did you get that dress from", and "this is the best air fryer on the market".<br>There is no more genuine recommendation of a product than a consumer having spent their own money buying it, using it, and praising it, not because they are being paid to by a brand but because they love the product or service. WeShop has built its platform to enable people to recommend products and seek advice while making every post shoppable with users being able to tag hundreds of millions of products from highly respected retailers including John Lewis, eBay, Boots, ASOS, Selfridges and hundreds more. |
| **The world economy**<br>People are living paycheck to paycheck. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More than 65% of employed Americans are living paycheck to paycheck, according to a MarketWatch.com report dated November 2022. Consumers are looking for ways to get discounts, offers or rebates, whether from cashback platforms or other loyalty programs. WeShop users can earn WePoints that convert to WeShop shares simply for doing their usual shopping. |
| **Circle of trust**<br>Verified users, blue chip retailers, a regulated securities market, and a regulated trust housed here in the United States. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust is one of the most important pillars of any community. WeShop has created a Circle of Trust that would be bolstered by obtaining a Nasdaq-listing. Our Nasdaq listing would provide a regulated market for WeShop users to trade their shares while simultaneously giving them the comfort of strict corporate governance standards for WeShop.<br>The process is simple. WeShop's users are purchasing products and services from trusted retailers on the platform and referring their trusted social networks to join. In return, they are receiving WePoints which ultimately convert into shares in WeShop, transferred to them by a regulated trust and listed on a trusted and regulated stock market. A trusted and verified social commerce platform, owned by its users. |

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|:---|:---|
| **Referrals**<br>Avon lady – embracing existing community to get rewards. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We firmly believe that friend to friend recommendations on products and services are an important driver of sales. The same can be said for people recommending platforms. Therefore, people are helping each other by bringing their friends onto the platform and receiving WePoints that will ultimately convert into shares in WeShop.<br>The referral rate is expected to be 5% of the WePoints earned by the referred user in their first twelve months. For example, if a user refers ten friends who each earn 1,000 WePoints per year, that user would receive 400 WePoints that eventually convert into shares. Many companies struggle to acquire users without huge marketing budgets. The simple part of WeShop is that the shares will have already been transferred into the WeShop Community Trust for issuance to the users, so the Company is not debited any cash whatsoever. |
| **The journey so far**<br>Embraced by brands, celebrities, etc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WeShop's journey so far has been educational, rewarding, frustrating, inspiring and everything in between. In the United Kingdom, we have discovered the power of community shopping and ownership. By expanding into key markets WeShop aims to internationally build its community and allow its users to potentially create generational wealth in the future. |
| **Advertising**<br>Evolving and growing. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The advertising industry continues to evolve and WeShop aims to give a real and transparent ROI for partners while at the same time using advertising technologies to enhance the experience for its community as well as being able to negotiate and offer great deals on what they like, buy and share. |
| **Public markets**<br>Creating reality for our community. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WeShop going public is the final piece of the Circle of Trust. By listing its shares on one of the greatest and internationally recognized stock exchanges in the world, WeShop establishes transparency, liquidity and allows its users to receive their shares in WeShop. The stock market allows WeShop to communicate to its users that they can be safe knowing that THEIR company is being run properly and efficiently. |
| **Growth opportunity**<br>Clear revenue and community growth strategies. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the Company aims to expand into offering other products and services that consumers need and desire, we believe we can encourage people to increase their monthly spend through the WeShop platform. Services such as insurance are used by the vast majority of people and by entering these industries, WeShop will allow users to receive ownership of WeShop while making their planned purchases of these services.<br>The Board is driven by margin and making the Company as profitable as possible. Through increased volumes come increased revenues and margin in both affiliate and advertising. We are already looking at international opportunities to launch WeShop to increase the user numbers over the coming years. |

| **Summary** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the world right now, people are shopping online, collecting loyalty rewards, looking for secondary and passive income while recommending products to friends and seeking recommendations from friends and influencers. At the same time, people are interested in companies and investing in them more than ever, and those markets continue to reflect value of companies in a regulated environment. We have created a Circle of Trust in an ever-growing and dynamic segment of the world economy.<br>This is how We Shop. This is how We Share. This is how we make WeShop yours. |

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-WeShop Board of Directors

xiii

**PROSPECTUS SUMMARY**

**Mission**

**Overview**

WeShop is a community owned social commerce platform offering shoppers the option to receive shares in the Company every time they make a purchase or refer a new user who makes purchases. WeShop earns revenues from advertising and commissions on sales through the platform. Retailers pay commissions to affiliate networks as a percent of the transaction value, and the affiliate networks in turn pay WeShop a percentage of that commission.

To launch and test the platform, WeShop partnered with Influencers, sponsored an organization, Salford City, and developed an innovative Founder Program to spread awareness of the platform. For more information on the Founder Program, see "Business—Founder Program". Salford City was given cash and an increased referral bonus of 2.5% for its referrals. Influencers were given the opportunity to attend promotional and educational events—certain, high-profile Influencers received share-based incentives and other Influencers were given small payments in cash as the Company experimented to find the best method for attracting new users. WeShop offered all users, including Influencers, a referral bonus of 1% of the amount spent by the referred users in their first five years as WeShop shares. For example, if a user referred a friend who spends £1,000 in their first five years and the share price during that time was £5, then that user would receive two shares, equal to £10 / £5. The share price was fixed by determination of the Board. To receive the bonus, a referring user had to share their unique Referral Code of an existing user and then transacted on the platform. The shares awarded to the referring user was calculated based on a fixed price of the WeShop shares determined by the Company, so the referrer received pound spent by the new user \* .01 / fixed price of shares. During its Pilot, the platform drove over £100m of sales and since then has driven approximately £5 million of sales as the Company's focus has shifted towards listing in the U.S.

**Our Competitive Strengths:**

WeShop believes that we have many strengths to offer users which include but are not limited to:

***Unique Loyalty Rewards Mechanism*.** The Shareback Plan ultimately will allow the users of the WeShop platform to be owners of WeShop. For more information, see "Prospectus Summary—WeShop's Value Proposition—Why Shoppers Come to WeShop."

***Circle of Trust***. WeShop has developed the Circle of Trust that allows users to buy trusted products from trusted retailers and view trusted reviews on these products from their own friends or influencers who they follow. In addition, users can receive Class A ordinary shares in WeShop which will be quoted on a trusted trading exchange if they comply with "know your customer" regulations necessary to receive Class A ordinary shares either via brokerage accounts or physical stock certificates.

***Shared Success across all Participants.*** The WeShop model allows all participants to be successful and can be scaled for high margins at volume. Its partners' infrastructure allows it to be low cost. The users are succeeding through the loyalty program of ownership and, if the Company grows, the value of their ownership could increase. The retail partners are succeeding as more sales are driven to their platforms from the WeShop platform.

***Social Commerce Innovation*.** We combine shopping and social networking in a seamless application. WeShop gives its users the ability to ask and receive recommendations on products and services from other users.

***Trusted Product Reviews from Friends*.** Our users can post User Generated Content about products, allowing fellow users to feel they are receiving honest and transparent product reviews.

***Performance led Marketing for Retailers*.** Retailers can pay the affiliate networks for prominent advertising placements on the application.

***Strong Network of Retailers*.** We have partnered with affiliate networks that allow us to offer hundreds of millions of products from over 500 retailers to our users. We do not enter into agreements directly with retailers. The affiliate networks pay us a percentage of the commission paid to them by the retailers for each user transaction or sale of advertising space. Two of our affiliate network agreements accounted for more than 70% of our revenue in 2024. These agreements are described below and filed as exhibits to the registration statement of which this prospectus forms a part.

We are party to a publisher service agreement with Awin AG ("Awin"). This agreement allows retailers that partner with Awin to offer their products and services, as well as purchase advertising space, on the WeShop platform. WeShop earns a percentage of the commissions that Awin receives from its retail partners and is subject to Awin first receiving payment from the retailer. The commission percentage is determined by the individual retailer or advertiser, may fluctuate, and is subject to Awin first receiving payment from the retailer. Awin also provides WeShop with data on the activities of WeShop users who navigate from the WeShop platform onto Awin's retail partners' sites. This agreement does not create any contract between WeShop and Awin's retail partners. Awin is not responsible for verifying the advertisements of its retail partners, nor does it assume any liability for their products and services. Awin can modify this agreement by providing fourteen (14) days' notice to WeShop. Awin can terminate this agreement by thirty (30) days' written notice or immediately if we materially breach the agreement or do not generate any commissions for six (6) months. Awin may also suspend accounts or withhold commissions under certain circumstances. The Awin publisher service agreement has an indefinite duration—it remains effective until either party terminates it pursuant to its terms or a force majeure event occurs that continues for six months.

We are a party to a partner user agreement with Impact Tech, Inc. ("Impact"). This agreement allows retailers that partner with Impact to offer their products and services, as well as purchase advertising space, on the WeShop platform. WeShop earns a percentage of the commissions that Impact receives from its retail partners, payable only to the extent Impact is first paid by the retailer. Commissions may also be adjusted or reversed if later disqualified. Impact also provides WeShop with data on the activities of WeShop users who navigate from the WeShop platform onto Impact's retail partners' sites. This agreement does not create any contract between WeShop and Impact's retail partners. Impact is not responsible for verifying the advertisements of its retail partners, nor does it assume any liability for their products and services. Impact also reserves the right to suspend or restrict access to its platform and may impose fees for certain services, such as payment processing, currency conversion, or account administration. Impact may terminate the agreement by providing us with ten (10) days' written notice of our uncured breach of the agreement, for any reason with thirty (30) days' written notice, or immediately if we do not generate any commissions for one hundred and eighty (180) days. The Impact partner user agreement has an indefinite duration—it remains effective until either party terminates it pursuant to its terms or a force majeure event that prevents Impact from performing its obligations under the agreement.

**Industry Background**

Born from a combination of accessible social media content, positive and knowledgeable product reviews, and a unique reward proposition, WeShop is a library of shoppable product reviews from a digital online shopping mall on your phone where users can recommend and buy their favorite products from like-minded people.

According to a PowerReviews.com article titled "The Ever-Growing Power of Reviews", 77% of US shoppers in 2023 trusted User-Generated Content when making purchase decisions and 53% of US shoppers believe the content from previous customers impacts whether they purchase a product or not. Continued growth in credibility of the opinions from everyday consumers opens an opportunity for WeShop to offer a functional and safe space for people to recommend their favorite products. According to an Edelman.com report dated May 2023, 61% of consumers suggest that one of the most credible brand ambassadors would be 'someone like myself'.

According to the Edelman Trust Barometer 2023, just 23% of people in Great Britain believe their family will be better off in five years, down seven points from 2022. This trend can be seen globally—the global average has dropped ten points since 2019 and, of the 28 countries surveyed, 24 of them are at an all-time low. WeShop's unique reward program introduces a simple mechanism for people to continue living their everyday life and be rewarded with ownership of WeShop. Evidence from a survey conducted by the Financial Conduct Authority in 2022 uncovered that, in the six months leading up to January 2023, almost six in ten (57%) UK adults had accessed savings and investments, including pension savings, or they had stopped saving altogether (Financial Lives 2022 survey - Key findings from the May 2022 survey: Executive summary, July 2023, FCA.org.uk). This is a worrying picture for the future of financial security. WeShop believes it can have an impact on the creation of generational wealth for years to come.

The demand continues to grow for loyalty and rewards programs with 81% of consumers agreeing a loyalty program increases their likelihood of making a purchase from that brand according to a study from Ebbo.com (54 Loyalty Program Statistics You Need to Know in 2023, 2023, Ebbo.com). According to the same study, loyalty programs are well adopted when implemented with 83% of consumers belonging to between one and six loyalty programs each. And the market is ready for change with 91% of consumers agreeing that many loyalty programs feel similar and are not differentiated enough from others.

The US has an abundance of cashback/discounts/reward apps available for consumers, both as free and premium offerings, such as Fetch (10.28 million downloads in 2023), Capital One (8.36 million downloads in 2023), and Upside (7.39 million downloads in 2023) each according to Statista.com (Most popular free discount and offer apps in the United States in 2023, by number of downloads, April 2024, Statista.com). Services such as GasBuddy, Upside and Fetch are seeing growth in discounts/rewards on traditional bricks and mortar commerce. With the rising cost of living, it is no surprise that 48% of US consumers sign up to loyalty programs offered by businesses for the discounts on products and marketers are struggling to retain these price-savvy customers (Discounts are the leading reason consumers sign up for loyalty programs, April 2024, eMarketer.com), with over 45% reporting finding it difficult to find the balance between offering deep enough discounts to entice consumers to repeat purchases and the margin available on items (Guide to customer loyalty programs and what makes these successful for retail brands, August 2024, eMarketer.com).

According to an article by the World Economic Forum, the interest in retail investment has continued to increase with retail investors accounting for 52% of global Assets Under Management (AUM) in 2021, a figure that is expected to grow to over 61% by 2030 (A fresh look at how to empower retail investors, October 2024, weforum.org). According to Boston Consulting Group. Most of this growth was seen during the COVID19 pandemic, with assets growing by 11% in 2020 to end the year at $103 trillion (41% of which held by retail portfolios). Retail investors were the main driver of net inflow, contributing 4.4% of new net capital in 2020, twice the size of the contribution made by institutional investors (The $100 Trillion Machine, July 2021, bcg.com).

**WeShop's Value Proposition**

***Why Users Come to WeShop***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trusted Recommendations: There can be little doubt that a product recommended by a friend is one of the most effective forms of marketing. According to a report by Nielsen, 92% of consumers trust earned media, such as word-of-mouth or recommendations from friends and family, above all other forms of advertising (Global Trust in Advertising and Brand Messages, April 2012, nielson.com).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unique Rewards Programs: Rewards and loyalty programs continue to rise in popularity. People are eager to find cashback, points that convert into discounts or other unique rewards programs. Referral programs from people such as American Express continually drive new user registrations. WeShop offers a unique reward program that could entice consumers to use and recommend its platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Community Through Co-operative Ownership: As one of the oldest business models in the world, the co-operative has proven to be an effective way to grow and shape a business. WeShop's commitment to this business model distinguishes it from its competitors. It is the founder's ambition for each of WeShop's users to be shareholders and to allow these users to drive the growth of their platform. This will demonstrate to competitors the potential of consumerism through ownership within a regulated framework.

***Why Shoppers Come to WeShop***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unique Shareback Plan: WeShop's Shareback Plan rewards users for transacting or referring friends who transact on the platform. The Shareback Plan will begin awarding WePoints, instead of Contingent Shares, upon WeShop's listing in the U.S. Each WePoint will be worth one Class A ordinary share in WeShop. Fractional shares will not be awarded. The WeShop Community Trust will award shares to users who properly redeem their WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comprehensive Product and Retailer Range: WeShop's affiliate network partners allow WeShop to provide products and services from over 1,000 retailers in the United Kingdom and the US on the WeShop platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Authentic Recommendations and Reviews: WeShop leverages the power of social networking to provide shoppers with genuine product recommendations and reviews from trusted friends, influencers, and verified users. This peer-to-peer driven approach helps shoppers make informed decisions and increases their confidence in purchasing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging Shopping Experience: WeShop combines e-commerce with social media, creating an interactive and engaging platform. Features such as video content, and influencer collaborations make the shopping experience more dynamic and enjoyable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transparency and Trust: WeShop prioritizes transparency by offering clear information about products, prices, and the Shareback Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shared Interests Driving Commerce: According to a report by Deloitte, customers referred by friends and family have a 37% higher retention rate than those acquired through other marketing methods (Harnessing the power of consumer advocacy to fuel efficient growth, April 2009, Deloitte). WeShop's platform brings people together who share interests, building a self-perpetuating environment for shoppers to continuously inspire each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Product-led Content: All content on the WeShop platform is driven by products and services. Users cannot post recommendations without tagging a product from one of WeShop's partner retailers, ensuring every post to be relevant to a particular product. WeShop had over 150,000 Social Interactions during its Pilot and has had approximately 2,500 Social Interactions since the Pilot. This is lower on average than the Pilot because the Company's focus has shifted towards expanding into the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Authenticity and Integrity: Authenticity and integrity are issues for social media services. Facebook removed 7 million posts containing false information about COVID-19 in just one quarter of 2020 according to Reuters (Facebook removes seven million posts for sharing false information on coronavirus, April 2020, Reuters); despite these efforts, a survey by Statista.com found that 69% of Americans believe social media platforms are not doing enough to prevent the spread of misinformation (Are social media sites like Facebook and YouTube currently doing enough or not doing enough to stop the spread of fake news on their sites?, April 2018, Statista).

***Why Advertisers Come to WeShop***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Proven Return on Investment ("ROI") and Conversion Rates: WeShop can deliver ROI and Conversion Rates that allow advertisers to maximize their marketing spend and achieve their sales objectives. Top retailers such as John Lewis, Boots, eBay, Dunelm, Booking.com, TEMU and SHEIN consistently paid WeShop for advertising during the Pilot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Robust Affiliate Network Partnerships: WeShop has established partnerships across major affiliate networks that allow the platform to offer a wide range of products and services and provide data that enhance the value of advertisements for retailers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A New Alternative Offering*:* WeShop offers a new loyalty and rewards program that could attract a new type of customer with an alternative purchasing ethos.

**Competition**

The worldwide marketplace in which we compete is evolving rapidly and intensely competitive, and we face a broad array of competitors from many different industry sectors around the world. Our current and potential competitors include: (1) physical, e-commerce, and omnichannel retailers, publishers, vendors, distributors, manufacturers, and producers of the products we offer and sell to consumers and businesses; and (2) web search engines, comparison shopping websites, social networks, web portals, and other online and app-based means of discovering, using, or acquiring goods and services, either directly or in collaboration with other retailers. Many of our competitors have greater resources, longer histories, more customers, and greater brand recognition. They may secure better terms from retailers and devote more resources to technology, infrastructure, fulfillment, and marketing. The internet facilitates competitive entry and comparison shopping, which enhances the ability of new, smaller, or lesser-known businesses to compete against us. Our business is also subject to rapid change and the development of new business models and the entry of new and well-funded competitors.

**Revenue Growth**

***Summary of WeShop's Existing Revenue Streams***

WeShop has two revenue streams:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Affiliate Revenue

● *Integrated Affiliate Marketing:* As a publisher in Affiliate Marketing, WeShop has integrations with several major affiliate networks. WeShop earns revenues each time a user transacts successfully with a retailer through the WeShop platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Advertising

● *Data Analytics:* WeShop uses data analytics to drive interest-based advertising. It gathers data on user behavior, preferences, and engagement patterns and corresponds with retailers based on that data to offer them tailored advertising on the platform.

● *Tenancy Exposure Bookings:* WeShop offers placement opportunities such as homepage banners, category highlights, and featured product sections that retailers can purchase from affiliate networks for a fee. WeShop receives a percentage of those fees as determined by the respective affiliate network.

● *Exclusive Tenancy Deals:* WeShop offers deals tailored to specific brands or product categories. These deals offer brands dedicated exposure for set periods, driving significant traffic and sales during the promotional window.

In conclusion, the monetization strategy of WeShop focuses on Advertising and Affiliate Revenues. Advertising revenues are maximized by WeShop's data analytics and tenancy exposure bookings, and the Affiliate Revenues are assisted by its role as an Affiliate Marketing publisher.

**International Growth**

Expanding WeShop's presence internationally is a critical component of its growth strategy. By entering new markets, WeShop aims to increase its user base, enhance brand recognition, and drive revenue growth. WeShop's approach to international expansion involves several strategic initiatives:

***Market Research and Localization***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *In-Depth Market Research:* Before entering a new market, WeShop will conduct market research to understand local consumer behaviors, retailer preferences, and cultural differences. This research will help WeShop tailor its offerings to meet users' specific needs and expectations in each market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Localization of Content and Services:* WeShop will prioritize localizing content and services to ensure a regionally specific user experience. This includes translating the platform into local languages, adapting marketing materials, and offering region-specific products and deals.

***Strategic Partnerships and Collaborations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Building Local Partnerships:* WeShop seeks to establish strategic partnerships with local brands, influencers, and affiliate networks. These collaborations help it build credibility and trust in new markets while expanding its product range and user base. Partnering with local influencers and creators allows WeShop to leverage their established audiences for faster market penetration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Collaborating with Global Brands:* WeShop collaborates with global brands such as John Lewis, eBay, Booking.com, and TEMU to offer them advertising of their products and services on the WeShop platform. WeShop corresponds with retailers regarding advertising but does not contract directly with them. Only affiliate networks contract directly with retailers. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—How We Generate Revenue."

***Tailored Marketing Campaigns***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Localized Marketing Strategies:* WeShop will develop tailored marketing campaigns that resonate with local audiences. By understanding differences and preferences between individuals, it will create content and promotional offers that appeal to users in each market. These localized campaigns help build brand awareness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Influencer Marketing:* Leveraging influencer marketing is part of WeShop's international growth strategy. By partnering with influential local personalities, it can reach new audiences effectively. Influencers help WeShop build credibility and awareness as well as drive user engagement and adoption.

***Technological Infrastructure and Support***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Scalable Technological Infrastructure:* WeShop continues to invest in scalable technological infrastructure to support rapid international growth. The platform is designed to handle increased traffic and transactions as it expands into new markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Customer Support and Community Management:* Customer support and community management are vital for user retention. WeShop will establish local customer support teams to address user inquiries and issues.

In conclusion, WeShop's strategy for growing its international user base involves conducting in-depth market research, localizing content and services, establishing strategic partnerships, implementing tailored marketing campaigns, and ensuring robust technological infrastructure. WeShop's focus on regulatory compliance, phased market entry, community building, and expanding the Shareback Plan further supports its growth objectives. Through these efforts, WeShop aims to create a global community of engaged users, driving its platform's success and solidifying its position as a leader in the social commerce space.

**Risks Associated with our Business and of Owning Our Class A Ordinary Shares**

Our business and owning our Class A ordinary shares are subject to numerous risks and uncertainties, including those highlighted in the "Risk Factors" section. These risks include, but are not limited to, the following:

● your ability to sell your Class A ordinary shares at or above the price you bought them for due to (i) our listing not having the same safeguards as an underwritten initial public offering, which may result in the public price of our Class A ordinary shares being volatile and declining significantly upon listing, or (ii) the failure of an active, liquid, and orderly market for our Class A ordinary shares to develop or be sustained;

● our ability to grow and maintain the number of consumers and retailers that use our service;

● the competition that we face being intense and continuously evolving;

● our ability to maintain and develop the WeShop brand;

● the risk that WeShop users cease to provide us with reviews or remove their content from our service and the number of our users and revenue from our operations declines;

● our plans for international expansion could fail as a result of risks associated with international operations;

● potential breaches of our security systems;

● the substantial control that our founders, John Garner and Richard Griffiths, have and will continue to have over our business due to the concentration of voting power among entities in which they have voting control or influence thereon; and

● risks related to our status as a foreign private issuer.

**Implications of being an emerging growth company**

We are an "emerging growth company" as defined in the Securities Act of 1933, or the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, we are eligible to take, and intend to take, advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as we continue to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, (ii) the exemptions from say-on-pay, say-on-frequency and say-on-golden parachute voting requirements and (iii) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.

We will remain an emerging growth company until the earliest of (i) five years from the date of our initial public offering, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our Class A ordinary shares held by non-affiliates was $700.0 million or more as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period and, as a result, we may adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-public companies instead of the dates required for other public companies.

**Implications of being a foreign private issuer**

We are a foreign private issuer within the meaning of the rules under the Exchange Act. Under Rule 405 of the Securities Act, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and accordingly, the next determination will be made with respect to us on June 30, 2026. Even after we no longer qualify as an emerging growth company, for so long as we qualify as a foreign private issuer, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

● the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

● the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and

● the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. The related financial results and material events through press releases will be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. Accordingly, our shareholders will receive less or different information about us than a shareholder of a U.S. domestic public company would receive.

Nasdaq rules permit a foreign private issuer such as us to follow the corporate governance practices of our home country. Certain corporate governance practices in the British Virgin Islands, which is our home country, may differ significantly from Nasdaq corporate governance listing standards.

We intend to rely on the exemptions listed above. As a result, you may not be provided with the benefits of certain corporate governance requirements of the Nasdaq applicable to U.S. domestic public companies. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

Foreign private issuers, similar to emerging growth companies, are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we are no longer qualified as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of public companies that are neither emerging growth companies nor foreign private issuers.

See "Risk Factors—Risks Related to Ownership of Our Class A Ordinary Shares—As a foreign private issuer in the United States, we are exempt from certain U.S. proxy rules and disclosure requirements under the Exchange Act, which may afford less protection to holders of our Class A Ordinary Shares than they would enjoy if we were a domestic U.S. company." and "—As a foreign private issuer in the United States, we are permitted to, and will, rely on exemptions from certain Nasdaq corporate governance standards, which may afford less protection to holders of our Class A Ordinary Shares."

**Corporate information**

WeShop Holdings Limited is a BVI Business Company limited by shares and incorporated in the British Virgin Islands. We were initially formed as Boanerges Limited. On November 17, 2021, Boanerges' shareholders approved the acquisition of the business, assets and name of WeShop Limited and subsequent to the transaction closing, Boanerges was renamed to WeShop Holdings Limited. Our principal executive offices are located at Hawk House, 22 The Esplanade, Jersey, JE1 1HH Channel Islands. Our telephone number is +44 (808) 196-8324 and our website address is *https://we.shop*. Information contained on or that can be accessed through our website and mobile application is neither a part of, nor incorporated by reference into, this prospectus, and you should not consider information on our website to be part of this prospectus. Our website address is included in this prospectus as an inactive textual reference only.

**SUMMARY CONSOLIDATED FINANCIAL DATA**

The following summary consolidated financial data as of December 31, 2024 and 2023 has been derived from our audited consolidated financial statements included elsewhere in this prospectus. We have also included summary consolidated financial position information as of June 30, 2025 and June 30, 2024, which have been derived from the unaudited consolidated financial statements of the Company included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with US GAAP. Our historical results are not necessarily indicative of results expected for future periods. You should read this Summary Consolidated Financial Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

Consolidated Balance Sheets

As of December 31, 2024 and 2023

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|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  | | **(As Restated)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | £28066 | £139411 |
| &nbsp;&nbsp;&nbsp;Accrued income, net of returns reserve | 86036 | 666461 |
| &nbsp;&nbsp;&nbsp;Other current assets | 63559 | 60558 |
| Total current assets | 177661 | 866430 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 13758907 | 15764385 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 35853 | 40322 |
| **Total assets** | £13972421 | £16671137 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | £1627450 | £1064293 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable | 1771593 | 1650000 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, at fair value | 1213564 |  |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, at fair value – related party | 40930 |  |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, net - related party | 999937 | 7536400 |
| &nbsp;&nbsp;&nbsp;Accrued interest - related party | 126827 | 534517 |
| &nbsp;&nbsp;&nbsp;Notes payable | 231631 | 215499 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 144585 | 69663 |
| Total current liabilities | 6156517 | 11070372 |
| &nbsp;&nbsp;&nbsp;Share-based compensation liability | 390298 | 390298 |
| **Total liabilities** | 6546815 | 11460670 |
| **Commitments and contingencies (Note 11)** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, no par value unlimited authorized shares, 7,985,717 and 7,180,510 shares, issued and outstanding as of December 31, 2024 and 2023, respectively | 91487039 | 77196909 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (84061433) | (71986442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 7425606 | 5210467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | £13972421 | £16671137 |

---

Consolidated Balance Sheets

As of June 30, 2025 and December 31, 2024

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2025** | **December 31,**<br> **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp; Cash | £102600 | £28066 |
| &nbsp;&nbsp;&nbsp; Accrued income, net of returns reserve | 31855 | 86036 |
| &nbsp;&nbsp;&nbsp; Other current assets | 32089 | 63559 |
| Total current assets | 166544 | 177661 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 12758906 | 13758907 |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 30585 | 35853 |
| **Total assets** | £12956035 | £13972421 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | £1808473 | £1627450 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable | 2571593 | 1771593 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable, at fair value | 1329231 | 1213564 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable, at fair value - related party | 43018 | 40930 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable, net - related party | 2249937 | 999937 |
| &nbsp;&nbsp;&nbsp; Accrued interest - related party | 259526 | 126827 |
| &nbsp;&nbsp;&nbsp; Notes payable | 275426 | 231631 |
| &nbsp;&nbsp;&nbsp; Accrued interest | 305589 | 144585 |
| Total current liabilities | 8842793 | 6156517 |
| &nbsp;&nbsp;&nbsp; Share-based compensation liability | 390298 | 390298 |
| **Total liabilities** | 9233091 | 6546815 |
| **Commitments and contingencies (Note 9)** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, no par value unlimited authorized shares, 7,985,717 shares, issued and outstanding as of June 30, 2025 and December 31, 2024 | 91756709 | 91487039 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | (88033765) | (84061433) |
| **Total shareholders' equity** | 3722944 | 7425606 |
| **Total liabilities and shareholders' equity** | £12956035 | £13972421 |

---

Consolidated Statements of Operations

For the years ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> December 31,** | **For the years ended <br> December 31,** |
|  | **2024** | **2023** |
|  | | **(As Restated)** |
| **Net revenues** | £1294770 | £1452669 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales | 5593851 | 26946774 |
| &nbsp;&nbsp;&nbsp;General and administrative | 4073211 | 3059581 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 319887 | 30196901 |
| &nbsp;&nbsp;&nbsp;Research and development | 229426 | 514433 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 2015877 | 2008568 |
| Total costs and expenses | 12232252 | 62726257 |
| **Operating loss** | (10937482) | (61273588) |
| Other income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 32438 | 383260 |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes payable | (479024) | - |
| &nbsp;&nbsp;&nbsp;Interest expense | (690923) | (480971) |
| **Net loss** | £(12074991) | £(61371299) |
| &nbsp;&nbsp;&nbsp;Basic and diluted net loss per Ordinary Share | £(1.62) | £(9.96) |
| &nbsp;&nbsp;&nbsp;Weighted average ordinary shares outstanding, basic and diluted | 7228113 | 6164423 |

---

Consolidated Statements of Operations

For the six months ended June 30, 2025 and 2024 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| **Net revenues** | £281590 | £766137 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Cost of sales | 269181 | 2206839 |
| &nbsp;&nbsp;&nbsp; General and administrative | 2202138 | 1678331 |
| &nbsp;&nbsp;&nbsp; Sales and marketing | 2750 | 166301 |
| &nbsp;&nbsp;&nbsp; Research and development | 274484 | 116153 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 1005726 | 1007842 |
| Total costs and expenses | 3754279 | 5175466 |
| **Operating loss** | (3472689) | (4409329) |
| Other income (loss): |  |  |
| &nbsp;&nbsp;&nbsp; Other (expense) income, net | (25779) | 31590 |
| &nbsp;&nbsp;&nbsp; Change in fair value of convertible notes | (117755) | (94238) |
| &nbsp;&nbsp;&nbsp; Interest expense | (356109) | (502923) |
| Change in fair value of convertible notes - bifurcated derivative |  | - |
| **Net loss** | £(3972332) | £(4974900) |
| &nbsp;&nbsp;&nbsp; Basic and diluted net loss per ordinary share | £(0.50) | £(0.69) |
| &nbsp;&nbsp;&nbsp; Weighted average ordinary shares outstanding, basic and diluted | 7985717 | 7180603 |

---

**RISK FACTORS**

*An investment in our Class A ordinary shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and related notes, before deciding to invest in our Class A ordinary shares. Additional risks not known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price and value of our Class A ordinary shares could decline due to any of these risks, and you may lose all or part of your investment.*

**Risks Related to Our Business**

***Delays in effectiveness of our Shareback Form F-1 Registration Statement, and our ability to keep it effective, could materially adversely affect our U.S. expansion plans and business operations.***

We cannot issue WePoints pursuant to the Shareback Plan until we have an effective registration statement on file with the U.S. Securities and Exchange Commission (the "SEC"). There is a risk that our Shareback Form F-1 registration statement (the "Shareback F-1"), which will register the issuance of WePoints, may not become effective within our anticipated timeframe, or at all. The effectiveness of the Shareback F-1 is subject to review and comment by the SEC, and there can be no assurance as to when, or if, the Shareback F-1 will be declared effective. Any delay or failure in obtaining effectiveness of the Shareback F-1 could adversely affect our users' ability to earn WePoints as planned or at all.

Furthermore, a significant part of our business strategy involves expanding our operations into the United States. If the effectiveness of the Shareback F-1 is delayed, our ability to execute this strategy and establish a presence in the U.S. market may be materially and adversely impacted. Such delays could result in missed business opportunities, loss of competitive advantage, and could negatively affect our financial condition and results of operations.

**If we fail to grow the number of consumers and retailers that use our service, our financial results will suffer.**

Our relationships with consumers and retailers are mutually dependent. We believe consumers will not use our service unless we offer extensive product listings from retailers and that retailers will not use our service unless consumers actively use it to purchase products from them. It is difficult to predict the degree to which consumers and retailers will use our service in the future. Consumers who dislike changes to our service may stop using it, and retailers who dislike the quality of lead referrals that we send to them may cease to use our service or reduce overall spending for our service. Additionally, retailer attrition or reductions in retailer spending could reduce the comprehensiveness of the listings presented on our service, which could lead to fewer consumers using our service. The top three relevant retailer listings that we display in our response to a consumer query in some product categories are selected based on the amount paid by these retailers to us. As a result, consumers may perceive our service to be less objective than those provided by other online shopping solutions. Failure to achieve and maintain a large and active base of consumers and retailers using our service could reduce our revenues and profitability.

***We face intense competition.***

Our businesses are rapidly evolving and intensely competitive, and we have many competitors across geographies, including cross-border competition, and in different industries, including physical, e-commerce, and omnichannel retail, e-commerce services, web and infrastructure computing services, electronic devices, digital content, advertising, grocery, and transportation and logistics services. Some of our current and potential competitors have greater resources, longer histories, more customers, and/or greater brand recognition, particularly with our newly launched products and services and in our newer geographic regions. They may secure better terms from vendors, adopt more aggressive pricing, and devote more resources to technology, infrastructure, fulfillment, and marketing.

Competition continues to intensify, including with the development of new business models and the entry of new and well-funded competitors, and as our competitors enter into business combinations or alliances and established companies in other market segments expand to become competitive with our business. In addition, new and enhanced technologies, including search, web and infrastructure computing services, digital content, and electronic devices continue to increase our competition. The Internet facilitates competitive entry and comparison shopping, which enhances the ability of new, smaller, or lesser-known businesses to compete against us. As a result of competition, our product and service offerings may not be successful, we may fail to gain or may lose business, and we may be required to increase our spending or lower prices, any of which could materially reduce our sales and profits.

**The loss of a significant number of retailers could harm our business by reducing our revenues and by making our service less attractive to users.**

Although retailers enter into contracts with us through the affiliate networks, when they enroll in our service, they are not required to pay us any minimum amounts, or to list a minimum number of products. If a large number of our retailers were to cancel or significantly reduce the number of their product listings, the quality of the shopping experience we offer consumers would decline, leading to a reduction in the number of consumers using our service, harming our business and financial results.

We depend on affiliate networks to maintain relationships with retailers. In 2024, two affiliate network agreements accounted for more than 70% of our revenue. These agreements were executed with Awin AG and Impact Tech, Inc. Our revenues could decline and our business may suffer if either of these affiliate networks were to lose their retailers, have a decrease in the commissions paid to them by their retailers, or voluntarily terminate their agreements with us.

**Spending to develop and maintain the WeShop brand is costly and does not assure future revenues.**

Many competing online shopping services have well-established brands. If we do not build brand recognition and loyalty with consumers and retailers quickly, we may lose the opportunity to build the large base of loyal consumers and retailers that we believe is essential to our success. In 2022, we launched our new website, *https://we.shop*, and we have had only a short time to develop recognition of the WeShop brand. We may make significant expenditures for similar promotions in the future, but we have not yet determined the timing or amount of future expenditures. There is no guarantee that this strategy will increase the recognition of our brand. In addition, even if our brand recognition increases, this may not result in increased use of our service or higher revenues.

**We depend on search engines to attract a substantial portion of the consumers who visit our service, and losing these consumers would adversely affect our revenues and financial results.**

Many consumers access our service by clicking through on search results displayed by search engines, such as Google. Search engines typically provide two types of search results, algorithmic listings and purchased listings. Algorithmic listings cannot be purchased, and instead are determined and displayed solely by a set of formulas designed by the search engine. Purchased listings can be purchased by advertisers in order to attract users to their websites. We rely on both algorithmic and purchased listings to attract and direct a substantial portion of consumers to our service. Search engines revise their algorithms from time to time in an attempt to optimize their search result listings. When search engines on which we rely for algorithmic listings modify their algorithms, this has, on occasion, resulted in fewer consumers clicking through to our website, requiring us to resort to other costly resources to replace this traffic, which, in turn, reduces our operating and net income or our revenues, which harms our business. If one or more search engines on which we rely for purchased listings modifies or terminates its relationship with us, our expenses could rise, or our revenues could decline and our business may suffer.

**If WeShop users cease to provide us with reviews or remove their content from our service, the number of consumers using our service and our revenues could decline.**

Our service contains a significant amount of User-Generated Content, primarily reviews of products, services and retailers. WeShop users may modify or remove their content from our service at any time, and some have done so in the past. A small number of users have produced a substantial portion of the WeShop content. If a large amount of content were to be removed from our service, it could lower the value of our service to consumers and harm our business. In addition, though we provide tools to allow users to rate the helpfulness of reviews, we do not approve, edit or modify any User-Generated Content on our service. WeShop users have, in the past, submitted profane or other undesirable content, which could offend our consumers or retailers. If WeShop users cease authoring reviews or if the quality of their reviews deteriorates, the number of consumers using our service could decline, which could result in a decrease in revenues, adversely impacting our results of operations.

**Our plans for international expansion could fail as a result of risks associated with international operations.**

Our consumers and retailers are located in the United Kingdom. International expansion, especially in the United States, is a key element of our strategy, but we have limited experience developing or customizing our service to conform to currencies, languages, cultures, standards and regulations outside the United Kingdom. We have operated a website in the United Kingdom since June 2022.

Expanding our international operations will require management attention and resources and will engage us in competition with local companies that are better established and more familiar with the preferences of consumers and retailers in those markets than we are. In addition, the risks we will face in expanding our business internationally include:

● online shopping might not be sufficiently popular with consumers and retailers in different countries;

● we might be unable to customize our website to conform to local market preferences;

● costs required to customize our product catalog for different countries might be high;

● regulatory requirements in different countries might restrict some product offerings;

● governments might impose taxes, tariffs or other limitations on Internet access or transactions;

● foreign operations could require significant management attention;

● foreign currency exchange rates will fluctuate;

● protection of intellectual property rights may be weaker in some countries;

● technological infrastructures, such as access to broadband, might be less developed in some countries;

● we might experience longer payment cycles and greater collection problems; and

● political instability in some countries might disrupt our business.

Any of these risks could have a material adverse effect on our international operations and could affect the profitability of those operations or even cause their total failure, resulting in the loss of our investment. In such events, our business, results of operations, financial condition and liquidity would suffer.

**Capacity constraints and system failures or security breaches could prevent access to our service, which could affect our revenues and harm our reputation.**

Our service goals of performance, reliability and availability require that we have adequate capacity in our computer systems to cope with the volume of visits to our websites. As our operations grow in size and scope, we will need to improve and upgrade our systems and infrastructure to offer consumers and retailers enhanced services, capacity, features and functionality. The expansion of our systems and infrastructure will require us to commit substantial financial, operational and technical resources before the volume of our business increases, with no assurance that our revenues will increase.

If our systems are not expanded in a timely manner to cope with increased website traffic, we could experience disruptions in service, slower response times, lower consumer and retailer satisfaction, and delays in the introduction of new products and services. Any of these problems could impair our reputation and cause our revenues to decline.

Our ability to provide high-quality service depends on the efficient and uninterrupted operation of our computer and communications systems. Our service has experienced system interruptions from time to time and could experience periodic system interruptions in the future. Our systems and operations also are vulnerable to damage or interruption from human error, natural disasters, power loss, telecommunication failures, break-ins, sabotage, computer viruses, design defects, vandalism, denial-of-service attacks and similar events. Our business interruption insurance may not adequately compensate us for losses that may occur. Any system failure that causes an interruption in service or decreases the responsiveness of our service could impair our reputation and cause our revenues to decline.

**We may not be able to hire and retain the personnel we need to support and expand our business, which could cause our business to shrink, or slow any expansion.**

Our future success depends on our ability to identify, hire, train, retain and motivate highly-skilled executive, technical, sales, marketing and business development personnel. Our existing key personnel include all of our executive officers and management team. The loss of any member of this team could disrupt our operations until a suitable replacement is found. Competition for highly-skilled personnel is intense in the technology and Internet markets. The process of locating, training and successfully integrating highly-skilled personnel into our operations can be lengthy and expensive. If we fail to attract, integrate and retain highly-skilled personnel, our ability to support, expand and manage our business could suffer.

**We may be subject to costly litigation arising out of information presented on or collected in connection with our service, and the litigation could have a material adverse effect on our business if decided adversely.**

Claims could be made against us under U.S. and foreign law for defamation, libel, invasion of privacy, deceptive or unfair practices, fraud, negligence, copyright or trademark infringement, or other theories based on the nature and content of the materials disseminated through our service or based on our collection and use of information. The law relating to the liability of online companies for information carried on, disseminated through or collected by their services is currently unsettled. Our service includes consumer-generated reviews from our WeShop website, which includes information regarding the quality of goods, and the reliability of retailers that sell those goods. Similar claims could be made against us for that content. We may be required to reduce exposure to liability for information disseminated through our service, which could require substantial expenditures and discontinuation of some service offerings. Any such response could materially increase our expenses or reduce our revenues. Our liability insurance may not be adequate to indemnify us if we become liable for information disseminated through our service. Any costs incurred as a result of such liability that are not covered by insurance could reduce our profitability or cause us to sustain losses, which could have a material adverse effect on our business, results of operations, financial condition and liquidity. We may also be subject to claims or regulatory action arising out of the collection or dissemination of personal, non-public information of users of our service.

***Members of our management team and affiliated companies may have been, and may in the future be, involved in civil disputes or governmental investigations unrelated to our business.***

Members of our management team have been involved in a wide variety of businesses. Such involvement has led to media coverage and public awareness. As a result, members of our management team and affiliated companies may have been, and may in the future be, involved in civil disputes or governmental investigations unrelated to our business. Any such claims or investigations could harm our reputation.

**We may be subject to costly intellectual property litigation that could have a material adverse effect on our business if decided adversely.**

We could face claims that we have infringed the patent, trademark, copyright or other intellectual property rights of others. From time to time, we receive such claims and we are ordinarily involved in litigation over such claims. Intellectual property litigation is often extremely costly, unpredictable and disruptive to business operations. It may not be possible to obtain or maintain insurance covering these risks. Any adverse decision, including an injunction or damage award entered against us, could subject us to significant liabilities, require us to seek to obtain licenses from others, make changes to our brand, prevent us from operating our business, or cause severe disruptions to our operations or the markets in which we compete. Any of these developments could harm our reputation, our business and our results of operations.

**We may not be able to protect intellectual property rights upon which our business relies, and if we lose intellectual property protection, we may lose valuable assets.**

Our business depends on our intellectual property, including internally-developed technology and data resources and brand identification by the public, which we attempt to protect through a combination of copyright, trade secret, patent and trademark law and contractual restrictions, such as confidentiality and proprietary rights agreements. We also depend on our trade names and domain names. We have no patents. Applications we have filed for patent and other intellectual property registration may not result in the issuance of patents, registered trademarks, service marks or other intellectual property registrations. In particular, if we are not able to maintain the registered trademark for the name WeShop, and as a result are not able to protect our brand, our business could suffer from possible confusion among consumers and retailers, among other things. In addition, our use of unregistered trade names and service marks may not protect us from the use of similar marks by third parties. Intellectual property laws vary from country to country, and it may be more difficult to protect and enforce our intellectual property rights in some foreign jurisdictions. We have had experiences with other companies using or planning to use a name similar to ours as part of a company name, domain name, trademark or service mark. In the future, we may need to litigate in the United States or elsewhere to enforce our intellectual property rights or determine the validity and scope of the proprietary rights of others. This litigation would be expensive and would likely divert the attention of our management.

Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy or otherwise obtain and use our service, technology and other intellectual property, and we cannot be certain that the steps we have taken will prevent any misappropriation or confusion among consumers and retailers, or unauthorized use of these rights. If we are unable to procure, protect and enforce our intellectual property rights, then we may not realize the full value of these assets, and our business may suffer.

**We may be unable to protect our Internet domain names, which could decrease the value of our brand.**

We have the right to use domain names for website destinations that we use in our business. If we are unable to protect our rights in these domain names, our competitors could capitalize on our brand recognition by using these domain names for their own benefit. Domain names similar to *https://we.shop* have been registered in the United States and elsewhere. Furthermore, the relationship between regulations governing domain names and laws protecting trademarks and similar proprietary rights is unclear and varies from jurisdiction to jurisdiction. We may be unable to prevent third parties from acquiring domain names that infringe on, or otherwise decrease the value of, our brand, or our trademarks, service marks or other proprietary rights. Protecting and enforcing our intellectual property rights and determining the proprietary rights of others may require litigation, which could result in substantial costs and divert management attention. We may not prevail if litigation is initiated.

**Exchange rate fluctuations between the U.S. Dollar and the British Pound may decrease our earnings.**

Currently all of our revenues and our costs, including personnel and some marketing, facilities and other expenses, are incurred in British Pounds. Inflation in the United Kingdom may have the effect of increasing the U.S. Dollar cost of our operations in that country. If the U.S. Dollar declines in value in relation to one or more of these currencies, it will become more expensive for us to fund our operations in the countries that use those other currencies.

**If we cannot adequately manage any future growth, our results of operations will suffer.**

We have experienced rapid growth in our operations, and our anticipated future growth, if such growth occurs at all, may place a significant strain on our managerial, operational and financial resources. We have made, and may continue to make, inadequate estimates for the costs and risks associated with our expansion, and our systems, procedures and managerial controls may not be adequate to support our operations. Any delay in implementing, or transitioning to, new or enhanced systems, procedures or controls may adversely affect our ability to manage our product listings and record and report financial and management information on a timely and accurate basis. If we are unable to manage any such expansion successfully, our revenues may not grow, our expenses may increase and our results of operations may be adversely affected.

***Our expansion places a significant strain on our management, operational, financial, and other resources.***

We plan to rapidly and significantly expand our global operations, including increasing our product and service offerings and scaling our infrastructure to support our retail and services businesses. The complexity of the current scale of our business can place significant strain on our management, personnel, operations, systems, technical performance, financial resources, and internal financial control and reporting functions, and our expansion increases these factors. Failure to manage growth effectively could damage our reputation, limit our growth, and negatively affect our operating results.

***The loss of key senior management personnel or the failure to hire and retain highly skilled and other personnel could negatively affect our business.***

We depend on our senior management and other key personnel, including our Chairman and CEO. We do not have "key person" life insurance policies. We also rely on other highly skilled personnel. Competition for qualified personnel in the industries in which we operate, as well as senior management, has historically been intense. For example, we experience significant competition in the technology industry, particularly for software engineers, computer scientists, and other technical staff. In addition, changes we make to our current and future work environments may not meet the needs or expectations of our employees or may be perceived as less favorable compared to other companies' policies, which could negatively impact our ability to hire and retain qualified personnel. The loss of any of our executive officers or other key employees, the failure to successfully transition key roles, or the inability to hire, train, retain, and manage qualified personnel, could harm our business.

We are also subject to labor union efforts to organize groups of our employees from time to time. These organizational efforts, if successful, decrease our operational flexibility, which could adversely affect our operating efficiency. In addition, our response to any organizational efforts could be perceived negatively and harm our business and reputation.

***Our business is subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, data protection, content, competition, consumer protection, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations, or declines in user growth or engagement, or otherwise harm our business.***

We will be subject to a variety of laws and regulations in the United States and abroad that involve matters central to our business, including privacy, data protection and personal information, rights of publicity, content, intellectual property, advertising, marketing, distribution, data security, data retention and deletion, electronic contracts and other communications, competition, protection of minors, consumer protection, telecommunications, product liability, taxation, economic or other trade prohibitions or sanctions, anti-corruption law compliance, securities law compliance, and online payment services. The introduction of new products, expansion of our activities in certain jurisdictions, or other actions that we may take may subject us to additional laws, regulations, or other government scrutiny. In addition, foreign data protection, privacy, content, competition, and other laws and regulations can impose different obligations or be more restrictive than those in the United States.

These U.S. federal and state and foreign laws and regulations, which in some cases can be enforced by private parties in addition to government entities, are constantly evolving and can be subject to significant change. As a result, the application, interpretation, and enforcement of these laws and regulations are often uncertain, particularly in the new and rapidly evolving industry in which we operate and may be interpreted and applied inconsistently from country to country and inconsistently with our current policies and practices. For example, regulatory or legislative actions affecting the manner in which we display content to our users or obtain consent to various practices could adversely affect user growth and engagement. Such actions could affect the manner in which we provide our services or adversely affect our financial results.

We are also subject to laws and regulations that dictate whether, how, and under what circumstances we can transfer, process and/or receive certain data that is critical to our operations, including data shared between the UK and United States. For example, the UK passed the UK Extension to the EU-U.S. Data Privacy Framework (DPF) which allows transfer of data between the UK and the United States for certified organizations. If we are not able to become and remain a certified organization under the DPF, we may be subject to additional restrictions that could make it infeasible to transfer data between the UK and the United States. If we are unable to transfer data between the UK and United States, or if we are restricted from sharing data among our products and services, it could affect the manner in which we provide our services or our ability to target ads, which could adversely affect our financial results.

Proposed or new legislation and regulations could also significantly affect our business. For example, the UK passed the Data Protection Act (DPA) in 2018 which incorporates the principles and requirements of the General Data Protection Regulation. The DPA applies to all of our products and services used by people in the UK. The DPA includes operational requirements for companies that receive or process personal data of residents of the UK that are different from those previously in place in the UK. Further changes to UK data privacy laws could affect the manner in which we provide our services or adversely affect our financial results.

***We identified material weaknesses for the years ended December 31, 2024, 2023, and 2022 and we may identify material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate any material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis. If we identify material weaknesses in our internal control over financial reporting or fail to meet the demands that will be placed upon us as a public company, including the requirements of the Sarbanes-Oxley Act, we may be unable to accurately report our financial results, or report them within the timeframes required by law or stock exchange regulations. Under Section 404 of the Sarbanes-Oxley Act, we will be required to evaluate and determine the effectiveness of our internal control over financial reporting and provide a management report as to internal control over financial reporting. Failure to maintain effective internal control over financial reporting also could potentially subject us to sanctions or investigations by the SEC or other regulatory authorities. In connection with the audit of our financials for the years ended December 31, 2024, 2023, and 2022, we identified certain deficiencies in internal controls that are considered to be material weaknesses. These material weaknesses contributed to the restatement of our 2023 consolidated financial statements. We cannot assure you that these existing material weaknesses will be remediated or that additional material weaknesses will not exist or otherwise be discovered, any of which could materially adversely affect our business, operating results, and financial condition.

***Macroeconomic conditions relating to retail business could adversely affect our operations.***

Demand for products and services on our platform can fluctuate significantly due to many macroeconomic conditions, including recessionary fears or rising inflation and rising interest rates, supply chain and labor disruptions, geopolitical risks, and market uncertainty natural or human-caused disasters (including public health crises) or extreme weather (including as a result of climate change), or geopolitical events. If too many users access our platform within a short period of time due to increased demand, we may experience system interruptions that make our platform unavailable, which may reduce the volume of goods we offer or sell and the attractiveness of the products and services offered on our platform.

**The rapid evolution of our industry makes it difficult for investors to evaluate our business prospects and may result in significant declines in our share price.**

Our service has been available in the United Kingdom since 2022. Since that time, Internet commerce has continued to grow rapidly, and consumer usage patterns have continually evolved. Many businesses related to Internet commerce have failed, and many new rewards-shopping services have been introduced and some have failed. Because Internet commerce is a competitive industry, we have made frequent changes in our websites and other aspects of our business operations. Some of the special risks we face in our rapidly-evolving industry are:

● the new and unproven nature of our WeShop brand;

● delays and obstacles to enhancing our service to meet evolving demands;

● difficulties in forecasting trends that may affect our operations;

● challenges in attracting and retaining consumers and retailers;

● significant dependence on a small number of revenue sources;

● evolving industry demands that require us to adapt our pricing model from time to time; and

● adverse technological changes and regulatory developments.

If we are unable to meet these risks and difficulties as we encounter them, our business, financial condition, results of operations and liquidity may suffer.

**Our financial results are likely to fluctuate significantly from quarter to quarter, which makes them difficult to predict and could result in significant variations in our share price.**

Our quarterly financial results have fluctuated significantly in the past and are likely to fluctuate significantly in the future. As a result, you should not rely upon our quarterly financial results as indicators of future performance. Our financial results depend on numerous factors, many of which are outside of our control, including:

● seasonal fluctuations in consumer shopping and retailer advertising;

● the number of consumer visits to our service and subsequent lead referrals;

● changes in the lead referral fees that retailers are willing to pay;

● the costs of attracting consumers and retailers to our service, including advertising costs;

● the timing and amount of international expansion costs;

● the introduction of new consumer and retailer offerings;

● the loss of one or more of our retailers or other listings providers;

● system failures, security breaches or Internet downtime;

● difficulty in upgrading our information technology systems and infrastructure;

● fluctuations in currency exchange rates; and

● the costs of acquisitions and risks of integration of acquired businesses.

Many of our expenses are fixed in the short term and determined based on our investment plans and estimates of future revenues. We expect to incur significant new expenses in developing our technology and service offerings, as well as in advertising and promotion to attract and retain consumers and retailers, before generating associated revenues. We may be unable to adjust our expenditures quickly enough to compensate for any unexpected revenue shortfall. For these or other reasons, our financial results in future quarters may fall below the expectations of management or investors and the price of, and long-term demand for, our Class A ordinary shares could decline.

We typically generate a disproportionately high amount of our revenues in the fourth quarter of each year. If that seasonal pattern were to be disrupted for any reason, our revenues and financial results for that year could be harmed, resulting in a decline in our share price.

**We may incur losses in future periods, which could reduce investor confidence and cause our share price to decline.**

We have had a history of losses since inception, and we may continue to incur losses. We expect to continue to increase our sales and marketing expenses, research and development expenses, and general and administrative expenses, and we cannot be certain that our revenues will continue to grow at the same pace, if at all. If our revenue growth does not continue, we may experience a loss in future periods, which could cause our share price to decline.

**Risks Related to this Offering and Ownership of Our Class A Ordinary Shares**

***The direct listing process differs from an initial public offering underwritten on a firm-commitment basis.***

This is not an underwritten initial public offering of Class A ordinary shares. This listing of our Class A ordinary shares on Nasdaq differs from an underwritten initial public offering in several significant ways, which include, but are not limited to, the following:

● There are no underwriters engaged on a firm-commitment basis. Consequently, prior to the opening of trading on Nasdaq, there will be no traditional book building process and no price at which underwriters initially sold shares to the public to help inform efficient and sufficient price discovery with respect to the opening trades on Nasdaq. Therefore, buy and sell orders submitted prior to and at the opening of trading of our Class A ordinary shares on Nasdaq will not have the benefit of being informed by a published price range or a price at which the underwriters initially sold shares to the public, as would be the case in an initial public offering underwritten on a firm-commitment basis. Moreover, there will be no underwriters engaged on a firm-commitment underwritten basis assuming risk in connection with the initial resale of our Class A ordinary shares. In an initial public offering underwritten on a firm-commitment basis, the underwriters may engage in "covered" short sales in an amount of shares representing the underwriters' option to purchase additional shares. To close a covered short position, the underwriters purchase shares in the open market or exercise the underwriters' option to purchase additional shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriters' option to purchase additional shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts, may have the effect of preventing a decline in the market price of shares. Given that there will be no underwriters' option to purchase additional shares and no underwriters engaging in stabilizing transactions, there could be greater volatility in the public price of our Class A ordinary shares during the period immediately following the listing. See also "—Our Class A ordinary shares currently have no public market. An active trading market may not develop or continue to be liquid and the market price of our Class A ordinary shares may be volatile."

● There is not a fixed number of Class A ordinary shares available for sale. Therefore, there can be no assurance that any Registered Shareholders or other existing shareholders will sell any or all of their Class A ordinary shares and there may initially be a lack of supply of, or demand for, our Class A ordinary shares on Nasdaq. Alternatively, we may have a large number of Registered Shareholders or other existing shareholders who choose to sell their Class A ordinary shares in the near term resulting in an oversupply of our Class A ordinary shares, which could adversely impact the public price of our Class A ordinary shares once listed on Nasdaq and thereafter.

● Approximately 63.1% of the Class A ordinary shares held by existing shareholders are subject to restrictions on transfer of Class A ordinary shares for a period of 365 days from the listing date of our Class A ordinary shares on Nasdaq (the "Listing Date"), except with the prior written consent of our board of directors or as otherwise permitted under our amended and restated memorandum and articles of association. In a firm-commitment underwritten initial public offering, it is customary for an issuer's officers, directors, and most of its other shareholders to enter into a 180-day contractual lock-up arrangement with the underwriters to help promote orderly trading immediately after such initial public offering. Consequently, any of our registered shareholders, including our directors and officers who own our Class A ordinary shares and other significant shareholders, may sell any or all of their Class A ordinary shares at any time (subject to any restrictions under applicable law), including immediately upon listing. If such sales were to occur in a significant volume in a short period of time following our listing, it may result in an oversupply of our Class A ordinary shares in the market, which could adversely impact the public price of our Class A ordinary shares.

● We will not conduct a traditional "roadshow" with underwriters prior to the opening of trading on Nasdaq. Instead, we intend to host an investor day, as well as engage in certain other investor education meetings. In advance of the investor day, we will announce the date for such day over financial news outlets in a manner consistent with typical corporate outreach to investors. We will prepare an electronic presentation for this investor day, which will have content similar to a traditional roadshow presentation, and make one version of the presentation publicly available, without restriction, on a website. There can be no guarantees that the investor day and other investor education meetings will have the same impact on investor education as a traditional "roadshow" conducted in connection with a firm-commitment underwritten initial public offering. As a result, there may not be efficient price discovery with respect to our Class A ordinary shares or sufficient demand among investors immediately after our listing, which could result in a more volatile public price of our Class A ordinary shares. Additionally, while there is uncertainty on whether Regulation M is applicable to a direct listing, we will observe, and our financial advisor and Registered Shareholders have represented they will observe, a restricted period commencing five business days prior to the determination of the opening price on Nasdaq and ending with the commencement of trading on Nasdaq.

Such differences from a firm-commitment underwritten initial public offering could result in a volatile trading price for our Class A ordinary shares and uncertain trading volume, which may adversely affect your ability to sell any Class A ordinary shares that you may purchase.

***Our Class A ordinary shares currently have no public market. An active trading market may not develop or continue to be liquid and the market price of our Class A ordinary shares may be volatile.***

We expect our Class A ordinary shares to be listed and traded on Nasdaq. We are not currently publicly traded, and an active market for our Class A ordinary shares may not develop or be sustained after the listing, which could depress the market price of our Class A ordinary shares and could affect the ability of our shareholders to sell our Class A ordinary shares. In the absence of an active public trading market, investors may not be able to liquidate their investments in our Class A ordinary shares. An inactive market may also impair our ability to raise capital by selling our Class A ordinary shares, our ability to motivate our employees through equity incentive awards and our ability to acquire other companies, products or technologies by using our Class A ordinary shares as consideration.

In addition, we cannot predict the prices at which our Class A ordinary shares may trade on Nasdaq following the listing of our Class A ordinary shares, and the market price of our Class A ordinary shares may fluctuate significantly in response to various factors, some of which are beyond our control. In particular, as this listing is taking place through a process that is not a firm-commitment underwritten initial public offering, there will be no traditional book building process and no price at which traditional underwriters initially sold shares to the public to help inform efficient price discovery with respect to the opening trades on Nasdaq. On the day that our Class A ordinary shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our Class A ordinary shares are ready to trade, Nasdaq will confirm the Current Reference Price for our Class A ordinary shares, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of our Class A ordinary shares on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules. The Advisor will determine when our Class A ordinary shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the Advisor will request that Nasdaq delay the open until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. For more information, see "Plan of Distribution."

Additionally, prior to the opening trade, there will not be a price at which underwriters initially sold Class A ordinary shares to the public as there would be in a firm-commitment underwritten initial public offering. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, upon listing on Nasdaq, the public price of our ordinary shares may be more volatile than in a firm-commitment underwritten initial public offering and could decline significantly and rapidly.

In addition, because of our direct listing process, individual investors, retail or otherwise, may have greater influence in setting the opening public price and subsequent public prices of our Class A ordinary shares on Nasdaq and may participate more in our initial trading than is typical for a firm-commitment underwritten initial public offering. These factors could result in a public price of our Class A ordinary shares that is higher than other investors (such as institutional investors) are willing to pay, which could cause volatility in the trading price of our Class A ordinary shares and an unsustainable trading price if the price of our Class A ordinary shares significantly rises upon listing and institutional investors believe our Class A ordinary shares is worth less than retail investors, in which case the price of our Class A ordinary shares may decline over time. Further, if the public price of our Class A ordinary shares is above the level that investors determine is reasonable for our Class A ordinary shares, some investors may attempt to short our Class A ordinary shares after trading begins, which would create additional downward pressure on the public price of our Class A ordinary shares. To the extent that there is a lack of consumer awareness among retail investors, such a lack of consumer awareness could reduce the value of our Class A ordinary shares and cause volatility in the trading price of our Class A ordinary shares.

The public price of our Class A ordinary shares following the listing also could be subject to wide fluctuations in response to the risk factors described in this prospectus and others beyond our control, including:

● changes in the industries in which we operate;

● variations in our operating performance and the performance of our competitors in general;

● actual or anticipated fluctuations in our quarterly or annual operating results;

● publication of research reports by securities analysts about us or our competitors or our industry;

● the public's reaction to our press releases, our other public announcements and our filings with the SEC;

● our failure or the failure of our competitors to meet analysts' projections or guidance that we or our competitors may give to the market;

● additions and departures of key personnel;

● changes in laws and regulations affecting our business;

● commencement of, or involvement in, litigation involving us;

● changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;

● the volume of our Class A ordinary shares available for public sale; and

● general economic and political conditions such as recessions, interest rates, fuel prices, foreign currency fluctuations, international tariffs, social, political and economic risks and acts of war or terrorism.

In addition, securities exchanges have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Share prices of many companies have fluctuated in a manner often unrelated to the operating performance of those companies. These fluctuations may be even more pronounced in the trading market for our Class A ordinary shares shortly following the listing of our Class A ordinary shares on Nasdaq as a result of the supply and demand forces described above. In the past, shareholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and harm our business, results of operations and financial condition.

***Future sales of Class A ordinary shares by our Registered Shareholders and other existing shareholders could cause our share price to decline.***

We currently expect our Class A ordinary shares to be listed and traded on Nasdaq. While our Class A ordinary shares may be sold after our listing on Nasdaq by the Registered Shareholders pursuant to this prospectus or by our other existing shareholders in accordance with Rule 144 under the Securities Act, unlike a firm-commitment underwritten initial public offering, there can be no assurance that any Registered Shareholders or other existing shareholders will sell any of their Class A ordinary shares and there may initially be a lack of supply of, or demand for, Class A ordinary shares on Nasdaq. As described herein, certain our Class A ordinary shares outstanding as of the date hereof will be registered under this registration statement. There can be no assurance that the Registered Shareholders and other existing shareholders will not sell all of their Class A ordinary shares, resulting in an oversupply of our Class A ordinary shares on Nasdaq. In the case of a lack of supply of our Class A ordinary shares, the trading price of our Class A ordinary shares may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our Class A ordinary shares if they are unable to purchase a block of our Class A ordinary shares in the open market due to a potential unwillingness of our existing shareholders to sell a sufficient number of Class A ordinary shares at the price offered by such institutional investors and the greater influence individual investors have in setting the trading price. If institutional investors are unable to purchase our Class A ordinary shares, the market for our Class A ordinary shares may be more volatile without the influence of long-term institutional investors holding significant amounts of our Class A ordinary shares. In the case of a lack of market demand for our Class A ordinary shares, the trading price of our Class A ordinary shares could decline significantly and rapidly after our listing. Therefore, an active, liquid and orderly trading market for our Class A ordinary shares may not initially develop or be sustained, which could significantly depress the public price of our Class A ordinary shares and/or result in significant volatility, which could affect your ability to sell your Class A ordinary shares.

In addition to the dilutive effect on the voting power and value of our Class A ordinary shares, the foregoing structure of our capital shares may render our Class A ordinary shares ineligible for inclusion in certain securities market indices, and thus adversely affect the price and liquidity of, and public sentiment regarding, our Class A ordinary shares or other securities.

***You may be diluted by future issuances of preferred shares or additional Class A ordinary shares in connection with our Shareback Plan, incentive plans, acquisitions or otherwise; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our share price.***

The issuance of Class A ordinary shares pursuant to the Shareback Plan will have an ongoing dilutive effect on our existing shareholders. If the WeShop Community Trust issues all of the ordinary shares held for the Shareback Plan, such shares will account for fifty percent of the issued and outstanding Class A ordinary shares (assuming no additional issuances of Class A ordinary shares). In addition, prior to the effectiveness of the registration statement of which this prospectus forms a part, we will adopt an amended and restated memorandum of association which will authorize us to issue Class A ordinary shares and options, rights, warrants and appreciation rights relating to our Class A ordinary shares for the consideration and on the terms and conditions established by our board of directors in its sole discretion. We could issue a significant number of Class A ordinary shares in the future in connection with investments or acquisitions. We expect to continue to make grants under our 2022 Employee Share Option Plan, see "Management—Executive and Director Compensation". Additionally, we may issue Class A ordinary shares in connection with our Performance Incentive Grants, see "Management—Executive and Director Compensation." Any of these issuances could dilute our existing shareholders, and such dilution could be significant. For more information, see "Capitalization". Moreover, such dilution could have a material adverse effect on the market price for our Class A ordinary shares.

The future issuance of shares of preferred shares with voting rights may adversely affect the voting power of the holders of our Class A ordinary shares, either by diluting the voting power of our Class A ordinary shares if the preferred shares vote together with the Class A ordinary shares as a single class, or by giving the holders of any such preferred shares the right to block an action on which they have a separate class vote, even if the action were approved by the holders of our Class A ordinary shares.

***Because we have no current plans to pay cash dividends on our ordinary shares, you may not receive any return on investment unless you sell your Class A ordinary shares for a price greater than that which you paid for it.***

We currently intend to retain all available funds and any future earnings to fund the development, commercialization and growth of our business, and therefore we do not anticipate declaring or paying any cash dividends on our Class A ordinary shares in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. Our future ability to pay cash dividends on our Class A ordinary shares may also be limited by the terms of any future debt securities or credit facility. As a result, capital appreciation, if any, of the Class A ordinary shares you purchase in this offering will be your sole source of gain for the foreseeable future.

***Provisions in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Class A ordinary shares and could entrench management***.

Our amended and restated memorandum and articles of association will contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their best interests. These provisions will include limitations on the ability of shareholders who own more than 15% of voting securities (which were acquired after the listing date) to effectuate a business combination, a staggered board of directors, the ability of the board of directors to designate the terms of and issue new series of preferred shares, and the fact that only holders of our Class A ordinary shares are entitled to vote on the appointment of directors, which may make more difficult the removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.

Our amended and restated memorandum and articles of association also provide that, without prejudice to any other rights or remedies that we may have, each of our shareholders acknowledges that damages alone would not be an adequate remedy for any breach of the selection of the courts of the British Virgin Islands as exclusive forum and that accordingly we shall be entitled, without proof of special damages, to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the selection of the courts of the British Virgin Islands as exclusive forum.

These choice of forum provisions may increase a shareholder's cost and limit the shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees. Any person or entity purchasing or otherwise acquiring any of our ordinary shares or other securities, whether by transfer, sale, operation of law or otherwise, shall be deemed to have notice of and have irrevocably agreed and consented to these provisions. There is uncertainty as to whether a court would enforce such provisions. The Securities Act provides that state courts and federal courts shall have concurrent jurisdiction over claims under the Securities Act, and the enforceability of similar choice of forum provisions in other companies' charter documents has been challenged in legal proceedings. It is possible that a court could find this type of provisions to be inapplicable or unenforceable, and if a court were to find this provision in our amended and restated memorandum and articles of association to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could have adverse effect on our business and financial performance.

***We are an emerging growth company and the reduced disclosure requirements applicable to emerging growth companies may make our Class A ordinary shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of certain exemptions and relief from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including (i) not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (ii) having the option of delaying the adoption of certain new or revised financial accounting standards, (iii) reduced disclosure obligations regarding executive compensation in this prospectus and our periodic reports and proxy statements and (iv) exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We may take advantage of these exemptions until such time that we are no longer an emerging growth company. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock. Further, pursuant to Section 107 of the JOBS Act, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) five years from the date of our initial public offering, (ii) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the last day of the fiscal year in which we are deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our Class A ordinary shares held by non-affiliates was $700.0 million or more as of the last business day of the second fiscal quarter of such year or (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

It is possible that some investors will find our Class A ordinary shares less attractive as a result of the foregoing, which may result in a less active trading market for our Class A ordinary shares and higher volatility in our share price.

***Our management and principal shareholders own a significant percentage of our outstanding ordinary shares and will be able to exert significant control over matters subject to shareholder approval.***

As of October 7, 2025, our executive officers, directors and five percent or greater shareholders and their respective affiliates, beneficially own, in the aggregate, approximately 90% of our outstanding Class A ordinary shares on an as-converted basis. To the extent that the same group continue to own a significant percentage of our Class A ordinary shares following this offering, these shareholders, if they act together, will be able to control the management and affairs of our company and most matters requiring shareholder approval, including the election of directors, amendments of our organizational documents and approval of any merger, sale of substantially all our assets or other significant corporate transactions. This concentration of ownership may prevent or discourage unsolicited acquisition proposals or offers for our Class A ordinary shares that you or other shareholders may feel are in your or their best interest as one of our shareholders.

***If a United States person is treated as owning 10% or more of our ordinary shares, such holder may be subject to adverse U.S. federal income tax consequences.***

If a United States person is treated as owning (directly, indirectly, or constructively) at least 10% of the value or voting power of our ordinary shares, such person may be treated as a "United States shareholder" with respect to us and each of our controlled foreign corporation ("CFC") subsidiaries (if any). A United States shareholder of a CFC may be required to report annually and include in its U.S. taxable income its pro rata share of "Subpart F income," "global intangible low-taxed income," and investments in U.S. property by CFCs, regardless of whether we make any distributions. An individual that is a United States shareholder with respect to a CFC generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S. corporation.

Failure to comply with these reporting obligations may subject a United States shareholder to significant monetary penalties and may prevent the statute of limitations with respect to such shareholder's U.S. federal income tax return for the year for which reporting was due from starting. We cannot provide any assurances that we will assist investors in determining whether we are or any of our non-U.S. subsidiaries is treated as CFC or whether any investor is treated as a United States shareholder with respect to any such CFC or furnish to any United States shareholder information that may be necessary to comply with the above reporting and tax paying obligations. The United States Internal Revenue Service has provided limited guidance on situations in which investors may rely on publicly available information to comply with their reporting and tax paying obligations with respect to foreign-controlled CFCs. A United States investor should consult its advisors regarding the potential application of these rules to an investment in our Class A ordinary shares.

***U.S. Holders of our Class A ordinary shares may suffer adverse consequences if we are treated as a passive foreign investment company.***

We would be a passive foreign investment company ("PFIC"), for any taxable year if, after the application of certain look-through rules, either: (i) 75% or more of our gross income for such year is "passive income" (as defined in the relevant provisions of the Internal Revenue Code of 1986, as amended) (the "Code"); or (ii) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income.

If we are treated as a PFIC, adverse U.S. federal income tax consequences could apply to a U.S. Holder (as defined in the section titled "Material Income Tax Considerations—Material U.S. Federal Income Tax Considerations") if we are treated as a PFIC for any taxable year during which such U.S. Holder holds our Class A ordinary shares. U.S. Holders are urged to consult their tax advisors about the potential application of the PFIC rules to their investment in our Class A ordinary shares.

***If we fail to meet with the Nasdaq continued listing standards, our Class A ordinary shares may be delisted, which would impair our ability to reward users via the Shareback Plan.***

Pursuant to Nasdaq Listing Rules 5550(a) and 5550(b)(1), the Company must maintain at least $2.5 million in shareholders' equity and have 500,000 publicly held shares, $1 million in publicly held securities, a minimum $1 bid price, 300 public holders, and two market makers. If we fail to comply with any of these requirements and fail to meet the criteria of another listing standard pursuant to Nasdaq Listing Rules 5550(a) and either 5550(b)(2) or 5550(b)(3), then we may be delisted from the Nasdaq Capital Market.

Any non-compliance may be costly, divert management's time and attention, and could have a material adverse effect on our business, reputation, financing, and results of operation. A delisting could substantially decrease trading in the Class A ordinary shares, adversely affect the market liquidity of the Class A ordinary shares as a result of the loss of market efficiencies associated with Nasdaq and the loss of federal preemption of state securities laws, materially adversely affect its ability to obtain financing on acceptable terms, if at all, and may result in the potential loss of confidence by investors, suppliers, customers and employees and fewer business development opportunities. The market price of our Class A ordinary shares may decline further, and shareholders may lose some or all of their investment. If we are delisted, the Class A ordinary shares transferred from the WeShop Community Trust to our users pursuant to the Shareback Plan will be less attractive. This could force us to adopt a rewards program such as cash back, which may adversely affect our ability to attract and retain users and damage our business and results of operation.

***As a foreign private issuer in the United States, we are permitted to, and will, rely on exemptions from certain Nasdaq corporate governance standards, which may afford less protection to holders of our Class A Ordinary Shares.***

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As a foreign private issuer, we are exempted from certain corporate governance requirements of Nasdaq. We are required to provide a brief description of the significant differences between our corporate governance practices and the Nasdaq corporate governance practices required to be followed by domestic U.S. companies listed on Nasdaq. The standards applicable to us are considerably different from the standards applied to domestic U.S. issuers. For instance, we are not required to:

● have a majority of the board of directors be independent (although all of the members of the audit committee must be independent under the Securities Act);

● have a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors; or

● have regularly scheduled executive sessions with only independent directors.

We intend to continue to rely on these exemptions. As a result, holders of our Class A Ordinary Shares may not be provided with the benefits of certain corporate governance requirements of Nasdaq.

***As a foreign private issuer in the United States, we are exempt from certain U.S. proxy rules and disclosure requirements under the Exchange Act, which may afford less protection to holders of our Class A Ordinary Shares than they would enjoy if we were a domestic U.S. company.***

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As a foreign private issuer in the United States, we are exempt from, among other things, the rules prescribing the furnishing and content of proxy statements under the Exchange Act. In addition, our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit and recovery provisions contained in Section 16 of the Exchange Act. We are also not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic U.S. companies with securities registered under the Exchange Act. For example, in addition to annual reports with audited financial statements, domestic U.S. companies are required to file with the SEC quarterly reports that include interim financial statements reviewed by an independent registered public accounting firm and certified by the companies' principal executive and financial officers. By contrast, as a foreign private issuer, we are not required to file such quarterly reports with the SEC or to provide quarterly certifications by our principal executive and financial officers. As a result, holders of our Class A Ordinary Shares may be afforded less protection than they would under the Exchange Act rules applicable to domestic U.S. companies.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and accordingly, the next determination with respect to us will be made on June 30, 2026. In the future, we would lose our foreign private issuer status if more than 50% of our outstanding voting securities are directly or indirectly owned by U.S. residents and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules. As a U.S.-listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

**Risks Relating to Investing in a British Virgin Islands Company**

***We are a British Virgin Islands company and it may be difficult for you to obtain or enforce judgments against us or our executive officers and directors in the United States.***

We are incorporated under the laws of the British Virgin Islands. Most of our assets are located outside the United States. Furthermore, most of our directors and officers and the experts named in this prospectus reside outside the United States, and most of their assets are located outside the United States. As a result, you may find it difficult to effect service of process within the U.S. upon these persons or to enforce outside the U.S. judgments obtained against us or these persons in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the U.S. federal securities laws. Likewise, it may also be difficult for you to enforce in U.S. courts judgments obtained against us or these persons in courts located in jurisdictions outside the United States, including actions predicated upon the civil liability provisions of the U.S. federal securities laws. It may also be difficult or impossible for an investor to bring an action in a British Virgin Islands court predicated upon the civil liability provisions of the U.S. federal securities laws against us or these persons.

As there is no treaty in force on the reciprocal recognition and enforcement of judgments in civil and commercial matters between the United States and the British Virgin Islands, courts in the British Virgin Islands will not automatically recognize and enforce a final judgment rendered by a U.S. court.

Any final and conclusive monetary judgment obtained against us in U.S. courts, for a definite sum, may be treated by the courts of the British Virgin Islands as a cause of action in itself so that no retrial of the issued would be necessary, provided that in respect of the U.S. judgment:

● the U.S. court issuing the judgment had jurisdiction in the matter and we either submitted to such jurisdiction or were resident or carrying on business within such jurisdiction and were duly served with process;

● the judgment given by the U.S. court was not in respect of multiple damages, penalties, taxes, fines or similar fiscal or revenue obligations of ours;

● in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court;

● recognition or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy of the British Virgin Islands;

● no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the British Virgin Islands;

● the proceedings pursuant to which judgment were obtained did not contravene the rules of natural justice of the British Virgin Islands; and

● there is due compliance with the correct procedures under the laws of the British Virgin Islands.

***You may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. federal courts may be limited, because we are incorporated in the British Virgin Islands.***

We are a company incorporated under the laws of the British Virgin Islands. As a result, it may be difficult for investors to enforce judgments obtained in the United States courts against us or our directors or officers.

Our corporate affairs will be governed by our amended and restated memorandum and articles of association, the BVI Act and the common law of the British Virgin Islands. Under our amended and restated memorandum and articles of association, we indemnify and hold our directors harmless against all claims and suits brought against them, subject to limited exceptions. Under our amended and restated memorandum and articles of association, to the extent allowed by law, the rights and obligations among or between us, any of our current or former directors, officers and employees and any current or former shareholder will be governed exclusively by the laws of the British Virgin Islands and subject to the exclusive jurisdiction of the British Virgin Islands courts, unless those rights or obligations do not relate to or arise out of their capacities as such. This exclusive jurisdiction may limit the shareholders' ability to bring a claim against us in a jurisdiction that they consider favorable to them in disputes with us. In addition, it may be costlier for shareholders to present claims in the courts located in the British Virgin Islands, which could discourage such claims. Nevertheless, our shareholders will not be deemed to have waived their rights related to our compliance with U.S. federal securities laws and the rules and regulations thereunder applicable to foreign private issuers. Although there is doubt as to whether U.S. courts would enforce this provision in an action brought in the United States under U.S. securities laws, this provision could make enforcing judgments obtained outside the British Virgin Islands more difficult to enforce against our assets in the British Virgin Islands or jurisdictions that would apply British Virgin Islands law.

There may be less publicly available information about us than is regularly published by or about U.S. issuers. Also, the British Virgin Islands regulations governing the securities of British Virgin Islands companies are not as extensive as those in effect in the United States, and the British Virgin Islands law and regulations in respect of corporate governance matters may not be as protective of minority shareholders as state corporation laws in the United States. Therefore, you may have more difficulty protecting your interests in connection with actions taken by us, our directors and officers or our principal shareholder than you would as a shareholder of a corporation incorporated in the United States.

The rights of shareholders to take action against the directors, actions by minority shareholders and the statutory and fiduciary responsibilities of our directors to us under British Virgin Islands law are governed by the BVI Act and the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived from English common law, and while the decisions of the English courts are of persuasive authority, they are not binding on a court in the British Virgin Islands. The rights of our shareholders and the statutory and fiduciary responsibilities of our directors under British Virgin Islands law may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of securities laws as compared to the United States, and some states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. In addition, while statutory provisions do exist in British Virgin Islands law for derivative actions to be brought in certain circumstances, such actions require the permission of a court in the British Virgin Islands and shareholders in British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred.

The British Virgin Islands courts are also unlikely:

● to recognize or enforce against us judgments of courts of the U.S. based on certain civil liability provisions of U.S. securities laws where that liability is in respect of penalties, taxes, fines or similar fiscal or revenue obligations of ours; and

● to impose liabilities against us, in original actions brought in the British Virgin Islands, based on certain civil liability provisions of U.S. securities laws that are penal in nature.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by us, our board of directors, our management or our principal shareholder than they would as public shareholders of a U.S. company. For a discussion of certain differences between the provisions of the BVI Act, remedies available to shareholders and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Shares and Memorandum and Articles of Association––Differences in Corporate Law."

***We are required to comply with economic substance requirements in the British Virgin Islands.***

The British Virgin Islands, together with several other non-European Union jurisdictions, have introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (as amended, the "ESA") came into force in the British Virgin Islands introducing certain economic substance requirements for British Virgin Islands tax resident companies which are engaged in certain "relevant activities," which in our case applies for financial years from 2019 onwards.

At present, the activities which are conducted by us would constitute holding business. Although it is presently anticipated that the ESA will have little material impact on us or our operations, as the legislation is new and remains subject to further clarification and interpretation it may not be possible to ascertain the precise impact of any legislative changes or changes in official guidance on us. We are required to make an annual filing with the British Virgin Islands International Tax Authority confirming if we carried out any "relevant activities" during the preceding financial period and, if so, providing certain prescribed information.

If our activities change or if the scope of the "relevant activities" is changed by subsequent legislation, we may be required to increase our substance in the British Virgin Islands to satisfy such requirements, which could result in additional costs that could adversely affect our financial condition or results of operations. If we were required to satisfy economic substance requirements in the British Virgin Islands but failed to do so, we could face financial penalties, restriction or regulation of our business activities and/or may be struck off as a registered entity in the British Virgin Islands or liquidated.

**USE OF PROCEEDS**

Registered Shareholders may, or may not, elect to sell their Class A ordinary shares covered by this prospectus. To the extent any Registered Shareholder chooses to sell their Class A ordinary shares covered by this prospectus, we will not receive any proceeds from any such sales of our Class A ordinary shares. See "Principal Shareholders" and "Registered Shareholders."

**DIVIDEND POLICY**

We have never paid or declared any cash dividends on our Class A ordinary shares, and we do not anticipate paying any cash dividends on our Class A ordinary shares in the foreseeable future. We intend to retain all available funds and any future earnings and reinvest them to further the Company's growth strategy and better achieve sustainable, long-term growth.

**CAPITALIZATION**

The table below sets forth our cash, cash equivalents, investments, indebtedness and our capitalization as of June 30, 2025:

● on
 an actual basis; and

● on
 an as adjusted basis assuming (i) the conversion of the convertible notes
into Class A ordinary shares upon commencement of this offering and reflecting (ii) the conversion of the convertible notes in the £58m
valuation series that occurred on September 29, 2025.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **As Adjusted** |
| Cash and cash equivalents | £102600 | 102600 |
| **Indebtedness** |  |  |
| Convertible notes payable | 2571593 |  |
| Convertible notes payable, at fair value | 1329231 |  |
| Convertible notes payable, at fair value - related party | 43018 |  |
| Convertible notes payable, net - related party | 2249937 |  |
| Notes payable | 275426 | 275426 |
| Loan <sup>(1)</sup> |  | 1000000 |
| **Total indebtedness** | £6469205 | 1275426 |
| **Equity** |  |  |
| Ordinary shares |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, no par value unlimited authorized shares, 11,031,428 shares, issued and outstanding as of June 30, 2025 | 91756709 | 91756709 |
| Accumulated deficit | (88033765) | (88033765) |
| **Total shareholders' equity** | £3722944 | 3722944 |
| **Total capitalization** | £10192149 | 4998370 |

---

(1) Such loan cannot be redeemed for payment for at least 365 days following the offering.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the financial condition and results of operations of WeShop should be read together with our audited consolidated financial statements and related notes as well as our unaudited interim consolidated financial statements and accompanying notes included elsewhere in this prospectus. In addition to historical information, the following discussion contains forward-looking statements. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements." Certain amounts may not foot due to rounding, and all figures presented are in thousands.*

**Company Overview**

WeShop is a shoppable social network offering shoppers a loyalty program where they are given the ability to earn WePoints every time they make a purchase, or refer a new user that earns WePoints, which will eventually convert into ordinary shares in WeShop. WeShop earns revenues from commissions on the sales through the platform and advertising on the platform. To launch and test the platform, WeShop partnered with Influencers, sponsored an organization, Salford City, and developed an innovative Founder Program to spread awareness of the platform. For more information on the Founder Program, see "Business—Founder Program". Salford City was given cash and an increased referral bonus of 2.5% for its referrals. Influencers were given the opportunity to attend promotional and educational events—certain, high-profile Influencers received share-based incentives and other Influencers were given small payments in cash as the Company experimented to find the best method for attracting new users. WeShop offered all users, including Influencers, a referral bonus of 1% of the amount spent by the referred users in their first five years as WeShop shares. For example, if a user referred a friend who spends £1,000 in their first five years and the share price during that time was £5, then that user would receive two shares, equal to £10 / £5. The share price was fixed by determination of the Board. To receive the bonus, a referring user had to share their unique Referral Code of an existing user and then transacted on the platform. The ordinary shares awarded to the referring user was calculated based on a fixed price of the WeShop shares determined by the Company, so the referrer received pound spent by the new user \* .01 / fixed price of shares. During its Pilot, the platform drove over £100m of sales and since then has driven approximately £5 million of sales as the Company's focus has shifted towards listing in the U.S.

WeShop offers hundreds of millions of products from over 500 retailers in the United Kingdom including eBay, Expedia, Boots, ASOS, Selfridges and Marks & Spencer to its community daily. WeShop receives revenue from its affiliate network partners every time a user transacts successfully with one of the retailers. In preparation of a US launch of the platform, WeShop has partnered with affiliate networks that enable access to over 500 US retailers including Walgreens, Sams Club, Bloomingdales, Kitchen Aid, Samsung, StubHub and Best Buy.

In addition to shopping, the platform allows its users to recommend any of the hundreds of millions of products available to their friends and across the network by writing reviews and uploading their own content in picture or video format.

The Shareback Plan rewards users ultimately with actual ownership of the Company. The Shareback Plan will begin awarding WePoints, instead of Contingent Shares, upon WeShop's listing in the U.S. Users will be able to earn WePoints for transacting or referring friends who transact on the platform. Each WePoint will be worth one Class A ordinary share in WeShop. Fractional shares will not be awarded. The WeShop Community Trust will award Class A ordinary shares to users who properly redeem their WePoints.

**How We Generate Revenue**

WeShop generates revenue through 2 channels:

*Affiliate Revenues from Retailers*: Every time a user purchases an item through WeShop, the retailer pays a commission to the respective affiliate networks who pays a percentage to WeShop. WeShop does not directly contract with any retailers. The commission WeShop receives for a given transaction depends on the percentage paid by the retailer to the affiliate network and the percentage paid by the affiliate network to WeShop. Both rates can vary based on the amount of the transaction, the timing of the transaction, the retailer or affiliate network, and, in some cases, the product category; for example, an online department store may pay a different commission rate to an affiliate network for clothing as opposed to electronics even though it is a single retailer. Timing is a factor because retailers occasionally offer increased commission rates to drive sales, and affiliate networks offer higher rates for publishers that transact in higher volumes—thus, WeShop could receive better rates from affiliate networks as its GMV increases. In addition to paying WeShop a percentage of the commission received from retailers, the affiliate networks also provide data to allow the WeShop Community Trust to transfer Class A ordinary shares to users pursuant to the Shareback Plan. Once a transaction has been verified, the affiliate networks inform WeShop, who informs the WeShop Community Trust, of each user's earned WePoints. WeShop is integrated with major affiliate networks including Awin, Commission Junction, Rakuten and Impact Radius.

*Advertising Revenues*: WeShop offers the opportunity for retailers to position their brands and live click through links to their sites in prominent positions on our platform for which WeShop charges a digital tenancy paid via the affiliate networks. The affiliate networks then pay a percent of the digital tenancy fees to WeShop on a monthly or bi-monthly basis. During the Pilot, major retailers paid for tenancy including eBay, TEMU, Ali Express, TUI, Very, JustEat, Look Fantastic, Superdrug, Lastminute.com, Nike, Harvey Nichols and First Choice.

**Annual Key Metrics and Financial Highlights**

**Key Financial and Operating Metrics**

We review a number of metrics, including the key metrics discussed below, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.

***Trends in User Metrics***

*New Users*. New users are those that create an account on the WeShop platform. We were able to consistently grow our user base during the start of the Pilot before plateauing as we focused on our expansion into the United States. We assess both year over year and quarter over quarter growth quarterly in each period. The following chart represents the aggregate WeShop users over time since our inception in 2022.

![](formf-1_001.jpg)

*User Activity.* User activities include recommending a product, referring a friend, and making a purchase. Higher levels of user activity contribute to higher revenues and margins. Our user activities increased steadily during the Pilot before plateauing in 2024 as we focused on our US expansion.

![](formf-1_002.jpg)

***Trends in Monetization Metrics***

We monetize our business primarily through advertising and affiliate revenue from transactions made through our partnered affiliate networks.

*Gross Market Value.* We were able to achieve consistent growth in the gross market value of transactions completed on the WeShop platform during our Pilot.

![](formf-1_003.jpg)

*Conversion Rates.* WeShop was able to achieve Conversion Rates at 10x the industry standard for online retail according to "What's a Good Average Ecommerce Conversion Rate in 2024?" from Shopify.com.

**Non-GAAP Financial Measures**

We use certain non-GAAP financial measures to supplement our consolidated financial statements, which are presented in accordance with U.S. GAAP, to evaluate our core operating performance. These non-GAAP financial measures include EBITDA and Adjusted EBITDA. We use these non-GAAP financial measures to facilitate reviews of our operational performance and as a basis for strategic planning. By excluding certain items that are non-recurring or not reflective of the performance of our normal course of business, we believe that EBITDA and Adjusted EBITDA provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow investors to supplement their understanding of our financial trends and evaluate our ongoing and future performance in the same manner as management. However, there are a number of limitations related to the use of non-GAAP financial measures as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-GAAP measures. These non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with U.S. GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. For a discussion of our non-GAAP financial measures, see "Selected Consolidated Financial Data—Non-GAAP Financial Measures".

**Key Factors Affecting our Performance**

***User Growth and Engagement***

Launching in the United States could give us access to a new market of people who shop online, share product recommendations and hope to earn WePoints as part of the Shareback Plan. An internationalization plan allows access to new users and markets.

As we launch in international markets, we will wish to retain users in the markets in which we have already launched. This retention may well be enabled through new features on the platform to increase engagement or new product offerings, for example offering white label products such as insurance.

We believe that the transparency of being listed on the stock market will give our users confidence in the business to retain and refer more.

Growth in users is also impacted by external factors such as worldwide events, cultural trends, the global economy, and actions by external parties such as changes in internet search engine algorithms and dynamics.

***Monetization***

WeShop's two revenue streams are affiliate revenues and advertising revenues. We believe we can increase the revenue rates based on volume of transactions for retailers. We also believe we can generate more advertising revenues by having more space available for advertisers and also more targeted campaigns as we have the data showing clear interests of what products are of interest through their Social Interactions.

We believe we have a significant opportunity to increase our revenues from existing customers, especially as we expand the products offered through the platform.

We have monetized our users from inception, and we now have a strong foundation on which to build our revenues.

***International Expansion***

We see a large opportunity to grow, from both an advertising perspective, an affiliate revenue perspective and from a user perspective, in geographies outside of the United Kingdom and in languages beyond English. Expanding in geographies outside of the United States will require increased costs related to hiring new employees (including expanding local sales organizations, if applicable), and providing machine translated content.

***Product Innovation***

We have continually invested in product innovation since inception and will continue to do so. As new technologies emerge in the artificial intelligence (AI) sector, we will research how these computing technologies can be utilized within the platform for the benefit of the users.

Our strategy in product innovation is always centered around generating additional revenue or decreasing existing costs and we will continue to maintain these two goals which ultimately benefit all shareholders.

***Seasonality***

We experience seasonality in our business and financial results. Overall advertising spend tends to be highest in the fourth quarter of each year due in large part to end-of-year advertiser spending and lowest in the third quarter of each year.

***Continuing Impacts of Macroeconomic Conditions***

The continuing impact from recent macroeconomic conditions including inflation and rising interest rates, supply chain and labor disruptions, geopolitical risks, and market uncertainty has created significant volatility, uncertainty, and economic disruption. It has adversely affected the broader economies, financial markets, and overall demand for advertising and online shopping. Since the continuing impact of these macroeconomic conditions on our results of operations and overall financial performance remains unpredictable, our past results may not be indicative of our future performance.

Given this uncertainty, we are unable to predict the extent and duration of the impact of these conditions on our employees, users and advertisers, or our business, results of operations, and financial condition.

For more information about the factors potentially impacting our performance, see "Risk Factors" elsewhere in this prospectus.

**Components of Results of Operations**

***Net Revenues***

Commissions: Our platform allows consumers to purchase a variety of products from multiple vendors. We earn revenue every time a customer makes a purchase from a retailer via our platform. We are not the seller of record in these transactions. The commissions revenue earned from these arrangements is recognized on a net basis, which equates to the commission and processing fees earned on each successful transaction. We do not take title to inventory sold or assume risk of loss at any point in time during the transaction.

Advertising services: We provide advertising services to our retail partners through programs such as sponsored ads and placement ads. Revenue is recognized as ads are delivered based on the number of clicks or impressions.

***Cost of Sales***

Cost of sales primarily consists of the share-based compensation for the Company's Contingent Shares. The Company participates in a Shareback Plan. The purpose of the Shareback Plan is to reward account owners for their social and transactional activity on the WeShop platform by awarding the account owners a contingent entitlement to a Class A ordinary share based on the account owner's performance and return window of product referral.

***Operating Expenses***

We classify our operating expenses into the following categories:

● *General and Administrative:* General and administrative expenses primarily consist of costs for corporate functions, including payroll and related expenses, facilities and equipment expenses, such as rent and professional fees.

● *Sales and Marketing*: Sales and marketing costs include advertising and payroll and related expenses for personnel engaged in marketing and selling activities, including share-based compensation for shares issued in connection with marketing services. Advertising expenses are expensed as incurred.

● *Research and Development*: The Company expenses research and development costs as incurred. Research and development expenses consist primarily of software development costs, including employee compensation and external contractors, associated with the ongoing development of the Company's technology consists of impairment charges related to our in-process research and development ("IPR&D").

● *Depreciation and amortization expense:* Depreciation and amortization expense primarily relates to the amortization of our developed technology which has a useful life of ten years.

**Results of Operations**

The following tables set forth the results of our operations for the periods presented, as well as the changes between periods. The year-to-year comparison of financial results is not necessarily indicative of future results.

 ***Six Months ended June 30, 2025 compared to year ended June 30, 2024 (Unaudited):***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months ended <br> June 30,** | **For the Six Months ended <br> June 30,** | | |
|  | **2025** | **2024** |<br> **Change £** |<br> **Change %** |
| **Net revenues** | £281590 | £766137 | £(484547) | -63% |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of sales | 269181 | 2206839 | (1937658) | -88% |
| &nbsp;&nbsp;&nbsp; General and administrative | 2202138 | 1678331 | 523807 | 31% |
| &nbsp;&nbsp;&nbsp; Sales and marketing | 2750 | 166301 | (163551) | -98% |
| &nbsp;&nbsp;&nbsp; Research and development | 274484 | 116153 | 158331 | 136% |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 1005726 | 1007842 | (2116) | 0% |
| Total costs and expenses | 3754279 | 5175466 | (1421187) | -27% |
| **Operating loss** | (3472689) | (4409329) | 936640 | -21% |
| Other income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | (25779) | 31590 | (57369) | -182% |
| &nbsp;&nbsp;&nbsp; Change in fair value of convertible notes | (117755) | (94238) | (23517) | 25% |
| &nbsp;&nbsp;&nbsp; Interest expense | (356109) | (502923) | 146814 | -29% |
| **Net loss** | £(3972332) | £(4974900) | £1002568 | -20% |
| &nbsp;&nbsp;&nbsp; Basic and diluted net loss per Ordinary Share | £(0.50) | £(0.69) |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average ordinary shares outstanding, basic and diluted | 7985717 | 7180603 |  |  |

---

***Net Revenues***

For the six months ended June 30, 2025, the Company generated £0.3 million in total revenues compared to £0.8 million for the six months ended June 30, 2024, a decrease of approximately £0.5 million, or 63%. The reduction primarily reflects lower affiliate commission income during a transitional period following the completion of the U.K. proof-of-concept phase in late 2024 and the Company's shift toward its planned U.S. launch.

***Cost of Sales***

For the six months ended June 30, 2025, cost of sales totaled £0.3 million compared to £2.2 million for the corresponding period in 2024, a decrease of £1.9 million (88%), due to significantly lower Shareback Contingent Share expense during the transition from the U.K. pilot toward the planned U.S. launch.

***General and Administrative Expense***

For the six months ended June 30, 2025, general and administrative expense was £2.2 million, compared to £1.7 million for the six months ended June 30, 2024, an increase of £0.5 million, 31%. The increase primarily reflects higher professional and advisory fees, including payments to the Company's financial advisor, as well as increased legal and compliance costs and higher travel and related expenditure associated with the ongoing U.S. public listing process.

***Sales and Marketing Expense***

For the six months ended June 30, 2025, sales and marketing expense was £0.003 million, down from £0.2 million for the six months ended June 30, 2024, a decrease of £0.2 million. The decline reflects management's decision to de-prioritize U.K. paid marketing and reallocate resources toward U.S. listing preparations.

***Research and Development Expense***

For the six months ended June 30, 2025, research and development expense was £0.27 million, compared to £0.12 million for the six months ended June 30, 2025, an increase of £0.16 million, or 136%. The increase was driven by higher consultancy fees related to the development and enhancement of the WeShop platform in the period.

***Depreciation and Amortization***

For the six months ended June 30, 2025, depreciation and amortization expense was £1.0 million, consistent with £1.0 million for the six months ended June 30, 2024.

***Other income (expense), net***

For the six months ended June 30, 2025, other income (expenses) was £0.03 million, compared to an expense of £0.03 million for the six months ended June 30, 2024.

***Interest expense***

For the six months ended June 30, 2025, interest expense was £0.36 million, compared to £0.50 million for the six months ended June 30, 2024, a decrease of £0.14 million, or 28%. The decrease primarily reflects lower average outstanding debt and the settlement of certain interest-bearing instruments during the latter half of 2024.

***Year ended December 31, 2024 compared to year ended December 31, 2023 (As Restated)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** | | |
|  | **2024** | **2023 (As Restated)** |<br>**Change £** |<br>**Change %** |
| **Net revenues** | £1294770 | £1452669 | £(157899) | -11% |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales | 5593851 | 26946774 | (21352923) | -79% |
| &nbsp;&nbsp;&nbsp;General and administrative | 4073211 | 3059581 | 1013630 | 33% |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 319887 | 30196901 | (29877014) | -99% |
| &nbsp;&nbsp;&nbsp;Research and development | 229426 | 514433 | (285007) | -55% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 2015877 | 2008568 | 7309 | 0% |
| Total costs and expenses | 12232252 | 62726257 | (50494005) | -80% |
| **Operating loss** | (10937482) | (61273588) | 50336106 | -82% |
| Other income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | 32438 | 383260 | (350822) | -92% |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | (479024) |  | (479024) | NM |
| &nbsp;&nbsp;&nbsp;Interest expense | (690923) | (480971) | (209952) | 44% |
| **Net loss** | £(12074991) | £(61371299) | £49296308 | -80% |
| &nbsp;&nbsp;&nbsp;Basic and diluted net loss per Ordinary Share | £(1.62) | £(9.96) |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average ordinary shares outstanding, basic and diluted | 7228113 | 6164423 |  |  |

---

***Net Revenues***

The Company earns revenue from commissions and advertising. The Company generated revenue of £1.3 million and £1.5 million for the years ended December 31, 2024 and 2023, respectively. The decrease of £0.2 million is mainly attributable to reduced spend on advertising by our affiliate network partners. We expect revenues to begin to increase as we expand into new markets such as the U.S.

***Cost of Sales***

Cost of sales decreased by £21.4 million, or 79%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was primarily related to the Contingent Share compensation relating to the year.

***General and Administrative Expense***

General and administrative expense increased by £1.0 million, or 33%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily due to increased travel and entertainment expenses of £0.2 million as well as increased professional fees of £0.8 million relating to legal and consulting fees in connection with becoming a U.S. public company.

***Sales and Marketing Expense***

Sales and marketing expense decreased by £29.9 million, or 99%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease in sales and marketing expenses is mainly attributable to share-based compensation recognized in 2023 of £28.5 million for the issuance of shares to Max Capital Limited ("Max Capital") for marketing services. See "Related Party Transactions—Consulting Agreement."

***Research and Development Expense***

Research and development expense decreased by £0.3 million, or 55%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease in research and development expenses is mainly attributable to reduced fees paid to consultants for development of the WeShop platform.

***Depreciation and Amortization***

Depreciation and amortization increased by an immaterial amount in the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was related to purchases of property and equipment.

***Other income (expense), net***

Other income (expenses) primarily relates to immaterial non-operating expenses incurred during the period.

***Interest expense***

Interest expense increased by £0.2 million, or 44%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was related to notes that were entered into during 2024.

**Non-GAAP Financial Measures**

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use Adjusted EBITDA, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures used by other companies, is presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

***Adjusted EBITDA***

The primary financial measure we use is Adjusted EBITDA. EBITDA is defined as net loss, before interest, taxes, depreciation, and amortization. We define Adjusted EBITDA as net loss excluding income tax provision, interest expense, depreciation and amortization, share-based compensation expense and other income (expense), net. Our management uses this measure internally to evaluate the performance of our business and this measure is one of the primary metrics by which our internal budgets are based. We exclude the above items as some are non-cash in nature, and others are non-recurring that they may not be representative of normal operating results. This non-GAAP financial measure adjusts for the impact of items that we do not consider indicative of the operational performance of our business. While we believe that this non-GAAP financial measure is useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for the related financial information prepared and presented in accordance with GAAP.

The following table provides a reconciliation of net loss to adjusted EBITDA to net loss for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** |
|  | **2025** | **2024** |
| **ADJUSTED EBITDA:** |  |  |
| Net loss | £(3972332) | £(4974900) |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | 356109 | 502923 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 1005726 | 1007842 |
| **EBITDA** | (2610497) | (3464135) |
| &nbsp;&nbsp;&nbsp; Other income (expense), net | 25779 | (31590) |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 269181 | 2005447 |
| **ADJUSTED EBITDA** | £(2315537) | £(1490278) |

---

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023 (As Restated)** |
| **ADJUSTED EBITDA:** |  |  |
| Net loss | £(12074991) | £(61371299) |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 690923 | 480971 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 2015877 | 2008568 |
| **EBITDA** | (9368191) | (58881760) |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | (32438) | (383260) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 5595851 | 55855391 |
| **ADJUSTED EBITDA** | £(3804778) | £(3409629) |

---

**Liquidity and Capital Resources**

During the six months ended June 30, 2025, we incurred a net loss of £4.0 million, compared to a net loss of £5.0 million for the six months ended June 30, 2024. As of June 30, 2025, we had an accumulated deficit of approximately £88.0 million, of which £62 million relates to inception-to-date non-cash share-based compensation expense. The year-over-year reduction in interim losses primarily reflects lower cost of sales driven by reduced transaction volumes following the completion of the U.K. proof-of-concept phase, together with the strategic reallocation of resources toward the planned U.S. market launch and Nasdaq listing.

During the years ended December 31, 2024 and 2023, we have incurred net losses of approximately £12.1 million and £61.4 million respectively, and had an accumulated deficit of approximately £84.1 million (of which approximately £61 million relates to inception to date noncash share-based compensation expense) as of December 31, 2024. We expect to continue to incur net losses as the Company continues to grow and scale its business.

Our future capital requirements will depend on many factors including the Company's revenue growth rate, the timing and extent of spending to support further sales and marketing and research and development efforts. In order to finance these opportunities, the Company may need to raise additional financing. While there can be no assurances, the Company may need to pursue issuances of additional equity raises and debt rounds of financing. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to the Company or at all. If the Company is unable to raise additional capital when desired, the Company's business, results of operations and financial condition would be materially and adversely affected.

The Company has obtained a support letter from its current debt investor and affiliates, which provides that if the Company fails to (i) raise sufficient capital through rounds of financings, or (ii) secure sufficient operating cash to fund its operating expenses, the debt investor and affiliates, subject to such further conditions, and in a form to be mutually determined, would provide the Company funding and financial support necessary to pay for its operating expenses through the proposed public offering or for the twelve months from issuance of these consolidated financial statements.

The Company believes that as a result of resource reallocation initiatives, additional insider investments and financing, along with its existing cash and committed affiliated support, we will be able to fund operations and capital needs for at least the next year from the date these consolidated financial statements were issued.

***Cash Flows***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months ended June 30,** | **For the Six Months ended June 30,** | |
|  | **2025** | **2024** |<br> **Variance** |
| Operating activities | £(1975009) | £(663928) | £(1311081) |
| Investing activities |  |  |  |
| Financing activities | 2050000 | 563000 | 1487000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | |
|  | **2024** | **2023** |<br>**Variance** |
| Operating activities | £(2159165) | £(3489770) | £1330605 |
| Investing activities | (5930) | (30743) | (24813) |
| Financing activities | 2053750 | 3220499 | (1166749) |

---

*Operating Activities*

Net cash used in operating activities was £2.0 million for the six months ended June 30, 2025, compared to £0.7 million for the six months ended June 30, 2024, representing an increase in cash outflows of £1.3 million. The increase primarily reflects lower revenues and reduced cash inflows from operating activities, together with higher general and administrative expenses associated with professional, legal, and advisory costs incurred in connection with the Company's planned U.S. market launch and Nasdaq listing.

Net cash used in operating activities for the year ended December 31, 2024 was £2.2 million compared to £3.5 million for the year ended December 31, 2023, a decrease of £1.3 million. The decrease was primarily due to a change in accrued income of £1.3 million primarily driven by the timing of the Company's revenue transactions and cash collections.

*Investing Activities*

Net cash used in investing activities for the year ended December 31, 2024 was £5,930 compared to £30,743 for the year ended December 31, 2023. The decrease was immaterial and related primarily to the purchase of property and equipment.

*Financing Activities*

Over the six months to June 30, 2025, net cash provided by financing activities was £2.1 million, compared to £0.6 million for the six months ended June 30, 2024. The increase primarily reflects proceeds from the issuance of new convertible notes (£0.75 million) and related party notes (£1.25 million) issued to support ongoing operations and working capital requirements ahead of the planned Nasdaq listing. The notes issued in 2025 were issued pursuant to a loan instrument entered into on July 31, 2023, as amended on January 17, 2025.

Net cash provided by financing activities for the year ended December 31, 2024 was £2.1 million compared to £3.2 million for the year ended December 31, 2023, a decrease of $1.2 million. The decrease was due to a decrease of the issuance of convertible notes.

**Off-Balance Sheet Arrangements**

We did not have over the past three fiscal years, and we currently do not have, any off-balance sheet arrangements as defined in the rules and regulations of the SEC. To the extent we have any contingent assets or liabilities, these have been captured within the accompanying consolidated financial statements.

**Critical Accounting Estimates**

*General*

The preparation of our consolidated financial statements and related notes requires us to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We have based our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our senior management has discussed the development, selection and disclosure of these estimates with the Audit Committee of our Board of Directors. Actual results may differ from these estimates under different assumptions or conditions.

An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the consolidated financial statements. We believe the following critical accounting policies reflect the more significant estimates and assumptions used in the preparation of our consolidated financial statements. The following descriptions of critical accounting policies, judgments and estimates should be read in conjunction with our consolidated financial statements and related notes and other disclosures included in this report.

**Revenue Recognition**

ASC *606, Revenue from Contracts with Customers,* is a single standard for revenue recognition that applies to all of revenue arrangements and generally requires revenue to be recognized upon the transfer of control of promised goods or services provided to its customers, reflecting the amount of consideration it expects to receive for those goods or services. Pursuant to ASC *606,* revenue is recognized upon the application of the following steps:

● Identification of the contract, or contracts, with a customer;

● identification of the performance obligations in the contract;

● determination of the transaction price;

● allocation of the transaction price to the performance obligations in the contract; and

● recognition of revenue when, or as, the contractual performance obligations are satisfied.

Substantially all of the Company's performance obligations are satisfied at a point in time rather than over time.

*<u>Commissions</u>*: Our platform allows consumers to purchase a variety of products from multiple vendors. We earn revenue every time a customer makes a purchase from one of our retail partners via our platform. We are not the seller of record in these transactions. The commissions revenue earned from these arrangements is recognized on a net basis, which equates to the commission and processing fees earned on each successful transaction. We do not take title to inventory sold or assume risk of loss at any point in time during the transaction.

*<u>Advertising services:</u>* The Company provides advertising services to retail partners through digital tenancy on the application. Revenue is recognized as ads are delivered based on the number of clicks or impressions.

Payments are typically received within 30 to 90 days of the affiliates validating the sales and commissions. The Company can reasonably estimate the revenues and adjust for any cancelations/rejections in real time.

*<u>Contract Assets:</u>* A contract asset is an entity's right to payment for goods and services already transferred to a customer if that right to payment is conditional on something other than the passage of time. Generally, an entity will recognize a contract asset when it has fulfilled a contract obligation but must perform other obligations before being entitled to payment.

Contract assets consist primarily of the accrued income based on completion of the sale or promotion of such sales, upon satisfaction of the contract obligations.

**Intangible Assets**

On November 17, 2021 Boanerges' shareholders approved the acquisition of the business, assets and name of WeShop Limited and subsequent to the transaction closing, Boanerges was renamed to WeShop Holdings Limited ("Asset Acquisition"). Intangible assets consist of the purchased technology that was acquired through the Asset Acquisition and are amortized on a straight-line basis over a useful life of ten years. In accordance with ASC 805, in an asset acquisition, measurement is based on either the cost which shall be measured based on the fair value of the consideration given or the fair value of the assets (or net assets) acquired, whichever is more clearly evident and, thus, more reliably measurable. Management determined that determining the fair value of the assets received would be a more reliable measure. The value of developed technology was determined using an income approach. Significant assumptions used in the third-party valuation were projected revenue growth rates, customer attrition rates, future Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") margins, future capital expenditures, synergies and appropriate discount rates.

The Company reviews the recoverability of its intangible assets by comparing the carrying value of such assets to the related undiscounted value of the projected cash flows associated with the assets, or asset group. If the carrying value is found to be greater, the Company records an impairment loss for the excess of book value over fair value. No impairment of the Company's intangible assets was recorded for the six months ended June 30, 2025 and 2024, and for the years ended December 31, 2024 and 2023.

**Share-Based Compensation**

As an incentive to key employees, non-employee directors and consultants, the Company periodically grants non-qualified share options.

Additionally, the Company participates in a Shareback Plan. The purpose of the Shareback Plan is to reward account owners for their transactional activity on the WeShop Platform by awarding the account owners, in the first instance, a contingent entitlement to a Class A ordinary share or such other class of share as the Company may designate from time to time based on the account owner's performance and return window of product referral.

The Company recognizes share-based compensation in accordance with ASC 718, *Compensation — Stock Compensation*. ASC 718 requires the recognition of compensation expense, using a fair value-based method, for costs related to all stock-based payments including share options, restricted share units and Contingent Shares.

The Company recognizes the fair value of share options granted to non-employees as a share-based compensation expense over the period in which the related services are received. The Company recognizes forfeitures as they occur. The Company believes that the estimated fair value of share options is more readily measurable than the fair value of the services rendered.

For Contingent Shares, expense is recognized immediately at the grant date of the award. As the shares automatically settle upon request of share certificate or withdrawal once the account owner has owned the Contingent Share for a period of 13 months from the date of issuance, this is considered a non-substantive service condition and the 13 months is deemed to be a delayed exercisability provision.

*Share-Based Compensation Valuation Assumptions*

The fair value of each share option and contingent shares are estimated on the date of grant using the Black- Scholes option pricing model that uses the assumptions noted in the following table. Share-based compensation expense related to share options are based on the fair value on the date of grant and is amortized over the vesting period, generally between one and four years. Share-based compensation expense related to Contingent Shares are based on the fair value on the date of grant immediately upon issuance (once the transaction is verified). Expected volatilities are based on historical pricing of guideline companies over the expected term. The expected term of share options granted is based on the contractual term given the exercise price as compared to the current estimated fair value of the shares. The risk-free rate for periods within the contractual life of the share option is based on the U.S. Treasury yield curve in effect at the time of grant.

The following weighted-average assumptions were used for grants issued during 2023 under the ASC No. 718 requirements:

---

| | |
|:---|:---|
|  | **2023** |
| Share price | £0.74-£5.81 |
| Weighted average risk-free rate | 3.90% |
| Weighted average volatility | 55.0% |
| Remaining term | 1.87 |

---

The fair value of the ordinary shares was determined using an income approach, specifically a discounted cash flow method. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the Company and market conditions. These assumptions require significant judgement. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs.

The Company estimates forfeitures, based on historical activity, at the time of grant and revises if necessary in subsequent periods if actual forfeiture rates differ from those estimates.

*Share-Based Compensation Valuation Assumptions*

The fair value of each share option and contingent shares are estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Share-based compensation expense related to share options and contingent shares are based on the fair value on the date of grant and is amortized over the vesting period, generally between one to four years. Expected volatilities are based on historical pricing of guideline companies over the expected term. The expected term of share options granted is based on the contractual term given the exercise price as compared to the current estimated fair value of the shares. The risk-free rate for periods within the contractual life of the share option is based on the U.S. Treasury yield curve in effect at the time of grant.

There were no grants in 2024.

**Recent Accounting Pronouncements**

A discussion of recent accounting pronouncements applicable to WeShop is described in Note 3, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements contained elsewhere in this prospectus.

**Emerging Growth Company Status**

WeShop is an emerging growth company as defined in the JOBS Act. The JOBS Act permits companies with emerging growth company status to take advantage of an extended transition period to comply with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private companies. WeShop has elected to use this extended transition period to enable it to comply with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, WeShop's financial statements may not be comparable to companies that comply with the new or revised accounting standards as of public company effective dates.

In addition, WeShop intends to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an emerging growth company, WeShop intends to rely on such exemptions, it is not required to, among other things: (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis); and (iv) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officer's compensation to median employee compensation.

WeShop will remain an emerging growth company under the JOBS Act until the earliest of (i) the last day of its first fiscal year following the fifth anniversary of the closing of the IPO, (ii) the last date of our fiscal year in which it has total annual gross revenue of at least $1.235 billion, (iii) the date on which it is deemed to be a "large accelerated filer" under the rules of the SEC with at least $700.0 million of outstanding securities held by non-affiliates or (iv) the date on which it has issued more than $1.0 billion in non-convertible debt securities during the previous three-years.

**Quantitative and Qualitative Disclosures About Market Risks**

***Foreign Exchange Risk***

Not applicable

***Interest Rate and Debt Risk***

Not applicable

**JOBS Act and Emerging Growth Company Status**

In April 2012, the JOBS Act was enacted. The exemptions and reduced reporting requirements under the JOBS Act for emerging growth companies include presentation of only two years of audited financial statements in a registration statement for an initial public offering, an exemption from the requirement to provide an auditor's report on internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act, an exemption from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation, and less extensive disclosure about our executive compensation arrangements. Additionally, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Such provisions are only applicable under U.S. GAAP. As a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required or permitted by the IASB. We will remain classified as an emerging growth company until the earlier of (i) the last day of the fiscal year following the fifth anniversary of the date of the completion of this offering, (ii) the last day of the first fiscal year in which our annual gross revenues exceed $1.07 billion, (iii) the date on which we have issued more than $1 billion of non-convertible debt securities during the previous three years, or (iv) the date on which we are deemed a large accelerated filer under the rules of the SEC, which means the first day of the year following the first year in which, as of the last business day of our most recently completed second fiscal quarter, the market value of our common equity that is held by non-affiliates exceeds $700 million.

**BUSINESS**

![](formf-1_004.jpg)

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**MISSION AND INTRODUCTION**

**Mission**

**Introduction**

To launch and test the platform, WeShop partnered with Influencers, sponsored an organization, Salford City, and developed an innovative Founder Program to spread awareness of the platform. For more information on the Founder Program, see "Business—Founder Program". Salford City was given cash and an increased referral bonus of 2.5% for its referrals. Influencers were given the opportunity to attend promotional and educational events—certain, high-profile Influencers received share-based incentives and other Influencers were given small payments in cash as the Company experimented to find the best method for attracting new users. WeShop offered all users, including Influencers, a referral bonus of 1% of the amount spent by the referred users in their first five years as WeShop shares. For example, if a user referred a friend who spends £1,000 in their first five years and the share price during that time was £5, then that user would receive two shares, equal to £10 / £5. The share price was fixed by determination of the Board. To receive the bonus, a referring user had to share their unique Referral Code of an existing user and then transacted on the platform. The shares awarded to the referring user was calculated based on a fixed price of the WeShop shares determined by the Company, so the referrer received pound spent by the new user \* .01 / fixed price of shares. During its Pilot, the platform achieved the following results:

*●* *Sales of £104.2m through our platform across 827k transactions* 

*●* *Average monthly spend of £125.95* 

*●* *Over 150,000 Social Interactions* 

*●* *Over 250,000 registrations across iOS and Android* 

*●* *69.65% of unique transacting users made 2 or more purchases* 

*●* *Average GMV per User is £1,434.49* 

*●* *First purchase conversion of 24.639% (Over 18x Shopify average) (What's a Good Average Ecommerce Conversion Rate in 2024?, November 2024, Shopify.com)* 

During the Pilot, WeShop also pioneered community programs such as "The Founder Program" allowing users to lead, educate and encourage their personal peer groups about WeShop via existing communication platforms. Even in its infancy, we experienced the power of community and the desire for people to be part of something and feel valued through ownership. The WeShop platform offers hundreds of millions of products from over 500 retailers in the UK to the WeShop community.

The listing of WeShop is essential to the actual launch of the platform in the United States so its community can be protected through the securities regulations of the United States and can trade Class A ordinary shares on a globally recognized technology exchange. This creates transparency, accountability, stringent corporate processes, reality of concept and a venue allowing users to sell Class A ordinary shares.

**Industry Background**

Born from a combination of accessible social media content, knowledgeable product reviews and a unique reward proposition, WeShop is a library of shoppable product reviews from a digital online shopping mall on your phone where users can recommend and buy their favorite products to like-minded people.

According to PowerReviews.com (Survey: The Ever-Growing Power of Reviews (2023 Edition), 2023, PowerReviews.com), 77% of US shoppers in 2023 trusted User-Generated Content when making purchase decisions and 53% of US shoppers believe the content from previous customers impacts whether they purchase a product or not. Continued growth in credibility of the opinions from everyday consumers opens an opportunity for WeShop to offer a functional and safe space for people to recommend their favorite products. According to Edelman.com (The Collapse of the Purchase Funnel: 2023 Edelman Trust Barometer Special Report, May 2023, Edelman.com), 61% of consumers suggest that one of the most credible brand ambassadors would be 'someone like myself'.

According to the Edelman Trust Barometer 2023, just 23% of people in Great Britain believe their family will be better off in five years, down seven points from 2022. This trend can be seen globally—the global average has dropped ten points since 2019 and, of the 28 countries surveyed, 24 of them are at an all-time low according to the 2023 Edelman Trust Barometer. WeShop's unique reward program introduces a simple mechanism for people to continue living their everyday life and be rewarded with ownership of WeShop. Evidence from a survey conducted by the Financial Conduct Authority in 2022 uncovered that, in the 6 months leading up to January 2023, almost 6 in 10 (57%) UK adults had accessed savings and investments, including pension savings, or they had stopped saving altogether according to the Financial Lives 2022 survey from FCA.org.uk. This is a worrying picture for the future of financial security. WeShop's believes it can have an impact on the creation of generational wealth in years to come.

The demand continues to grow for loyalty and rewards programs with 81% of consumers agreeing a loyalty program increases their likelihood of making a purchase from that brand according to a study from Ebbo.com titled "54 Loyalty Program Statistics You Need to Know in 2023". According to the same study, loyalty programs are well adopted when implemented with 83% of consumers belonging to between one and six loyalty programs each. And the market is ready for change with 91% of consumers agreeing that many loyalty programs feel similar and are not differentiated enough from others.

The United States has an abundance of cashback/discounts/reward apps available for consumers, both as free and premium offerings, such as Fetch (10.28 million downloads in 2023), Capital One (8.36 million downloads in 2023), and Upside (7.39 million downloads in 2023) each according to Statista.com (Most popular free discount and offer apps in the United States in 2023 by number of downloads, April 2024, Statista.com). Services such as GasBuddy, Upside and Fetch are seeing growth in discounts/rewards on traditional bricks and mortar commerce. With the rising cost of living, it is no surprise that 48% of US consumers sign up to loyalty programs offered by businesses for the discounts on products and marketers are struggling to retain these price-savvy customers, with over 45% reporting finding it difficult to find the balance between offering deep enough discounts to entice consumers to repeat purchases and the margin available on items.

According to an article by the World Economic Forum, the interest in retail investment has continued to increase with retail investors accounting for 52% of global Assets Under Management (AUM) in 2021, a figure that is expected to grow to over 61% by 2030 (A fresh look at how to empower retail investors, October 2024, weforum.org). According to Boston Consulting Group, most of this growth was seen during the COVID-19 pandemic with assets growing by 11% in 2020 to end the year at $103 trillion, 41% of which held by retail portfolios. Retail investors were the main driver of net inflow, contributing 4.4% of new net capital in 2020, twice the size of the contribution made by institutional investors (The $100 Trillion Machine, July 2021, bcg.com).

**Shareback Plan** 

Equity rewards programs have been successfully demonstrated in the public markets by Domino's Pizza and T-Mobile. However, the point of difference here is that the WeShop Community Trust is transferring to WeShop shares to users in return for transactions on the platform, in the ambition of creating a new dynamic of consumer ownership leading to increased acquisition, retention and organic referral traffic without the traditional costs associated with digital acquisition, retention or referral.

WeShop's Shareback Plan allows users to earn WePoints on the platform for their and their referred friends' transactional behavior. Subject to various criteria, transactions on the platform convert to WePoints which convert into Class A ordinary shares in WeShop. WeShop users become WeShop owners. To effect this, Class B ordinary shares in an amount convertible into approximately 50% of Class A ordinary shares will be issued into the WeShop Community Trust which will then transfer the Class A ordinary shares to users based on the number of WePoints redeemed. At the time of transfer, the Class B ordinary shares will convert to Class A ordinary shares once received by the users.

There will be two ways to earn WePoints:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Buying
 from someone else's recommendation or clicking a retailer on the app to go through and shop as normal at retailers such as
 eBay, Booking.com and Boots. A user will receive WePoints equal to the value of the transaction times the Shareback rate divided
 by the spot price on the stock market of one WeShop share. For example, if a user spends $1,000 on a holiday via Booking.com and
 the Shareback rate on Booking.com is 10%, the user will receive WePoints equal to 100 divided by the VWAP. VWAP will be the
 volume-weighted average price from the close of the previous full trading day.

2. Referring
 friends to the platform. The platform will issue WePoints for a referral equal 5% of the WePoints earned by the referred user
 in the first twelve (12) months. For example, if a user refers one friend who earns 1,000 WePoints during their first year, the user
 will receive 50 WePoints. A referral occurs when a user signs up using the Referral Code of another user.

**What Going Public Means for WeShop**

Going public completes the Circle of Trust for WeShop by allowing the Company to launch its product to users in the United States. It has always been the aim of the Company to be listed on one of the most prestigious stock markets in the world.

In addition to being able to launch the platform in the United States, there are other advantages of going public:

*Total Transparency on business updates:* Our listing of the Company will allow a constant stream of regulated news-flow at the highest levels of corporate compliance, keeping WeShop's community and shareholders informed of certain business updates.

*A trading venue for community to be able to sell their Class A ordinary shares:* Our listing will allow users to sell their Class A ordinary shares in the US public markets. This allows them to take the funds out in cash or re-invest them.

**Competition** 

The worldwide marketplace in which we compete is evolving rapidly and intensely competitive, and we face a broad array of competitors from many different industry sectors around the world. Our current and potential competitors include: (1) physical, e-commerce, and omnichannel retailers, publishers, vendors, distributors, manufacturers, and producers of the products we offer and sell to consumers and businesses; and (2) web search engines, comparison shopping websites, social networks, web portals, and other online and app-based means of discovering, using, or acquiring goods and services, either directly or in collaboration with other retailers. Many of our competitors have greater resources, longer histories, more customers, and greater brand recognition. They may secure better terms from retailers and devote more resources to technology, infrastructure, fulfillment, and marketing. The internet facilitates competitive entry and comparison shopping, which enhances the ability of new, smaller, or lesser-known businesses to compete against us. Our business is also subject to rapid change and the development of new business models and the entry of new and well-funded competitors.

**OVERVIEW**

**How WeShop Works**

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**Buying Journey**

**Refer a Friend Journey**

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The WeShop platform incorporates a number of features to make it beneficial for users specifically for choice, rewards for loyalty and transactional behavior, relevance through data, option for a side hustle, and community engagement.

**Choices Among** **Retailers**

As of November 2024, our affiliate network partners have contracted directly with over 500 UK retailers to allow hundreds of millions of products to be available on the WeShop platform. The product range covers categories including fashion, beauty, toys, electronics and sporting goods. Over time, we have continued to partner with affiliate networks that expand WeShop's offering into additional verticals such as hotels and accommodation, flights, trains, parking and experiences. We do not partner directly with retailers, only with affiliate networks.

WeShop captures a variety of data from its consumers across demographic, transactional and behavioral, such as date of birth, gender, purchase information, wishlist items added, Social Interactions as well as search terms that can help it build a detailed understanding of users and their shopping habits. WeShop also capture attitudinal data on its users, from preference on categories they are interested in, people they follow and their favorite retailers.

**Rewards** **for Shopping**

According to Researchandmarkets.com, the global loyalty market is projected to grow by 11.1% annually, reaching $150.97 billion in 2024. From 2024 to 2028, it is expected to maintain a Compound Annual Growth Rate (CAGR) of 9.2% (Global Loyalty Programs Market Intelligence and Future Growth Dynamics Databook - 50+KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q3 2024 Update, September 2024, Researchandmarkets.com). According to Antavo.com, companies continue to invest in loyalty programs with 67% planning to boost investment in customer retention, and loyalty programs are proving to be effective with nine out of ten companies reporting a positive ROI of average 4.8x (Loyalty Program Trends: Global Customer Loyalty Report 2024, January 2024, Antavo.com).

The WeShop rewards mechanism is transparent and unique. Users earn WePoints via certain activities on the platform. These WePoints convert into Class A ordinary shares at a later date and are then freely tradeable on the relevant exchange.

**Relevance through Data**

WeShop's community-centric platform provides data that is instrumental in shaping WeShop's business strategies, enhancing its user experience, and driving innovation.

● Leveraging Data for Enhanced User Insights: At WeShop, every interaction within its community provides valuable data that offers insights into consumer behavior, preferences, and trends. By analyzing conversations, reviews, and Social Interactions, we can understand what drives users' purchasing decisions, what products they are excited about, and what improvements they seek. This granular level of insight allows WeShop to tailor its offerings, optimize product recommendations, and create personalized shopping experiences that resonate with its users.

● Driving Product Development and Innovation: The conversational data collected from the community is critical for product development. Feedback, suggestions, and discussions provide real-time, unfiltered perspectives on product performance and user expectations. This direct line of communication with WeShop's users enables it to quickly identify gaps in the market, innovate new features, and improve existing services. WeShop will maintain a competitive edge and deliver value-driven solutions by aligning its product roadmap with its community's evolving needs and desires.

● Enhancing Marketing Strategies: WeShop's access to conversational data empowers its marketing team to craft more effective and targeted campaigns. Understanding WeShop community's language, sentiments, and trending topics allows it to create compelling content distributed both internally and externally of the platform that resonates with its audience. WeShop can identify key influencers, track the impact of marketing initiatives in real time, and quickly adjust its strategies to maximize engagement and conversion rates. This data-driven approach ensures that WeShop's marketing efforts are both efficient and impactful.

● Building Trust and Authenticity: The peer-driven nature of WeShop's platform fosters a sense of trust and authenticity among users. Conversational data, such as user reviews and recommendations, are perceived as more credible and reliable than traditional advertising. This trust translates into higher engagement rates and stronger brand loyalty. By harnessing the collective knowledge of its community, we can highlight authentic user experiences and build a robust, trustworthy marketplace.

● Fostering a Knowledge-Sharing Ecosystem: WeShop's community is a vibrant ecosystem where users share knowledge, experiences, and insights freely. This continuous exchange of information enriches the shopping experience and cultivates a culture of collaboration and learning. Users benefit from the community's collective wisdom, making informed purchasing decisions and discovering new products. For WeShop, this dynamic flow of information is invaluable for staying attuned to market trends and continuously evolving to meet user needs.

The data collected is key to WeShop's success. By leveraging this information, we enhance user experience, drive product innovation, optimize marketing strategies, build trust, and foster a collaborative knowledge-sharing environment. This utilization of community-driven data consolidates WeShop's commitment to creating a user-centric, responsive, and innovative platform that meets the needs of its growing user base.

**The Side Hustle Economy**

At the heart of WeShop's platform lies the "Side Hustle" User Economy, a concept transforming everyday users into active participants and shareholders in its ecosystem with very little effort or change in existing online behaviors. By empowering users to monetize their activities and contributions, WeShop fosters a dynamic and mutually beneficial environment that drives engagement, loyalty, and growth.

● Monetization Opportunities for Users: WeShop offers monetization opportunities that enable users to earn rewards through various activities. Central to this is its unique Shareback Plan, where users can ultimately earn Class A ordinary shares in WeShop by shopping and inviting others to join the platform. This model rewards users for their direct contributions and provides them with a vested interest in WeShop's overall success, aligning their incentives with the company's growth.

● Empowering Creators and Influencers: Creators and influencers have the opportunity for growth and monetization on WeShop. WeShop's extensive network of over 500 retailers ensures a diverse range of products that creators can easily integrate into their brand and content. The Shareback Plan facilitates their earning potential, offering rewards that scale with their influence of referrals and buying activity on the platform.

● Facilitating Peer-to-Peer Commerce: WeShop's platform facilitates a peer-to-peer commerce ecosystem. Any user can recommend, review, and share products with their network, earning digital rewards and recognition for their contributions. This social commerce model leverages the power of community, where trusted recommendations from friends drive purchasing decisions.

● Encouraging Entrepreneurs: WeShop encourages entrepreneurs by providing a platform that enables them to build their micro-businesses, by eradicating traditional barriers to entry such as buying stock, dealing with logistics, accepting payments and having to incorporate a specific company. The social media integration of the platform allows them to promote their storefront at zero cost.

● Creating a Sustainable Ecosystem: The Side Hustle economy is designed to create a sustainable and self-reinforcing ecosystem. As users engage with the platform and are transferred shares, they become more invested in WeShop's long-term success. This investment translates into higher retention rates and increased platform loyalty. Moreover, the continuous flow of User-Generated Content and peer to peer recommendations enriches the shopping experience, attracting more users and advertisers therefore fueling further growth.

● Enabling Economic Inclusion: WeShop's model promotes economic inclusion by lowering the barriers to entry for users to participate in the digital economy. Regardless of their background or resources, users can earn financial rewards through everyday activities such as shopping and sharing. This inclusive approach democratizes access to wealth-creation opportunities and empowers individuals to benefit from the platform's growth.

In summary, WeShop's Side Hustle User Economy is a transformative concept that empowers users to participate actively in its ecosystem. By offering diverse monetization opportunities, facilitating peer-to-peer commerce, encouraging entrepreneurial activities, and promoting economic inclusion, WeShop creates a dynamic and sustainable platform that drives engagement, loyalty, and growth. This innovative model enhances the user experience and positions WeShop as a leader in the next generation of e-commerce platforms.

**Community Engagement**

WeShop is committed to fostering a dynamic community and creating meaningful connections among users, brands, and creators.

*Interactive Social Platform:* At the core of WeShop's online community is its social platform, where users can share, recommend, seek advice on, and discuss products. This digital space encourages users to engage with one another, fostering a sense of connection and belonging.

*Authentic Peer to Peer Recommendations:* WeShop's platform capitalizes on the power of authentic peer to peer recommendations. Users trust advice and reviews from friends, family, and trusted influencers, making these interactions a significant driver of purchasing decisions. By facilitating these exchanges, WeShop creates a trustworthy and reliable shopping environment.

*Personalized Experiences:* WeShop utilizes data analytics to deliver personalized shopping experiences. By understanding user preferences and behavior, we can tailor product recommendations, content, and offers to individual users. This personalization enhances user satisfaction and encourages continued engagement with the platform.

**Key Components of WeShop Platform**

***Home Feed***

Designed with familiarity in mind, any entry-level social media user can quickly adopt and understand the WeShop home feed. The WeShop mobile app has launched with the standard functionality you would expect from any social media site. Infinite scroll User-Generated Content to browse product recommendations from other users on the service and people you follow. Like and comment on recommendations and questions posted to interact with other users on the service.

We moderate our community with community-driven flagging/reporting/blocking can be done at mobile app level to hide content you do not like.

Product tagging gives the end-user a further down the funnel experience, with a simple one-tap access to the product page on the retailer website. The home feed also showcases internal content driven by its Marketing team to build community education, and discovery of new and popular retailers in its paid promotion space at the top of the feed.

WeShop are continually adding new triggers and activity prompts to the home feed, such as a reminder to recommend from your list of recent purchases. These elements of the feed are personalized to the individual based on their behavior.

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***Shopping***

Browse the supported retailers in the Shopping and Travel directory, split by popular categories. Designed with a sense of discovery for retailers who need to build brand awareness.

***Retailer Pages***

Supported retailers on WeShop has a customizable space on the WeShop app, to showcase their brand and inform the user of any important terms.

***Travel Portal***

Using the custom retailer categorization functionality, we have been able to build dedicated real estate in the mobile app for all retailers associated to travel, making it easy for users to book their hotels and accommodations, airport parking, flights or trains and experiences in one place.

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***Profile***

Every WeShop user has their own customizable profile, a showcase of their product recommendations, requests for recommendations, and product wishlists. Users can see who they are following and their followers from their profile. Users can track new transactions, new followers, and likes and comments on their recommendations in their profile inbox. Users can also manage their app settings from their profile, such as communication preferences, manage people they have blocked, and any transactions claims they have raised with customer support.

***Dashboard***

The WeShop dashboard gives the end user full visibility on all their transactional activity, the amount of WePoints that have been earned and the ability to refer friends. The dashboard will also include a knowledge portal with key corporate information and indicative value of what their WePoints could be on conversion into Class A ordinary shares.

***Community***

WeShop has a Community section in the mobile app that showcases important and relevant information published by the WeShop internal team.

**THE WESHOP COMMUNITY TRUST**

The WeShop Community Trust was formed on October 14, 2025. Before the listing, approximately 50% of the ordinary shares in WeShop will be allotted to the WeShop Community Trust in the form of Class B ordinary shares. The Class B ordinary shares will not have any voting rights or entitlement to any dividends. The Class B ordinary shares will automatically convert to Class A ordinary shares on a one-for-one basis upon the transfer of an ordinary share by the WeShop Community Trust to a user upon the redemption of WePoints. The sole purpose of the WeShop Community Trust will be to hold Class B ordinary shares and facilitate delivery of such shares to users. The trustee of the WeShop Community Trust is JTC Trust Company (Delaware) Limited, which is licensed by Bank Commissioner of the State of Delaware to conduct the business of a non-deposit trust company in the State of Delaware. JTC PLC is publicly-listed on the London Stock Exchange with a valuation of approximately £2.1 billion as of September 30, 2025. We or our founders will pay for the expenses of the WeShop Community Trust. Holders of WePoints do not have any rights under the WeShop Community Trust governing documents.

**MARKET OPPORTUNITY**

**Introduction**

It is a well-accepted belief that human evolution progressed successfully due to our ability to interact, communicate and help each other in prolonging the survival of our species, homo sapiens. The need for community and assistance is instinctual.

WeShop is a shoppable digital library of knowledge and opinion. The internet has an abundance of expert recommendations, reviews and opinions, across a variety of platforms such as internet forums, videos and social media sites, but it is sometimes daunting to navigate across these platforms. WeShop brings them into one space. We believe that we are able to collate experience and knowledge to provide inspiration to like-minded people when online shopping.

WeShop's integrations with retailers in the United Kingdom, including many on the FTSE100, such as easyJet PLC, JD Fashion PLC, Kingfisher PLC (B&Q), Marks & Spencer Group PLC and Sainsbury's PLC, gives large product choice to our users. Further, WeShop's dynamic rewards system is designed to increase customer satisfaction and retention rates by rewarding users with ownership in the Company.

**Online Retail**

According to Statista.com, UK online spend reached approximately £217 billion in 2023 (Online retail spending in the United Kingdom (UK) from 2011 to 2023, February 2023, Statista), with a predicted value of $914.19 billion by 2030 according to MordorIntelligence.com (UK Ecommerce Market Size & Share Analysis - Growth Trends & Forecasts (2025 – 2030), 2024, MordorIntelligence.com). According to CapitalOneShopping.com, US consumers spent a record $1.24 trillion online in 2023 which accounted for 15% of all retail sales in the country. Projections continue to grow—by 2030, US online spend is expected to exceed $2.5 trillion (Online Shopping Statistics, December 2024). WeShop began by focusing on the online retail and travel verticals because they most closely align with engaging social content; it gave the Company an opportunity to educate consumers quickly about WeShop's core values and gave it immediate access to creators already saturating the social media space.

As WeShop looks forward into new markets during its internationalization phase, it is evident that the opportunity for online retail is yet to reach a plateau. In emerging markets like Brazil, the Total Addressable Market (TAM) is $216 billion with a CAGR of 17% into 2026 according to AmericasMI.com (Latin America E-Commerce Market Projections, 2023-2026, July 2023, AmericasMI.com). These emerging markets are primed to embrace a new rewards platform and become a "fast follower" to their online retail growth. According to Shopify.com, the global Business-To-Consumer (B2C) ecommerce market reached an estimated value of $4.8 trillion in 2023 and is projected to continue growing significantly, expected to hit $9 trillion by 2032 (Global Ecommerce Statistics: Trends to Guide Your Store in 2025, September 2024, Shopify.com). According to GrandviewResearch.com, the Asia-Pacific (APAC) region contributed over 40% of the total market share for B2C ecommerce in 2023 and will continue to grow at 20.2% CAGR from 2024 to 2030 (E-commerce Market Size, Share & Trends Analysis Report By Product, By Model Type (Business-to-Business, Business-to-Consumer, Consumer-to-Consumer), By Region, And Segment Forecasts, 2024 – 2030, 2024, GrandViewResearch.com). Taking advantage of this opportunity, WeShop hopes to expand globally in countries like Japan and South Korea.

**Online Travel**

Looking back at data from 2021 through 2023, according to GMinsights.com (Online Travel Market Size - By Services (Transportation, Accommodation, Tour Packages), By Mode of Booking (Online Travel Agencies, Direct Travel Suppliers), By Platform (Mobile-based, Web-based), By Traveler, By Application & Forecast, 2024 – 2032, June 2024, GMInsights.com), the global online travel market was continuing to recover post COVID19. In 2023, the global online travel market was valued at approximately $600.5 billion. The market is expected to continue its upward trajectory, with projections estimating a value of $1.1 trillion by 2032, growing at a CAGR of over 7% from 2024 to 2032. In the United States alone, the online travel market is estimated at $235 billion, with a CAGR of 9.8% from 2025 to 2029 according to MordorIntelligence.com (North America Online Travel Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2025 - 2030).

Loyalty programs in the travel sector were valued at $26.9 billion in 2023, with an estimated CAGR of 11.4% from 2024 to 2034 and are expected to reach $88.7 billion by the end of 2034 according to TransparencyMarketResearch.com (Travel Loyalty Program Market Outlook 2024, July 2024, TransparencyMarketResearch.com). This growth is driven in part by increased consumer engagement, advancements in digital technology, and consumer's desire for personalized travel experiences.

The critical trends identified in the industry include a growing preference for mobile-based bookings, accounting for over 55% of the market in 2023 which is one of the last eCommerce verticals to start shifting to mobile device formats from desktop according to GMInsights.com. (Online Travel Market Size - By Services (Transportation, Accommodation, Tour Packages), By Mode of Booking (Online Travel Agencies, Direct Travel Suppliers), By Platform (Mobile-based, Web-based), By Traveler, By Application & Forecast, 2024 – 2032, June 2024, GMInsights.com). WeShop's technology enables users to seamlessly transition from its platform into online travel providers such as Booking.com and Expedia.

In summary, it is WeShop's view that the online travel industry is poised for continued growth which is driven by technological advancements with many of WeShop's existing partnered retailers, increased demand for travel and favorable economic conditions.

**Share Ownership**

WeShop offers consumers a unique reward, enabling everyday shoppers and creators to start their journey into share ownership in a controlled and regulated format. According to AboutSchwab.com (The Rise of the Investor Generation, February 2021, AboutSchwab.com), around 15% of all retail investors today started in 2020. Retail investors continue to grow, accounting for 52% of the global Assets Under Management ("AUM") as of 2021, expected to grow to over 61% by 2030, according to weforum.org (A fresh look at how to empower retail investors, October 2022, weforum.org). The largest brokerage firms by AUM in 2024 are quickly becoming household name. According to InvestingInTheWeb.com (The Largest Online Brokers by AUM (2025), 2025, InvestingInTheWeb.com), Fidelity has over 51 million users and over $14.1 trillion AUM globally, Charles Schwab has over 36 million users and $9.92 trillion AUM globally, and newer firms like Robinhood have over 25 million users and $143.6 billion AUM. Platforms like Reddit have successfully created communities of retail investors with varying levels of knowledge; for example, as of 2024, the sub-reddit r/wallstreetbets has over 16 million members globally making it in the top 1% of sub-reddits by size.

WeShop's aim is to provide a platform that enables users to ultimately earn Class A ordinary shares for making their everyday purchases, and referring their friends and family to the platform.

**Loyalty Programs**

The global loyalty market is projected to grow by 11.1% annually, reaching $150.97 billion in 2024. According to Researchandmarkets.com (Global Loyalty Programs Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q3 2024 Update, September 2024, Researchandmarkets.com), from 2024 to 2028, the market is expected to maintain a Compound Annual Growth Rate (CAGR) of 9.5%. Companies continue to invest in loyalty programs, with 67% planning to boost investment in customer retention, and they are proving to be effective, with nine of ten companies reporting a positive ROI of average 4.8x according to Antavo.com (Loyalty Program Trends: Global Customer Loyalty Report 2024, January 2024, Antavo.com). According to Ebbo.com (54 Loyalty Program Statistics You Need to Know in 2023, 2023, Ebbo.com), 82% of consumers value discounts, coupons and cashback as the most important rewards, other desirable benefits include free or discounted shipping (57%), surprise rewards (28%), and members-only exclusive experiences (26%).

According to WeCanTrack.com (110 Cashback Website Statistics: Markets, Fraud & Impact, December 2023, WeCanTrack.com), total transactions processed by cashback websites exceeded $200 billion in 2023, with 7 out of 10 online shoppers in Europe using or have used a cashback site. As of 2024, the global average cashback rate sits around 6% of basket value.

***Equity Loyalty Programs for Consumers***

In recent years there have been several companies who have utilized their equity to incentivize consumers for transactional activity and referrals. There are examples of public and private companies giving shares in their own company as well as others using shares of other companies to drive user acquisition on their platforms. In tandem with such programs, the last ten years have seen an increase in crowdfunding, especially for consumer products as companies try to increase loyalty by allowing ownership and then granting additional shareholder perks to the users.

It is clear there are positive outcomes to such programs including:

● *Increased Customer Loyalty:* Consumers with a financial stake in a company are more likely to remain loyal and advocate for the brand.

● *Enhanced Engagement:* Shareholders are often more engaged with the company's performance and decisions.

● *Word-of-Mouth Marketing:* Equity rewards can turn customers into passionate advocates who refer friends and family.

● *Brand Ambassadorship:* Customers who feel like part-owners are more likely to promote the brand proactively.

Examples of such programs include:

*T-Mobile –* Sector: Telecommunications. Overview: T-Mobile launched the "Stock Up" program, where loyal customers received stock in the company. Customers could earn additional shares by referring new subscribers, turning them into brand advocates and shareholders. Factors contributing to their success include increased customer retention, organic growth through referrals, and enhanced customer loyalty.

*Domino's Pizza Inc –* Sector: Food Delivery. Overview: As part of the "Domino's Piece of the Pie Rewards" program, members were eligible to win shares of Dominos stock just for being part of the program. Factors contributing to their success include high customer engagement, increased brand loyalty, and alignment of consumer and company interests.

*BrewDog –* Sector: Craft Brewing. Overview: BrewDog, a Scottish craft brewery, launched its "Equity for Punks" program, allowing customers to buy shares in the company. This initiative has been highly successful, raising significant capital and creating a loyal customer base that feels personally invested in the brand's growth. Factors contributing to their success include an engaged community, transparent communication, and attractive shareholder perks.

*Robinhood –* Sector: Financial Services. Overview: Robinhood, a commission-free trading platform, offers a referral program where new users and those who refer them can receive free stocks. This approach incentivizes users to promote the platform, turning them into stakeholders. Factors contributing to their success include viral growth, customer acquisition, and alignment of user interests with company success.

**Peer to Peer Recommendations**

Peer to peer recommendations have been around for a long time with services such as TripAdvisor, with over 460m travelers looking for help when booking accommodation, early internet forums, and even book clubs. The internet has enabled services like TripAdvisor, Reddit, Trustpilot and Google reviews to be able to hear ideas, opinions and feedback on products, places and experiences.

According to research by McKinsey (A new way to measure word-of-mouth marketing, April 2010, McKinsey.com), a recommendation from a trusted friend conveying a relevant message can be up to 50 times more likely to trigger a purchase. As of 2020, word-of-mouth ("WOM") marketing contributes $6 trillion to global consumer sales and represents circa 13% of all consumer sales alone.

With 64% of marketing executives indicating they believe WOM marketing is the most effective form of marketing according to InvespCro.com (The Importance of Word Of Mouth Marketing – Statistics and Trends, February 2024, InvespCro.com), it is WeShop's belief that brands are already taking peer to peer recommendations as a serious tool in their marketing channel mix. WeShop's library of shoppable recommendations is a digital WOM platform, providing all the necessary functionality to deliver an experience where friends can share genuinely positive feedback and knowledge with each other.

**WHY WESHOP: FOR USERS, SHOPPERS, ADVERTISERS, COMMUNITES, AND CREATORS**

**Why Users Come to WeShop**

WeShop is a blend of trusted recommendations from friends, loyalty, and rewards for shopping and building a community through co-operative ownership. We believe that a product recommended by a friend is the one of the most effective forms of marketing. According to a report by Nielsen (Global Trust in Advertising and Brand Messages, April 2012, Nielsen.com), 92% of consumers trust WOM or recommendations from friends and family above all other forms of advertising.

Rewards and loyalty program usage continues to rise, according to Ebbo.com (54 Loyalty Program Statistics You Need to Know in 2023, 2023, Ebbo.com). Whether it be via cashback, points that convert into discounts or other unique rewards programs, these programs drive acquisition of users and retention. Over 80% of consumers belong to between one and six loyalty programs. Referral programs from people such as American Express continually drive new user registrations. Everyone loves a reward or a perk which they have not had to pay for.

The third element of WeShop's expected success is community through co-operative ownership. As one of the oldest business models in the world according to NCBACLUSA.coop, the co-operative has proven its merit through the test of time ("What we can learn from the Rochdale Pioneers", April 2019, NCBLUSA.coop). Interpretation and implementation of the co-operative in the WeShop eco-system distinguishes the Company to its community and from its competitors. WeShop users are receiving ownership of the platform they use in return for buying the items from retailers, recommending products and services that lead to a transaction and referring friends who then actively and transactionally join the community.

It is the ambition for the Company to have users and shareholders and for these users to drive the value of their own platform. WeShop believes this will demonstrate that consumerism through ownership within a regulated framework is a dynamic that other businesses can use.

**How to Earn WePoints**

● *Shopping:* Earn WePoints by completing transactions on the WeShop platform. If you spend $1,000 on a holiday via Booking.com and the Shareback rate on Booking.com is 10%, you will receive WePoints equal to 100 divided by the VWAP. VWAP will be the volume-weighted average price from the close of the previous full trading day. The WeShop Community Trust awards Class A ordinary shares to users who properly redeem their WePoints.

● *Referring:* Earn WePoints when you invite your friends to WeShop and they earn WePoints. If you invite a friend to WeShop and they earn 1,000 WePoints during their first twelve (12) months, you will earn 50 WePoints.

**Why Shoppers Come to WeShop**

**Unique Shareback Plan** 

WeShop's Shareback Plan rewards users for transacting or referring friends who transact on the platform. Upon listing in the U.S., WeShop will begin awarding WePoints instead of Contingent Shares. Each WePoint will be worth one Class A ordinary share in WeShop. Fractional shares will not be awarded. The WeShop Community Trust will award Class A ordinary shares to users who properly redeem their WePoints.

**Comprehensive Product and Retailer Range**

WeShop offers hundreds of millions of products from over 1,000 retailers so that shoppers can use a single platform for many of their shopping needs, from fashion and electronics to home goods and beauty products.

**Authentic Recommendations and Reviews**

WeShop leverages the power of social networking to provide shoppers with genuine product recommendations and reviews from trusted friends, influencers, and verified users. This peer-to-peer driven approach helps shoppers make informed decisions and increases their confidence in purchasing.

**Engaging Shopping Experience**

WeShop combines e-commerce with social media, creating an interactive and engaging platform. Features such as video content, and influencer collaborations make the shopping experience more dynamic and enjoyable.

● Community and Social Interaction

WeShop fosters community by allowing shoppers to connect with others who share their interests. Users can participate in discussions, and share their favorite products, enhancing the social aspect of shopping.

● Transparency and Trust

WeShop prioritizes transparency, offering clear information about products, prices, and the Shareback Plan. This openness builds trust among shoppers, who feel confident in the platform's integrity.

● Shared Interests Driving Commerce

According to "Brand Advocacy and Social Media - 2009 GMA Conference" from Deloitte, customers referred by friends and family have a 37% higher retention rate than those acquired through other marketing methods. WeShop's platform brings people together who share interests, building a self-perpetuating environment for shoppers to continuously inspire each other.

● Product-led Content

All content on the WeShop platform is driven by products and services. Users cannot post recommendations without tagging a product from one of WeShop's partner retailers, ensuring every post to be relevant to a particular product. WeShop had over 150,000 Social Interactions during its Pilot and has had approximately 2,500 Social Interactions since the Pilot. This is lower on average than the Pilot because the Company's focus has shifted towards expanding into the U.S.

● Authenticity and Integrity

Authenticity and integrity are issues for social media services. Facebook removed 7 million posts containing false information about COVID-19 in just one quarter of 2020 according to Reuters (Facebook removes seven million posts for sharing false information on coronavirus, April 2020, Reuters); despite these efforts, a survey by Statista.com in April 2018 found that 69% of Americans believe social media platforms are not doing enough to prevent the spread of misinformation (Are social media sites like Facebook and YouTube currently doing enough or not doing enough to stop the spread of fake news on their sites?, April 2018, Statista).

**Why Advertisers Come to WeShop**

A number of WeShop's top performing retailers pay repeatedly to advertise on the platform including John Lewis, Boots, eBay, Dunelm, Booking.com, and TEMU for the following reasons:

***Proven Return on Investment (ROI) and Conversion Rates***

WeShop consistently delivers ROI and conversion rates that lead to repeat campaigns. This ensures advertisers maximize their marketing spend and achieve their sales objectives. For example, eBay maintained an average conversion rate of 97% during its advertising campaigns with WeShop in 2024. eBay's 2023 advertising campaign with WeShop saw an 73% average conversion rate. TUI, a major airline retailer, has also invested in advertising on WeShop and seen average conversion rates of around 11%. During the first three months of their advertising campaign with WeShop, TUI's revenue increased 56% versus the prior three-month period, from less than £800,000 to over £1.2M.

***Extensive User Base and Rapid Growth***

With an expanding user base, WeShop provides advertisers access to a growing audience. This growth translates to increased exposure and potential sales for advertisers.

***Robust Affiliate Network Partnerships***

WeShop has established partnerships with major affiliate networks that allow the platform's ability to offer a wide range of products and services, making it a go-to destination for consumers and an attractive venue for advertisers.

***Integrated Social Shopping Experience***

WeShop combines the power of social media with e-commerce, creating a genuinely shoppable social network primarily incentivizing User-Generated Content. Advertisers benefit from the platform's unique rewards model, where users can become shareholders by simply shopping, fostering a loyal and invested community that is more likely to engage with advertised products.

***Alternative Reward Offering***

WeShop offers a new loyalty and rewards space that breeds a new type of customer with an alternative purchasing ethos.

**Leveraging WeShop's Social Commerce Ecosystem**

*Peer Influence and Recommendations:* Ads benefit from the credibility of peer recommendations and User-Generated Content within WeShop's social commerce environment.

**Ability to Connect with High-Level Audiences Seeking Recommendations on Path to Purchase**

WeShop's platform connects with high-level audiences seeking informed recommendations throughout their purchasing journey. This capability is pivotal for advertisers aiming to reach discerning consumers who value peer insights, genuine User-Generated Content and expert opinions.

**Tenancy Exposure Bookings**

● Premium placement opportunities

WeShop allows advertisers to secure premium placements on the platform. These include prominent spots such as homepage banners, category highlights, and featured product sections, ensuring maximum visibility to its highly engaged user base.

● Exclusive tenancy deals

WeShop offers exclusive deals tailored to specific brands or product categories. These deals offer advertisers dedicated exposure for set periods, driving significant traffic and sales during promotional windows.

● Seasonal and event-based tenancies

Leveraging critical shopping periods and events, WeShop provides seasonal and event-based tenancy packages. These targeted opportunities allow brands to capitalize on peak shopping times, such as holidays and major sales events, ensuring high visibility when user activity is at its peak.

**Integrated Affiliate Marketing**

● Seamless integration with affiliate networks

As an Affiliate Marketing publisher, WeShop offers seamless integration with major affiliate networks. This allows advertisers to maximize their ROI through effective Affiliate Marketing campaigns.

● Extensive product range

WeShop's network includes over 500 retailers, offering various products for users to discover and purchase. This vast selection supports continuous engagement and conversions, driving revenue from the affiliate networks.

**Community Engagement and Support**

● User-Generated Content

WeShop's platform encourages User-Generated Content, such as reviews and recommendations. Buyers trust this peer-driven content, which significantly influences purchasing decisions, enhancing the effectiveness of advertising campaigns.

In conclusion, WeShop's advertising solutions offer advertisers a platform to achieve impactful growth. Through advertising capabilities, premium tenancy exposure, data insights, integrated Affiliate Marketing, and robust community engagement, WeShop delivers a unique channel for advertisers. WeShop's commitment to user privacy and data security ensures advertisers can leverage valuable insights while maintaining high standards of data usage. WeShop continues to innovate and expand its offering in hopes to remain a leading platform for advertisers seeking to connect with an engaged and authentic audience.

**Advertiser Success Story: eBay**

**Testimonial and Performance Overview**

The partnership between eBay Partner Network and WeShop has exemplified the impactful and sustainable growth that its platform can drive for advertisers. Matt Cochrane, Senior Account Manager at eBay, highlights the unique advantages of WeShop in the following testimonial:

*"eBay Partner Network's partnership with WeShop has resulted in impactful and sustainable growth throughout 2023. Their unique in-app experience brings together the world of loyalty and user influence, allowing us to pinpoint enthusiast buyers through engaged and passionate community recommendations, in tandem with maximizing sales through 'customer first' incentives."*

**Progressive Year-Over-Year Performance**

The collaboration with eBay Partner Network has yielded outstanding year-over-year performance metrics, showcasing the significant return on investment (ROI) achievable through WeShop's platform:

● *Total YoY Clicks: Increased by 492%* 

*●* *Total YoY Sales:* Increased by 804%

*●* *Total YoY Revenue:* Increased by 645%

These figures emphasize the effectiveness of WeShop's unique approach to integrating loyalty programs with User-Generated Content and community-driven recommendations.

**Key Factors Driving Success of Campaigns**

There are a number of reasons for the platform driving success for eBay including:

*Engaged and Passionate Community:* WeShop's platform harnesses the power of a highly engaged community where users actively share recommendations. This peer-to-peer content is trusted by buyers, leading to higher conversion rates and increased sales for advertisers like eBay.

*Customer-First Incentives:* WeShop's Shareback Plan rewards users for their shopping and engagement activities by ultimately offering Class A ordinary shares in the Company. This innovative approach boosts user loyalty and drives consistent traffic and purchases, benefiting advertisers with sustained growth.

*Targeted Advertising:* By leveraging detailed user insights and behavioral data, WeShop enables advertisers to target specific enthusiast buyers effectively. This precision targeting ensures that ads reach the most relevant audience, enhancing engagement and driving sales.

*Seamless Integration:* The seamless integration of WeShop's capabilities with eBay's extensive product range ensures a smooth and effective marketing process. This integration allows for efficient tracking and optimization of affiliate campaigns, maximizing ROI.

In conclusion, the partnership between eBay Partner Network and WeShop is a compelling example of how its platform drives ROI and sustainable growth for advertisers. The year-on-year increases in clicks, sales, and revenue highlight WeShop's ability to deliver impactful results through its unique blend of community engagement, targeted advertising, and innovative incentive program. As it continues to enhance its platform and expand partnerships, WeShop is well-positioned to offer advertisers opportunities for growth and success.

**Why Communities Come to WeShop**

Communities are drawn to WeShop for various compelling reasons, making the platform an attractive and engaging destination for social shopping and interaction. Here are the key reasons:

**Collaborative Shopping Experience**

● Interactive and Social

WeShop offers a unique social shopping experience where users can share, recommend, and discuss products. This collaborative approach transforms shopping into an interactive activity, fostering a sense of connection and engagement among users.

● Peer to Peer Recommendations

Users benefit from authentic recommendations and reviews from fellow users and trusted influencers. This peer-driven approach helps users make informed purchasing decisions, enhancing trust and satisfaction.

**Innovative Shareback Plan** 

The Shareback Plan allows users to ultimately receive Class A ordinary shares in WeShop by transacting and referring friends who transact on the platform. This innovative incentive rewards users and gives them ownership in the platform, encouraging loyalty and continued participation.

**Wide Range of Products**

● Diverse selection

WeShop offers a broad range of products from over 500 retailers via its partnered affiliate networks. This extensive selection ensures that users can find products that suit their interests and needs, making WeShop a one-stop shop.

● Exclusive deals and offers

Users frequently benefit from exclusive deals and special offers. These perks add value to the shopping experience, encouraging users to engage more regularly with the platform.

**Trustworthy and Transparent Environment**

● Verified users

For users to receive Class A ordinary shares via the Shareback Plan, they must provide information required by "know your customer" regulations such as proof of address and identity. This ensures that users participating in the Shareback Plan are genuine individuals. This verification process builds trust and credibility, making interactions and recommendations more reliable.

● Transparency

WeShop prioritizes transparency in its operations by offering clear information about products, prices, and the Shareback Plan.

**Community Building and Social Interaction**

● Connection and networking

WeShop fosters a strong sense of community by enabling users to connect with others who share similar interests. Users can participate in discussions, and share their favorite products, enhancing the social aspect of shopping.

● User-Generated Content

The platform encourages users to create and share recommendations. This User-Generated Content enriches the community and provides valuable insights and recommendations for other users.

**Community Success Story: Salford City FC**

![](formdrs_022.jpg)

During the Pilot, we commenced a program with Salford City FC. The aim of the program was threefold:

● Increase future revenue for the club.

● Reward their loyal fan base.

● Increase Salford City FC's exposure outside of their fan base.

Salford City FC is a professional football club in the English second division. They are led by David Beckham and Gary Neville, Chairman of Consello Sports in the UK. Additional owners include Dream Sports Group (India's leading sports technology company), Colin Ryan (Founder, Clipper Street Capital), Frank Ryan (Global Co-Chair, Global Co-CEO, and Americas Chair, DLA Piper), Nick Woodhouse (Executive Vice Chairman, Authentic Brands Group), and Shravin Mittal (Founder of Unbound).

WeShop partnered with Salford City to enable the organization to monetize on the shopping habits of its fans. Salford communicated to their fan base to use the WeShop platform and in exchange received a referral bonus of 2.5% of their fan base's spend for five years. For example, if a Salford fan signed up for WeShop using Salford City's Referral Code and spent £1,000 per annum in transactions on WeShop during their first five years, Salford would receive twenty-five shares assuming the average share price at the times of those respective transactions was £5. This is calculated as £5,000 \* .025 / £5. Salford City was the only user relationship that resulted in a variation of the Shareback Plan. WeShop may partner with other, non-social media influencing organizations or users like Salford City as part of its business going forward, though it does not currently partner with any other such users or organizations.

The extrapolation of this is large and ultimately benefits the fans by earning WePoints for their everyday shopping and financially helping the clubs with whom the fans have a relationship. We believe the opportunities to replicate this for any collective community cause or initiative are endless. When a community collectively supports a cause in this way, several benefits can arise, including:

*Amplified Impact*: Pooling resources from many individuals can lead to significant financial support, making it possible to achieve larger goals and undertake bigger projects than would be feasible otherwise.

*Shared Ownership and Engagement:* When people contribute financially, they often feel a sense of ownership and responsibility towards the cause, increasing overall engagement and participation in related activities.

*Enhanced Community Bonds:* Working together towards a common goal fosters a sense of solidarity and strengthens relationships within the community, promoting social cohesion.

*Sustainability and Stability:* Regular contributions from a broad base of supporters can provide a more stable and predictable funding stream, helping to ensure the long-term sustainability of the cause.

*Empowerment and Agency:* Communities that successfully support a cause financially can feel empowered, as they see tangible results from their collective efforts, reinforcing their capacity to drive change.

These benefits illustrate how collective support can be a powerful mechanism for advancing community goals and fostering a strong, unified, and active community.

**Why Creators Come to WeShop**

Creators are drawn to WeShop for several reasons, making it an ideal platform for promoting their content, growing their audience, and leveraging a supportive community. Drawing insights from the success of platforms like TikTok Shop, Like to Know It, Amazon Marketplace, and Meta, WeShop offers unique advantages tailored to creators' needs.

***Monetization Opportunities***

*Extensive Product Choice:* WeShop's extensive network of over 500 retail partners ensures a wide variety of products for creators to promote. This enables them to align their content with their brand and audience interests, maximizing 3their rewards.

*Comparable Successes:* Platforms like TikTok Shop and Like to Know It have demonstrated the potential of creator-driven e-commerce. TikTok Shop integrates shopping with short-form video content, enabling creators to drive sales directly through engaging videos. Like to Know It provides a space where influencers can link products featured in their posts, earning commissions on sales. These successful models reinforce the effectiveness of WeShop's monetization strategies, further attracting creators seeking similar opportunities with the added benefit that the audiences of the creators will receive WePoints for their shopping.

***Strong Community and Support***

*Collaborative Environment:* WeShop fosters a supportive community where creators can connect, share insights, and collaborate. This sense of community helps creators feel supported and inspired, promoting creativity and innovation.

*Educational Resources:* The platform provides workshops and seminars, helping creators improve their content creation, and overall performance. These resources empower creators to maximize their potential on the platform.

***Authentic Content***

*User-Generated Content:* WeShop encourages User-Generated Content and allows creators to share authentic product recommendations. This approach builds trust with their audience and enhances the credibility of their recommendations.

*Comparable Successes:* TikTok's focus on short-form, engaging content has shown the power of innovative content formats in driving user engagement and sales. Like to Know It leverages high-quality imagery and influencer credibility to boost product visibility and conversions. These successful strategies are mirrored in WeShop's approach, emphasizing the importance of creative content in e-commerce.

***Integration with Social Media***

*Simple Sharing:* WeShop enables creators to easily share their content and promotions across social media platforms, including Meta's Facebook and Instagram. This capability expands their reach and drives traffic back to WeShop.

*Comparable Successes:* Amazon Marketplace has integrated with various social media platforms, allowing influencers to promote products directly to their followers. Meta's social media ecosystem enables seamless sharing and advertising that drives traffic and sales.

In conclusion, creators come to WeShop for extensive product and retailer range, allowing them to tag products in their User-Generated Content. By providing a platform that caters to creators' needs and leveraging successful elements from leading platforms such as TikTok Shop, and Amazon Marketplace WeShop enables creators to promote to their audiences with the buyer receiving WePoints for making the purchases.

***Founder Program***

The WeShop Founder Program was an innovative referral program for incentivizing and rewarding early adopters and active users. The program drove user engagement by offering unique benefits and opportunities which contributed to the platform's growth. In a world where the word "influencer" has been defined as people with large followings on social media, WeShop believes that everyone is an influencer and as such it removes all barriers to entry to allow people to create product recommendations and refer friends. The Founder Program was inclusive no matter the size of the following of the individual on social media.

*Community and Networking Opportunities:* The program fostered a strong sense of community by connecting early adopters with like-minded individuals. Founders could network, share insights, and collaborate, which built a vibrant community of engaged users.

*Enhanced Support and Resources:* WeShop offered enhanced support to participants in the Founder Program, including dedicated customer service and access to resources designed to help them maximize their potential on the platform.

In conclusion, the WeShop Founder Program's success in driving user acquisition cemented its status as an impactful initiative.

**Why Investors Come to WeShop**

WeShop has created a low-cost operating model utilizing the fulfilment, payment mechanisms and regulation of third parties while simultaneously being enabled to use the gift of equity from the founders for user acquisition, retention and organic referral. The biggest cash expense for online retail, social media and general "internet of things" businesses is the Customer Acquisition Cost (CAC) and then mapping this against Lifetime Value to ascertain whether it is a sustainable and profitable business model. The cost of user acquisition is borne by existing shareholders via the WeShop Community Trust where approximately 50% of the Company will have been placed. There is no cash cost to WeShop to reward the community for their various transactional behaviors. We currently contemplate that the WeShop Community Trust will transfer Class A ordinary shares that will be outstanding prior the commencement of this offering. However, we may in the future issue Class A ordinary shares to our users or issue such additional Class B ordinary shares to the WeShop Community Trust for transfer to our users. Any subsequent transfer of additional Class A ordinary shares, including by way of fundraising or issuing Class A ordinary shares to employees as compensation, will dilute any existing shareholders. For more information, see "Risk Factors—Risks Related to this Offering and Ownership of Our Class A Ordinary Shares—You may be diluted by future issuances of preferred shares or additional Class A ordinary shares in connection with our incentive plans, acquisitions or otherwise; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our share price."

From an operational standpoint, WeShop is not involved in the ordering, fulfilment, returns policy or taking payment for the retail items. The retailer of these goods or services agrees to pay WeShop a fee for driving traffic to their platforms via the affiliate networks that leads to a successful transaction. Any costs of the movement of the ordinary shares from the WeShop Community Trust to the users are covered by the WeShop Community Trust. A brokerage firm that deals with users bears its own regulatory and infrastructure costs for onboarding and dealing with the user on an ongoing basis.

In summary, WeShop has created a business model utilizing existing infrastructure and regulation for the safety of its community which is scalable by jurisdiction and product offering.

**CONTENT MODERATION**

**Layers of Moderation as Standard**

WeShop are committed to building a digital environment that is not only safe for consumers, but safe for brands and all other stakeholders of the platform. The platform is built on knowledge, expertise and opinion, specifically retail and travel recommendations. WeShop's layered approach to moderation is treated at user-level and platform-level control. This approach gives users full flexibility on what they want to see and what they do not want to see.

At an individual level, the platform shares many of the standard functions expected in a social network, including, but not limited to, flagging social posts for manual review, reporting other users and blocking other users to prevent any further interaction. WeShop is aware that opinion drives decisions when moderating content, especially in today's culture with such polarizing views on what is suitable for the public eye. This ever-changing culture means WeShop's individual-level moderation approach is scalable and gives its internal team an ability to manage negative content by exception.

WeShop's content review team continuously review content as it is submitted. At a platform level, it can review content in the context of the post and make immediate decisions to whether that content breaches its detailed Community Guidelines. The Community Guidelines were collaboratively developed with content creators, commercial team, content review team and product team to ensure they are protective, rather than restrictive. They do not limit creativity, but still align to WeShop's core beliefs and remain brand safe for its retail partners.

While WeShop's user-level moderation has continued to protect the platform from content that breaches its Community Guidelines, it is aware of cases that require manual intervention. WeShop's Community Guidelines govern all content posted on WeShop; any disputes related to content submitted on WeShop will be managed according to these Community Guidelines.

The Community Guidelines detail a variety of topics and prohibit negative content such as violence, criminal behavior, objectionable content and making sure every post is authentic. WeShop appreciates there is a level of tolerance that it has to come to expect when building a social platform with such a wide variety of products available.

WeShop's Community Guidelines has tried to be exhaustive of every potential situation that can occur on its social platform, however it may still not be able to adequately prevent and cover every situation. Occasionally, WeShop users and its Content Review Team may be forced to make difficult moderation decisions that might not directly violate our Community Guidelines and whereby WeShop users may disagree, related to content that is publicized or controversial, including those that result in the departure, disengagement or 'boycotting' of the WeShop platform.

**Summary of Community Guidelines**

WeShop's Community Guidelines have been designed to help its users and other parties understand what's allowed, and what's not allowed on WeShop. WeShop will constantly review and refresh its Community Guidelines to improve the service for everyone, making sure the content is relevant to WeShop and appropriate for everyone to enjoy.

WeShop is aware as a recommendation site, with a variety of products and services available to purchase, that it is subject to the context of that review. WeShop addresses this in its Community Guidelines, with references to more complicated topics such as violence in video games, drug paraphernalia, information and research into criminal activity or hate groups, medicinal products in a graphic setting, explicit, suggestive and demonstrative adult content, dangerous activities and eating disorders.

**REVENUE GROWTH**

**The Future of the WeShop Platform and Monetization**

WeShop's future monetization strategy is built on two key pillars: Affiliate Revenue and Advertising. Each of these areas leverages WeShop's unique position as a publisher in Affiliate Marketing and maximizes the opportunities presented by its platform's capabilities.

**Summary of WeShop's Existing Revenue Streams**

WeShop has two existing revenue streams.

1. Affiliate Sales Revenue

Every time a user purchases an item through WeShop, the retailer pays a commission to the respective affiliate networks who pays a percentage to WeShop. WeShop does not partner with any retailers. The commission WeShop receives for a given transaction depends on the percentage paid by the retailer to the affiliate network and the percentage paid by the affiliate network to WeShop. Both rates can vary based on the amount of the transaction, the timing of the transaction, the retailer or affiliate network, and, in some cases, the product category; for example, an online department store may pay a different commission rate to an affiliate network for clothing as opposed to electronics even though it is a single retailer. Timing is a factor because retailers occasionally offer increased commission rates to drive sales, and affiliate networks offer higher rates for publishers that transact in higher volumes—thus, WeShop could receive better rates from affiliate networks as its GMV increases. In addition to paying WeShop a percentage of the commission received from retailers, the affiliate networks also provide data to allow the WeShop Community Trust to administer the Shareback Plan. Once a transaction has been verified, the affiliate networks inform WeShop, who informs the WeShop Community Trust, of each user's earned WePoints. WeShop is integrated with major affiliate networks including Awin, Commission Junction, Affiliate Window, Rakuten and Impact Radius.

![](picture_006.jpg)

Relationship Between Retailers, Affiliate Networks, and WeShop

Data Flow Between Retailers, Affiliate Network, and WeShop

Funds Flow Between Retailer, Affiliate Network, and WeShop

2. Affiliate Advertising Revenue

WeShop offers the opportunity for retailers to position their brands and live click through links to their sites in prominent positions on the platform for which they charge a digital tenancy via the affiliate network. Prominent positions include homepage banners, category highlights, and featured product sections. The affiliate networks pay a percent of the digital tenancy fees to WeShop on a monthly or bi-monthly basis. During the Pilot, major retailers paid for tenancy including eBay, TEMU, Ali Express, TUI, Very, JustEat, Look Fantastic, Superdrug, Lastminute.com, Nike, Harvey Nichols and First Choice.

*Expansion of Tenancy Exposure Bookings:* WeShop can expand tenancy exposure bookings to offer premium placement opportunities. Brands can secure prominent spots on the platform, such as homepage banners, category highlights, and featured product sections, ensuring maximum visibility to its engaged user base.

*Exclusive Tenancy Deals:* WeShop will introduce deals tailored to specific brands or product categories. These deals offer brands dedicated exposure for set periods, driving significant traffic and sales during the promotional window.

*Seasonal and Event-Based Tenancies:* WeShop will continue to offer seasonal and event-based tenancy packages, leveraging critical shopping periods and events. These targeted opportunities allow brands to capitalize on peak shopping times, ensuring high visibility when user activity is at its peak.

![](picture_008.jpg)

In conclusion, the future of the WeShop platform and its monetization strategy is robust and multifaceted, focusing on Advertising and Affiliate Revenue. Enhanced advertising capabilities expanded tenancy exposure bookings, and dynamic ad placements will drive increasing ROI for advertisers.

**USER GROWTH**

**WeShop's Strategy for Growing Users**

Expanding WeShop's presence internationally is a critical component of its growth strategy. By entering new markets, WeShop aims to increase its user base, enhance brand recognition, and drive revenue growth. WeShop's approach to international expansion involves several strategic initiatives:

**Market Research and Localization**

● *In-Depth Market Research:* Before entering a new market, WeShop will conduct thorough market research
 to understand local consumer behaviors, retailer preferences, and cultural differences. This
 research will help WeShop tailor its offerings to meet users' specific needs and expectations
 in each market.

● *Localization of Content and Services:* WeShop will prioritize localizing content and services to ensure
 a regionally specific user experience. This includes translating the platform into local
 languages, adapting marketing materials, and offering region-specific products and deals.

**Strategic Partnerships and Collaborations**

● *Building Local Partnerships:* WeShop seeks to establish strategic partnerships with local brands,
 influencers, and affiliate networks to help it build credibility and trust in new markets
 while expanding its product range and user base. Partnering with local influencers and creators
 allows WeShop to leverage their established audiences for faster market penetration.

● *Collaborating with Global Brands:* WeShop collaborates with global brands such as Booking.com, Macy's,
 Samsung, Estee Lauder, Viator, Lego and Microsoft. These collaborations enable it
 to offer a diverse selection of popular products, attracting users who are familiar with
 and trust these brands.

● *Affiliate Network Partnerships:* WeShop has partnered with top affiliate networks, ensuring a broad
 and diverse range of products and services.

These partnerships include:

● Commission Junction

● Rakuten

● Impact Tech, Inc. ("Impact")

● Awin AG ("Awin")

● FlexOffers

These affiliate networks help WeShop expand its reach and offer various products, enhancing the user experience and driving significant revenue growth. Two of our affiliate network agreements accounted for more than 70% of our revenue in 2024. These agreements are described below and filed as exhibits to the registration statement of which this prospectus forms a part.

We are party to a publisher service agreement with Awin. This agreement allows retailers that partner with Awin to offer their products and services, as well as purchase advertising space, on the WeShop platform. In return, Awin pays WeShop a percentage of the commissions it receives from its retail partners for the sales of products and services, as well as their purchase of advertising space, by retailers on the WeShop platform. The percentage of the commissions paid is dependent on the retailer or advertiser and can fluctuate. Awin also provides WeShop with data on the activities of WeShop users who navigate from the WeShop platform onto Awin's retail partners' sites. This agreement does not create any contract between WeShop and Awin's retail partners. Awin is not responsible for verifying the advertisements of its retail partners, nor does it assume any liability for their products and services. Awin can modify this agreement by providing fourteen (14) days' notice to WeShop. Awin can terminate this agreement by thirty (30) days' written notice or immediately if we materially breach the agreement or do not generate any commissions for six (6) months. The Awin publisher service agreement has an indefinite duration—it remains effective until either party terminates it pursuant to its terms or a force majeure event occurs that continues for six months.

We are a party to a partner user agreement with Impact. This agreement allows retailers that partner with Impact to offer their products and services, as well as purchase advertising space, on the WeShop platform. In return, Impact pays WeShop a percentage of the commissions it receives from its retail partners for the sales of products and services, as well as their purchase of advertising space, by retailers on the WeShop platform. The percentage of the commissions paid is dependent on the retailer or advertiser and can fluctuate. Impact also provides WeShop with data on the activities of WeShop users who navigate from the WeShop platform onto Impact's retail partners' sites. This agreement does not create any contract between WeShop and Impact's retail partners. Impact is not responsible for verifying the advertisements of its retail partners, nor does it assume any liability for their products and services. Impact may terminate the agreement by providing us with ten (10) days' written notice of our uncured breach of the agreement, for any reason with thirty (30) days' written notice, or immediately if we do not generate any commissions for one hundred and eighty (180) days. The Impact partner user agreement has an indefinite duration—it remains effective until either party terminates it pursuant to its terms or a force majeure event that prevents Impact from performing its obligations under the agreement.

**Tailored Marketing Campaigns**

● *Localized Marketing Strategies:* WeShop plans to develop tailored marketing campaigns that
 resonate with local audiences. By understanding cultural differences and preferences, it
 will create content and promotional offers that appeal to users in each market. These localized
 campaigns help build brand awareness.

● *Influencer Marketing:* Leveraging influencer marketing is crucial to WeShop's international
 growth strategy. By partnering with influential local personalities, it can reach new audiences
 effectively. Influencers help WeShop build credibility and generate buzz around WeShop, driving
 user engagement and adoption.

**Technological Infrastructure and Support**

● *Scalable Technological Infrastructure:* WeShop continues to invest in scalable technological infrastructure
 to support rapid international growth. The platform is designed to handle increased traffic
 and transactions as it expands into new markets.

● *Customer Support and Community Management:* Customer support and community management are vital
 for user retention. WeShop will establishes local customer support teams to address user
 inquiries and issues.

In conclusion, WeShop's strategy for growing its international user base includes in-depth market research, localized content and services, strategic partnerships, tailored marketing campaigns, and robust technological infrastructure. WeShop's focus on regulatory compliance, phased market entry, community building, and expanding the Shareback Plan further supports its growth objectives. Through these efforts, WeShop aims to create a global community of engaged users, driving its platform's success and solidifying its position as a leader in the social commerce space.

**COMPANY STRUCTURE, INTELLECTUAL PROPERTY, AND OPERATIONS**

**Organization Structure**

![](formdrs_026.jpg)

**Intellectual Property**

We have successfully registered the trademarks "WeShop", "Shareback", "This is How" and "WeShare" across multiple global jurisdictions.

**Property and Equipment**

Our principal executive offices are located in Jersey, Channel Islands which we lease. We also lease office spaces in Manchester, United Kingdom and London, United Kingdom.

**Employees**

As of October 7, 2025, we had 19 full-time employees and five full-time, direct contractors. We also had 13 full-time contractors whom we hired through a third-party agency.

**Corporate Information** 

Boanerges Limited ("Boanerges") was a British Virgin Islands registered company which listed as a special purpose acquisition company on the London junior market called Aquis on April 23, 2021. On November 17, 2021 Boanerges' shareholders approved the acquisition of the business, assets and name of WeShop Limited and subsequent to the transaction closing, Boanerges was renamed to WeShop Holdings Limited ("Asset Acquisition"). WeShop Limited was incorporated as a UK company on September 21, 2012. It had developed a software platform and various IP surrounding a social commerce platform.

**MANAGEMENT**

The following sets forth the names and functions of the current members of our Board and our senior management.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| John Foley | 69 | Chairman |
| Paul Ellerbeck | 49 | Chief Executive Officer and Director |
| Johnny Hickling | 33 | Chief Financial Officer and Director |
| Paul Teasdale | 58 | Director |
| Andrew Fearon | 55 | Director |
| Oliver Egerton-Vernon | 42 | Director |
| Oana Crisan | 41 | Director |

---

The business address of the members of our Board and members of our senior management is the same as our business address: Hawk House, 22 The Esplanade, Jersey, JE1 1HH, Channel Islands.

The following is a brief summary of the business experience of the members of our Board:

**John Foley** has served as Chairman of the Board since December 2024. Mr. Foley is a qualified Barrister and Chartered Accountant and is an experienced investor and public and private company director having served on a continuous basis on a number of UK listed public company Boards for a period of over 30 years. He was Chief Executive of two UK listed public companies between 1992 and 2006 and Chairman of three UK listed public companies between 2007 and 2022. He has considerable experience of developing businesses into larger, successful operations which are then attractive to institutional owners. He was a co-founder and Chairman of Premier Technical Services Group Ltd which is a multinational, multi-disciplinary building compliance services provider and which has since 2021 been majority owned by Warburg Pincus and Macquarie Capital. He was Chairman of SEC Newgate Group which is a global strategic communications and advocacy services provider until 2023 when Investcorp became its majority owner. He is currently an investor in a number of private companies which are in the early stages of development.

**Paul Ellerbeck** has served as a director on the Board since November 2021 as well serving the business in executive capacities for numerous years as both CTO and CEO with a primary focus on the build of WeShop's first-class innovative technology platform. Mr. Ellerbeck is a technologist with a career spanning three decades and has participated in the development of some genuine "world firsts" namely with Sir Stelios Haji-Ioannou's easyGroup incubator, the group responsible for developing the famous easyJet product amongst delivery of other easyGroup technology businesses. Mr. Ellerbeck was CTO at DMGT's (Daily Mail and General Trust) where he was the CTO within the leadership of which aided, oversaw and delivered the DMGT acquisition of Zoopla which ultimately led to the successful float of the newly enlarged ZPG, (Zoopla Property Group) on the LSE for £919m. Mr. Ellerbeck's technology career has spanned large enterprises in the PE space as well as SME and startup's, building technology products in the Fintech, Proptech, automotive, e-Learning and digital publishing verticals. Mr. Ellerbeck was the CTO of the fastest growing UK website Fish4Jobs in 2007.

**Johnny Hickling** has served as a director on our Board since July 2025 and as our Chief Financial Officer since August 2025. From January 2024 until May 2025, Mr. Hickling was Group Head of Treasury at Sancus Lending where he managed multi-jurisdictional funding lines (£200m AUM) across the UK, Ireland, and the Channel Islands, optimized funding allocations, and supported strategic decision-making. From April 2019 until January 2024, he served as Management Accountant at Carlton Management Services/Somerston Family Office, overseeing treasury and financial analysis for a large US real estate development and leading IT system improvements. Earlier in his career, Mr. Hickling worked at KPMG Channel Islands as an Assistant Manager in Advisory & Audit and at Deutsche Bank as a Business Manager & Financial Analyst. Mr. Hickling is also a Fellow of the Association of Chartered Certified Accountants.

**Paul Teasdale** has served as a director on our Board since May 2025. Mr. Teasdale is the co-founder, former CEO, and current executive chairman of Premier Technical Service Group Limited ("PTSG"). PTSG is a provider of multiple specialist services to the construction and facilities management sectors that now employs more than 3,000 people across the UK and Europe. Mr. Teasdale served as the CEO of PTSG for more than 16 years until April 2023 when he began his current role as executive chairman. Mr. Teasdale led PTSG during its two major ownership changes in 2018 and 2021 which valued PTSG at an enterprise value of approximately £1bn.

**Andrew Fearon** has served as a director on our Board since October 2020. Mr. Fearon is the joint CEO and founder of Titan Wealth group which he launched in July 2021. The business, which is backed by US private equity Parthenon Capital and Ares Management, offers clients all aspects of wealth management and currently manages more than £38bn of assets both in the UK and internationally. Mr. Fearon also runs a family office with his business partner called Hyperion Equity Partners that specializes in buy and build strategies in fragmented sectors in the UK. Mr. Fearon started his career as a corporate lawyer in London and since 2000 has been involved in several business start-ups and growth capital ventures.

**Oliver Egerton-Vernon** has served as a director on our Board since October 2020. Since February 2017, Mr. Egerton-Vernon has also served as a director on the Board of Garfield-Bennett Trust Company (a regulated corporate services provider based in Jersey) where he has practiced since 2013. Mr. Egerton-Vernon is a qualified English Solicitor and between 2009 and 2013 practiced with Mourant Ozannes in Jersey. Prior to this, Mr. Egerton-Vernon qualified and practiced in the City of London with Taylor Wessing. Mr. Egerton-Vernon has been involved in several significant legal cases in Jersey (including attendance at all levels up to the Privy Council) as well as in England and Wales.

**Oana Crisan** has served as a director on our Board since October 2020. Since March 2018, Mrs. Crisan has also served as a director on the Board of Garfield-Bennett Trust Company (a regulated corporate services provider based in Jersey). Prior to joining Garfield-Bennett Trust Company in 2016, Mrs. Crisan worked at Coutts & Co Trustees which she joined in 2010. Mrs. Crisan started her career in Brasov, Romania working for both Raiffeisen Bank and Millennium Bank before joining a public authority.

The following is a brief summary of the business experience of the members of our senior management not included above:

**Philip** **Radden** has served as WeShop's Chief Technology Officer since March 2022. From March 2014 to January 2022, he was Solutions Architect and then Chief Technology Officer at Epropservices, a technology media and branding provider to UK and international real estate businesses. From October 2012 until February 2014, he was Software Development Director at Learndirect Limited, the UK's largest provider of skills, training and employment services. Previously to that, he was Group Chief Architect at The Digital Property Group, responsible for the UK's third and fourth most visited property websites, from January 2011 to September 2012.

**Francis McNeill** has served as WeShop's Head of Operations since July 2023. Previously, he served as WeShop's Head of Customer Services from June 2021 to June 2023. From Oct 2018 to May 2021, Mr. McNeill ran his own management consultancy company. From January 2010 to May 2018, Mr. McNeill served as Head of Operations at Claims Advisory Group, a UK financial mis-selling claims company. Prior to 2010, Mr. McNeill worked at Halifax PLC and subsequently Lloyds Banking Group, where he held various operational management roles across the retail banking, motor finance and e-commerce divisions between July 1990 and December 2009.

**John Garner** is a founder of WeShop and has served as Head of Strategy and Vision since inception. Mr. Garner served as a director on the Board of WeShop from March 2022 until February 2024. Mr. Garner has been involved in the marketing and commercial development of the business over the last three years researching and presenting internationalization plans for the company with a focus on the United States. Mr. Garner worked in the city of London between 2005-2009 for a Swiss-based private equity company called Corvus Capital which completed over 15 SPAC transactions on the Alternative Investment Market (AIM) in London. In 2011, Mr. Garner founded The Social Superstore Limited which became WeShop Limited. In 2021, he took up the role as Founder, Head of Strategy and Vision at WeShop Holdings Limited.

**Nick Wagstaff** has served as WeShop's Head of Product since August 2022, initially joining as a Business Analyst in May 2021. From June 2020 to May 2021, Mr. Wagstaff was Senior Product Manager at Maple Syrup Media (trading as Quidco), the second largest consumer cashback provider in the UK with over ten million members. Mr. Wagstaff previously worked at PetrolPrices.com, from July 2016 to June 2020, a B2C UK fuel price comparison service with over 2.5 million members as Head of Product Design. Prior to PetrolPrices, Mr. Wagstaff served as Business Analyst at MCI Systems from January 2014 to July 2016, an ERP software house with over 3,000 installations worldwide.

**James Fox** has served as WeShop's Head of Commercial since July 2022. Before his tenure at WeShop, Mr. Fox was the Livestream Operations & Commercial Manager at TikTok from August 2021 to July 2022. His role was pivotal in developing studio operations and managing brand commercial activities across the UK. He worked closely with account managers and creator managers to enhance the in-app shopping experience and produce impactful short-form video and live-stream strategies. Prior to his role at TikTok, Mr. Fox served as a Digital Commercial Producer at Sotheby's from July 2018 to June 2021.

**Matthew Behan** has served as Head of Finance since July 2025. Mr. Behan has over 10 years of experience in offshore finance, fund accounting, and operational management, specializing in financial statement preparation, NAV processes, client relationship management, and system improvements within regulated fund environments and multi-jurisdictional reporting. Previously, Mr. Behan was an Accountant at Apeiron Investment Group in Malta, where he led outsourced accounting teams, managed tight reporting deadlines, and developed reporting templates to improve efficiency. Prior to that, he served as an Account Manager at Apex Group, overseeing client portfolios, managing teams across Malta and the Netherlands, and coordinating audits and regulatory reporting. From 2016 to 2019, Mr. Behan held Senior Fund Accountant roles at Alter Domus in Malta and Aztec Financial Services in Jersey, where he produced complex financial statements, contributed to automation projects, and trained junior staff. Earlier in his career, he held fund accounting roles at Lloyds Banking Group in Jersey and gained audit experience at Deloitte LLP. Mr. Behan is also a Fellow of the Association of Chartered Certified Accountants.

**Family Relationships**

There are no family relationships among any of our directors or executive officers.

**Board of Directors**

Our board of directors currently consists of seven directors. Our Memorandum and Articles of Association provides that, subject to the rights of holders of any series of our preferred shares to elect directors, the number of directors on our board of directors shall be fixed from time to time solely by resolution of the majority of the total number of authorized directors, whether or not there exist any vacancies in previously authorized directorships. Each of our directors serves a term ending on the next annual meeting of our shareholders following such director's election or appointment, subject to such director's earlier death, disqualification, resignation or removal.

Pursuant to our Memorandum and Articles of Association, subject to the preferential rights of holders of any series of our preferred shares, any newly created directorship that results from an increase in the number of directors or any vacancy on our board of directors can only be filled by the affirmative vote of a majority of the total number of directors then in office, even if less than a quorum, or by a sole remaining director and cannot be filled by the shareholders. Further, any member of our board of directors or our entire board of directors may only be removed (i) for cause, by the affirmative vote of the holders of at least 66 and 2/3% in voting power of our Class A ordinary shares (ii) with or without cause by resolution by our board of directors. "For cause" means conduct of a director which may amount to fraud or dishonesty.

When considering whether directors have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business.

**Director Independence**

Our board of directors has determined that John Foley, Paul Teasdale, and Andrew Fearon are independent directors for purposes of the rules of Nasdaq and the SEC. In making this determination, our board of directors considered the relationships that each non-employee director has with us and all other facts and circumstances that our board of directors deemed relevant, including the beneficial ownership of our Class A ordinary shares by each non-employee director. We plan to rely on the exemption to the Nasdaq rule requiring a majority independent directors applicable to "foreign private issuers" as defined by the SEC.

**Staggered Board**

In accordance with the terms of our Memorandum and Articles of Association, which will become effective in connection with the effectiveness of the registration statement of which this prospectus forms a part, our board of directors will be divided into three staggered classes of directors and each will be assigned to one of the three classes. At each annual meeting of our shareholders, a class of directors will be elected for a three-year term to succeed the directors of the same class whose terms are then expiring. The terms of the directors will expire at the annual meeting of shareholders to be held during the years 2025 for Class I directors, 2026 for Class II directors and 2027 for Class III directors.

● Our
 Class I directors will be Oana Crisan, Andrew Fearon, and Oliver Egerton-Vernon;

● Our
 Class II directors will be Johnny Hickling and Paul Ellerbeck; and

● Our
 Class III directors will be John Foley and Paul Teasdale.

The division of our board of directors into three classes with staggered three-year terms may delay or prevent shareholder efforts to effect a change of our management or a change in our control.

**Board Leadership Structure**

Our board of directors is currently chaired by John Foley. Our corporate governance guidelines further provide the flexibility for our board of directors to modify our leadership structure in the future as it deems appropriate.

**Committees of our Board of Directors**

Our board of directors has established an audit committee and a compensation committee, each of which operates pursuant to a charter adopted by our board of directors. Our board of directors may also establish other committees from time to time to assist the board of directors. The composition and functioning of all of our committees complies with all applicable requirements of the Sarbanes-Oxley Act, Nasdaq and SEC rules and regulations. Upon our listing on Nasdaq, each committee's charter will be available on our website at *https://we.shop*.

**Audit Committee**

The members of our audit committee are John Foley, Paul Teasdale, and Andrew Fearon. John Foley serves as the chairperson of the committee. Our board of directors has determined that each member of the audit committee is "independent" as that term is defined in Nasdaq rules and has sufficient knowledge in financial and auditing matters to serve on the audit committee. In addition, our board of directors has determined that each member of the audit committee meets the heightened independence requirements for audit committees required under Section 10A of the Exchange Act and related SEC and Nasdaq rules. Our board of directors has determined that John Foley is an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

● appointing,
 approving the compensation of and assessing the independence of our independent registered public accounting firm;

● pre-approving
 auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public
 accounting firm;

● reviewing
 the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing
 our financial statements;

● reviewing
 and discussing with management and our independent registered public accounting firm our financial statements and related disclosures
 as well as critical accounting policies and practices used by us;

● coordinating
 the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing
 policies and procedures for the receipt and retention of accounting-related complaints and concerns;

● recommending based upon the audit committee's review
 and discussions with management and our independent registered public accounting firm whether our audited financial statements shall
 be included in our annual report on Form 20-F;

● monitoring
 the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial
 statements and accounting matters;

● preparing
 the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing
 all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing
 quarterly earnings releases.

**Compensation Committee**

The members of our compensation committee are John Foley, Paul Teasdale, and Andrew Fearon. Paul Teasdale serves as the chairperson of the committee. Our board of directors has determined that each member of the compensation committee is "independent" as that term is defined in Nasdaq rules. In addition, our board of directors has determined that each member of the compensation committee meets the heightened independence requirements for compensation committee purposes under Section 10C of the Exchange Act and related SEC and Nasdaq rules. The compensation committee's responsibilities include:

● reviewing
 and approving our philosophy, policies and plans with respect to the compensation of our
 chief executive officer;

● making
 recommendations to our board of directors with respect to the compensation of our chief executive
 officer and our other executive officers;

● reviewing and assessing the independence of compensation
advisors;

● overseeing and administering our equity incentive plans;

● reviewing
 and making recommendations to our board of directors with respect to director compensation;
 and

● preparing
 any compensation committee reports or other compensation disclosures required
 by the SEC.

**Code of Ethics**

We have adopted a Code of Ethics which covers a broad range of matters including the handling of conflicts of interest, compliance issues and other corporate policies such as insider trading and equal opportunity and non-discrimination standards. The Code of Ethics applies to all of our Board members, Board members, directors of our subsidiaries and our affiliates and employees. The full text of the Code of Ethics is available on our website at *https://we.shop.* The information and other content appearing on our website are not part of this prospectus and our website address is included in this prospectus as an inactive textual reference only. Any amendments or waivers from the provisions of the Code of Ethics for members of our Board will be made only after approval by our Board and will be disclosed on our website promptly following the date of such amendment or waiver.

Our Code of Ethics also includes our policy on conflicts of interest and sets forth guidelines for employee conduct which are intended to prevent actual or perceived conflicts of interest. Under our conflicts of interest policy, employees are directed to avoid situations in which they are directly or indirectly involved in, linked to or draw personal gain from external business activities if those activities are in any way linked to the activities of Evotec. Additionally, employees may not make use of, disclose or share any company information that is not in the public domain. These prohibitions also apply to the family members and close friends of employees.

In addition, we have implemented compliance policies that describe the compliance management systems that have been implemented for us and our subsidiaries. Our compliance policies are designed to ensure compliance with applicable legal requirements, while at the same time implementing high ethical standards that are mandatory for both management and each employee. For example, the company requires that all board members and other employees attend electronic or face-to-face trainings tailored to specific compliance issues and risks at the company. Our compliance program is overseen by the company's compliance officer who functions as an independent and objective body that reviews and evaluates compliance issues and concerns within our organization. The overall responsibility for the compliance management system lies with the Board. The Audit Committee will receive regular reports on the operation of the compliance management system.

**Corporate Governance Practices**

As a "foreign private issuer," as defined by the SEC, although we are permitted to follow certain corporate governance practices of the British Virgin Islands, instead of those otherwise required under the rules of Nasdaq for domestic issuers, we intend to voluntarily follow some Nasdaq corporate governance rules. However, we intend to take advantage of the following limited exemptions:

● exemption
 from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business
 days of any determination to grant a waiver of the Code of Ethics. Although
 we will require Board approval of any such waiver, we may choose not to disclose the waiver
 in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption;

● exemption
 from the Nasdaq rules applicable to domestic issuers pertaining to proxy solicitation;

● exemption
 from the Nasdaq rules application to domestic issuers permitting foreign private issuers
 to follow home-country corporate governance practices in connection with director independence,
 the selection of director nominees, the holding of independent director meetings,
 and quorum requirements; and

● exemption
 from the Nasdaq rules applicable to domestic issuers relating to compensation matters, including shareholders' vote regarding equity compensation
 plans, disclosure of individual compensation for the company's directors and management
 and obtaining shareholder approval in connection with the establishment of or amendment to
 certain equity-based compensation plans.

We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

**Management and Director Compensation** 

Under British Virgin Islands law, we are not required to disclose compensation paid to our management body on an individual basis and this information has not otherwise been publicly disclosed. In 2024, an aggregate of £625,441 in cash compensation was accrued or paid to WeShop's management body and £125,000 to its independent directors.

***Equity Incentive Plan***

Following the commencement of this offering, we intend to continue issuing grants under our existing equity incentive plan, the 2022 Employee Share Option Plan. The 2022 Employee Share Option Plan is filed as an exhibit to the registration statement of which this prospectus forms a part. The maximum number of Class A ordinary shares available for future grants under the 2022 Employee Share Option Plan equals 10% of the total outstanding Class A ordinary shares on October 7, 2025, or 1,078,525 Class A ordinary shares.

***Performance Incentive***  ***Grants***

Our Board of Directors intends to approve a grant to John Garner, John Foley, and Paul Teasdale with respect to 5,250,001 Class A ordinary shares in the aggregate, or, collectively, the "Performance Incentive Grants", of which 3,250,001 shares will be granted to Mr. Garner, one of our founders and our Head of Strategy and Vision; 1,000,000 shares will be granted to Mr. Teasdale, one of our Directors; and 1,000,000 will be granted to Mr. Foley, the Chairman of our Board. The Performance Incentive Grants would vest upon the satisfaction of the service condition and achievement of certain share price goals, as described below. These Performance Incentive Grants would have certain shareholder rights, such as the right to vote the shares immediately upon grant and prior to their vesting.

In determining the terms and conditions of these Performance Incentive Grants, the Board of Directors will consider that a meaningful incentive may be necessary to ensure Mr. Garner, Mr. Foley and Mr. Teasdale continue to drive the growth of the business following the completion of this offering. The Board of Directors intend to structure the Performance Incentive Grants to not simply vest based on the passage of time while Mr. Garner, Mr. Foley and Mr. Teasdale provide service to us, but instead to vest only if we achieve certain share price goals, which if achieved, would allow our other shareholders to benefit tremendously.

The Performance Incentive Grants are intended to be eligible to vest over the ten-year period following the closing of this offering. The Performance Incentive Grants will vest based on the achievement of company value targets as follows:

John Garner

● 1,125,000 options exercisable at $9.64 which vest when company value reaches $500m

● 1,125,000 options exercisable at $9.64 which vest when company value reaches $1bn

● 375,000 options exercisable at $9.64 which vest when company value reaches $2bn

● 375,000 options exercisable at $9.64 which vest when company value reaches $5bn

● 250,000 options exercisable at $9.64 which vest when company value reaches $10bn

● One (1) option exercisable at $9.64 which vests when company value reaches $1tr

John Foley

● 350,000 options exercisable at $9.64 which vest when company value reaches $500m

● 350,000 options exercisable at $9.64 which vest when company value reaches $1bn

● 125,000 options exercisable at $9.64 which vest when company value reaches $2bn

● 125,000 options exercisable at $9.64 which vest when company value reaches $5bn

● 50,000 options exercisable at $9.64 which vest when company value reaches $10bn

Paul Teasdale

● 350,000 options exercisable at $9.64 which vest when company value reaches $500m

● 350,000 options exercisable at $9.64 which vest when company value reaches $1bn

● 125,000 options exercisable at $9.64 which vest when company value reaches $2bn

● 125,000 options exercisable at $9.64 which vest when company value reaches $5bn

● 50,000 options exercisable at $9.64 which vest when company value reaches $10bn

The Board of Directors believes that the Performance Incentive Grants would provide Mr. Garner, Mr. Foley and Mr. Teasdale with meaningful incentives as described above, and thus be in our and our shareholders' best interests because they would align Mr. Garner's, Mr. Foley's and Mr. Teasdale's interests with those of our other shareholders.

In the event of an acquisition of the Company following the closing of this offering, but before the end of the performance period, the Performance Incentive Grants may be eligible to vest if the value of the company in the acquisition causes a company value target that has not previously been achieved to be satisfied, in which case the tranche(s) of shares corresponding to that company value target will vest. Additionally, if the acquisition price falls between a company value target that has been achieved and one that has not, then a portion of that tranche of shares will vest based on a linear interpolation between each of these company value target.

For purposes of the performance incentive grants, "company value" for each individual's grants is calculated by multiplying the closing trading price per share of our Class A ordinary shares by the number of shares outstanding on a fully diluted basis, taking into account all issued and outstanding securities and all rights, options, warrants, convertible instruments or other securities or agreements giving rights to acquire WeShop ordinary shares (excluding ordinary shares underlying WePoints and such individual's performance incentive grants). "Company value" shall be deemed achieved if it is reached or exceeded at any time and need not be maintained for any period of time. There are no employment requirements with respect to the individuals in order to exercise these performance incentive grants.

**REGISTERED SHAREHOLDERS**

The following table sets forth the number of our Class A ordinary shares held by the Registered Shareholders and registered as Class A ordinary shares for resale by means of this prospectus.

This prospectus registers for resale our Class A ordinary shares that are held by certain Registered Shareholders that include certain shareholders with "restricted" securities under the applicable securities laws and regulations who, because of their status as our affiliates pursuant to Rule 144 or because they acquired their share capital from an affiliate or from us within the prior 12 months from the date of any proposed sale, would otherwise be unable to sell their securities pursuant to Rule 144 until we have been subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act for a period of at least 90 days. See "Shares Eligible for Future Sale" for further information regarding sales of such "restricted" securities if not sold pursuant to this prospectus.

Information concerning the Registered Shareholders may change from time to time and any changed information will be set forth in supplements to this prospectus, if and when necessary. Because the Registered Shareholders may sell all, some, or none of the Class A ordinary shares covered by this prospectus, we cannot determine the number of such our Class A ordinary shares that will be sold by the Registered Shareholders, or the amount or percentage of our Class A ordinary shares that will be held by the Registered Shareholders upon consummation of any particular sale. In addition, the Registered Shareholders listed in the table below may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose of, at any time and from time to time, our shares of Class A ordinary shares in transactions exempt from the registration requirements of the Securities Act, after the date on which they provided the information set forth in the table below. See "Management" and "Related Party Transactions" for further information regarding the Registered Shareholders.

We currently intend to use commercially reasonable efforts to keep the registration statement of which this prospectus forms a part effective for a period of 90 days after the effectiveness of the registration statement. We are not party to any arrangement with any Registered Shareholder or any broker-dealer with respect to sales of our Class A ordinary shares by the Registered Shareholders (see "Plan of Distribution" section below).

We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares that they beneficially owned, subject to community property laws where applicable.

We have based percentage ownership of our Class A ordinary shares based on 10,785,257 Class A ordinary shares issued and outstanding as of October 7, 2025. These amounts are based upon information available to the Company as of the date of this filing.

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Shares of Class A Ordinary Shares<br> Beneficially<br> Owned+** | **Total<br> Number of<br> Shares of Class A Ordinary Shares Being Registered<br> Pursuant<br> to this<br> Prospectus** | **Percentage<br> Ownership of Class A Ordinary Shares+** |
| FFIH Limited<sup>1</sup> | 1003938 | 1003938 | 9.31% |
| Hawk Investment Holdings Limited<sup>2</sup> | 968459 | 968459 | 8.98% |
| Max Capital Limited<sup>3</sup> | 751072 | 751072 | 6.96% |
| Mr. Robert W Morton | 500000 | 500000 | 4.64% |
| Hallco 1766 Limited<sup>4</sup> | 527914 | 527914 | 4.89% |
| Mr. Dennis Lavin | 168745 | 168745 | 1.56% |
| All Other Registered Shareholders | 60000 | 60000 | \* |
| **Total** | 3980128 | 3980128 | 36.90% |

---

---

| | |
|:---|:---|
| \* | Indicates beneficial ownership of less than 1% of the outstanding our Class A ordinary shares. |
| + | Beneficial ownership is determined in accordance with SEC rules and generally includes voting or investment power with respect to shares of Class A ordinary shares. Shares of Class A ordinary shares subject to options, warrants and convertible debentures currently exercisable or convertible, or exercisable or convertible within 60 days, are counted as outstanding. |
| 1 | FFIH Limited is a United Kingdom corporation for which John Foley and June Foley exercise dispositive voting control. FFIH Limited's address is C/O Dains Accountants Limited, 3rd Floor, Chamberlain Square, Birmingham, B3 3AX, United Kingdom. |
| 2 | Hawk Investment Holdings Limited is controlled by Albany Directors Limited. Albany Directors Limited is Anthony Holt. Hawk Investment Holdings Limited's address is Newport House, 15 The Grange, St Peter Port, Guernsey, GY1 4LA, Channel Isles. |
| 3 | Max Capital Limited is a Jersey corporation for which sole dispositive power is exercised by a majority vote of John Foley, John Garner, and Paul Teasdale. Its address is 22 the Esplanade, St Helier, Jersey, JE11HH. |
| 4 | Hallco 1766 Limited is a Jersey corporation for which sole dispositive power is exercised by Paul Teasdale. Its address is Mill Estate, Church Lane, Hotham, York, YO43 4UG, United Kingdom. |

---

**RELATED PARTY TRANSACTIONS**

The following is a description of related party transactions we have entered into since January 1, 2022 with any of our officers, members of the Board, or holders of more than 5% of our Class A ordinary shares.

***Convertible Notes Payable***

In June and July 2024, the Company issued to certain accredited investors unsecured convertible notes in an aggregate principal amount of £2,100,000 accruing interest rates at 1% per month or 12% per annum. Of these convertible notes, £40,930 is with a related party, Andrew Fearon, a member of our Board. As of December 31, 2024, £40,930 was outstanding under Andrew Fearon's notes.

On November 16, 2021, the Company entered into a convertible note agreement with WeCap Plc, a holder of approximately 10% of our voting power, for an aggregate principal amount of all the notes limited to £4,500,000. The notes expire on May 18, 2026 and have interest payable being set at 5% per annum. The notes convert at a value of £3.00 per Class A ordinary share. As of December 31, 2024, these notes were converted into Class A ordinary shares.

On July 5, 2022, the Company entered into a convertible note agreement with WeCap Plc for an aggregate principal amount of all the notes limited to £3,750,000. The notes expire on May 18, 2026 and originally converted at a value of £1.00 per Class A ordinary share, pre-stock split (or £4.00 per Class A ordinary share post-stock-split). In November 2022, the Company modified the convertible note agreement to adjust the conversion price to £2.00 per Class A ordinary share. In accordance with ASC 470, the Company accounted for this change in conversion price as a debt modification prospectively. As of December 31, 2024, these notes have been fully converted to 3,208,331 Class A ordinary shares for a total value of £7,750,000. Interest accrued on these loans was forgiven at the time of conversion.

On June 29, 2023, the Company entered into a secured loan note agreement bearing interest at a fixed rate of 12% per annum, with an aggregate principal amount of up to £2,500,000. On January 15, 2025, the Company entered into an additional agreement for a further £2,500,000 on the same terms. The notes are convertible into Class A ordinary shares at a price determined by dividing a pre-money valuation of the Company of £58,000,000 by the number of shares outstanding at the conversion date.

In December 2024, John Foley was appointed to the Company's Board of Directors, and FFIH Limited, an entity controlled by John Foley, was considered a related party from that date. FFIH's holding in the loan notes was £999,937 as of December 31, 2024, and had increased to £1,499,937 as of June 30, 2025. In March 2025, Paul Teasdale was appointed to the Board of Directors, and HallCo, an entity controlled by Paul Teasdale, was considered a related party from that date. Hallco's holding in the loan notes was £750,000 as of June 30, 2025.

In total, related party holdings under this agreement amounted to £2,249,937 as of June 30, 2025.

The following is a roll forward of the convertible notes payable, net - related party:

---

| | |
|:---|:---|
| Balance at January 1, 2024 | £7536400 |
| Proceeds received | 400000 |
| Reclassification to related party (previous debt holder, John Foley, was appointed as a board member) | 775399 |
| Interest expense accrued | 858137 |
| Debt issuance cost amortization | 63600 |
| Conversion of convertible notes payable | (7750000) |
| Forgiveness of interest on conversion | (883599) |
| Balance at December 31, 2024 | 999937 |
| Proceeds received | 1000000 |
| Reclassification to related party (previous debt holder, Paul Teasdale, was appointed as a board member) | 250000 |
| Balance at June 30, 2025 | £2249937 |

---

As of December 31, 2024 and June 30, 2025 there was £126,827 and £259,526 of interest accrued respectively

On September 29, 2025, £5,724,045 of Company's outstanding convertible loan notes, including both principal and accrued interest outstanding under such notes, were converted into 11,199,161 Class A ordinary shares in accordance with the terms of the loan agreements that cleared the related party balance.

***Consulting Agreement***

In January 2022, the Company entered into a strategic consulting agreement with Max Capital. Max Capital was then controlled by John Garner, Head of Vision and Strategy at WeShop. Max Capital is now controlled by a majority vote of John Garner, Paul Teasdale, and John Foley. See "Principal Shareholders". Max Capital was engaged by the Company to provide strategic advice and assistance to the Company in connection with capital markets strategy, acquisition strategy, investor relations strategy, and other strategic matters. The agreement lasted until May 9, 2024 and is now terminated. For the year ended December 31, 2022, the Company paid £450,000, of which £200,000 was capitalized as a debt issuance cost and £250,000 was expensed as sales and marketing expense in the consolidated statements of operations. Debt issuance costs are netted on the Company's consolidated balance sheets within the Convertible Notes Payable – related party account (see above Convertible Notes Payable, net - related party), totaled nil and £63,600 for the years ended December 31, 2024 and 2023, respectively. Amortization of debt issuance costs totaled £63,600 and £71,658 for the years ended December 31, 2024 and 2023, respectively.

In August 2023, the Company issued 1,662,146 Class A ordinary shares to Max Capital, valued at £28,515,776, and recorded as share-based compensation recorded in sales and marketing expense in the statement of operations. Additionally, the Company owes Max Capital an additional 22,750 shares as outlined in the agreement for an additional share-based compensation expense of £390,298, shown as share-based liability on the Company's balance sheet as of December 31, 2023. The Company took into consideration ASC 718 in determining the accounting and fair value for this grant. As of December 31, 2024, the balance remains unchanged.

**PRINCIPAL SHAREHOLDERS**

The following table presents information, as of October 7, 2025, regarding the beneficial ownership of our Class A ordinary shares prior to the consummation of this offering for:

● each person, or group of affiliated persons, known by us to own beneficially 5% or more of our outstanding Class A ordinary shares;

● each member of our Board; and

● all members of our Board as a group.

The number of Class A ordinary shares beneficially owned by each entity, person, and member of our Board and our Board is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any Class A ordinary shares over which the individual has sole or shared voting power or investment power as well as any Class A ordinary shares that the individual has the right to acquire within 60 days of August 31, 2025 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all Class A ordinary shares held by that person.

The percentage of outstanding Class A ordinary shares before this offering is computed on the basis of 10,785,257 Class A ordinary shares outstanding as of October 7, 2025.

---

| | | |
|:---|:---|:---|
| **Name of Beneficial Owner** | **Number of Shares** | **Percentage of Class** |
| Sidney PTC Limited<sup>1</sup> | 2453125 | 22.75 |
| Community Social Investment Limited<sup>2</sup> | 2083333 | 19.32 |
| FFIH Limited<sup>3</sup> | 1003938 | 9.31 |
| Hawk Investment Holdings Limited<sup>4</sup> | 968459 | 8.98 |
| Max Capital Limited<sup>6</sup> | 751072 | 6.96 |
| WeCap Plc<sup>7</sup> | 806022 | 7.47 |
| John Edward Story | 484375 | 4.49 |
| Alistair Cade | 407264 | 3.78 |
| Paul Ellerbeck<sup>5</sup> | 2154076 | 19.97 |
| John Foley<sup>8</sup> | 1755010 | 16.27 |
| Paul Teasdale<sup>9</sup> | 1278986 | 11.86 |
| Johnny Hickling |  |  |
| Andrew Fearon | 46875 | \* |
| Oana Crisan |  |  |
| Oliver Egerton-Vernon |  |  |
| John Garner<sup>10</sup> | 751072 | 6.96 |

---

---

| | |
|:---|:---|
| \* | Less than one percent. |
| 1 | Sidney PTC Limited is a corporation formed in the Isle of Jersey that serves as trustee for the Original Trust, a trust formed in the Isle of Jersey. Sidney PTC Limited exercises sole dispositive voting control over the Original Trust which is exercised by majority vote of Marcus Stone, Richard Griffiths, G.B. Directors Limited, and G.B. Directors 2 Limited. The directors of G.B. Directors Limited and G.B. Directors 2 Limited are Oliver Egerton-Vernon, Oana Crisan, and William Garfield Bennett. Sidney PTC Limited's address is First Floor, Durell House, 28 New Street, St Helier, Jersey, JE2 3RA. |
| 2 | Community Social Investment Limited, a United Kingdom corporation for which Paul Ellerbeck has sole dispositive power. Its address is 10 Queen Street Place, London, United Kingdom, EC4R1AG. |
| 3 | FFIH Limited is a United Kingdom corporation for which John Foley and June Foley exercise dispositive voting control. FFIH Limited's address is C/O Dains Accountants Limited, 3rd Floor, Chamberlain Square, Birmingham, B3 3AX, United Kingdom. |
| 4 | Hawk Investment Holdings Limited is controlled by Albany Directors Limited. Albany Directors Limited is Anthony Holt. Hawk Investment Holdings Limited's address is Newport House, 15 The Grange, St Peter Port, Guernsey, GY1 4LA, Channel Isles. |
| 5 | Includes 2,083,333 Class A ordinary shares held by Community Social Investment Limited, a United Kingdom corporation for which Paul Ellerbeck has sole dispositive power. Its address is 10 Queen Street Place, London, United Kingdom, EC4R1AG. |
| 6 | Max Capital Limited is a Jersey corporation for which sole dispositive power is exercised by a majority vote of John Foley, John Garner, and Paul Teasdale. Its address is 22 the Esplanade, St Helier, Jersey, JE11HH. |
| 7 | WeCap Plc is a publicly-traded corporation incorporated in the United Kingdom. Its address is 25 Eccleston, London, United Kingdom, SW1W 9NF. |
| 8 | Includes (i) 1,003,938 Class A ordinary shares held by FFIH Limited, a United Kingdom corporation for which John Foley and June Foley exercise dispositive voting control and (ii) 751,072 Class A ordinary shares held by Max Capital Limited, a Jersey corporation for which sole dispositive power is exercised by a majority vote of John Foley, John Garner, and Paul Teasdale. The address of FFIH Limited is C/O Dains Accountants Limited, 3rd Floor, Chamberlain Square, Birmingham, B3 3AX, United Kingdom. The address of Max Capital Limited is 22 the Esplanade, St Helier, Jersey, JE11HH. |
| 9 | Includes (i) 751,072 Class A ordinary shares held by Max Capital Limited, a Jersey corporation for which sole dispositive power is exercised by a majority vote of John Foley, John Garner, and Paul Teasdale and (ii) 527,914 Class A ordinary shares held by Hallco 1766 Limited is a Jersey corporation for which sole dispositive power is exercised by Paul Teasdale. The address of Max Capital Limited is 22 the Esplanade, St Helier, Jersey, JE11HH. The address of Hallco 1766 Limited is Mill Estate, Church Lane, Hotham, York, YO43 4UG, United Kingdom. |
| 10 | Includes 751,072 Class A ordinary shares held by Max Capital Limited, a Jersey corporation for which sole dispositive power is exercised by a majority vote of John Foley, John Garner, and Paul Teasdale. The address of Max Capital Limited is 22 the Esplanade, St Helier, Jersey, JE11HH. |

---

**Holdings by U.S. Shareholders**

As of October 7, 2025, none of our outstanding Class A ordinary shares were held by U.S. record holders.

**DESCRIPTION OF SHARES AND MEMORANDUM AND ARTICLES OF ASSOCIATION**

**General**

We are a British Virgin Islands Business Company limited by shares (company number 2046056) and our affairs are governed by our Memorandum and articles of association ("Articles"), the BVI Act and common law of the British Virgin Islands. Based upon the Articles, we are authorized to issue an unlimited number of ordinary shares.

As of the date of this prospectus, 10,785,257 Class A ordinary shares are issued and outstanding and 12,500,000 Class B ordinary shares are issued and outstanding. Our Class B shares do not have any rights to vote in the election of directors or to receive any dividends paid to the Class A shareholders. No shareholder holding ordinary shares prior to the Listing Date may charge, pledge, encumber or otherwise dispose of any of their ordinary shares during a period of 365 days from the Listing Date, except with the prior written consent of our board of directors or as otherwise permitted under our amended and restated memorandum and articles of association.

No preferred shares are issued or outstanding. The following description summarizes the material terms of our shares as set out more particularly in our Articles. Because it is only a summary, it may not contain all the information that is important to you. You may obtain copies of our Articles as described under "Where You Can Find More Information" in this prospectus.

**Share Rights**

Each Class A ordinary share confers upon the shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to attend any meeting of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to one vote per Class A ordinary share on any resolution of shareholders as against each other Class A ordinary share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in any dividend paid by the Company against each other Class A ordinary share, which shall be one fifth of any amount paid by the Company against each Class A ordinary share but which shall not rank in preference to any other share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the right to an equal share in the distribution of the surplus assets of the Company against each other ordinary share, which shall be one fifth of any amount paid by the Company against each Class A ordinary share but which shall not rank in preference to any other share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such other rights and entitlements as may be specified in the Articles.

Each Class B ordinary share confers upon the shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no right to attend any meeting of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no right to vote on any resolution of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no right to an equal share in any dividend paid by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no right to an equal share in the distribution of the surplus assets of the Company.

The Class B ordinary shares will automatically convert to Class A ordinary shares on a one-for-one basis upon transfer. Our holders of ordinary shares have no conversion, pre-emptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the ordinary shares. The WeShop Community Trust will be the sole holder of the Class B ordinary shares outstanding on the date of this prospectus.

**Registration Rights**

The registration rights agreement which we intend to enter into are provides that Paul Teasdale, John Foley and John Garner have certain registration rights as set forth below. The registration of our ordinary shares of by the exercise of registration rights described below would enable the holders to sell these shares without restriction under the Securities Act when the applicable registration statement is declared effective. We will pay the registration expenses, other than underwriting discounts and commissions, of the shares registered by the demand, piggyback, and Form F-3 or S-3 registrations described below.

At any time beginning one year after the effective date of the registration statement of which this prospectus forms a part, Paul Teasdale, John Foley and John Garner may request that we register all or a portion of the registrable shares. We are obligated to effect only two such registrations. After the effectiveness of the registration statement of which this prospectus forms a part, in the event that we propose to register any of our securities under the Securities Act, either for our own account or for the account of other security holders, certain shareholders will be entitled to certain piggyback registration rights allowing the holder to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to a registration relating to (i) the issuance of securities by us or by a subsidiary pursuant to a stock option, stock purchase, or similar plan, (iii) an SEC Rule 145 transaction, (iii) a registration on any form that does not include substantially the same information as would be required to be included in a piggyback registration, or (iv) a registration in which the only shares being registered are shares issuable (A) upon redemption of WePoints and (B) upon conversion of debt securities that are also being registered, the holders of these shares are entitled to notice of the registration and have the right to include their shares in the registration, subject to limitations that the underwriters may impose on the number of shares included in the offering, and (v) any registration statement where we have elected to register shares for issuance by us or any shares issued after the date we have been approved for listing on Nasdaq. At any time beginning one year after the effectiveness of the registration statement of which this prospectus forms a part, the holders of these shares can make a request that we register their shares on Form F-3 or Form S-3 if we are qualified to file a registration statement on Form F-3 or S-3 and if the anticipated aggregate price of the shares offered, net of any underwriters' discounts or commissions, would equal or exceed $15.0 million. We will not be required to effect more than two registrations on Form F-3 or S-3 within any 12-month period.

**Register of Members**

Under the BVI Act, the ordinary shares are deemed to be issued when the name of the shareholder is entered in the register of members. Our register of members will be maintained in electronic form by our transfer agent, Computershare.

**Board of Directors** 

In accordance with British Virgin Islands law and our memorandum and articles of association, the management of WeShop is vested in a board of directors. Our Memorandum and articles of association provide that the board must comprise at least one member. Currently our board has seven members (see "Management"). The board meets as often as required by our interests.

Subject to any rights of the holders of any class of preferred shares, to elect additional directors under specified circumstances, the directors are appointed for a period of three years; provided however the directors shall be elected on a staggered basis, with one-third of the directors being elected each year and provided further that such three year term may be exceeded by a period up to the annual meeting held following the third anniversary of the appointment. Directors are not required to own ordinary shares of WeShop.

**Exclusive Forum**

**Differences in Corporate Law**

The BVI Act and the laws of the British Virgin Islands affecting British Virgin Islands companies like us and our shareholders differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the British Virgin Islands applicable to us and the laws applicable to companies incorporated under the Delaware General Corporation Law in the United States and their shareholders.

*Mergers and Similar Arrangements*

Under the laws of the British Virgin Islands, two or more companies may merge or consolidate in accordance with Section 170 of the BVI Act. A merger means the merging of two or more constituent companies into one of the constituent companies (the "surviving company") and a consolidation means the uniting of two or more constituent companies into a new company (the "consolidated company"). The procedure for a merger or consolidation between the company and another company (which need not be a British Virgin Islands company, and which may be the company's parent or subsidiary, but need not be) is set out in the BVI Act. In order to merge or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation, which with the exception of a merger between a parent company and its subsidiary, must also be approved by a resolution of a majority of the shareholders voting at a quorate meeting of shareholders or by written resolution of the shareholders of the British Virgin Islands company or British Virgin Islands companies which are to merge. While a director may vote on the plan of merger or consolidation, or any other matter, even if he has a financial interest in the plan, the interested director must disclose the interest to all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the company. A transaction entered into by our Company in respect of which a director is interested (including a merger or consolidation) is voidable by us unless the director's interest was (a) disclosed to the board prior to the transaction or (b) the transaction is (i) between the director and the company and (ii) the transaction is in the ordinary course of the company's business and on usual terms and conditions. Notwithstanding the above, a transaction entered into by the company is not voidable if the material facts of the interest are known to the shareholders and they approve or ratify it or the company received fair value for the transaction. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting to approve the plan of merger or consolidation. A foreign company which is able under the laws of its foreign jurisdiction to participate in the merger or consolidation is required by the BVI Act to comply with the laws of that foreign jurisdiction in relation to the merger or consolidation. The shareholders of the constituent companies are not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series must receive the same kind of consideration. After the plan of merger or consolidation has been approved by the directors and authorized, if required, by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the Registrar of Corporate Affairs in the British Virgin Islands. The merger is effective on the date that the articles of merger are registered with the Registrar or on such subsequent date, not exceeding thirty days, as is stated in the articles of merger or consolidation.

As soon as a merger becomes effective: (a) the surviving company or consolidated company (so far as is consistent with its memorandum and articles of association, as amended or established by the articles of merger or consolidation) has all rights, privileges, immunities, powers, objects and purposes of each of the constituent companies; (b) in the case of a merger, the memorandum and articles of association of any surviving company are automatically amended to the extent, if any, that changes to its memorandum and articles of association are contained in the articles of merger or, in the case of a consolidation, the memorandum and articles of association filed with the articles of consolidation are the memorandum and articles of the consolidated company; (c) assets of every description, including choses-in-action and the business of each of the constituent companies, immediately vest in the surviving company or consolidated company; (d) the surviving company or consolidated company is liable for all claims, debts, liabilities and obligations of each of the constituent companies; (e) no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against a constituent company or against any member, director, officer or agent thereof, is released or impaired by the merger or consolidation; and (f) no proceedings, whether civil or criminal, pending at the time of a merger by or against a constituent company, or against any member, director, officer or agent thereof, are abated or discontinued by the merger or consolidation; but: (i) the proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or consolidated company or against the member, director, officer or agent thereof; as the case may be; or (ii) the surviving company or consolidated company may be substituted in the proceedings for a constituent company. The Registrar of Corporate Affairs shall strike off the register of companies each constituent company that is not the surviving company in the case of a merger and all constituent companies in the case of a consolidation. If the directors determine it to be in the best interests of the company, it is also possible for a merger to be approved as a Court approved plan of arrangement or scheme of arrangement in accordance with the BVI Act.

A shareholder may dissent from (a) a merger if the company is a constituent company, unless the company is the surviving company and the member continues to hold the same or similar shares; (b) a consolidation if the company is a constituent company; (c) any sale, transfer, lease, exchange or other disposition of more than 50 percent in value of the assets or business of the company if not made in the usual or regular course of the business carried on by the company but not including: (i) a disposition pursuant to an order of the court having jurisdiction in the matter, (ii) a disposition for money on terms requiring all or substantially all net proceeds to be distributed to the members in accordance with their respective interest within one year after the date of disposition, or (iii) a transfer pursuant to the power of the directors to transfer assets for the protection thereof; (d) a compulsory redemption of 10 per cent, or fewer of the issued shares of the company required by the holders of 90 percent, or more of the shares of the company pursuant to the terms of the BVI Act; and (e) a plan of arrangement, if permitted by the British Virgin Islands Court (each, an Action). A shareholder properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.

A shareholder dissenting from an Action must object in writing to the Action before the vote by the shareholders on the merger or consolidation, unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company must give notice of this fact to each shareholder within 20 days who gave written objection. Such objection shall include a statement that the members propose to demand payment for his or her shares if the Action is taken. These shareholders then have 20 days to give to the company their written election in the form specified by the BVI Act to dissent from the Action, provided that in the case of a merger, the 20 days starts when the plan of merger is delivered to the shareholder. Upon giving notice of his election to dissent, a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his shares. As such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent. Within seven days of the later of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the company shall make a written offer to each dissenting shareholder to purchase his shares at a specified price per share that the company determines to be the fair value of the shares. The company is not obligated, if there are multiple dissenting members, to offer each dissenting member the same price. The company and the shareholder then have 30 days to agree upon the price, to be paid by the company in cash. If the company and a shareholder fail to agree on the price within the 30 days, then the company and the shareholder shall, within 20 days immediately following the expiration of the 30-day period, each designate an appraiser and these two appraisers shall designate a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the shareholders' approval of the transaction without taking into account any change in value as a result of the transaction.

*Shareholders' Suits*

There are both statutory and common law remedies available to our shareholders as a matter of British Virgin Islands Law. These are summarized below:

A shareholder who considers that the affairs of the company have been, are being, or are likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in that capacity, can apply to the court under Section 184I of the BVI Act, inter alia, for an order that his shares be acquired, that he be provided compensation, that the Court regulate the future conduct of the company, or that any decision of the company which contravenes the BVI Act or our amended and restated memorandum and articles of association be set aside.

Section 184C of the BVI Act provides that a shareholder of a company may, with the leave of the Court, bring an action in the name of the company in certain circumstances to redress any wrong done to it. Such actions are known as derivative actions. The British Virgin Islands Court may only grant permission to bring a derivative action where the following circumstances apply:

● the company does not intend to bring, diligently continue or defend or discontinue proceedings; and

● it is in the interests of the company that the conduct of the proceedings not be left to the directors or to the determination of the shareholders as a whole.

When considering whether to grant leave, the British Virgin Islands Court is also required to have regard to the following matters:

● whether the shareholder is acting in good faith;

● whether a derivative action is in the company's best interests, taking into account the directors' views on commercial matters;

● whether the action is likely to proceed;

● the cost of the proceedings; and

● whether an alternative remedy is available.

*Just and Equitable Winding Up*

In addition to the statutory remedies outlined above, shareholders can also petition the British Virgin Islands Court for the winding up of a company under the BVI Insolvency Act, 2003 (as amended) for the appointment of a liquidator to liquidate the company and the court may appoint a liquidator for the company if it is of the opinion that it is just and equitable for the court to so order. This remedy is typically exercised where the company has been operated as a quasi-partnership and trust and confidence between the partners has broken down or where there has been a breach of any express or implied agreement between the shareholders. This is considered a remedy of last resort by the British Virgin Islands courts and only available where no other remedy is appropriate.

*Indemnification of Directors and Executive Officers and Limitation of Liability*

Our amended and restated memorandum and articles of association provide that, subject to certain limitations, we indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who (i) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or (ii) is or was, at our request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise. The Company will enter into agreements with its officers and directors to provide contractual indemnification in addition to the indemnification provided for in the amended and restated memorandum and articles of association.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. The decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the company and as to whether the person had no reasonable cause to believe that his conduct was unlawful and is, in the absence of fraud, sufficient for the purposes of the memorandum and articles of association, unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the company or that the person had reasonable cause to believe that his conduct was unlawful.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Anti-Takeover Provisions in Our Amended and Restated Memorandum and Articles*

Some provisions of our amended and restated articles of association may discourage, delay or prevent a change in control of our Company or management that shareholders may consider favorable. Under the BVI Act there are no provisions, which specifically prevent the issuance of preferred shares or any such other "poison pill" measures. Our amended and restated memorandum and articles of association also do not contain any express prohibitions on the issuance of any preferred shares. Therefore, the directors without the approval of the holders of any of our ordinary shares may issue preferred shares that have characteristics that may be deemed to be anti-takeover. Additionally, such a designation of shares may be used in connection with plans that are poison pill plans. However, under British Virgin Islands law, our directors in the exercise of their powers granted to them under our amended and restated memorandum and articles of association and performance of their duties, are required to act honestly and in good faith in what the director believes to be in the best interests of our Company.

The BVI Act does not contain specific provisions regarding "business combinations" between companies organized under the laws of the British Virgin Islands and "interested shareholders." However, we will include these provisions in our amended and restated memorandum and articles of association to be in effect upon the effectiveness of the registration statement of this prospectus forms a part. Specifically, our amended and restated memorandum and articles of association will contain provisions which prohibit us, subject to certain exceptions, from engaging in business combinations and other specified transactions with persons for a period of three years after the time of the transaction in which the person acquired 15% of more of our issued voting shares.

Delaware General Corporation Law also provides, subject to certain exceptions, that if a person acquires 15% of voting stock of a company, the person is an "interested stockholder" and may not engage in "business combinations" with the company for a period of three years from the time the person acquired 15% or more of voting stock.

*Directors' Fiduciary Duties*

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances.

Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.

The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

Under British Virgin Islands law, our directors owe fiduciary duties both at common law and under statute including, among others, a statutory duty to act honestly, in good faith, for a proper purpose and with a view to what the directors believe to be in the best interests of the company. Our directors are also required, when exercising powers or performing duties as a director, to exercise the care, diligence and skill that a reasonable director would exercise in comparable circumstances, taking into account without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken. Directors must exercise their powers for a proper purpose, and our directors must ensure neither they nor the company acts in a manner which contravenes the BVI Act or our amended and restated memorandum and articles of association.

Pursuant to the BVI Act and our amended and restated memorandum and articles, a director of a company who has an interest in a transaction and who has declared such interest to the other directors, may: (a) vote on a matter relating to the transaction; (b) attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; and (c) sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction. This does not preclude a director from voluntarily excluding himself from a meeting or a vote where a conflict arises.

In certain limited circumstances, a shareholder has the right to seek various remedies against the company in the event the directors are in breach of their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, or proposes to engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the company, the British Virgin Islands Court may, on application of a shareholder or director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in conduct that contravenes the BVI Act or the memorandum or articles. Furthermore, pursuant to section 184I(1) of the BVI Act a shareholder of a company who considers that the affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the British Virgin Islands Court for an order which, inter alia, can require the company or any other person to pay compensation to the shareholders.

*Shareholder Action by Written Consent*

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. British Virgin Islands law provides that, subject to the memorandum and articles of association of a company, an action that may be taken by members of the company at a meeting may also be taken by a resolution of members consented to in writing. Under our amended and restated memorandum and articles, following our listing on Nasdaq members may not act by written consent.

*Shareholder Proposals*

Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings. British Virgin Islands law and our amended and restated memorandum and articles of association allow our shareholders holding 30% or more of the votes of the issued and outstanding voting shares to requisition a shareholders' meeting. There is no requirement under British Virgin Islands law to hold shareholders' annual general meetings, but our amended and restated memorandum and articles of association require the directors to hold such a meeting at least once in each calendar year. The location of any shareholders' meeting can be determined by the board of directors and can be held anywhere in the world.

*Cumulative Voting*

Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. As permitted under the British Virgin Islands law, our amended and restated memorandum and articles do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors*

Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our amended and restated memorandum and articles of association, directors can be removed from office, only for cause, by a resolution of shareholders of not less than 75% of the Class A ordinary shares. Directors can also be removed with or without cause by a resolution of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director.

*Transactions With Interested Shareholders*

The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or more of the target's outstanding voting shares within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware public corporation to negotiate the terms of any acquisition transaction with the target's board of directors. British Virgin Islands law has no comparable statute and our amended and restated memorandum and articles of association fails to expressly provide for the same protection afforded by the Delaware business combination statute.

*Dissolution; Winding Up*

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under the BVI Act and our amended and restated memorandum and articles of association, we may appoint a voluntary liquidator by a resolution of the shareholders or directors, provided that the directors have made a declaration of solvency that the company is able to discharge its debts as they fall due and that the value of the company's assets exceed its liabilities.

*Variation of Rights of Shares*

Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our amended and restated memorandum and articles of association, if at any time our shares are divided into different classes of shares, the rights attached to any class may only be varied, whether or not our Company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by a majority of the votes cast by those entitled to vote at a meeting of the holders of the issued shares in that class. For these purposes the creation, designation or issue of preferred shares with rights and privileges ranking in priority to an existing class of shares is deemed not to be a variation of the rights of such existing class and may in accordance with our amended and restated memorandum and articles of association be effected by resolution of directors without shareholder approval.

*Amendment of Governing Documents*

Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law, our amended and restated memorandum and articles of association may be amended by a majority resolution of shareholders and, subject to certain exceptions, by a majority resolution of directors. An amendment is effective from the date it is registered at the Registry of Corporate Affairs in the British Virgin Islands.

**SHARES ELIGIBLE FOR FUTURE SALE**

Sales of a substantial number of our Class A ordinary shares in the public market, or the perception that such sales could occur, could adversely affect the public price of our Class A ordinary shares and may make it more difficult for you to sell your shares at a time and price that you deem appropriate. We will have no input if and when the Registered Shareholder may, or may not, elect to sell their Class A ordinary shares or the prices at which any such sales may occur.

As of October 7, 2025, a total of 23,285,257 ordinary shares were outstanding. All of the Class A ordinary shares being registered for resale under the registration statement of which this prospectus forms a part will be freely tradable in the public market without restriction or further registration under the Securities Act, unless these shares are held by "affiliates," as that term is defined in Rule 144 under the Securities Act. Any shares not registered hereunder or pursuant to another registration statement will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration, including under Rules 144 or 701 under the Securities Act, which are summarized below. Restricted securities also may be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S.

Subject to the provisions of Rule 144 or Regulation S under the Securities Act, as well as our insider trading policy, these restricted securities will be available for sale in the public market after the date of this prospectus.

**Rule 144**

In general, under Rule 144 as currently in effect, an eligible shareholder is entitled to sell such shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. To be an eligible shareholder under Rule 144, such shareholder must not be deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates. If such a person has beneficially owned the Class A ordinary shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then such person is entitled to sell such ordinary shares without complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling Class A ordinary shares on behalf of our affiliates are entitled to sell ordinary shares. Within any three-month period, such shareholders may sell a number of ordinary shares that does not exceed the greater of:

● 1% of the number of Class A ordinary shares then outstanding, which equals 107,852 shares on October 7, 2025, or

● the average weekly trading volume of our Class A ordinary shares on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling Class A ordinary shares on behalf of our affiliates also are subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

Rule 701 generally allows a shareholder who was issued shares under a written compensatory plan or contract and who is not deemed to have been our affiliate during the immediately preceding 90 days, to sell these shares in reliance on Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits our affiliates to sell their Rule 701 ordinary shares under Rule 144 without complying with the holding period requirements of Rule 144.

**Form S-8 Registration Statement**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register the offer and sale of any Class A ordinary shares issued or reserved for issuance under our long-term incentive plan. We expect to file the registration statement covering these Class A ordinary shares after the date of this prospectus, which will permit the resale of such shares by persons who are non-affiliates of ours in the public market without restriction under the Securities Act. The registration statement on Form S-8 will become effective automatically upon filing.

**Registration Statement on Form F-1** 

We intend to file a registration statement for the registration of up to 12,500,000 WePoints that have the potential of being redeemed for Class A ordinary shares that will be transferred to users on our platform by the WeShop Community Trust pursuant to the Shareback Plan.

**Regulation S**

Regulation S under the Securities Act provides that shares owned by any person may be sold without registration in the United States, provided that the sale is effected in an offshore transaction and no directed selling efforts are made in the United States (as these terms are defined in Regulation S), subject to certain other conditions. In general, this means that our ordinary shares may be sold outside the United States without registration in the United States being required.

 **Lock-in Period** 

No shareholder holding ordinary shares prior to the Listing Date may charge, pledge, encumber or otherwise dispose of any of their ordinary shares during a period of 365 days from the Listing Date, except with the prior written consent of our board of directors or as otherwise permitted under our amended and restated memorandum and articles of association.

**MATERIAL INCOME TAX CONSIDERATIONS**

The following summary contains a description of material British Virgin Islands and U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class A ordinary shares. It does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase the Class A ordinary shares, is not applicable to all categories of investors, some of which may be subject to special rules, and does not address all of the British Virgin Islands and U.S. federal income tax considerations applicable to any particular holder. The summary is based upon the tax laws of the British Virgin Islands and the United States and regulations thereunder as of the date hereof, which are subject to change.

Prospective purchasers of our Class A ordinary shares are urged to consult their tax advisors about the particular British Virgin Islands and U.S. federal, state, local and other tax consequences to them of the acquisition, ownership and disposition of our Class A ordinary shares.

**Material British Virgin Islands Income Tax Considerations**

The Government of the British Virgin Islands does not, under existing legislation, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon us or our security holders who are not tax resident in the British Virgin Islands.

We are not liable to pay any form of taxation in the British Virgin Islands and all dividends, interest, rents, royalties, compensations and other amounts paid by us to persons who are not persons resident in the British Virgin Islands are exempt from all forms of taxation in the British Virgin Islands and any capital gains realized with respect to any shares, debt obligations, or other securities of ours by persons who are not persons resident in the British Virgin Islands are exempt from all forms of taxation in the British Virgin Islands.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not persons resident in the British Virgin Islands with respect to any shares, debt obligation or other securities of ours.

Subject to the payment of stamp duty on the acquisition of property in the British Virgin Islands by us (and in respect of certain transactions in respect of the shares, debt obligations or other securities of British Virgin Islands incorporated companies owning land in the British Virgin Islands), all instruments relating to transfers of property to or by us and all instruments relating to transactions in respect of the shares, debt obligations or other securities of ours and all instruments relating to other transactions relating to our business are exempt from payment of stamp duty in the British Virgin Islands.

There are currently no withholding taxes or exchange control regulations in the British Virgin Islands applicable to us or our shareholders.

**Material U.S. Federal Income Tax Considerations**

The following discussion describes certain U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of our Class A ordinary shares. This discussion deals only with Class A ordinary shares that are held as capital assets by a U.S. Holder (as defined below).

As used herein, the term "U.S. Holder" means a beneficial owner of our Class A ordinary shares that is, for U.S. federal income tax purposes, any of the following:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

● an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust; or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person.

This discussion is based upon provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations, rulings and judicial decisions thereunder, all as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below.

This discussion does not represent a detailed description of the U.S. federal income tax consequences applicable to you if you are subject to special treatment under the U.S. federal income tax laws, including if you are:

● a dealer or broker in securities;

● a financial institution;

● a regulated investment company;

● a real estate investment trust;

● an insurance company;

● a tax-exempt organization;

● a person holding our Class A ordinary shares as part of an integrated or conversion transaction, a constructive sale or a straddle;

● a trader in securities that has elected the mark-to-market method of accounting for your securities;

● a person liable for alternative minimum tax;

● a person who owns or is deemed to own 10% or more of all of our outstanding shares (by vote or value);

● a partnership or other pass-through entity for U.S. federal income tax purposes;

● a person required to accelerate the recognition of any item of gross income with respect to our Class A ordinary shares as a result of such income being recognized on an applicable financial statement; or

● a person whose "functional currency" for U.S. federal income tax purposes is not the U.S. dollar.

If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our Class A ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or partner of a partnership holding our Class A ordinary shares, you are urged to consult your tax advisors.

This summary does not contain a detailed description of all the U.S. federal income tax consequences to you in light of your particular circumstances and does not address the Medicare tax on net investment income, U.S. federal estate and gift taxes or the effects of any state, local or non-U.S. tax laws. If you are considering the purchase of our Class A ordinary shares, are urged to consult your tax advisors concerning the particular U.S. federal income tax consequences to you of the ownership and disposition of our Class A ordinary shares, as well as the consequences to you arising under other U.S. federal tax laws (such as estate and gift tax laws) and the laws of any other taxing jurisdiction.

Except as specifically noted below under "—Passive Foreign Investment Company," the following discussion assumes we are not, and will not be, a passive foreign investment company ("PFIC") for U.S. federal income tax purposes.

***Taxation of Dividends***

The gross amount of distributions on our Class A ordinary shares will be taxable as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a tax-free return of capital, causing a reduction in your tax basis in the Class A ordinary shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain recognized on a sale or exchange (as discussed below under "—Taxation of Sales or Exchanges"). We do not, however, expect to determine earnings and profits in accordance with U.S. federal income tax principles. Therefore, you should expect that a distribution will generally be reported as a dividend for U.S. federal income tax purposes. If distributions are paid in foreign currency, the amount of such distribution will be equal to the U.S. dollar value of such currency, translated at the spot rate of exchange on the date such distribution is received, regardless of whether the payment is in fact converted into US Dollars at that time.

Any dividends that you receive (including any withheld taxes) will be includable in your gross income as ordinary income from foreign sources on the day actually or constructively received by you. Such dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.

Subject to applicable limitations (including a minimum holding period requirement), dividends received by non-corporate U.S. Holders from a qualified foreign corporation may be treated as "qualified dividend income" that is subject to reduced rates of taxation. For these purposes, a foreign corporation is treated as a qualified foreign corporation with respect to dividends paid by that corporation on shares that are readily tradable on an established securities market in the United States. In this regard, shares generally are considered to be readily tradable on an established securities market in the United States if they are listed on Nasdaq, as the Class A ordinary shares are expected to be. However, non-corporate U.S. Holders will not be eligible for reduced tax rates on any dividends received from us if we are a PFIC (as discussed below under "—Passive Foreign Investment Company") in the taxable year in which such dividends are paid or in the preceding taxable year. You are urged to consult your tax advisors regarding the application of these rules to your particular circumstances.

***Taxation of Sales or Exchanges***

For U.S. federal income tax purposes, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of Class A ordinary shares in an amount equal to the difference between the amount realized for the Class A ordinary shares) and your tax basis in the Class A ordinary shares. Such gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if you have held the Class A ordinary shares for more than one year. In general, long-term capital gains of non-corporate U.S. Holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by you will generally be treated as U.S. source gain or loss.

***Passive Foreign Investment Company***

In general, we will be a PFIC for any taxable year in which, after applying certain look-through rules, (i) at least 75% of our gross income is passive income, or (ii) at least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce, or are held for the production of, passive income. For this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties and rents derived in the active conduct of a trade or business and not derived from a related person). In addition, cash and other assets readily convertible into cash are generally considered passive assets.

Based on the past and projected composition of our income and assets, and the valuation of our assets, including goodwill, we do not believe we were a PFIC for our most recent taxable year, and we do not expect to become a PFIC in the current taxable year or the foreseeable future, although there can be no assurance in this regard. The determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may become a PFIC in the current or any future taxable year due to changes in our asset or income composition.

If we are a PFIC for any taxable year that a U.S. Holder holds the Class A ordinary shares, unless the U.S. Holder makes certain elections, any gain recognized by the U.S. Holder on a sale or other disposition of the Class A ordinary shares would be allocated pro-rata over the U.S. Holder's holding period for the Class A ordinary shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or the highest rate in effect for corporations, as appropriate, for that taxable year, and an interest charge would be imposed. Further, to the extent that any distribution received by a U.S. Holder on the Class A ordinary shares exceeds 125% of the average of the annual distributions on the Class A ordinary shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain on the sale or other disposition of the Class A ordinary shares if we were a PFIC, as described above. If we are treated as a PFIC with respect to a U.S. Holder for any taxable year, the U.S. Holder will be deemed to own equity in any of the entities in which we hold equity that also are PFICs. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of the Class A ordinary shares. In addition, a timely election to treat us as a qualified electing fund under the Internal Revenue Code would result in an alternative treatment. However, we do not intend to prepare or provide the information that would enable U.S. Holders to make a qualified electing fund election. If we are considered a PFIC, a U.S. Holder also will be subject to annual information reporting requirements. U.S. Holders are urged to consult their tax advisors about the potential application of the PFIC rules to an investment in the Class A ordinary shares.

***Information Reporting and Backup Withholding***

In general, information reporting will apply to dividends in respect of our Class A ordinary shares and the proceeds from the sale, exchange or other disposition of Class A ordinary shares that are paid to you within the United States (and in certain cases, outside the United States), unless you establish that you are an exempt recipient. Backup withholding may apply to such payments if you fail to provide a taxpayer identification number and a certification that you are not subject to backup withholding or if you fail to report in full dividend and interest income.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your U.S. federal income tax liability provided the required information is timely furnished to the IRS.

Certain U.S. Holders are required to report their holdings of certain foreign financial assets, including equity of foreign entities, if the aggregate value of all of these assets exceeds certain threshold amounts. The Class A ordinary shares are expected to constitute foreign financial assets subject to these requirements unless the Class A ordinary shares are held in an account at certain financial institutions. U.S. Holders are urged to consult their tax advisors regarding the application of these reporting requirements.

**PLAN OF DISTRIBUTION**

The Registered Shareholders, and their pledgees, donees, transferees, assignees, or other successors in interest may sell their Class A ordinary shares covered hereby pursuant to brokerage transactions on Nasdaq, or other public exchanges or registered alternative trading venues, at prevailing market prices at any time after the Class A ordinary shares are listed for trading. We are not party to any arrangement with any Registered Shareholder or any broker-dealer with respect to sales of Class A ordinary shares by the Registered Shareholder, except we have engaged a financial advisor with respect to certain other matters relating to the registration of our Class A ordinary shares and listing of our Class A ordinary shares, as further described below. As such, we do not anticipate receiving notice as to if and when any Registered Shareholder may, or may not, elect to sell their ordinary shares or the prices at which any such sales may occur, and there can be no assurance that any Registered Shareholders will sell any or all of their Class A ordinary shares covered by this prospectus.

We will not receive any proceeds from the sale of Class A ordinary shares by the Registered Shareholders. We will recognize costs related to this direct listing and our transition to a publicly traded company consisting of professional fees and other expenses. We will expense these amounts in the period incurred and not deduct these costs from net proceeds to the issuer as they would be in an initial public offering.

We will use commercially reasonable efforts to keep the Registration Statement effective to give Registered Shareholders the right to sell for the earlier of (i) 90 days from the date hereof and (ii) the date on which the identified shareholders shall have sold all the shares covered thereby.

On the day that our Class A ordinary shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our Class A ordinary shares are ready to trade, Nasdaq will confirm the Current Reference Price for our Class A ordinary shares, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will then be executed at such price and regular trading of our Class A ordinary shares on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules.

Under Nasdaq rules, the Current Reference Price means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (i.e. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (i.e. the specified price entered in an order by a customer to buy or sell) at which our Class A ordinary shares will remain unmatched (i.e. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder.

In determining the Current Reference Price, Nasdaq's cross algorithms will match orders that have been entered into and accepted by Nasdaq's system. This occurs with respect to a potential Current Reference Price when orders to buy Class A ordinary shares at an entered bid price that is greater than or equal to such potential Current Reference Price are matched with orders to sell a like number of Class A ordinary shares at an entered asking price that is less than or equal to such potential Current Reference Price. To illustrate, as a hypothetical example of the calculation of the Current Reference Price, if Nasdaq's cross algorithms matched all accepted orders as described above, and two limit orders remained — a limit order to buy 500 Class A ordinary shares at an entered bid price of $10.01 per share and a limit order to sell 200 Class A ordinary shares at an entered asking price of $10.00 per share — the Current Reference Price would be selected as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Under clause (i), if the Current Reference Price is $10.00, then the maximum number of additional shares that can be matched is 200. If the Current Reference Price is $10.01, then the maximum number of additional shares that can be matched is also 200, which means that the same maximum number of additional shares would be matched at the price of either $10.00 or $10.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Because more than one price under clause (i) exists, under clause (ii), the Current Reference Price would be the price that minimizes the imbalance between orders to buy or sell (i.e., minimizes the number of shares that would remain unmatched at such price). Selecting either $10.00 or $10.01 as the Current Reference Price would create the same imbalance in the limit orders that cannot be matched, because at either price 300 shares would not be matched.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Because more than one price under clause (ii) exists, under clause (iii), the Current Reference Price would be the entered price at which orders for Class A ordinary shares at such entered price will remain unmatched. In such case, choosing $10.01 would cause 300 shares of the 500-share limit order with the entered price of $10.01 to remain unmatched, compared to choosing $10.00, where all 200 shares of the limit order with the entered price of $10.00 would be matched, and no shares at such entered price remain unmatched. Thus, Nasdaq would select $10.01 as the Current Reference Price, because orders for shares at such entered price will remain unmatched. The above example (including the prices) is provided solely by way of illustration.

The Advisor will determine when our Class A ordinary shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade. Further, in the highly unlikely event that Nasdaq consults with the Advisor as described in clause (iv) of the definition of Current Reference Price, the Advisor would request that Nasdaq delay the opening to ensure a single opening price within clauses (i), (ii) or (iii) of the definition of the Current Reference Price. Under Nasdaq rules, in the event of such delay, prior to terminating such delay, there will be a 10-minute "Display Only" period during which market participants may enter quotes and orders in our Class A ordinary shares in Nasdaq systems. In addition, beginning at 4:00 a.m., market participants may enter orders in our Class A ordinary shares on Nasdaq. Such orders will be accepted and entered into the system. After the conclusion of the 10-minute "Display Only" period, our Class A ordinary shares will enter a "Pre-Launch" period of indeterminate duration. The "Pre-Launch" period will end and our Class A ordinary shares will be released for trading by Nasdaq when certain conditions are met, including Nasdaq's receipt of notice from the Advisor that our Class A ordinary shares are ready to trade, after which the Nasdaq system will calculate the Current Reference Price at that time and display it to the Advisor. If the Advisor then approves proceeding, the Nasdaq system will conduct certain validation checks. The Advisor, with concurrence of Nasdaq, may determine at any point during the delay process up through the conclusion of the "Pre-Launch" period to postpone and reschedule the Direct Listing. The Registered Shareholders will not be involved in Nasdaq's price-setting mechanism and will not coordinate or be in communication with the Advisor including with respect to any decision by the Advisor to delay or proceed with trading.

Similar to a Nasdaq-listed firm-commitment underwritten initial public offering, in connection with the listing of our Class A ordinary shares, buyers and sellers who have subscribed will have access to Nasdaq's Order Imbalance Indicator, or the Net Order Imbalance Indicator, a widely available, subscription-based data feed, prior to submitting buy or sell orders. Nasdaq's electronic trading platform simulates auctions every second to calculate a Current Reference Price, the number of Class A ordinary shares of that can be paired off the Current Reference Price, the number of Class A ordinary shares that would remain unexecuted at the Current Reference Price and whether a buy-side or sell-side imbalance exists, or whether there is no imbalance, to disseminate that information continuously to buyers and sellers via the Net Order Imbalance Indicator data feed.

However, because this is not an initial public offering being conducted on a firm-commitment underwritten basis, there will be no traditional book building process (that is, an organized process pursuant to which buy and sell interest is coordinated in advance to some prescribed level – the "book"). Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold Class A ordinary shares to the public, as there would be in a firm-commitment underwritten initial public offering. The lack of an initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, the public price of our Class A ordinary shares may be more volatile than in an initial public offering underwritten on a firm-commitment basis and could, upon being listed on Nasdaq, decline significantly and rapidly.

In addition to listing on Nasdaq, we are also required to have at least four registered and active market makers. We expect that the Advisor will act as a registered and active market maker and will engage other market makers.

In addition to sales made pursuant to this prospectus, the Class A ordinary shares covered by this prospectus may be sold by the Registered Shareholders in private transactions exempt from the registration requirements of the Securities Act. Under the securities laws of some states, Class A ordinary shares may be sold in such states only through registered or licensed brokers or dealers.

A Registered Shareholder may from time to time transfer, distribute (including distributions in kind by Registered Shareholders that are investment funds), pledge, assign, or grant a security interest in some or all the Class A ordinary shares owned by it and, if it defaults in the performance of its secured obligations, the transferees, distributees, pledgees, assignees, or secured parties may offer and sell the Class A ordinary shares from time to time under this prospectus, or under an amendment to this prospectus under applicable provisions of the Securities Act amending the list of the Registered Shareholders to include the transferee, distributee, pledgee, assignee, or other successors in interest as Registered Shareholders under this prospectus. The Registered Shareholders also may transfer the shares in other circumstances, in which case the transferees, distributes, pledgees, or other successors in interest will be the registered beneficial owners for purposes of this prospectus.

If any of the Registered Shareholders utilize a broker-dealer in the sale of Class A ordinary shares being offered by this prospectus, such broker-dealer may receive commissions in the form of discounts, concessions or commissions from such Registered Shareholder or commissions from purchasers of Class A ordinary shares for whom they may act as agent or to whom they may sell as principal.

We have engaged ThinkEquity LLC, as our financial advisor to advise and assist us with respect to certain matters relating to the Direct Listing. The services expected to be performed by the Advisor will include providing advice and assistance with respect to defining objectives, analyzing, structuring and planning the Direct Listing and developing and assisting with our investor communication strategy in relation to the Direct Listing. In connection with its engagement as our financial advisor, the Advisor received a fee of $100,000 upon the return of all the required Due Diligence by WeShop requested from Advisor; will receive an additional fee of $100,000 due upon the filing of the Company's registration statement with the SEC; and will be entitled to a fee of $800,000 upon the successful consummation of the Direct Listing. The Advisor will also be entitled to an expense reimbursement for all expenses pre-approved by the Company for all reasonable travel and other out-of-pocket expenses incurred in connection with the Advisor's engagement including the preapproved and reasonable fees and expenses of the Advisor's counsel and due diligence analysis not to exceed $25,000.

The Advisor will not be engaged to otherwise facilitate or coordinate price discovery activities or the solicitation and/or sales of Class A ordinary shares in consultation with us, and will not be permitted to, and will not be instructed by us to, plan or actively participate in any investor education activities, except as described herein.

Prior to the financial advisory services provided by the Advisor to us in connection with the listing of our securities, neither the Advisor nor any affiliates of the Advisor have provided services of any kind to us.

**EXPENSES OF THE OFFERING**

Set forth below is an itemization of the total expenses which are expected to be incurred in connection with the sale of our Class A ordinary shares in the offering. With the exception of the registration fee payable to the SEC and the filing fee payable to Nasdaq, all amounts are estimates. We will pay all of the expenses of this offering.

---

| | |
|:---|:---|
|  | **Amount To Be Paid** |
| SEC registration fee | $22550 |
| Nasdaq listing fee | 75000 |
| Printing and engraving expenses | 12000 |
| Auditor's fees | 1083885 |
| Legal fees and expenses | 2450000 |
| Transfer Agent and registrar fees | 10125 |
| Other advisors' fees | 1000000 |
| Miscellaneous fees and expenses | 100000 |
| Total | $4753560 |

---

**LEGAL MATTERS**

Certain legal matters with respect to British Virgin Islands law in connection with this offering are being passed upon for us by Harney Westwood & Riegels (BVI) LP.

**EXPERTS**

The consolidated financial statements of WeShop Holdings Limited as of December 31, 2024 and 2023 and for each of the two years in the period ended December 31, 2024 appearing in the registration statement of which this prospectus is a part have been audited by Withum Smith+Brown, PC, an independent registered public accounting firm, located at as stated in their report appearing herein (which contains an explanatory paragraph relating to the restatement of the previously issued consolidated financial statements). Such audited financial statements have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

**SERVICE OF PROCESS AND ENFORCEMENT OF LIABILITIES**

We are a British Virgin Islands business company limited by shares and our registered office is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands and our executive office is located outside of the United States in Hawk House, 22 The Esplanade, Jersey, JE1 1HH, Channel Islands.

Most of our directors and officers and those of our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries' assets and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may be difficult or impossible for United States investors to effect service of process within the United States upon us, our directors or officers, our subsidiaries or to realize against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

In addition, there is uncertainty as to whether the courts of the British Virgin Islands would (1) recognize or enforce against us, or our directors or our officers, judgments of courts of the United States based on civil liability provisions of applicable U.S. federal and state securities laws; or (2) impose liabilities against us or our directors and officers in original actions brought in the British Virgin Islands, based on these laws.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement (including any amendments and exhibits to the registration statement) on Form F-1 under the Securities Act with respect to the Class A ordinary shares offered in this prospectus. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and the exhibits, schedules and amendments to the registration statement. Certain information with respect to us and our Class A ordinary shares is omitted and you should refer to the registration statement and its exhibits for that information. With respect to references made in this prospectus to any contract or other document of WeShop Holdings Limited such references are not necessarily complete and you should refer to the exhibits attached to the registration statement for copies of the actual contract or document. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, together.

Upon completion of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is *www.sec.gov*. As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and members of our Board and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We maintain a corporate website at *https://we.shop.* The information contained on, or accessible from, or hyperlinked to our website is not a part of this prospectus and you should not consider information on our website to be part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

**WeShop Holdings Limited and Subsidiaries**

**CONSOLIDATED FINANCIAL STATEMENTS**

**December 31, 2024 and 2023**

WeShop Holdings Limited and Subsidiaries

Consolidated Financial Statements

December 31, 2024 and 2023

**Table of Contents**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#bs_007) | F-4 |
| Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#bs_008) | F-5 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations](#bs_009) | F-6 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Shareholders' Equity](#bs_010) | F-7 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#bs_011) | F-8 |
| &nbsp;&nbsp;&nbsp;[Notes to the Consolidated Financial Statements](#bs_012) | F-9 |

---

 **WeShop Holdings Limited and Subsidiaries**

 **UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

 **June 30, 2025 and 2024**

WeShop Holdings Limited and Subsidiaries

Unaudited Interim Consolidated Financial Statements

June 30, 2025 and 2024

 **Table of Contents**

---

| | |
|:---|:---|
| Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Balance Sheets](#gg_001) | F-23 |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Operations](#gg_002) | F-24 |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Shareholders' Equity](#gg_003) | F-25 |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows](#gg_004) | F-26 |
| &nbsp;&nbsp;&nbsp;[Notes to the Condensed Consolidated Financial Statements](#gg_005) | F-27 |

---

![](formdrs_028.jpg)

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of

WeShop Holdings Limited and Subsidiaries:

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of WeShop Holdings Limited and Subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, shareholders' equity, and cash flows for the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

**Restatement of the Previously Issued Consolidated Financial Statements**

As discussed in Note 2 to the consolidated financial statements, the 2023 consolidated financial statements have been restated to correct a misstatement.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

WithumSmith+Brown, PC

We have served as the Company's auditor since 2024.

New York, New York

June 27, 2025 except for Note 14, dated October , 2025

The foregoing report is in the form that will be signed upon the completion of the reverse stock split described in Note 14 to the consolidated financial statements.

/s/ WithumSmith+Brown, PC

New York, New York

October 17, 2025

![](formdrsa_05.jpg)

WeShop Holdings Limited and Subsidiaries

Consolidated Balance Sheets

As of December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  | | **(As Restated)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | £28066 | £139411 |
| &nbsp;&nbsp;&nbsp;Accrued income, net of returns reserve | 86036 | 666461 |
| &nbsp;&nbsp;&nbsp;Other current assets | 63559 | 60558 |
| Total current assets | 177661 | 866430 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 13758907 | 15764385 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 35853 | 40322 |
| **Total assets** | £13972421 | £16671137 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | £1627450 | £1064293 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable | 1771593 | 1650000 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, at fair value | 1213564 |  |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, at fair value – related party | 40930 |  |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, net - related party | 999937 | 7536400 |
| &nbsp;&nbsp;&nbsp;Accrued interest - related party | 126827 | 534517 |
| &nbsp;&nbsp;&nbsp;Notes payable | 231631 | 215499 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 144585 | 69663 |
| Total current liabilities | 6156517 | 11070372 |
| &nbsp;&nbsp;&nbsp;Share-based compensation liability | 390298 | 390298 |
| **Total liabilities** | 6546815 | 11460670 |
| **Commitments and contingencies (Note 11)** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, no par value unlimited authorized shares, 7,985,717 and 7,180,510 shares, issued and outstanding as of December 31, 2024 and 2023, respectively | 91487039 | 77196909 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (84061433) | 71986442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 7425606 | 5210467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | £13972421 | £16671137 |

---

The accompanying notes are an integral part to these consolidated financial statements

WeShop Holdings Limited and Subsidiaries

Consolidated Statements of Operations

For the years ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> December 31,** | **For the years ended <br> December 31,** |
|  | **2024** | **2023** |
|  | | **(As Restated)** |
| **Net revenues** | £1294770 | £1452669 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales | 5593851 | 26946774 |
| &nbsp;&nbsp;&nbsp;General and administrative | 4073211 | 3059581 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 319887 | 30196901 |
| &nbsp;&nbsp;&nbsp;Research and development | 229426 | 514433 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 2015877 | 2008568 |
| Total costs and expenses | 12232252 | 62726257 |
| **Operating loss** | (10937482) | (61273588) |
| Other income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 32438 | 383260 |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes payable | (479024) | - |
| &nbsp;&nbsp;&nbsp;Interest expense | (690923) | (480971) |
| **Net loss** | £(12074991) | £(61371299) |
| &nbsp;&nbsp;&nbsp;Basic and diluted net loss per Ordinary Share | £(1.62) | £(9.96 ) |
| &nbsp;&nbsp;&nbsp;Weighted average ordinary shares outstanding, basic and diluted | 7228113 | 6164423 |

---

The accompanying notes are an integral part to these consolidated financial statements

WeShop Holdings Limited and Subsidiaries

Consolidated Statements of Shareholders' Equity

For the years ended December 31, 2024 and 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Accumulated** | |
|  | **Shares** | **Amount** | **Deficit** |<br>**Total** |
| **Balance at December 31, 2022, recasted and as restated** | 5505208 | £21476816 | £(10615143) | £10861673 |
| Issuance of ordinary shares in exchange for cash | 13155 | 255000 |  | 255000 |
| Issuance of ordinary shares to a related party in exchange for marketing services | 1662146 | 28515776 |  | 28515776 |
| Share-based compensation |  | 26949317 |  | 26949317 |
| Net loss | - | - | (61371299) | (61371299) |
| **Balance at December 31, 2023, recasted and as restated** | 7180510 | 77196909 | (71986442) | 5210467 |
| Issuance of ordinary shares in exchange for cash | 3125 | 60750 |  | 60750 |
| Conversion of promissory notes inclusive of accrued interest, related party | 802083 | 8633599 |  | 8633599 |
| Share-based compensation |  | 5595781 |  | 5595781 |
| Net loss | - | - | (12074991) | (12074991) |
| **Balance at December 31, 2024, recasted** | 7985717 | £91487039 | £(84061433) | £7425606 |

---

The accompanying notes are an integral part to these consolidated financial statements

WeShop Holdings Limited and Subsidiaries

Consolidated Statements of Cash Flows

For the years ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | **For the year ended <br> December 31,** | **For the year ended <br> December 31,** |
|  | **2024** | **2023** |
|  | | **(As Restated)** |
| **Cash Flows from Operating Activities** |  |  |
| Net loss | £(12074991) | £(61371299) |
| Adjustment to reconcile net loss to cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 2015877 | 2008568 |
| &nbsp;&nbsp;&nbsp;(Recoveries) provisions for returns reserve | (31731) | 108018 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 5595781 | 55855391 |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes payable | 479494 |  |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 63600 | 71658 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued income | 612156 | (647202) |
| &nbsp;&nbsp;&nbsp;Tax receivable |  | 226681 |
| &nbsp;&nbsp;&nbsp;Other current assets | (3001) | 8448 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 563157 | (159145) |
| &nbsp;&nbsp;&nbsp;Accrued interest - related party | 475909 | 339449 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 144584 | 69663 |
| **Net cash used in operating activities** | (2159165) | (3489770) |
| **Cash flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (5930) | (30743) |
| **Net cash used in investing activities** | (5390) | (30743) |
| **Cash flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of ordinary shares in exchange for cash | 60750 | 255000 |
| &nbsp;&nbsp;&nbsp;Proceeds from the issuance of notes payable |  | 215499 |
| &nbsp;&nbsp;&nbsp;Proceeds from the issuance of convertible notes payable | 1568000 | 1650000 |
| &nbsp;&nbsp;&nbsp;Proceeds from the issuance of convertible notes payable - related party | 425000 | 1100000 |
| **Net cash provided by financing activities** | 2053750 | 3220499 |
| Net decrease in cash and cash equivalents | (111345) | (300014) |
| Cash, beginning of year | 139411 | 439425 |
| **Cash, end of the year** | £28066 | £139411 |
| **Supplemental non-cash disclosures:** |  |  |
| Conversion of convertible notes payable – related party to equity | £7750000 | £- |
| Forgiveness of interest on convertible notes payable – related party | £883599 | £- |
| Reclassification of convertible notes payable - related party | £775399 | £- |

---

The accompanying notes are an integral part to these consolidated financial statements

WeShop Holdings Limited and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2024 and 2023

**Note 1 - ORGANIZATION AND BUSINESS OPERATIONS**

WeShop Holdings Limited (referred to as "WeShop", "the Company") is a BVI Business Company limited by shares and incorporated in the British Virgin Islands, registration number 2046056, and is domiciled in the British Virgin Islands. WeShop is a community owned social commerce platform offering shoppers shares in the Company every time they make a purchase, recommend a product or refer a new member. WeShop earns revenues from advertising on their platform and commissions on the sales through the platform.

Boanerges Limited ("Boanerges") was a British Virgin Islands registered company which listed as a special purpose acquisition company on the London junior market called Aquis on April 23, 2021. On November 17, 2021 Boanerges' shareholders approved the acquisition of the business, assets and name of WeShop Limited and subsequent to the transaction closing, Boanerges was renamed to WeShop Holdings Limited ("Asset Acquisition"). WeShop Limited was incorporated as a UK company on September 21, 2012. It had developed a software platform and various IP surrounding a social commerce platform.

Pursuant to that agreement, the Company acquired the technology in exchange for 8,333,333 shares of its own shares.

At December 31, 2024, the Company has two wholly owned subsidiaries, This is How Limited, incorporated in Jersey, Channel Islands on November 30, 2021 which holds the intellectual property of the consolidated group as well as WeShop Management UK Ltd. which is primarily incurring personnel expenses at this time.

On September 15, 2025, the Board of Directors approved a 1-for-4 reverse stock split of the Company's issued share capital (the "Consolidation") in preparation for the Company's proposed listing on Nasdaq. Pursuant to the Consolidation on October 22, 2025, every four ordinary shares in issue will be consolidated into one ordinary share, with any fractional entitlements rounded down to the nearest whole share. As of the date of these financial statements, the reverse stock split has been applied by the Company and reflected throughout. As a result of the Consolidation, pre-consolidation issued shares of 31,942,869 will be consolidated to 7,985,717 post-consolidation shares (See Note 11).

**Note 2 - Correction of Previously Issued Financial Statements**

On May 9, 2025, the Company received an SEC Comment letter and based on the Company's subsequent review of the guidance under ASC 718, it was determined that the account owners do not have a service condition as defined by ASC 718. ASC 718-10-55-6 states that a share-based award becomes vested when the award is no longer contingent on satisfaction of a service condition.

The following circumstances would require a Contingent Share to be forfeited during that period including where an Account Owner/Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is
 suspended by the Company under Clause 7 (breach of code of conduct);

b) is
 associated with any fraudulent activity or any breach of the
 Company's terms;

c) is
 used to make purchases on behalf of, or for
 the benefit of, any other person;

d) is
 inactive for more than 13 months (an Account Owner is inactive where the Account Owner does
 not log into the Services);

e) publishes
 (or causes to be published) defamatory or otherwise abusive Content directed towards WeShop
 or any subsidiary or member of its group of companies, its directors and/or officers or employees
 either on the WeShop platform or elsewhere;

f) is
 in dispute with WeShop for any reason including any disputes not relating to Qualifying Transactions;
 or

g) is
 abusive verbally or by electronic communication to any member of the WeShop team.

Since the shares automatically settle upon request of share certificate or withdrawal once the account owner has owned the Contingent Share for a period of 13 months from the date of issuance, this is considered a non-substantive service condition and the 13 months is deemed to be a delayed exercisability provision, which does not give rise to over time recognition being that there is no service condition. Based on the Company's policy, forfeitures would be accounted for as they occur. For the year ended December 31, 2023, there were no forfeitures.

Based on this, the Company has restated their financial statements to expense the account owner shares immediately (once the transaction is verified) as opposed to over a 12-month service period.

***Quantitative Impact of the Restatement***

*Impact to the consolidated balance sheet as of December 31, 2023*

The impact of the restatements on the line items within the previously reported Audited Consolidated Statement of Operations for the year ended December 31, 2022 previously filed is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As reported** | **Adjustment** | **As restated** |
| Ordinary shares | £55097580 | £22099329 | £77196909 |
| Accumulated deficit | £(49887114) | £(22099329) | £(71986442) |

---

*Impact to the consolidated statement of operations for the year ended December 31, 2023*

---

| | | | |
|:---|:---|:---|:---|
|  | **As reported** | **Adjustment** | **As restated** |
| Cost of sales | £5547118 | £21399656 | £26946774 |
| Total costs and expenses | £41326601 | £21399656 | £62726257 |
| Operating loss | £(39873932) | £(21399656) | £(61273588) |
| Net loss | £(39971643) | £(21399656) | £(61371299) |
| &nbsp;&nbsp;&nbsp;Basic and diluted net loss per Ordinary Share | £(1.62) | £(0.87) | £(2.49) |

---

*Impact to the consolidated statement of changes in shareholders' equity for the year ended December 31, 2023*

---

| | | | |
|:---|:---|:---|:---|
|  | **As reported** | **Adjustment** | **As restated** |
| **Ordinary Shares** |  |  |  |
| Balance, December 31, 2022 | £20777144 | £699672 | £21476816 |
| Share-based compensation | £5549661 | £21399656 | £26949317 |
| Balance, December 31, 2023 | £55097580 | £22099329 | £77196909 |
| **Accumulated deficit** |  |  |  |
| Balance, December 31, 2022 | £(9915471) | £(699672) | £(10615143) |
| Net loss | £(39971643) | £(21399656) | £(61371299) |
| Balance, December 31, 2023 | £(49887114) | £(22099328) | £(71986442) |

---

*Impact to the consolidated statement of cash flows for the year ended December 31, 2023*

---

| | | | |
|:---|:---|:---|:---|
|  | **As reported** | **Adjustment** | **As restated** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net Loss | £(39971643) | £(21399656) | £(61371299) |
| Adjustment to reconcile net loss to cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | £34455735 | £21399656 | £55855391 |

---

**Note 3 - LIQUIDITY**

During the years ended December 31, 2024 and 2023, the Company has incurred net losses of approximately £12 million and £61 million, respectively, and had an accumulated deficit of approximately £84 million (of which approximately £62 million relates to inception to date noncash share-based compensation expense) as of December 31, 2024. The Company expects to continue to incur net losses as it continues to grow and scale its business. Historically, the Company's activities have been financed through private placements of equity securities and convertible debt issued.

The Company's future capital requirements will depend on many factors including the Company's revenue growth rate, the timing and extent of spending to support further sales and marketing and research and development efforts. In order to finance these opportunities, the Company may need to raise additional financing. While there can be no assurances, the Company may need to pursue issuances of additional equity raises and debt rounds of financing. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to the Company or at all. If the Company is unable to raise additional capital when desired, the Company's business, results of operations and financial condition would be materially and adversely affected.

The Company has obtained a support letter from its current debt investor and affiliates, which provides that if the Company fails to (i) raise sufficient capital through rounds of financings, or (ii) secure sufficient operating cash to fund its operating expenses, the debt investor and affiliates, subject to such further conditions, and in a form to be mutually determined, would provide the Company funding and financial support necessary to pay for its operating expenses through the proposed public offering or for the twelve months from issuance of these consolidated financial statements.

The Company believes that as a result of resource reallocation initiatives, additional insider investments and financing, along with its existing cash and committed affiliated support, the Company will be able to fund operations and capital needs for at least the next year from the date these consolidated financial statements were available to be issued.

**Note 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Principles of Consolidation**

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

The functional currency for each subsidiary as well as the reporting currency is British Pounds.

**Basis of Accounting**

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP").

**Use of Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Estimates are adjusted to reflect actual experience when necessary. Such estimates include, but are not limited to, revenue recognition, intangible assets, fair value of convertible notes and estimation of share-based compensation. Actual results may differ from our estimates.

**Earnings (Loss) Per Share**

The Company computes basic earnings (loss) per share ("EPS") by dividing income (loss) available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the reporting period. All securities that meet the definition of a participating security, irrespective of whether the securities are convertible, nonconvertible, or potential ordinary share securities, shall be included in the computation of basic EPS using the two-class method. However, when the different classes of shares have identical rights and privileges except voting rights, whereby they share equally in dividends and residual net assets on a per unit basis, the classes can be combined and presented as one class for EPS purposes.

Diluted earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding. During the periods when they are anti-dilutive, ordinary share equivalents, if any, are not considered in the computation. As of December 31, 2024 and 2023, there were no anti-dilutive shares or ordinary share equivalents outstanding.

**Fair Value Measurement**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable:

Level 1 - Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.

Level 2 - Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active, and inputs that are derived principally from or corroborated by observable market data.

Level 3 - Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.

*<u>Recurring Fair Value Measurements</u>*

The Company's fair value measurements in each reporting period includes debt instruments and share-based awards. The Company's financial instruments of accounts receivable, accounts payable, accrued expenses, convertible notes payable and other current liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

**Cash**

Cash includes cash deposits in banks. There were no cash equivalents as of December 31, 2024 and 2023.

**Revenue Recognition**

ASC *606, Revenue from Contracts with Customers,* is a single standard for revenue recognition that applies to all of revenue arrangements and generally requires revenue to be recognized upon the transfer of control of promised goods or services provided to its customers, reflecting the amount of consideration it expects to receive for those goods or services. Pursuant to ASC *606,* revenue is recognized upon the application of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Identification of the contract,
 or contracts, with a customer;

● identification of the performance
 obligations in the contract;

● determination of the transaction
 price;

● allocation of the transaction
 price to the performance obligations in the contract; and

● recognition of revenue when,
 or as, the contractual performance obligations are satisfied.

Substantially all of the Company's performance obligations are satisfied at a point in time rather than over time.

*<u>Affiliate Revenue</u>:* The Company is not the seller of record in the transactions performed by users on the retailer's platforms. The Company earns commissions based on sales generated through affiliate links. This performance-based model aligns its incentives with its partners, ensuring a focus on driving high-quality traffic and conversions. The commissions revenue earned from these arrangements is recognized on a net basis, which equates to the commission and processing fees earned in exchange for the seller services. The commission and processing fees are recognized net of estimated refunds when the buyer and seller confirm the corresponding transaction. The Company does not take title to inventory sold or assume risk of loss at any point in time during the transaction. The Company receives its net consideration from the affiliate networks (the Company's customer) based on confirmed transactions. The Company currently records processing fees from its merchant service providers as a component of cost of sales on the consolidated statement of operations.

*<u>Advertising services:</u>* The Company provides advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. Revenue is recognized on a gross basis as ads are delivered based on the number of clicks or impressions.

Payments are typically received within 30 to 90 days of the affiliates validating the sales and commissions. The Company can reasonably estimate the revenues and adjust for any cancelations/rejections in real time.

The table below shows the disaggregation of revenue between affiliate revenues and advertising for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Affiliate revenues, net | £907388 | £1317023 |
| Advertising revenues | 387382 | 135646 |
| Total revenues, net | £1294770 | £1452669 |

---

**Customer Concentration**

For the year ended December 31, 2024, there were a total of three customers who accounted for approximately 81% of revenues. The Company also had one customer who accounted for approximately 52% of the total receivables as of December 31, 2024.

For the year ended December 31, 2023, there were a total of two customers who accounted for approximately 80% of revenues. The Company also had a total of two customers who accounted for approximately 76% of the total receivables as of December 31, 2023.

**Accrued Income**

Accrued income primarily represents the net cash due from affiliates and performance marketing networks for commissions earned on consumer purchases. The carrying amount of accrued income is reduced by a returns reserve that reflects management's best estimate of amounts that will not be collected. The reserve represents the current estimate refunds and cancellations expected over the remaining duration of existing accrued income balances.

The following represents a roll forward of the returns reserve for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
| Balance, beginning of year | £118678 | £10660 |
| (Recoveries) provisions for expected losses | (31731) | 108018 |
| Balance, end of year | £86947 | £118678 |

---

*<u>Contract Assets</u>*

A contract asset is an entity's right to payment for goods and services already transferred to a customer if that right to payment is conditional on something other than the passage of time. Generally, an entity will recognize a contract asset when it has fulfilled a contract obligation but must perform other obligations before being entitled to payment.

Contract assets consist primarily of the accrued income based on completion of the sale or promotion of such sales, upon satisfaction of the contract obligations. As of December 31, 2024 and 2023, contract assets, net of returns reserve, were recorded in the amounts of £86,036 and £666,461, respectively, on the Company's consolidated balance sheets.

The following represents a roll forward of the contract assets for the years ended December 31, 2024 and 2023:

---

| | |
|:---|:---|
| Balance, January 1, 2023 | £127277 |
| Contract asset recorded | 647202 |
| Less: returns reserve | (108018) |
| Balance, December 31, 2023 | £666461 |
| Contract assets collected | (666461) |
| Contract asset recorded | 54305 |
| Add: recoveries | 31731 |
| Balance, December 31, 2024 | £86036 |

---

**Property and Equipment**

Property and equipment are recorded at cost and depreciated using the straight-line basis over the estimated useful lives of the respective asset. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that extend the useful life of the assets are capitalized. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recognized in operations.

---

| | |
|:---|:---|
| **Assets** | **Estimated useful life** |
| Computer and equipment<br>| 5 years |

---

**Intangible Assets**

Intangible assets consist of the acquired brand name and relationships that were acquired through an asset acquisition in 2021. This transaction did not meet the definition of a business combination as substantially all of the fair value of the gross assets acquired was concentrated in the finite-lived developed technology intangible asset. As a result, this transaction was accounted for as an asset acquisition and the total purchase consideration was allocated to intangible assets, amortized over an estimated useful life of ten years.

The Company reviews the recoverability of its intangible assets by comparing the carrying value of such assets to the related undiscounted value of the projected cash flows associated with the assets, or asset group. If the carrying value is found to be greater, the Company records an impairment loss for the excess of book value over fair value. No impairment of the Company's intangible assets was recorded for the years ended December 31, 2024 and 2023.

**Convertible Notes Payable**

When the Company issues convertible debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine whether the instrument should be classified as a liability under ASC 480, *Distinguishing Liabilities from Equity*, and if it does not meet this classification under ASC 480 whether the conversion feature should be accounted for separately from the host instrument. A conversion feature of a convertible debt instrument would be separated from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of a "derivative" in ASC 815, *Derivatives and Hedging*. When a conversion feature meets the definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried on the consolidated balance sheet at fair value, with any changes in its fair value recognized currently in the consolidated statements of operations. As of December 31, 2024 and 2023 the Company management determined there are no bifurcated derivatives on the convertible debt under ASC 815.

**Leases**

The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use ("ROU") assets represent the Company's right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Lease renewal periods are considered on a lease-by-lease basis in determining the lease term. The interest rate the Company uses to determine the present value of future lease payments is the Company's incremental borrowing rate because the rate implicit in the Company's leases is not readily determinable. The incremental borrowing rate is a hypothetical rate for collateralized borrowings in economic environments where the leased asset is located based on credit rating factors. The ROU asset is determined based on the lease liability initially established and adjusted for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. Certain leases contain variable costs, such as common area maintenance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the statements of operations.

The Company currently has no long-term operating leases or finance leases. All leases 12 months or less are expensed as incurred.

**Cost of Sales**

Cost of sales primarily consists of the share-based compensation for the Company's Contingent Shares (See Note 9).

**General and Administrative**

General and administrative expenses primarily consist of costs for corporate functions, including payroll and related expenses, facilities and equipment expenses, such as rent and professional fees.

**Sales and Marketing**

Sales and marketing costs include advertising and payroll and related expenses for personnel engaged in marketing and selling activities, including share-based compensation for shares issued in connection with marketing services. Advertising expenses are expensed as incurred and totaled approximately £0.3 million and £1.3 million for the years ended December 31, 2024 and 2023, respectively.

**Share-Based Compensation**

As an incentive to key employees, non-employee directors and consultants, the Company periodically grants non-qualified share options.

Additionally, the Company participates in a Shareback incentive program. The purpose of the Shareback incentive program is to reward account owners for their social and transactional activity on the WeShop platform by awarding the account owners, in the first instance, a contingent entitlement to an ordinary share or such other class of share as the Company may designate from time to time based on the account owner's performance and return window of product referral ("Contingent Shares").

The Company recognizes share-based compensation in accordance with ASC 718, *Compensation — Stock Compensation*. ASC 718 requires the recognition of compensation expense, using a fair value-based method, for costs related to all share-based payments including share options, restricted share units and Contingent Shares.

The Company recognizes the fair value of share options granted to non-employees as a share-based compensation expense over the period in which the related services are received. The Company recognizes forfeitures as they occur. The Company believes that the estimated fair value of share options is more readily measurable than the fair value of the services rendered.

For Contingent Shares, expense is recognized immediately at the grant date of the award. As the shares automatically settle upon request of share certificate or withdrawal once the account owner has owned the Contingent Share for a period of 13 months from the date of issuance, this is considered a non-substantive service condition and the 13 months is deemed to be a delayed exercisability provision.

**Research and Development**

The Company expenses research and development costs as incurred. Research and development expenses consist primarily of software development costs, including employee compensation and external contractors, associated with the ongoing development of the Company's technology.

**Income Taxes**

According to British Virgin Islands ("BVI") corporate taxation, there is a zero-rated income tax regime for all BVI-domiciled corporate entities, and there is no concept of residence applicable to BVI corporate taxation. The Company was incorporated in the BVI and is governed by the laws of the BVI.

**Recent Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU is effective for all entities for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. We adopted this ASU for annual reporting and applied the amendments retrospectively for all periods presented in the financial statements (Note 13).

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires expanded, disaggregated expense disclosures. This ASU is effective for all entities for fiscal years beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027 as updated for in ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date which clarified the interim reporting effective date of ASU 2024-03. Early adoption is permitted. The amendments will be applied prospectively with the option of retrospective application. We are currently evaluating this ASU to determine its impact on the Company's disclosures.

There are no other recent accounting pronouncements pending adoption that we expect will have a material impact on our consolidated financial condition, results of operations, or cash flows.

**Note 5 - PROPERTY AND EQUIPMENT, NET**

The following table summarizes property and equipment:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| Computer and equipment | £56949 | £51019 |
| Less: accumulated depreciation | (21096) | (10697) |
| Property and equipment, net | £35853 | £40322 |

---

Depreciation expense was £10,397 and £8,568 for the years ended December 31, 2024 and 2023, respectively.

**Note 6 - INTANGIBLE ASSETS**

The following table summarizes intangible assets:

---

| | | |
|:---|:---|:---|
|  | **As of** **December 31,** | **As of** **December 31,** |
|  | **2024** | **2023** |
| Developed technology | £20000000 | £20000000 |
| Less: accumulated amortization | (6241095) | (4235615) |
| Intangible assets, net | £13758907 | £15764385 |

---

Amortization expense was £2,005,480 and £2,000,000 for the years ended December 31, 2024 and 2023, respectively.

---

| | |
|:---|:---|
| 2025 | £2000000 |
| 2026 | 2000000 |
| 2027 | 2000000 |
| 2028 | 2000000 |
| 2029 | 2000000 |
| Thereafter | 3758907 |
|  | £13758907 |

---

The below table represents the future amortization expense:

**Note 7 - CONVERTIBLE NOTES PAYABLE**

On June 29, 2023, the Company entered into a 12% fixed rate secured loan notes agreement for an aggregate principal amount of all the notes limited to £2, 5000,000. The notes convert at a price of the shares calculated to a pre-money valuation of the Company of £58,000,000 divided by the number of shares in issue at the conversion date. Each noteholder shall have the right to serve a conversion notice on the Company (not less than 20 business days prior to the repayment date) to convert all or some of the notes and accrued interest. The conversion shares arising on conversion of the Notes shall be credited as fully paid and rank pari passu with shares of the same class in issue on the repayment date and shall carry the right to receive any dividends and other distributions declared after the repayment date.

In June and July 2024, pursuant to an Unsecured Convertible Loan Note 2024 (the "2024 Convertible Loans"), the Company issued to certain accredited investors (the "Noteholders") unsecured convertible notes in an aggregate principal amount of £2,100,000 accruing interest rates at 1% per month or 12% per annum, which are convertible into Ordinary Shares of the Company upon the Conversion Event. The Conversion Event is defined as 10 days before the Company is to list on a recognized stock exchange having been approved for listing by the relevant regulator and exchange, for example, the London Stock Exchange and the FCA or a further example being the SEC and NASDAQ. The opening pricing of the shares will be determined by the rules and regulations of the exchange the Company is being admitted to and this will be the price to which a 50% discount will be applied (the Conversion Price). If the initial pricing comprises of a bid and offer price, then the conversion discount will be applied at the mid price. The Conversion Event, which is considered a conditional obligation requiring variable-share settlement, was determined to be within the control of the issuer; therefore, does not meet the criteria for liability classification under ASC 480. Accordingly, per guidance within ASC 825, the Company measured the applicable 2024 convertible loans at fair value as of the acquisition date and have revalued at each subsequent reporting period, with changes in fair value reported in earnings. See below for roll forward of the fair value of the convertible debt:

---

| | |
|:---|:---|
|  | January 1, 2024-<br> December 31, 2024 |
| Beginning Balance, January 1, 2024 | £- |
| Fair value balance of convertible notes, at issuance | 775000 |
| Change in fair value of convertible notes | 479024 |
| Ending fair value of convertible notes, December 31, 2024\* | £1254024 |

---

\*Includes related party balance of $40,930 as of December 31, 2024

As of December 31, 2024, convertible notes payable that are not required to be recorded at fair value (i.e., those notes that accrue at a 12% interest rate) amounted to £1,771,593 of principal and £61,553 of accrued interest.

**Note 8 - NOTES PAYABLE**

On February 10, 2023, the Company entered into a note agreement with a third party investor for an aggregate principal amount of £200,000, followed by an add-on investment of £15,499. Upon the one year anniversary of these notes, any accrued interest would become paid in kind ("PIK") and be capitalized within the principal balance. The notes have an interest rate set at 1.5% and 2.0%, respectively, per annum and are currently due on demand.

As of December 31, 2024, notes payable amounted to £275,426, consisting of £231,631 of principal, including PIK interest, and £83,032 of accrued interest.

**Note 9 - RELATED PARTIES**

*Convertible Notes Payable, at fair value - related party*

Of the Unsecured Convertible Loan Note 2024 discussed in Note 7, £40,930 is with a related party.

*Convertible Notes Payable, net - related party*

On November 16, 2021, the Company entered into a convertible note agreement with WeCap Plc, a publicly traded corporation with several shareholders that serve in management on the Board of the Company, for an aggregate principal amount of all the notes limited to £4,500,000. The notes expire on May 18, 2026 and have interest payable being set at 5% per annum. The notes convert at a value of £3.00 per ordinary share ("Conversion Price"). As of December 31, 2024, these notes were converted into ordinary shares (see Note 7). As of December 31, 2023, £4,000,000 was outstanding under these notes.

On July 5, 2022, the Company entered into a convertible note agreement with WeCap Plc for an aggregate principal amount of all the notes limited to £3,750,000. The notes expire on May 18, 2026 and originally converted at a value of £1.00 per ordinary share, pre-stock split (or £4.00 per ordinary share post stock- split). In November 2022, the Company modified the convertible note agreement to adjust the conversion price to £2.00 per ordinary share. In accordance with ASC 470, the Company accounted for this change in conversion price as a debt modification prospectively. As of December 31, 2024, these notes were converted into ordinary shares (see Note 7). As of December 31, 2023, £3,600,000 was outstanding under these notes.

On the conversion date, the noteholders must provide a request in writing to the Company either that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all of the notes held be converted into ordinary shares at the Conversion Price; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all of the notes held be treated as debt.

If the noteholders choose to convert the notes on the conversion date into ordinary shares at the conversion price, then the ordinary shares arising on conversion will be subject to the lock-in period. If the noteholders choose not to convert the notes to ordinary shares on the conversion date, the notes will be treated as a debt which will be paid to the noteholder in full in addition to any accrued interest as outlined in the agreement.

As of December 31, 2024, these notes have been fully converted to 3,208,331 ordinary shares for a total value of £7,750,000. Interest accrued on these loans was forgiven at the time of conversion.

The following is a roll forward of the convertible notes payable, net – related party:

---

| | |
|:---|:---|
| Balance at January 1, 2023 | £6342742 |
| Proceeds received | 1122000 |
| Interest expense accrued | 71658 |
| Balance at December 31, 2023 | 7536400 |
| Proceeds received | 400000 |
| Reclassification to related party (previous debt holder was appointed as a board member) | 775399 |
| Interest expense accrued | 858137 |
| Debt issuance cost amortization | 63600 |
| Conversion of convertible notes payable | (7750000) |
| Forgiveness of interest on conversion | (883599) |
| Balance at December 31, 2024 | £999937 |

---

As of December 31, 2024 and 2023, there was £126,827 and £534,517 of interest accrued, respectively.

*Consulting agreement*

In August 2023, the Company issued 6,648,584 ordinary shares to Max Capital Limited, valued at £28,515,776, and recorded as share-based compensation recorded in sales and marketing expense in the statement of operations. Additionally, the Company owes Max Capital Limited an additional 91,000 shares as outlined in the agreement for an additional share-based compensation expense of £390,298, shown as share-based liability on the Company's balance sheet as of December 31, 2023. The Company took into consideration ASC 718 in determining the accounting and fair value for this grant (See Note 10). As of December 31, 2024 the balance remains unchanged.

**Note 10 - SHARE BASED COMPENSATION (AS RESTATED)**

*Shareback Incentive Program*

Since inception, the Company has had a Shareback incentive program. The purpose of the Shareback incentive program is to reward account owners (i.e. shoppers who use the platform) for their social and transactional activity on the WeShop platform with a contingent entitlement to an ordinary share or such other class of share as the Company may designate from time to time ("Contingent Shares"). Contingent Shares are awarded when the transaction is confirmed by the retailer but may be revoked later if the transaction is revoked due to a return, cancellation, or other action that results in WeShop not retaining the commission from the transaction. These Contingent Shares will later settle to become settled shares ("Settled Shares") which contain certain rights. The account owners are not charged by the Company, nor may the account owners be required to pay any amount to the Company for being awarded any Contingent Shares.

The mechanism by which the Company awards Contingent Shares is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) For various completed transactional
 activity, members (i.e. account owners) will be awarded Contingent Shares as a percentage of the gross merchant value net of
 any sales tax resulting from the transaction (a "Qualifying Transaction"). The status of a transaction remains at the discretion
 of the Retailer.

b) For various content which
 is created which leads to transactional activity from other users, a member will be awarded Contingent Shares as a percentage
 of the gross merchant value net of any sales tax resulting from the transaction which has been generated by the content which the member
 has posted (a "Qualifying Recommendation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) For referring other users
 who register on the platform with your username, a member will receive Contingent Shares as a percentage of their successful purchasing
 gross merchant value net of any sales tax resulting from their transaction. The duration of this referral scheme may vary from
 time to time (a "Qualifying Referral").

The reward system used by the Company to calculate potential shares accumulated when earning Shareback. These are a function of how much the user spends, the Shareback rate and the price in the market is within a 15-minute window during trading hours. The calculation for receiving Contingent Shares on purchases by users is "amount spent at retailer" x "Shareback rate" / the current share price (as determined by management and disclosed on the website). For example, if a user spends $1,000 at a retailer which has a 20% Shareback rate and the current share price of WeShop is £5 per share, the user would receive 40 Contingent Shares.

For a user earning Contingent Shares through referrals, the calculation is 10% of the amount spent by the referred user / the current share price (as determined by management and disclosed on the website). For example, if User A who was referred by User B spends $1,000 and the current share price of WeShop is $5 per share, User B would receive 20 Contingent Shares.

Once the account owners have owned the Contingent Shares for a period of 13 months from the date of issuance, they will automatically become settled shares upon request of share certificate or withdrawal. For the years ended December 31, 2024 and 2023, the Company issued 1,055,360 and 5,677,132 Contingent Shares, respectively, to various account holders at a weighted average grant date value of £5.75 and £4.75, respectively. In accordance with ASC 718, as there is a non-substantive service condition (i.e. account owner can be inactive for twelve months and still be issued the shares), the Company records expense based on the fair value of the contingent shares immediately upon issuance (once the transaction is verified). The Contingent Shares are treated similar to options and remain vested, unissued shares until settled with account holders.

As of December 31, 2024, there were a total of 7,896,831 Contingent Shares outstanding.

During the years ended December 31, 2024 and 2023, the Company recorded £5,593,851 and £26,946,774, respectively, of share-based compensation expense, related to the Contingent Shares. As of December 31, 2024, there was no unrecognized compensation cost related to the grant of Contingent Shares and no forfeitures were recognized.

***Share Option Plan***

In 2022, the Company adopted its Employee Share Option Plan ("the Plan"). The purpose of the Plan is to encourage and enable the officers, employees and non- employee directors and consultants, advisers and representatives of the Company and its subsidiaries and associated companies, upon whose judgement, initiative and efforts the Company largely depends for the successful conduct of its business, to acquire proprietary interest in the Company in order to assist in: (i) attracting and retaining the best available personnel for positions of substantial responsibility; (ii) providing additional incentive to those persons; and (iii) promoting the success of the business of the Company. Optionees (as defined below) under the Plan will be full or part-time officers, employees and non-employee directors and consultants, advisers and representatives of the Group (as defined below) as are selected from time to time by the Administrator (as defined below) in its sole discretion.

*Share Option Activity*

A summary of the activity with respect to, and status of, share options during the years ended December 31, 2024 and 2023 is presented below:

---

| | | |
|:---|:---|:---|
|  | **Outstanding Options** | **Weighted Average Exercise Price per Share** |
| Outstanding December 31, 2022 | 378144 | £3.09 |
| &nbsp;&nbsp;&nbsp;Granted | 9999 | 5.95 |
| Outstanding December 31, 2023 | 388143 | 3.16 |
| &nbsp;&nbsp;&nbsp;Granted | - | - |
| Outstanding December 31, 2024 | 388143 | £3.16 |
| Weighted average remaining life | 0.10 |  |
| Options vested and exercisable at December 31, 2024 | 364574 | £3.16 |

---

The per-share weighted average grant-date fair value of share options granted during the year ended December 31, 2023 was £0.14. No shares were granted in 2024.

*Share-Based Compensation Valuation Assumptions*

The fair value of each share option and contingent shares are estimated on the date of grant using the Black- Scholes option pricing model that uses the assumptions noted in the following table. Share-based compensation expense related to share options are based on the fair value on the date of grant and is amortized over the vesting period, generally between one and four years. Share-based compensation expense related to Contingent Shares are based on the fair value on the date of grant immediately upon issuance (once the transaction is verified). Expected volatilities are based on historical pricing of guideline companies over the expected term. The expected term of share options granted is based on the contractual term given the exercise price as compared to the current estimated fair value of the share. The risk-free rate for periods within the contractual life of the share option is based on the U.S. Treasury yield curve in effect at the time of grant.

The following weighted-average assumptions were used for grants issued during 2023 under the ASC No. 718 requirements:

---

| | |
|:---|:---|
|  | **2023** |
| Share price | £<br>0.74-£5.81 |
| Weighted average risk-free rate | 3.90% |
| Weighted average volatility | 55.0% |
| Remaining term | 1.87 |

---

The fair value of the ordinary shares was determined using an income approach, specifically a discounted cash flow method. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the Company and market conditions. These assumptions require significant judgement. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs.

The Company estimates forfeitures, based on historical activity, at the time of grant and revises if necessary in subsequent periods if actual forfeiture rates differ from those estimates.

For the years ended December 31, 2024 and 2023, the Company recorded the following share-based compensation expense relating to share options, contingent shares and shares issued in exchange for marketing services:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2024** | **2023** |
|  | | **(As Restated)** |
| Cost of sales | £5593851 | £26946776 |
| General and administrative expenses | 1930 | 2543 |
| Sales and marketing | - | 28906073 |
| Total share-based compensation expense | £5595781 | £55855391 |

---

As of December 31, 2024 the Company has approximately £3,000 in unrecognized share compensation.

**Note 11 - SHAREHOLDERS' EQUITY**

**Ordinary Shares**

As of December 31, 2024 and 2023, the Company had 7,985,717 and 7,180,510 no par value ordinary shares issued, and outstanding, respectively. During the year ended December 31, 2024, the Company issued 3,125 ordinary shares for £60,750. Additionally, the Company had convertible debt convert into equity, see Note 9 above.

During the year ended December 31, 2023, the Company issued 13,155 ordinary shares for cash proceeds of £255,000 and 1,662,146 ordinary shares to a consulting firm controlled by an officer of the Company, valued at £28,515,776 as share-based compensation recorded in sales and marketing expense in the statement of operations. The Company took into consideration ASC 718 in determining the accounting and fair value for this grant (See Note 10).

**Note 12 - COMMITMENTS AND CONTINGENCIES**

**Litigation**

From time to time, the Company is a party to claims and actions for matters arising out of its business operations. The Company regularly evaluates the status of the legal proceedings and other claims in which it is involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are appropriate. If accruals are not appropriate, the Company further evaluates each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made for disclosure. Although the outcome of claims and litigation is inherently unpredictable, the Company believes that it has adequate provisions for any probable and estimable losses. It is possible, nevertheless, that its consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the resolution of a claim or legal proceeding. Legal expenses related to defense, negotiations, settlements, rulings and advice of outside legal counsel are expensed as incurred.

**Note 13 – SEGMENTATION**

The Company operates as one operating segment. The Company's primary revenue streams include advertising and commission-based revenues.

The Company's Chief Operating Decision Maker ("CODM") is its Chief Executive Officer ("CEO"), who evaluates financial performance and allocates resources based on information presented on a consolidated basis. The CODM uses consolidated net income as the primary measure of financial performance and assesses results by comparing actual performance to historical trends and internal forecasts.

The following table presents selected financial information with respect to the Company's single operating segment for the years ended December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  | | **(As restated)** |
| **Net revenues** | £1294770 | £1452669 |
| Cost of sales | 5593851 | 26946774 |
| &nbsp;&nbsp;&nbsp;General and administrative | 4073211 | 3059581 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 319887 | 30196901 |
| &nbsp;&nbsp;&nbsp;Research and development | 229426 | 514433 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 2015877 | 2008568 |
| Total costs and expenses | 12232252 | 62726257 |
| **Operating loss** | (10937482) | (61273588) |
| Other income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | 32438 | 383260 |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | (479024) |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (690923) | (480971) |
| **Net loss** | £(12074991) | £(61371299) |

---

**Note 14 - SUBSEQUENT EVENTS**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to June 27, 2025, the date these consolidated financial statements were available to be issued. Based upon this review, beside the below, the Company did not identify any subsequent events that would have required adjustment or disclosure in these consolidated financial statements.

From January 2025 through May 2025, the Company issued approximately £2,300,000 in convertible notes, at 12% fixed interest of which £2,250,000 is with a related party.

On September 15, 2025, the Board of Directors approved a 1-for-4 reverse stock split of the Company's issued share capital (the "Consolidation") in preparation for the Company's proposed listing on NASDAQ. Pursuant to the Consolidation on October 22, 2025, every four Class A ordinary shares in issue will be consolidated into one Class A ordinary share, with any fractional entitlements rounded down to the nearest whole share. As a result of the Consolidation, pre-consolidation issued shares of 31,942,869 will be consolidated to 7,985,717 post-consolidation issued shares.

**WeShop Holdings Limited and Subsidiaries**

**Condensed Consolidated Balance Sheets**

**As of June 30, 2025 (Unaudited) and December 31, 2024**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2025** | **December 31,**<br> **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp; Cash | £102600 | £28066 |
| &nbsp;&nbsp;&nbsp; Accrued income, net of returns reserve | 31855 | 86036 |
| &nbsp;&nbsp;&nbsp; Other current assets | 32089 | 63559 |
| Total current assets | 166544 | 177661 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 12758906 | 13758907 |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 30585 | 35853 |
| **Total assets** | £12956035 | £13972421 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | £1808473 | £1627450 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable | 2571593 | 1771593 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable, at fair value | 1329231 | 1213564 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable, at fair value - related party | 43018 | 40930 |
| &nbsp;&nbsp;&nbsp; Convertible notes payable, net - related party | 2249937 | 999937 |
| &nbsp;&nbsp;&nbsp; Accrued interest - related party | 259526 | 126827 |
| &nbsp;&nbsp;&nbsp; Notes payable | 275426 | 231631 |
| &nbsp;&nbsp;&nbsp; Accrued interest | 305589 | 144585 |
| Total current liabilities | 8842793 | 6156517 |
| &nbsp;&nbsp;&nbsp; Share-based compensation liability | 390298 | 390298 |
| **Total liabilities** | 9233091 | 6546815 |
| **Commitments and contingencies (Note 9)** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, no par value unlimited authorized shares, 7,985,717 shares, issued and outstanding as of June 30, 2025 and December 31, 2024 | 91756709 | 91487039 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | (88033765) | (84061433) |
| **Total shareholders' equity** | 3722944 | 7425606 |
| **Total liabilities and shareholders' equity** | £12956035 | £13972421 |

---

The accompanying notes are an integral part to these condensed consolidated financial statements

**WeShop Holdings Limited and Subsidiaries**

**Condensed Consolidated Statements of Operations**

**For the six months ended June 30, 2025 and 2024 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| **Net revenues** | £281590 | £766137 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Cost of sales | 269181 | 2206839 |
| &nbsp;&nbsp;&nbsp; General and administrative | 2202138 | 1678331 |
| &nbsp;&nbsp;&nbsp; Sales and marketing | 2750 | 166301 |
| &nbsp;&nbsp;&nbsp; Research and development | 274484 | 116153 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 1005726 | 1007842 |
| Total costs and expenses | 3754279 | 5175466 |
| **Operating loss** | (3472689) | (4409329) |
| Other income (loss): |  |  |
| &nbsp;&nbsp;&nbsp; Other (expense) income, net | (25779) | 31590 |
| &nbsp;&nbsp;&nbsp; Change in fair value of convertible notes | (117755) | (94238) |
| &nbsp;&nbsp;&nbsp; Interest expense | (356109) | (502923) |
| Change in fair value of convertible notes - bifurcated derivative |  | - |
| **Net loss** | £(3972332) | £(4974900) |
| &nbsp;&nbsp;&nbsp; Basic and diluted net loss per ordinary share | £(0.50) | £(0.69) |
| &nbsp;&nbsp;&nbsp; Weighted average ordinary shares outstanding, basic and diluted | 7985717 | 7180603 |

---

The accompanying notes are an integral part to these condensed consolidated financial statements

**WeShop Holdings Limited and Subsidiaries**

**Condensed Consolidated Statements of Changes in Shareholders' Equity**

**For the six months ended June 30, 2025 and 2024 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | |
|  | **Shares** | **Amount** | **Accumulated**<br> **Deficit** |<br> **Total** |
| Balance at December 31, 2023 | 7180510 | £77196909 | £(71986442) | £5210467 |
| Issuance of ordinary shares | 1900 | 38000 |  | 38000 |
| Share-based compensation |  | 2302356 |  | 2302356 |
| Conversion of promissory notes inclusive of accrued interest, related party |  |  |  |  |
| Net loss | - | - | (4974900) | (4974900) |
| Balance at June 30, 2024 | 7182410 | £79537265 | £(76961342) | £2575923 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | |
|  | **Shares** | **Amount** | **Accumulated**<br> **Deficit** |<br> **Total** |
| Balance at December 31, 2024 | 7985717 | £91487039 | £(84061433) | £7425606 |
| Share-based compensation |  | 269670 |  | 269670 |
| Conversion of promissory notes inclusive of accrued interest, related party |  |  |  |  |
| Net loss | - | - | (3972332) | (3972332) |
| Balance at June 30, 2025 | 7985717 | £91756709 | £(88033765) | £3722944 |

---

The accompanying notes are an integral part to these condensed consolidated financial statements

**WeShop Holdings Limited and Subsidiaries**

**Condensed Consolidated Statements of Cash Flows**

**For the six months ended June 30, 2025 and 2024 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net loss | £(3972332) | £(4974900) |
| Adjustment to reconcile net loss to cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 1005726 | 1007842 |
| &nbsp;&nbsp;&nbsp; (Recoveries) provisions for returns reserve | (460) | 65083 |
| &nbsp;&nbsp;&nbsp; Share-based compensation | 269670 | 2302356 |
| &nbsp;&nbsp;&nbsp; Change in fair value of convertible notes payable | 117755 | 94238 |
| &nbsp;&nbsp;&nbsp; Amortization of debt discount |  | 35825 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accrued income | 54641 | 335690 |
| &nbsp;&nbsp;&nbsp; Tax receivable |  |  |
| &nbsp;&nbsp;&nbsp; Other current assets | 31470 | (25583) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 181023 | 203424 |
| &nbsp;&nbsp;&nbsp; Accrued interest - related party | 132699 | 47572 |
| &nbsp;&nbsp;&nbsp; Accrued interest | 204799 | 244525 |
| **Net cash used in operating activities** | (1975009) | (663928) |
| Cash flows from Investing Activities |  |  |
| Purchases of property and equipment | (457) |  |
| Net cash used in investing activities | (457) |  |
| **Cash flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp; Issuance of ordinary shares in exchange for cash |  | 38000 |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of notes payable |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of convertible notes payable | 800000 | 375000 |
| &nbsp;&nbsp;&nbsp; Payment of debt issuance costs |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from the issuance of notes payable - related party | 1250000 | 150000 |
| **Net cash provided by financing activities** | 2050000 | 563000 |
| Net increase (decrease) in cash | 74534 | (100928) |
| Cash, beginning of period | 28066 | 139411 |
| **Cash, end of period** | £102600 | £38483 |

---

The accompanying notes are an integral part to these condensed consolidated financial statements

**WeShop Holdings Limited and Subsidiaries**

**Notes to the Condensed Consolidated Financial Statements**

**Note 1 - ORGANIZATION AND BUSINESS OPERATIONS**

WeShop Holdings Limited (referred to as "WeShop", "the Company") is a BVI Business Company limited by shares and incorporated in the British Virgin Islands, registration number 2046056, and is domiciled in the British Virgin Islands. WeShop is a community owned social commerce platform offering shoppers shares in the Company every time they make a purchase, recommend a product or refer a new member. WeShop earns revenues from advertising on their platform and commissions on the sales through the platform.

Boanerges Limited ("Boanerges") was a British Virgin Islands registered company which listed as a special purpose acquisition company on the London junior market called Aquis on April 23, 2021. On November 17, 2021 Boanerges' shareholders approved the acquisition of the business, assets and name of WeShop Limited and subsequent to the transaction closing, Boanerges was renamed to WeShop Holdings Limited ("Asset Acquisition"). WeShop Limited was incorporated as a UK company on September 21, 2012. It had developed a software platform and various IP surrounding a social commerce platform.

Pursuant to that agreement, the Company acquired the technology in exchange for 8,333,333 shares of its own shares.

As of June 30, 2025, the Company has two wholly owned subsidiaries, This is How Limited, incorporated in Jersey, Channel Islands on November 30, 2021, which holds the intellectual property of the consolidated group as well as WeShop Management UK Ltd. which is primarily incurring personnel expenses at this time.

On September 15, 2025, the Board of Directors approved a 1-for-4 reverse stock split of the Company's issued share capital (the "Consolidation") in preparation for the Company's proposed listing on NASDAQ. Pursuant to the Consolidation, every four ordinary shares in issue will be consolidated into one ordinary share, with any fractional entitlements rounded down to the nearest whole share. As of the date of these financial statements, the reverse stock split has been applied by the Company and reflected throughout. As a result of the Consolidation pre-consolidation issued shares of 31,942,869 will be consolidated to 7,985,717 post-consolidation shares.

**Note 2 - LIQUIDITY**

During the six months ended June 30, 2025 and 2024, the Company has incurred net losses of approximately £4.0 million and £5.0 million, respectively, and had an accumulated deficit of approximately £88 million (of which approximately £62 million relates to inception to date noncash share-based compensation expense) as of June 30, 2025. The Company expects to continue to incur net losses as it continues to grow and scale its business. Historically, the Company's activities have been financed through private placements of equity securities and convertible debt issued.

The Company's future capital requirements will depend on many factors including the Company's revenue growth rate, the timing and extent of spending to support further sales and marketing and research and development efforts. In order to finance these opportunities, the Company may need to raise additional financing. While there can be no assurances, the Company may need to pursue issuances of additional equity raises and debt rounds of financing. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to the Company or at all. If the Company is unable to raise additional capital when desired, the Company's business, results of operations and financial condition would be materially and adversely affected.

The Company has obtained a support letter from its current debt investor and affiliates, which provides that if the Company fails to (i) raise sufficient capital through rounds of financings, or (ii) secure sufficient operating cash to fund its operating expenses, the debt investor and affiliates, subject to such further conditions, and in a form to be mutually determined, would provide the Company funding and financial support necessary to pay for its operating expenses through the proposed public offering or for the twelve months from issuance of these consolidated financial statements.

The Company believes that as a result of resource reallocation initiatives, additional insider investments and financing, along with its existing cash and committed affiliated support, the Company will be able to fund operations and capital needs for at least the next year from the date these consolidated financial statements were available to be issued.

**Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation and Principles of Consolidation**

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") for interim financial information. Accordingly, certain information and footnote disclosures normally included in consolidated financial statements in accordance with GAAP have been omitted. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. Therefore, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2024 and 2023.

All significant intercompany balances and transactions have been eliminated in consolidation.

The functional currency for each subsidiary as well as the reporting currency is British Pounds.

**Use of Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Estimates are adjusted to reflect actual experience when necessary. Such estimates include, but are not limited to, revenue recognition, intangible assets, fair value of convertible notes and estimation of share-based compensation. Actual results may differ from our estimates.

**Earnings (Loss) Per Share**

The Company computes basic earnings (loss) per share ("EPS") by dividing income (loss) available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the reporting period. All securities that meet the definition of a participating security, irrespective of whether the securities are convertible, nonconvertible, or potential ordinary share securities, shall be included in the computation of basic EPS using the two-class method. However, when the different classes of shares have identical rights and privileges except voting rights, whereby they share equally in dividends and residual net assets on a per unit basis, the classes can be combined and presented as one class for EPS purposes.

Diluted earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding. During the periods when they are anti-dilutive, ordinary share equivalents, if any, are not considered in the computation. As of June 30, 2025 and 2024, there are dilutive shares in the form of options, warrants and convertible loan notes outstanding.

**Fair Value Measurement**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable:

Level 1 - Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.

Level 2 - Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active, and inputs that are derived principally from or corroborated by observable market data.

Level 3 - Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.

*<u>Recurring Fair Value Measurements</u>*

The Company's recurring fair value measurements in each reporting period primarily relate to debt instruments. Share-based compensation is recognized in each reporting period; however, equity-classified awards are measured at fair value on the grant date in accordance with ASC 718 and are not subsequently remeasured. The Company's financial instruments of accrued income, accounts payable, accrued expenses, convertible notes payable and other current liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

**Cash**

Cash includes cash deposits in banks. There were no cash equivalents as of June 30, 2025 and December 31, 2024.

**Revenue Recognition**

ASC 606, *Revenue from Contracts with Customers*, is a single standard for revenue recognition that applies to all of revenue arrangements and generally requires revenue to be recognized upon the transfer of control of promised goods or services provided to its customers, reflecting the amount of consideration it expects to receive for those goods or services. Pursuant to ASC 606, revenue is recognized upon the application of the following steps:

● Identification of the contract, or contracts, with a customer;

● identification of the performance obligations in the contract;

● determination of the transaction price;

● allocation of the transaction price to the performance obligations in the contract; and

● recognition of revenue when, or as, the contractual performance obligations are satisfied.

Substantially all of the Company's performance obligations are satisfied at a point in time rather than over time.

*<u>Affiliate Revenue:</u>* The Company is not the seller of record in the transactions performed by users on the retailer's platforms. The Company earns commissions based on sales generated through affiliate links. This performance-based model aligns its incentives with its partners, ensuring a focus on driving high-quality traffic and conversions. The commissions revenue earned from these arrangements is recognized on a net basis, which equates to the commission and processing fees earned in exchange for the seller services. The commission and processing fees are recognized net of estimated refunds when the buyer and seller confirm the corresponding transaction. The Company does not take title to inventory sold or assume risk of loss at any point in time during the transaction. The Company receives its net consideration from the affiliate networks (the Company's customer) based on confirmed transactions. The Company currently records processing fees from its merchant service providers as a component of cost of sales on the condensed consolidated statement of operations. Affiliate revenues, net amounted to £224,690 and £577,578 for the six months ended June 30, 2025 and 2024, respectively.

*<u>Advertising services:</u>* The Company provides advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video advertising. Revenue is recognized on a gross basis as ads are delivered. Advertising services revenue amounted to £56,900 and £188,559 for the six months ended June 30, 2025 and 2024, respectively.

Payments are typically received within 30 to 90 days of the affiliates validating the sales and commissions. The Company can reasonably estimate the revenues and adjust for any cancelations/rejections in real time.

**Customer Concentration**

For the six months ended June 30, 2025, there were a total of three customers who accounted for approximately 87% of revenues. The Company also had two customers who accounted for approximately 85% of the total receivables as of June 30, 2025.

For the six months ended June 30, 2024, there were a total of three customers who accounted for approximately 86% of revenues. The Company also had a total of four customers who accounted for approximately 99% of the total receivables as of June 30, 2024.

*<u>Contract Assets</u>*

A contract asset is an entity's right to payment for goods and services already transferred to a customer if that right to payment is conditional on something other than the passage of time. Generally, an entity will recognize a contract asset when it has fulfilled a contract obligation but must perform other obligations before being entitled to payment.

Contract assets consist primarily of the accrued income based on completion of the sale or promotion of such sales, upon satisfaction of the contract obligations. As of June 30, 2025 and December 31, 2024, contract assets, net of returns reserve, were recorded in the amounts of £31,855 and £86,036, respectively, on the Company's condensed consolidated balance sheets.

**Property and Equipment**

Property and equipment are recorded at cost and depreciated using the straight-line basis over the estimated useful lives of the respective asset. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that extend the useful life of the assets are capitalized. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recognized in operations.

**Intangible Assets**

Intangible assets consist of the acquired brand name and relationships that were acquired through the Asset Acquisition in 2021. This transaction did not meet the definition of a business combination as substantially all of the fair value of the gross assets acquired was concentrated in the finite-lived developed technology intangible asset. As a result, this transaction was accounted for as an asset acquisition and the total purchase consideration was allocated to intangible assets, amortized over an estimated useful life of ten years.

The Company reviews the recoverability of its intangible assets by comparing the carrying value of such assets to the related undiscounted value of the projected cash flows associated with the assets, or asset group. If the carrying value is found to be greater, the Company records an impairment loss for the excess of book value over fair value. No impairment of the Company's intangible assets was recorded for the six months ended June 30, 2025 and 2024.

**Convertible Notes Payable**

When the Company issues convertible debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine whether the instrument should be classified as a liability under ASC 480, *Distinguishing Liabilities from Equity*, or ASC 825, *Financial Instruments*, and if it does not meet the classification requirements under ASC 480, whether the conversion feature should be accounted for separately from the host instrument under ASC 815.

Because the conversion to a variable number of shares is contingent on an IPO, and the IPO is not a certainty nor outside the issuer's control, the instrument does not meet the criteria for liability classification under ASC 480. The Company has elected to account for the convertible debt under ASC 825 (Fair Value Option), upon initial recognition. The decision to elect the fair value option is determined on an instrument-by-instrument basis, must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to ASC 825-10 are required to be reported separately from those instruments measured using another accounting method. Accordingly, the convertible debt is presented as a liability measured at fair value, with changes in fair value recognized in earnings each reporting period.

A conversion feature of a convertible debt instrument would be separated from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument, meets the definition of a "derivative" in ASC 815, Derivatives and Hedging. When a conversion feature meets the definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried on the condensed consolidated balance sheet at fair value, with any changes in its fair value recognized currently in the condensed consolidated statements of operations. As of June 30, 2025 and December 31, 2024 the Company determined there are no bifurcated derivatives on the convertible debt under ASC 815.

**Leases**

The Company determines if an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use ("ROU") assets represent the Company's right to use the underlying asset for the term of the lease and the lease liabilities represent an obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. Lease renewal periods are considered on a lease-by-lease basis in determining the lease term. The interest rate the Company uses to determine the present value of future lease payments is the Company's incremental borrowing rate because the rate implicit in the Company's leases is not readily determinable. The incremental borrowing rate is a hypothetical rate for collateralized borrowings in economic environments where the leased asset is located based on credit rating factors. The ROU asset is determined based on the lease liability initially established and adjusted for any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. Certain leases contain variable costs, such as common area maintenance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the statements of operations.

The Company currently has no long-term operating leases or finance leases. All leases 12 months or less are expensed as incurred.

**Cost of Sales**

Cost of sales primarily consists of the share-based compensation for the Company's Contingent Shares (See Note 7).

**General and Administrative**

General and administrative expenses primarily consist of costs for corporate functions, including payroll and related expenses, facilities and equipment expenses, such as rent and professional fees.

**Sales and Marketing**

Sales and marketing costs include advertising and payroll and related expenses for personnel engaged in marketing and selling activities, including share-based compensation for shares issued in connection with marketing services. Advertising expenses are expensed as incurred.

**Share-Based Compensation**

As an incentive to key employees, non-employee directors and consultants, the Company periodically grants non-qualified share options.

Additionally, the Company participates in a Shareback incentive program. The purpose of the Shareback incentive program is to reward account owners for their social and transactional activity on the WeShop platform by awarding the account owners, in the first instance, a contingent entitlement to an ordinary share or such other class of share as the Company may designate from time to time based on the account owner's performance and return window of product referral ("Contingent Shares").

The Company recognizes share-based compensation in accordance with ASC 718, *Compensation — Stock Compensation*. ASC 718 requires the recognition of compensation expense, using a fair value-based method, for costs related to all share-based payments including share options, restricted share units and Contingent Shares.

The Company recognizes the fair value of share options granted to non-employees as a share-based compensation expense over the period in which the related services are received. The Company recognizes forfeitures as they occur. The Company believes that the estimated fair value of share options is more readily measurable than the fair value of the services rendered.

For Contingent Shares, expense is recognized immediately at the grant date of the award. As the shares automatically settle upon request of share certificate or withdrawal once the account owner has owned the Contingent Share for a period of 12 months from the date of issuance, this is considered a non-substantive service condition and the 12 months is deemed to be a delayed exercisability provision.

**Research and Development**

The Company expenses research and development costs as incurred. Research and development expenses consist primarily of software development costs, including employee compensation and external contractors, associated with the ongoing development of the Company's technology.

**Income Taxes**

According to British Virgin Islands ("BVI") corporate taxation, there is a zero-rated income tax regime for all BVI-domiciled corporate entities, and there is no concept of residence applicable to BVI corporate taxation. The Company was incorporated in the BVI and is governed by the laws of the BVI.

**Recent Accounting Pronouncements**

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires expanded, disaggregated expense disclosures. This ASU is effective for all entities for fiscal years beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027 as updated for in ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date which clarified the interim reporting effective date of ASU 2024-03. Early adoption is permitted. The amendments will be applied prospectively with the option of retrospective application. We are currently evaluating this ASU to determine its impact on the Company's disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) which amends the guidance in ASC 350-40, Intangibles-Goodwill and Other-Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous "development stage" model and introducing a more judgment-based approach. This ASU 2025-06 is effective for all entities for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU on the consolidated financial statements.

There are no other recent accounting pronouncements pending adoption that we expect will have a material impact on our condensed consolidated financial condition, results of operations, or cash flows.

**Note 4 - CONVERTIBLE NOTES PAYABLE**

*Convertible notes payable, including related party*

On June 29, 2023, the Company entered into a 12% fixed rate secured loan notes agreement for an aggregate principal amount of all the notes limited to £2,500,000. On January 15, 2025, the Company entered into an additional agreement for £2,500,000 on the same terms. The notes convert at a price of the shares calculated to a pre-money valuation of the Company of £58,000,000 divided by the number of shares in issue at the conversion date. Each noteholder shall have the right to serve a conversion notice on the Company (not less than 20 business days prior to the repayment date) to convert all or some of the notes and accrued interest. The conversion shares arising on conversion of the Notes shall be credited as fully paid and rank pari passu with shares of the same class in issue on the repayment date and shall carry the right to receive any dividends and other distributions declared after the repayment date.

From January 2025 through June 2025, the Company issued an additional £2,000,000 in secured convertible notes at 12% fixed interest, bringing the total principal outstanding under the convertible notes payable to £4,400,000, including £2,249,937 of related party convertible notes payable.

On October 12, 2024, the Company issued a 12% fixed rate secured loan note agreement for a principal amount of £318,000 and is currently due on demand. It is convertible at a price of £3.50 per share.

As of June 30, 2025 and December 31, 2024, convertible notes payable that are not required to be recorded at fair value (i.e., those notes that accrue at a 12% interest rate) amounted to £2,571,593 and £1,771,593 of principal, respectively, and £305,589 and £61,553 of accrued interest, respectively.

*Convertible notes payable, at fair value*

In June and July 2024, pursuant to an Unsecured Convertible Loan Note 2024 (the "2024 Convertible Loans"), the Company issued to certain accredited investors (the "Noteholders") unsecured convertible notes in an aggregate principal amount of £2,100,000 accruing interest rates at 1% per month or 12% per annum, which are convertible into ordinary shares of the Company upon the Conversion Event. The Conversion Event is defined as 10 days before the Company is to list on a recognized stock exchange having been approved for listing by the relevant regulator and exchange, for example, the London Stock Exchange and the FCA or a further example being the SEC and NASDAQ. The opening pricing of the shares will be determined by the rules and regulations of the exchange the Company is being admitted to and this will be the price to which a 50% discount will be applied (the Conversion Price). If the initial pricing comprises of a bid and offer price, then the conversion discount will be applied at the mid price. The Conversion Event, which is considered a conditional obligation requiring variable-share settlement, was determined to be within the control of the issuer; therefore, does not meet the criteria for liability classification under ASC 480. The fair value of the 2024 Convertible Loans has been determined using valuation techniques consistent with ASC 820, which requires fair value measurements to be classified in a hierarchy based on the observability of inputs. In accordance with ASC 825-10-50, the Company discloses these instruments at fair value on a recurring basis, with changes in fair value recognized through earnings.

From January 2025 through June 2025, the Company issued an additional £50,000 in unsecured convertible notes at 1% fixed interest.

*Convertible notes payable, at fair value - related party*

As of June 30, 2025 and December 31, 2024, of the 2024 Convertible Loans, £43,018 and £40,930, respectively, is with a related party.

**Note 5 - NOTES PAYABLE**

On February 10, 2023, the Company entered into a note agreement with a third party investor for an aggregate principal amount of £200,000, followed by an add-on investment of £15,499. On each one-year anniversary of these notes, any accrued interest is paid in kind ("PIK") and capitalized to the principal balance. The notes have an interest rate set at 1.5% and 2.0%, respectively, per annum and are currently due on demand.

As of June 30, 2025 and December 31, 2024, notes payable amounted to principal (including PIK interest) of £275,426 and £231,631, respectively, and £27,637 and £83,032 of accrued interest, respectively.

**Note 6 - RELATED PARTIES**

*Convertible notes*

As of June 30, 2025 and December 31, 2024 the Company had convertible notes with related parties (See Note 4).

*Consulting agreement*

In August 2023, the Company issued 6,648,584 ordinary shares to Max Capital Limited, valued at £28,515,776, which is recorded as share-based compensation recorded in sales and marketing expense in the statement of operations. Additionally, the Company owes Max Capital Limited an additional 91,000 shares as outlined in the agreement for an additional share-based compensation expense of £390,298, shown as share-based liability on the Company's balance sheet as of June 30, 2025 and December 31, 2024. The Company took into consideration ASC 718 in determining the accounting and fair value for this grant (See Note 7).

**Note 7 - SHARE BASED COMPENSATION**

***Shareback Incentive Program***

Since inception, the Company has had a Shareback incentive program. The purpose of the Shareback incentive program is to reward account owners (i.e. shoppers who use the platform) for their social and transactional activity on the WeShop platform with a contingent entitlement to an ordinary share or such other class of share as the Company may designate from time to time. Contingent Shares are awarded when the transaction is confirmed by the retailer but may be revoked later if the transaction is revoked due to a return, cancellation, or other action that results in WeShop not retaining the commission from the transaction. These Contingent Shares will later settle to become settled shares ("Settled Shares") which contain certain rights. The account owners are not charged by the Company, nor may the account owners be required to pay any amount to the Company for being awarded any Contingent Shares.

The mechanism by which the Company awards Contingent Shares is as follows:

a) For various completed transactional activity, members (i.e. account owners) will be awarded Contingent Shares as a percentage of the gross merchant value net of any sales tax resulting from the transaction (a "Qualifying Transaction"). The status of a transaction remains at the discretion of the Retailer.

b) For various content which is created which leads to transactional activity from other users, a member will be awarded Contingent Shares as a percentage of the gross merchant value net of any sales tax resulting from the transaction which has been generated by the content which the member has posted (a "Qualifying Recommendation").

c) For referring other users who register on the platform with your username, a member will receive Contingent Shares as a percentage of their successful purchasing gross merchant value net of any sales tax resulting from their transaction. The duration of this referral scheme may vary from time to time (a "Qualifying Referral").

The reward system used by the Company to calculate potential shares accumulated when earning Shareback. These are a function of how much the user spends, the Shareback rate and the price in the market is within a 15-minute window during trading hours. The calculation for receiving Contingent Shares on purchases by users is "amount spent at retailer" x "Shareback rate" / the current share price (as determined by management and disclosed on the website). For example, if a user spends $1,000 at a retailer which has a 20% Shareback rate and the current share price of WeShop is £5 per share, the user would receive 40 Contingent Shares.

For a user earning Contingent Shares through referrals, the calculation is 10% of the amount spent by the referred user / the current share price (as determined by management and disclosed on the website). For example, if User A who was referred by User B spends $1,000 and the current share price of WeShop is $5 per share, User B would receive 20 Contingent Shares.

Once the account owners have owned the Contingent Shares for a period of 12 months from the date of issuance, they will automatically become settled shares upon request of share certificate or withdrawal. For the six months ended June 30, 2025 and 2024, the Company issued 47,515 and 427,321 Contingent Shares, respectively, issued to various account holders at a weighted average grant date value of £5.87 and £5.16, respectively. In accordance with ASC 718, as there is a non-substantive service condition (i.e. account owner can be inactive for twelve months and still be issued the shares), the Company records expense based on the fair value of the contingent shares immediately upon issuance (once the transaction is verified). The Contingent Shares are treated similar to options and remain vested, unissued shares until settled with account holders.

As of June 30, 2025 and December 31, 2024, there were a total of 7,944,346 and 7,896,831 Contingent Shares outstanding, respectively.

During the six months ended June 30, 2025 and 2024, the Company recorded approximately £0.3 and £2.3 million, respectively, of share-based compensation expense, related to the Contingent Shares.

As of June 30, 2025, there was no unrecognized compensation cost related to the grant of Contingent Shares and no forfeitures were recognized.

***Share Option Plan***

In 2022, the Company adopted its Employee Share Option Plan ("the Plan"). The purpose of the Plan is to encourage and enable the officers, employees and non- employee directors and consultants, advisers and representatives of the Company and its subsidiaries and associated companies, upon whose judgement, initiative and efforts the Company largely depends for the successful conduct of its business, to acquire proprietary interest in the Company in order to assist in: (i) attracting and retaining the best available personnel for positions of substantial responsibility; (ii) providing additional incentive to those persons; and (iii) promoting the success of the business of the Company. Optionees (as defined below) under the Plan will be full or part-time officers, employees and non-employee directors and consultants, advisers and representatives of the Group (as defined below) as are selected from time to time by the Administrator (as defined below) in its sole discretion.

*Share-Based Compensation Valuation Assumptions*

The fair value of each share option and contingent shares are estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to share options are based on the fair value on the date of grant and is amortized over the vesting period, generally between one and four years. Share-based compensation expense related to Contingent Shares are based on the fair value on the date of grant immediately upon issuance (once the transaction is verified). Expected volatilities are based on historical pricing of guideline companies over the expected term. The expected term of share options granted is based on the contractual term given the exercise price as compared to the current estimated fair value of the share. The risk-free rate for periods within the contractual life of the share option is based on the U.S. Treasury yield curve in effect at the time of grant.

The fair value of the ordinary shares was determined using an income approach, specifically a discounted cash flow method. The assumptions used in the discounted cash flow approach are based on historical and forecasted revenue, operating costs, working capital requirements, future economic conditions, discount rates and other relevant factors. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the Company and market conditions. These assumptions require significant judgement. The majority of the inputs used in the discounted cash flow model are unobservable and thus are considered to be Level 3 inputs.

The Company estimates forfeitures, based on historical activity, at the time of grant and revises if necessary in subsequent periods if actual forfeiture rates differ from those estimates.

As of June 30, 2025 the Company has approximately £2,000 in unrecognized share compensation.

**Note 8 - SHAREHOLDERS' EQUITY**

**Ordinary Shares**

As of June 30, 2025 and December 31, 2024, the Company had 7,985,717 no par value ordinary shares issued and outstanding. During the six months ended June 30, 2025, the Company did not issue any shares. During the six months ended June 30, 2024, the Company issued 1,900 ordinary shares for £38,000.

**Note 9 - COMMITMENTS AND CONTINGENCIES**

**Litigation**

From time to time, the Company is a party to claims and actions for matters arising out of its business operations. The Company regularly evaluates the status of the legal proceedings and other claims in which it is involved to assess whether a loss is probable or there is a reasonable possibility that a loss, or an additional loss, may have been incurred and determine if accruals are appropriate. If accruals are not appropriate, the Company further evaluates each legal proceeding to assess whether an estimate of possible loss or range of possible loss can be made for disclosure. Although the outcome of claims and litigation is inherently unpredictable, the Company believes that it has adequate provisions for any probable and estimable losses. It is possible, nevertheless, that its consolidated financial position, results of operations or liquidity could be materially and adversely affected in any particular period by the resolution of a claim or legal proceeding. Legal expenses related to defense, negotiations, settlements, rulings and advice of outside legal counsel are expensed as incurred.

**Note 10 – SEGMENTATION**

The Company operates as one operating segment. The Company's primary revenue streams include advertising and commission-based revenues.

The Company's Chief Operating Decision Maker ("CODM") is its Chief Executive Officer ("CEO"), who evaluates financial performance and allocates resources based on information presented on a consolidated basis. The CODM uses consolidated net income as the primary measure of financial performance and assesses results by comparing actual performance to historical trends and internal forecasts.

The following table presents selected financial information with respect to the Company's single operating segment for the six months ended June 30, 2025, and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025** | **2024** |
| Net revenues | £281590 | £766137 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Cost of sales | 269181 | 2206839 |
| &nbsp;&nbsp;&nbsp; General and administrative | 2202138 | 1678331 |
| &nbsp;&nbsp;&nbsp; Sales and marketing | 2750 | 166301 |
| &nbsp;&nbsp;&nbsp; Research and development | 274484 | 116153 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization expense | 1005726 | 1007842 |
| Total costs and expenses | 3754279 | 5175466 |
| Operating loss | £(3472689) | £(4409329) |

---

**Note 11 - SUBSEQUENT EVENTS**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to October 17, 2025, the date these condensed consolidated financial statements were available to be issued. Based upon this review, beside the below, the Company did not identify any subsequent events that would have required adjustment or disclosure in these condensed consolidated financial statements.

On July 31, 2025, the Company repaid the outstanding principal and accrued interest related to two Convertible Loan Notes, amounting to £141,200 (See Note 4).

On August 28, 2025, the Company entered into an on demand loan for an initial £250,000 which was extended to £1,000,000 as of October 10, 2025.

On September 15, 2025, the Board of Directors approved the conversion of the Company's outstanding pre-money £58,000,000 valuation 12% Convertible Loan Notes. The conversion was effected on September 29, 2025 and included both principal and accrued interest outstanding under these notes. As a result of this transaction, the Company issued 11,198,161 Class A ordinary shares in accordance with the terms of the loan agreements (See Note 4).

On September 15, 2025, the Board of Directors approved a 1-for-4 reverse stock split of the Company's issued share capital (the "Consolidation") in preparation for the Company's proposed listing on NASDAQ. Pursuant to the Consolidation, every four Class A ordinary shares in issue will be consolidated into one Class A ordinary share, with any fractional entitlements rounded down to the nearest whole share. As a result of the Consolidation, pre-consolidation issued shares of 31,942,869 will be consolidated to 7,985,717 post-consolidation issued shares (See Note 1).

On September 15, 2025, the Board of Directors approved performance incentive grants for certain directors and senior management. The grants are linked to the achievement of target Company valuations.

WeShop US Management LLC was opened on October 7, 2025 which will be an entity established for the benefit of the Company. Management is still evaluating the accounting of this entity and future operations.

Through and including [ ], 2025 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.

 **[ ] Ordinary Shares**

 **PRELIMINARY PROSPECTUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025**

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 6. Indemnification of Directors and Officers**

The Articles provide that, subject to certain limitations, the Company shall indemnify its directors and officers against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings. Such indemnity is only permitted under the BVI Act and the Articles if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful. The decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that their conduct was unlawful, is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that their conduct was unlawful.

The Company will enter into agreements with its officers and directors to provide contractual indemnification in addition to the indemnification provided for in the Articles. The Articles will also permit the Company to purchase and maintain insurance on behalf of any officer or director who at the request of the Company is or was serving as a director or officer of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles. The Company has purchased a policy of directors' and officers' liability insurance that insures the Company's officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures the Company against its obligations to indemnify the Company's officers and directors.

These provisions may discourage shareholders from bringing a lawsuit against the Company's directors for breach of their statutory or fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit the Company and the shareholders. Furthermore, a shareholder's investment may be adversely affected to the extent the Company pays the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.

The Company believes that these provisions, the insurance and the indemnity agreements are reasonable and necessary to attract and retain talented and experienced officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Recent Sales of Unregistered Securities**

Set forth below is information regarding shares issued by us since January 1, 2022 that were not registered under the Securities Act.

● On August 10, 2023, the registrant sold an aggregate of 52,621 ordinary shares at a purchase price of £4.85 per share, for an approximate purchase price of £255,000.

● On July 4, 2024, the registrant transferred an aggregate of 6,648,584 ordinary shares to Max Capital Limited at an approximate aggregate purchase price of £28,515,776 or approximately £4.29 per share.

● On March 21, 2024, the registrant sold an aggregate of 12,000 ordinary shares at a purchase price of £5.06 per share, for an approximate aggregate purchase price of £60,750.

These sales were exempt from registration under Section 4(a)(2) of the Securities Act and/or Regulation S under the Securities Act.

**Item 8. Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| 3.1 | [Form of Amended and Restated Memorandum and Articles of Association of the Registrant.](ex3-1.htm) |
| 5.1 | [Opinion of Harney Westwood & Riegels (BVI) LP](ex5-1.htm) |
| 10.1\*# | [2022 Employee Share Option Plan](https://www.sec.gov/Archives/edgar/data/2048271/000149315225014342/ex10-1.htm) |
| 10.2\* | [Publisher Service Agreement between the Registrant and Awin AG, dated as of March 25, 2014.](https://www.sec.gov/Archives/edgar/data/2048271/000149315225013544/ex10-2.htm) |
| 10.3\* | [Partner User Agreement between the Registrant and Impact Radius, dated as of February 22, 2021](https://www.sec.gov/Archives/edgar/data/2048271/000149315225013544/ex10-3.htm) |
| 10.4\* | [Director and Officer Indemnification Agreement.](https://www.sec.gov/Archives/edgar/data/2048271/000149315225013544/ex10-4.htm) |
| 10.5 | [Form of Registration Rights Agreement](ex10-5.htm) |
| 10.6 | [Shareback Agreement, dated October 16, 2025, by and among WeShop Holdings Limited and WeShop Community Trust.](ex10-6.htm) |
| 10.7 | [The WeShop Community Trust Agreement, dated October 14, 2025, between WeShop Holdings Limited, as Grantor, and JTC Trust Company (Delaware) Limited, as Trustee.](ex10-7.htm) |
| 21.1 | [List of Subsidiaries of the Registrant.](ex21-1.htm) |
| 23.1 | [Consent of WithumSmith+Brown, PC, Independent Registered Public Accounting Firm.](ex23-1.htm) |
| 23.2 | [Consent of Harney Westwood & Riegels (BVI) LP (included in Exhibit 5.1).](ex5-1.htm) |
| 24.1\* | [Powers of Attorney (included on signature page).](https://www.sec.gov/Archives/edgar/data/2048271/000149315225013544/formf-1.htm#az_001) |
| 107 | [Filing Fee Table.](ex107.htm) |

---

\* Previously filed <br> # Indicates management contract or compensatory plan

**Item 9. Undertakings**

The undersigned hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant
 hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period
 in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus
 required by Section 10(a)(3) of the Securities Act, as amended, or the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus
 any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof)
 which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information
 with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
 in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of
 determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
 relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona
 fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration
 by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4) To file a post-effective
 amendment to the registration statement to include any financial statements required by "Item 8.A. of Form 20-F" at
 the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3)
 of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment,
 financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information
 in the prospectus is at least as current as the date of those financial statements.

(5) That,
 for the purpose of determining liability under the Securities Act to any purchaser, each prospectus
 filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than
 registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
 shall be deemed to be part of and included in the registration statement as of the date it is first
 used after effectiveness. Provided, however, that no statement made in a registration statement or
 prospectus that is part of the registration statement or made in a document incorporated or deemed
 incorporated by reference into the registration statement or prospectus that is part of the registration
 statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede
 or modify any statement that was made in the registration statement or prospectus that was part of
 the registration statement or made in any such document immediately prior to such date of first use.

Insofar as indemnification by the registrant for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Channel Island of Jersey, on October 17, 2025.

---

| | |
|:---|:---|
| **WeShop Holdings Limited** | **WeShop Holdings Limited** |
| By: | */s/ Paul Ellerbeck*  |
| Name: | Paul Ellerbeck |
| Title: | Chief Executive Officer and Director |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| */s/ Paul Ellerbeck* |  |  |
| Paul Ellerbeck | Chief Executive Officer (principal executive officer and Director) | October 17, 2025 |
| */s/ Johnny Hickling* |  |  |
| Johnny Hickling | Chief Financial Officer (principal financial officer and Director) | October 17, 2025 |
| *\** |  |  |
| Matthew Behan | Head of Finance (principal accounting officer) | October 17, 2025 |
| \* |  |  |
| John Foley | Chairman of the Board | October 17, 2025 |
| \* |  |  |
| Oliver Egerton-Vernon | Director | October 17, 2025 |
| \* |  |  |
| Andrew Fearon | Director | October 17, 2025 |
| \* |  |  |
| Oana Crisan | Director | October 17, 2025 |

---

---

| | |
|:---|:---|
| \* By: | */s/ Paul Ellerbeck* |
|  | Paul Ellerbeck |
|  | Attorney-in-Fact |

---

Authorized Representative in the United States

---

| | |
|:---|:---|
| Puglisi & Associates | Puglisi & Associates |
| By: | */s/ Donald J. Puglisi* |
| Name: | Donald J. Puglisi |
| Title: | Managing Director |

---

## Exhibit 3.1

**Exhibit 3.1**

**BVI COMPANY NUMBER: 2046056**

![](ex3-1_001.jpg)

**BRITISH VIRGIN ISLANDS**

**BVI BUSINESS COMPANIES ACT 2004**

**MEMORANDUM OF ASSOCIATION**

**AND**

**ARTICLES OF ASSOCIATION**

**OF**

**WESHOP HOLDINGS LIMITED**

**A COMPANY LIMITED BY SHARES**

**Incorporated on 16th October 2020**

**Amended and restated on September 19, 2025**

**Amended and restated on October [ ], 2025**

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT 2004**

**MEMORANDUM OF ASSOCIATION**

**OF**

**WESHOP HOLDINGS LIMITED**

**A COMPANY LIMITED BY SHARES**

1 DEFINITIONS AND INTERPRETATION

1.1 In
 this Memorandum and the attached Articles, if not inconsistent with the subject or context:

**Act** means the BVI Business Companies Act, Revised Edition 2020;

**Admission** means the admission to trading of the Class A Shares on the Stock Exchange;

**Annual General Meeting** means a General Meeting which is designated as the Annual General Meeting;

**Articles** means the attached articles of association of the Company;

**Auditor** means the person for the time being performing the duties of auditor of the Company;

**Board** means the board of Directors or the Directors present at a duly convened meeting of the Directors at which a quorum is present;

**Business Day** means a day other than a Saturday, a Sunday, or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in New York City (New York), St Helier (Jersey) or Road Town (BVI);

**BVI** means British Virgin Islands;

**Chair of the Board** has the meaning specified in Regulation 15;

**Class A Shareholder** means a holder of Class A Shares;

**Class A Shares** means the Class A Ordinary Shares of no par value of the Company;

**Class B Shareholder** means a holder of Class B Shares;

**Class B Shares** means the Class B Ordinary Shares of no par value of the Company;

**clear days** in relation to the period of notice means that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

**Conflicted Director** means (in relation to a Relevant Situation) a Director who has made a submission for authorisation in respect of that Relevant Situation;

**Director** means a director of the Company, and includes any person occupying the position of Director, by whatever name called;

**Distribution** in relation to a distribution by the Company to a Shareholder means the direct or indirect transfer of an asset, other than Shares, to or for the benefit of the Shareholder, or the incurring of a debt to or for the benefit of a Shareholder, in relation to Shares held by a Shareholder, and whether by means of the purchase of an asset, the purchase, redemption or other acquisition of Shares, a transfer of indebtedness or otherwise, and includes a dividend;

**electronic** means actuated by electric, magnetic, electro-magnetic, electro-chemical or electro-mechanical energy and by **electronic means**, means by any manner capable of being so actuated and shall include e-mail and/or other data transmission service;

**Electronic Transactions Act** means the BVI Electronic Transactions Act;

**Exchange Act** means the U.S. Securities Exchange Act of 1934 or any similar U.S. federal statute and the rules and regulations of the SEC;

**Extraordinary General Meeting** means any General Meeting which is not an Annual General Meeting;

**General Meeting** means a meeting of the Shareholders;

**held** means, in relation to Shares, the Shares entered in the Register of Members as being held by a Shareholder and term **holds, holding** and **holder** shall be construed accordingly;

**Listing Date** means that date on which the Class A Shares are admitted to trading on a Stock Exchange;

**Lock-in-Period** has the meaning given in Regulation 7.2.1;

**Memorandum** means this memorandum of association of the Company;

**Officer** means a person appointed to hold an office in the Company;

**Ordinary Shares** means the Class A Shares and the Class B Shares;

**Person** includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

**present in person** means, in the case of an individual, that individual or their lawfully appointed attorney being present in person and, in the case of a corporation, being present by duly authorised representative or lawfully appointed attorney and, in relation to meetings, in person shall be construed accordingly;

**Register of Directors** has the meaning specified in Regulation 11.10;

**Register of Members** has the meaning specified in Regulation 3.9;

**Registrar** means the BVI Registrar of Corporate Affairs;

**Relevant Situation** means a matter or situation in which a Director has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the Company (including, without limitation, in relation to the exploitation of any property, information or opportunity, whether or not the Company could take advantage of it);

**Requisite Percent** has the meaning given to it in Clause 9.3;

**Requisitioning Member** has the meaning given to it in Clause 9.3;

**Resolution of Directors** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 resolution approved at a duly convened and constituted meeting of Directors or a committee
 of Directors by the affirmative vote of a majority of the Directors (or in the case of an
 equality of votes, the casting vote of the Chair of the Board) present at the meeting who
 voted except that where a Director is given more than one (1) vote, they shall be counted
 by the number of votes they cast for the purpose of establishing a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 resolution consented to in writing or by written electronic communication by a majority of
 the Directors or a majority of members of a committee of Directors. A written resolution
 consented to in such manner may consist of several documents including written electronic
 communication, in like form each signed or assented to by one or more Directors;

**Resolution of Shareholders** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 resolution approved at a duly convened and constituted General Meeting by the affirmative
 vote of a majority of in excess of fifty per cent (50%) of the votes of the Shares entitled
 to vote thereon in respect of which the Shareholders holding the Shares were present at the
 meeting in person, or by proxy, and being Shares in respect of which the votes were voted,
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 resolution consented to in writing by a majority of in excess of fifty per cent (50%) of
 the votes of Shares entitled to vote at a general meeting of the Company in one (1) or more
 instruments each signed by one (1) or more of the Shareholders;

**Seal** means any seal which has been duly adopted as the common seal of the Company;

**SEC** means the U.S. Securities and Exchange Commission;

**Securities** means Shares and debt obligations of every kind of the Company, including without limitation options, warrants and rights to acquire Shares or debt obligations;

**Securities Act** means the U.S. Securities Act of 1933 or any similar U.S. federal statute and the rules and regulations of the SEC;

**Share** means a share issued or to be issued by the Company;

**Shareholder** means a Person whose name is entered in the Register of Members as the holder of one or more Shares or fractional Shares;

**Similar Trusts** has the meaning given in clause 7.3.

**Special Meeting Request** has the meaning given to it in Clause 9.3;

**Special Resolution of Shareholders** means either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 resolution approved at a duly convened and constituted General Meeting by the affirmative
 vote of a majority of in excess of seventy five per cent (75%) of the votes of the Shares
 entitled to vote thereon in respect of which the Shareholders holding the Shares were present
 at the meeting in person, or by proxy, and being Shares in respect of which the votes were
 voted, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 resolution consented to in writing by a majority of in excess of seventy five per cent (75%)
 of the votes of Shares entitled to vote at a general meeting of the Company in one (1) or
 more instruments each signed by one (1) or more of the Shareholders;

**Stock Exchange** means any U.S. national securities exchange on which the Securities are listed for trading, including, but not limited to, The Nasdaq Stock Market LLC, the NYSE MKT LLC, the New York Stock Exchange LLC or any over-the-counter (OTC) market;

**Treasury Share** means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled;

**U.S.** means the United States of America; and

**with cause** has the meaning given to it in Clause 11.6.2;

**written** or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and **in writing** shall be construed accordingly.

1.2 In
 the Memorandum and the Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a **Regulation** is a reference to a regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a **Clause** is a reference to a clause of the Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting
 by Shareholders is a reference to the casting of the votes attached to the Shares held by
 the Shareholder voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Act, the Memorandum or the Articles is a reference to the Act or those documents as amended
 or, in the case of the Act, any re-enactment thereof and any subsidiary legislation made
 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 singular includes the plural and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference
 to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents
 of the U.S.

1.3 Any
 words or expressions defined in the Act unless the context otherwise requires bear the same
 meaning in the Memorandum and the Articles unless otherwise defined herein.

1.4 Headings
 are inserted for convenience only and shall be disregarded in interpreting the Memorandum
 and the Articles.

---

| | |
|:---|:---|
| 2 | NAME |

---

2.1 The
 name of the Company is WeShop Holdings Limited.

---

| | |
|:---|:---|
| 3 | STATUS |

---

3.1 The
 Company is a company limited by Shares.

4 REGISTERED OFFICE AND REGISTERED AGENT

4.1 The
 first registered office of the Company shall be situated at the office of the first Registered
 Agent at CCS Trustees Limited, Mandar House, 3rd Floor, Johnson's Ghut, Tortola, British
 Virgin Islands.

4.2 The
 first registered agent of the Company shall be CCS Trustees Limited, of Mandar House, 3rd
 Floor, Johnson's Ghut, Tortola, British Virgin Islands.

4.3 The
 Company may by Resolution of Shareholders or by Resolution of Directors change the location
 of its registered office (the **"Registered Office"**) or change its registered
 agent.

4.4 Any
 change of registered office or registered agent will take effect on the registration by the
 Registrar of a notice of the change filed by the existing registered agent or a legal practitioner
 in the BVI acting on behalf of the Company.

4.5 If
 at any point the Company does not have a registered agent, it may by Resolution of Shareholders
 or Resolution of Directors, appoint a registered agent.

5 CAPACITY AND POWERS

5.1 Subject
 to the Act and any other BVI legislation, the Company has, irrespective of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full
 capacity to carry on or undertake any business or activity, do any act or enter into any
 transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 the purposes of Clause 5.1(a), full rights, powers and privileges.

5.2 For
 the purposes of section 9(4) of the Act, there are no limitations on the business that the
 Company may carry on.

6 NUMBER AND CLASSES OF SHARES

6.1 The
 Company is authorised to issue an unlimited number of Shares in two classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 unlimited number of Class A Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 unlimited number of Class B Shares.

6.2 The
 Company may, by Resolution of Directors, issue further classes of Shares.

6.3 The
 Company may issue fractional Shares and a fractional Share shall have the corresponding fractional
 rights, obligations and liabilities of a whole Share of the same class or series of Shares.

6.4 Shares
 may be issued in one or more series of Shares as the Directors may by Resolution of Directors
 determine from time to time.

7 RIGHTS OF SHARES

7.1 Each
 Class A Share confers upon the Class A Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 right to notice of and to attend any General Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 right to one (1) vote per Class A Share on any Resolution of Shareholders as against each
 other Class A Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 right to an equal share in any dividend paid by the Company with each other Class A Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 right to an equal share in the distribution of the surplus assets of the Company with each
 other Class A Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such
 other rights and entitlements as may be specified in the Articles.

7.2 Each
 Class B Share confers upon the Class B Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 right to notice of and to attend any General Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 right to vote on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 right to any dividend paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no
 right to a share in the distribution of the surplus assets of the Company on its liquidation.

7.3 The
 Class B Shares shall only be issued to the WeShop Community Trust and/or one or more similar
 trusts (**"Similar Trusts"**).

7.4 The
 Class B Shares shall automatically convert to Class A Shares on a one-for-one (1:1) basis
 upon the transfer of a Class B Share by the WeShop Community Trust or a Similar Trust to
 a Person.

7.5 The
 Company may by Resolution of Directors redeem, purchase or otherwise acquire all or any of
 the Shares subject to Regulation 4 of the Articles.

8 VARIATION OF RIGHTS

8.1 If
 at any time the Shares are divided into different classes, the rights attached to any class
 (unless otherwise provided by the terms of issue of the Shares of that class) may only be
 varied or abrogated, whether or not the Company is in liquidation, with the consent in writing
 of holders of at least fifty per cent (50%) of the issued Shares of that class or with the
 sanction of a resolution passed by at least a majority in excess of fifty per cent (50%)
 of the holders of Shares in that class present in person or by proxy and voting at a separate
 meeting of the holders of the Shares of that class.

9 RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU

9.1 The
 rights conferred upon the holders of the Shares of any class shall not, unless otherwise
 expressly provided by the terms of issue of the Shares of that class, be deemed to be varied
 by the creation or issue of further Shares ranking pari passu therewith.

10 AMENDMENT OF THE MEMORANDUM AND THE ARTICLES

10.1 The
 Company may amend the Memorandum or the Articles by Special Resolution of Shareholders or
 by Resolution of Directors, save that no amendment may be made by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 restrict the rights or powers of the Shareholders to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 change the percentage of Shareholders required to pass a Resolution of Shareholders to amend
 the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 circumstances where the Memorandum or the Articles cannot be amended by the Shareholders;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 this Clause 10.

10.2 Any
 amendment of the Memorandum or the Articles will take effect on the registration by the Registrar
 of a notice of amendment, or restated Memorandum and Articles, filed by the registered agent.

**TERRITORY OF THE BRITISH VIRGIN ISLANDS**

**THE BVI BUSINESS COMPANIES ACT 2004**

**ARTICLES OF ASSOCIATION**

**OF**

**WeShop Holdings Limited**

**A COMPANY LIMITED BY SHARES**

1. DISAPPLICATION
 OF THE ACT

1.1. **Disapplication of the Act** 

The following sections of the Act shall not apply to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. section
 46 (Pre-emptive rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. section
 60 (Process for acquisition of own shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3. section
 61 (Offer to one or more shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.4. section
 62 (Shares redeemed otherwise than at the option of company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.5. section
 175 (Disposition of assets).

2. REGISTERED
 SHARES

2.1. **Share Certificates** 

Unless and until the Directors resolve to issue share certificates, no share certificate shall be issued, and the records of the shareholdings of each Shareholder shall be in uncertificated book entry form. If the Directors do resolve to issue share certificates in respect of any one (1) or more classes of Shares, then every Shareholder holding such Shares shall be entitled, upon written request only, to a certificate signed by a Director or Officer, or any other person authorised by a Resolution of Directors, or under the Seal specifying the number of Shares held by them and the signature of the Director, Officer or authorised person and the Seal may be facsimiles or affixed by electronic means pursuant to the Electronic Transactions Act.

2.2. **Indemnity** 

Any Shareholder receiving a share certificate for certificated Shares shall indemnify and hold the Company and its Directors and Officers harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of the possession thereof.

2.3. **Replacement** 

If a share certificate for certificated Shares is defaced, worn out, lost or destroyed it may be replaced without fee but on such terms (if any) and on satisfactory proof of its loss together with such an indemnity and to payment of any exceptional out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity as the Board may think fit and, in case of defacement or wearing out, on delivery of the old certificate to the Company.

2.4. **Seal and Signature** 

All forms of certificate for Share or loan capital or other Securities (other than letters of allotment, scrip certificates and other like documents) shall be issued under the Seal or in such other manner as the Board may authorise. The Board may by Resolution of Directors determine, either generally or in any particular case or cases, that any signatures on any such certificate need not be autographic but may be affixed to such certificate by some mechanical or electronic means or may be printed thereon or that such certificate need not be signed by any person.

2.5. **Joint Holders** 

If several Persons are registered as joint holders of any Shares, any one of such Persons may give an effectual receipt for any Distribution.

3. SHARES

3.1. **Pre-Admission** 

Prior to Admission, Shares and other Securities may be issued at such times, to such Persons, for such consideration and on such terms as the Directors may by Resolution of Directors determine.

3.2. **Post-Admission** 

Following Admission, the Directors shall be authorised to issue such number of Shares on such terms as they in their discretion determine by Resolution of Directors.

3.3. **Non-Cash Consideration** 

In so far as the provisions of Sub-Regulation 3.2 apply, such provisions shall not apply to the allotment of any Shares for a consideration other than cash, or to the allotment of any Shares to an employee share scheme.

3.4. **Issue** 

Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in General Meeting), the Act and, where applicable, the rules of the Stock Exchange and/or any competent regulatory authority, and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares with or without preferred, deferred or other rights or restrictions, whether in regard to a dividend or other distribution, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Act and the Articles) vary such rights.

3.5. **Securities** 

The Company may issue Securities, which may be comprised of whole or fractional Shares, rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other Securities, upon such terms as the Directors may from time to time determine.

3.6. **Consideration Payable in Kind** 

A Share may be issued for consideration in any form, including money, a promissory note, or other written obligation to contribute money or property, real property, personal property (including goodwill and know-how), services rendered or a contract for future services.

3.7. **Approval of Consideration in Kind** 

No Shares may be issued for a consideration, which is in whole or in part, other than money, unless a Resolution of Directors has been passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1. the
 amount to be credited for the issue of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2. that,
 in the opinion of the Directors, the present cash value of the non- money consideration and
 money consideration, if any, is not less than the amount to be credited for the issue of
 the Shares.

3.8. **No Debt or Liability** 

The consideration paid for any Share, whether a par value Share or a no par value Share, shall not be treated as a liability or debt of the Company for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1. the
 solvency test in Regulations 4 and 21; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.2. sections
 197 and 209 of the Act.

3.9. **Register of Members** 

The Company shall keep a register of members (the **"Register of Members"**) containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1. the
 names and addresses of the Persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2. the
 number of each class and series of Shares held by each Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3. the
 date on which the name of each Shareholder was entered in the Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.4. the
 date on which any Person ceased to be a Shareholder.

3.10. **Form of Register of Members** 

The Register of Members may be in any such form as the Directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until the Directors otherwise determine, the magnetic, electronic or other data storage form shall be the original Register of Members.

3.11. **Deemed Issue** 

A Share is deemed to be issued when the name of the Shareholder is entered in the Register of Members.

3.12. **No Certificate** 

Nothing in these Articles shall require title to any Shares or other Securities to be evidenced by a certificate if the Act and the rules of the Stock Exchange permit otherwise.

4. REDEMPTION
 OF SHARES AND TREASURY SHARES

4.1. **Redemption and Purchase** 

Shareholders holding ninety (90%) of the votes of the outstanding Shares entitled to vote may be give a written instruction to the Company directing it to redeem the Shares held by the remaining Shareholders. Upon receipt of the written instruction, the Company shall redeem the Shares specified in the written instruction irrespective of whether or not the Shares are by their terms redeemable.

4.2. **Surrender of Shares** 

The Company may acquire its own fully paid Shares for no consideration by way of surrender of the Shares to the Company by the person holding the Share. Any such surrender shall be in writing and signed by the person holding the Shares.

4.3. **Solvency Test** 

The Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors authorising the purchase, redemption or other acquisition contains a statement that the Directors are satisfied, on reasonable grounds, that immediately after the acquisition the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

4.4. **Cancellation or Treasury** 

Shares that the Company purchases, redeems or otherwise acquires pursuant to this Regulation may be cancelled or held as Treasury Shares except to the extent that such Shares are in excess of fifty per cent (50%) of the issued Shares in which case they shall be cancelled but they shall be available for reissue.

4.5. **Rights Suspended** 

All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the Company while it holds the Share as a Treasury Share.

4.6. **Transfer** 

Treasury Shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

4.7. **Subsidiary** 

Where Shares are held by another body corporate of which the Company holds, directly or indirectly, Shares having more than fifty per cent (50%) of the votes in the election of directors of the other body corporate, all rights and obligations attaching to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate.

5. MORTGAGES
 AND CHARGES OF SHARES

5.1. **Mortgage or Charge** 

Shareholders may only mortgage or charge their Shares if they are not subject to the Lock-in-Period. Any Shares mortgaged or charged in breach of this Regulation 5.1 shall be subject to forfeiture in accordance with Regulation 6.

5.2. **Entry on Register of Members** 

There shall be entered in the Register of Members at the written request of the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1. a
 statement that the Shares held by them are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2. the
 name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3. the
 date on which the particulars specified in Regulations 5.2.1 and 5.2.2 are entered in the
 Register of Members.

5.3. **Cancellation** 

Where particulars of a mortgage or charge are entered in the Register of Members, such particulars may be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. with
 the written consent of the named mortgagee or chargee or anyone authorised to act on their
 behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. upon
 evidence satisfactory to the Directors of the discharge of the liability secured by the mortgage
 or charge and the issue of such indemnities as the Directors shall consider necessary or
 desirable.

5.4. **No Transfer** 

Whilst particulars of a mortgage or charge over Shares are entered in the Register of Members pursuant to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1. no
 transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2. the
 Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3. no
 replacement certificate shall be issued in respect of such Shares, without the written consent
 of the named mortgagee or chargee.

6. FORFEITURE

6.1. **Application** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1. Shares
 which are mortgaged or charged in contravention of Regulation 5.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. Shares
 whose issue price is not fully paid on issue,

are subject to the forfeiture provisions set forth in this Regulation and for this purpose Shares issued for a promissory note, other written obligation to contribute money or property or a contract for future services are deemed to be not fully paid.

6.2. **Call Notice** 

A written notice of call specifying the date for payment to be made shall be served on the Shareholder who (a) defaults in making payment in respect of the Shares or (b) has mortgaged or charged their Shares in contravention of Regulation 5.1.

6.3. **Forfeiture Date** 

The written notice of call referred to in Regulation 6.2 shall name a further date not earlier than the expiration of fourteen (14) days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect of which payment is not made will be liable to be forfeited.

6.4. **Forfeiture** 

Where a written notice of call has been issued pursuant to Regulation 6.4 and the requirements of the notice have not been complied with, the Directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates.

6.5. **No Refund** 

The Company is under no obligation to refund any moneys to a Shareholder whose Shares have been cancelled pursuant to Regulation 6.4 and that Shareholder shall be discharged from any further obligation to the Company.

7. TRANSFER
 OF SHARES

7.1. **Right to Transfer** 

Subject to these Articles and the rules or regulations of the Stock Exchange or any relevant rules of the SEC or securities laws (including, but not limited to the Exchange Act), a Shareholder may transfer all or any of their Shares. If the Shares in question were issued in conjunction with rights, options, or warrants issued pursuant to the Articles on terms that one cannot be transferred without the other, the Directors shall refuse to register the transfer of any such Share without evidence satisfactory to them of the like transfer of such option or warrant.

7.2. **Lock in period and Orderly Market** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1. No
 Shareholder holding Shares immediately prior to the Listing Date shall Transfer, charge,
 pledge, encumber, or otherwise dispose any of their shareholding in the Company during a
 period of 365 days from the Listing Date ()"*Lock-in-Period"*),
 except with the prior written consent of the Board or as otherwise permitted under the Memorandum
 or Articles.

7.2.2. The
 Lock-in-period shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Transfers
 of Shares by a Shareholder that acquired such Shares after the Listing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Transfers
 of Shares in accordance with an exemption granted by the Board of Directors pursuant to Regulation
 7.2.3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3. The
 Board of Directors may, in their sole discretion, waive the Lock-In Period in exceptional
 circumstances, provided that such waiver is in the best interest of the Company and is approved
 by a majority vote of the Board.

7.3. **Directors' Consent** 

Shares and Treasury Shares are transferable, subject to the consent of the Directors who may, subject to the terms of issue thereof and the rules or regulations of the Stock Exchange or any relevant rules of the SEC or securities laws (including, but not limited to the Exchange Act), in their absolute discretion, refuse to consent to any transfer and decline to register the transfer without giving any reason.

7.4. **Instrument of Transfer.** 

The instrument of transfer of any Share shall be in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1. any
 usual or common form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2. such
 form as is prescribed by the Stock Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3. in
 any other form as the Directors may determine,

and shall be executed by or on behalf of the transferor (or otherwise as prescribed by the rules and regulations of the Stock Exchange) and if in respect of a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee.

7.5. **Certificates.** 

Subject to Regulations 2.2 and 2.3, where the Company has issued a certificate in respect of a Share proposed to be transferred, the transferor shall lodge, with the instrument of transfer, the original certificate relating to the Share being transferred.

7.6. **Effective Date.** 

The transfer of a Share is effective when the name of the transferee is entered on the Register of Members. Until such time, the transferor shall be deemed to remain a Shareholder.

7.7. **Lost Certificate.** 

If the Directors are satisfied that an instrument of transfer relating to Shares has been signed but that the instrument has been lost or destroyed, they may, on receipt of such indemnities as they may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7.1. accept
 such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7.2. proceed
 to register the transferee's name in the Register of Members.

7.8. **Notification of Refusal.** 

Where the Directors refuse to register a transfer of a Share, they shall, within two (2) months after the date on which the transfer was lodged with the Company, notify the transferee of the refusal.

7.9. **Transfer of Treasury Shares.** 

The transfer of Treasury Shares may be for valuable consideration or otherwise, and at a discount to the par value of the Shares.

8. [Intentionally
 Left Blank]

9. MEETINGS
 AND CONSENTS OF SHAREHOLDERS

9.1. **Annual General Meetings** 

The Board shall convene and the Company shall hold an Annual General Meeting at least once in each calendar year.

9.2. **Extraordinary General Meetings** 

Subject to the requirements of the Act and Regulation 9.1, any Director may convene meetings of the Shareholders at such times and in such manner and places within or outside the BVI as the Director considers necessary or desirable.

9.3. **Shareholders Convene** 

Upon the written request of Shareholders entitled to exercise thirty per cent (30%) or more of the voting rights (**"Requisite Percent"**) in respect of the matter for which the meeting is requested (the **"Special Meeting Request"**) the Directors shall convene a meeting of Shareholders. The Special Meeting Request may consist of several documents in like form each signed by one or more requisitionists (each such requisitionist, a **"Requisitioning Member"**) and must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 deposited at the Registered Office within sixty (60) days of the earliest such documents
 being deposited at the Registered Office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) state
 the business (including the identity of nominees for election as a Director, if any) proposed
 to be acted on at the meeting of the members, which shall be limited to the business set
 forth in the Special Meeting Request received by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) bear
 the date of signature of each Shareholder (or duly authorized agent) who is a requisitionist
 submitting the Special Meeting Request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) set
 forth the name and address of each Shareholder submitting the Special Meeting Request, as
 they appear on the Register of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) contain
 the information required by Regulation 17.13 with respect to any director nomination(s) or
 with respect to any other business proposed to be presented at the Extraordinary General
 Meeting, and as to each Shareholder requesting the meeting and each other person (including
 any beneficial owner) on whose behalf the Shareholder is acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) include
 documentary evidence that the requisitionists own the Requisite Percent, as of the date,
 in the case of each Shareholder requisitioning the Extraordinary General Meeting, that such
 shareholder's requisition was signed; provided, however, that if the Requisitioning
 Members are not the beneficial owners of the Shares representing the Requisite Percent, then
 to be valid, the Special Meeting Request must also include documentary evidence of the number
 of Shares owned by the beneficial owners on whose behalf the Special Meeting Request is made,
 as of the date, in the case of each Shareholder requesting the Extraordinary General Meeting,
 that such Shareholder's requisition was signed; and

(g) otherwise
 meet the requirements of these Articles.

A Special Meeting Request shall not be valid, and the Company shall not call an Extraordinary General Meeting if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Special Meeting Request relates to a subject that is not a proper subject for action by Shareholder
 of the Company under the Statute or otherwise involves a violation of any applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 item of business that is the same or substantially similar (as determined in good faith by
 the Board of Directors) as was presented at a meeting of Shareholder occurring within ninety
 (90) days preceding the earliest date of signature on the Special Meeting Request, provided
 that matters relating to the election or removal of Directors shall not be considered the
 same or substantially similar to the election of Directors at the immediately preceding Annual
 General Meeting of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Special Meeting Request is delivered during the period commencing ninety (90) days prior
 to the anniversary date of the immediately preceding Annual General Meeting of Shareholders
 and ending on the date of the next Annual General Meeting of Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) otherwise
 meet the requirements of these Articles.

9.4. **Shareholder AGM Business.** 

Shareholders seeking to bring business before an Annual General Meeting, or to nominate candidates for appointment as Directors at an Annual General Meeting, must provide written notice of such business to the Company. Such notice must be received at the Company's principal office no later than the close of business on the ninetieth (120<sup>th</sup>) day nor earlier than the close of business on the one-hundred and fiftieth (150<sup>th</sup>) day prior to the anniversary date of the immediately preceding Annual General Meeting. For purposes of the Annual General Meeting in 2026, the preceding Annual General Meeting shall be deemed to have occurred on May 15, 2025.

As to each person whom the Shareholder or Requisitioning Members propose to nominate for appointment as a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 name, age, business address and residence address of the nominee;

(ii) the
 principal occupation or employment of the nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 class and number of Shares or any other securities of the Company that are held of record
 or are beneficially owned by the nominee and of its affiliates and any derivative positions
 held or beneficially held by the nominee and of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whether
 and the extent to which any hedging or other transaction or series of transactions has been
 entered into by or on behalf of the nominee or any of its affiliates with respect to any
 securities of the Company, and a description of any other agreement, arrangement or understanding
 (including any short position or any borrowing or lending of any securities), the effect
 or intent of which is to mitigate loss to, or to manage the risk or benefit of share price
 changes for, or to increase or decrease the voting power of the nominee or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 description of all agreements, arrangements or understandings between or among the Shareholder
 or the Requisitioning Members, as applicable, or any of its or their affiliates and each
 nominee or any of its affiliates and any other person or persons (naming such person or persons)
 pursuant to which the nominations are to be made by the Shareholder or the Requisitioning
 Members or concerning the nominee's potential service as a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a
 written statement executed by the nominee acknowledging that if elected as a Director the
 nominee will:

(A) owe
 fiduciary duties under the Statute with respect to the Company and its Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) comply
 with all applicable corporate governance, conflict of interest, confidentiality, stock ownership
 and trading and other policies and guidelines of the Company applicable to Directors and
 in effect during such Person's term in office as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all
 information relating to such nominee that is required to be disclosed in solicitations of proxies for appointment of Directors in
 an appointment contest or otherwise required, in each case pursuant to the Statute or other applicable law, rule or regulation (including,
 without limitation, such person's written consent to being named in the proxy statement as a nominee and to serving as a Director
 if appointed);

**Notice**

At least fourteen (14) clear days' written notice shall be given for every Annual General Meeting and at least seven (7) clear days' written notice for Extraordinary General Meetings. Notices of Shareholder meetings shall be sent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.1. those
 Shareholders whose names on the date the notice is given appear as Shareholders in the Register
 of Members and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.2. the
 other Directors.

9.5. **Publication of a Notice on a Website.** 

Subject to the Act or the rules of the Stock Exchange, a notice of a General Meeting may be published on a website providing the recipient is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.1. the
 publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.2. the
 place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.3. how
 it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.4. the
 place, date, and time of the General Meeting.

9.6. **Inability to Access Website.** 

If a Shareholder notifies the Company that they are unable for any reason to access the website, the Company must as soon as practicable give notice of the meeting to that Shareholder by any other means permitted by these Articles. This will not affect when that Shareholder is deemed to have received notice of the meeting.

9.7. **Time a Website Notice is Deemed to be Given.** 

A website notice is deemed to be given when the Shareholder is given notice of its publication.

9.8. **Required Duration of Publication on a Website.** 

Where the notice of meeting is published on a website, it shall continue to be published in the same place on that website from the date of the notification until at least the conclusion of the meeting to which the notice relates.

9.9. **Record Date** 

The Director convening a meeting of Shareholders may fix as the record date, for determining those Shareholders that are entitled to vote at the meeting, the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice.

9.10. **Waiver of Notice** 

A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders holding at least ninety per cent (90%) of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder holds.

9.11. **Failure of Notice** 

The inadvertent failure of a Director who convenes a meeting to give notice of a meeting to a Shareholder or another Director, or the fact that a Shareholder or another Director has not received notice, does not invalidate the meeting.

9.12. **Proxy** 

A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf of the Shareholder.

9.13. **Presentation of Proxy** 

The instrument appointing a proxy shall be produced at the place designated for the meeting at least three (3) Business Days before the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place or time at which the proxy shall be presented.

9.14. **Form of Proxy** 

The instrument appointing a proxy shall be in substantially the following form or such other form as the chair of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

9.15. **Joint Ownership** 

The following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15.1. if
 two (2) or more persons hold Shares jointly each of them may be present in person or by proxy
 at a meeting of Shareholders and may speak as a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15.2. if
 only one (1) of the joint owners is present in person or by proxy they may vote on behalf
 of all joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15.3. if
 two (2) or more of the joint owners are present in person or by proxy they must vote as one.

9.16. **Conference Facility** 

A Shareholder shall be deemed to be present at a meeting of Shareholders if they participate by telephone or other electronic means and all Shareholders participating in the meeting are able to hear each other. In the event that no Shareholders are physically present at the place chosen for any meeting such meeting will be deemed to be held at the location where the chair of the meeting is physically present.

9.17. **Quorum** 

No business shall be transacted at any meeting of Shareholders unless a quorum is present when the meeting proceeds to business. A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy holders of ten per cent (10%) of the Shares entitled to vote on the resolutions of Shareholders to be considered at the meeting. The absence of a quorum shall not preclude the appointment of a chair in accordance with the provisions of these Articles, which shall not be treated as part of the business of the meeting.

9.18. **No Quorum** 

If within two (2) hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next Business Day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the Directors may determine, and if at the adjourned meeting there are present within one (1) hour from the time appointed for the meeting in person or by proxy not less than one third (33.33%) of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved.

9.19. **Chair of Meeting** 

At every meeting of Shareholders, the Chair of the Board shall preside as chair of the meeting. If there is no Chair of the Board or if the Chair of the Board is not present at the meeting, the Shareholders present shall choose one (1) of their number to be the chair. If the Shareholders are unable to choose a chair for any reason, then the person representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chair failing which the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

9.20. **Adjournment** 

The chair may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

9.21. **Polls** 

At any meeting of the Shareholders the chair is responsible for deciding in such manner as they consider appropriate whether any resolution proposed has been carried or not and the result of their decision shall be announced to the meeting and recorded in the minutes of the meeting. If the chair has any doubt as to the outcome of the vote on a proposed resolution, they shall cause a poll to be taken of all votes cast upon such resolution. If the chair fails to take a poll then any Shareholder present in person or by proxy who disputes the announcement by the chair of the result of any vote may immediately following such announcement demand that a poll be taken and the chair shall cause a poll to be taken. Any Shareholder present in person or by proxy may demand a poll at any time. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded in the minutes of the meeting.

9.22. **Representation of Shareholders** 

Subject to the specific provisions contained in this Regulation for the appointment of representatives of Persons other than individuals the right of any individual to speak for or represent a Shareholder shall be determined by the law of the jurisdiction where, and by the documents by which, the Person is constituted or derives its existence. In case of doubt, the Directors may in good faith seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the Directors may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

9.23. **Legal Persons** 

Any Person other than an individual which is a Shareholder may authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which they represent as that Shareholder could exercise if it were an individual.

9.24. **Proxy Evidence** 

The chair of any meeting at which a vote is cast by proxy or on behalf of any Person other than an individual may call for a notarially certified copy of such proxy or authority which shall be produced within seven (7) days of being so requested or the votes cast by such proxy or on behalf of such Person shall be disregarded.

9.25. **Directors** 

Directors may attend and speak at any meeting of Shareholders and at any separate meeting of the holders of any class or series of Shares.

9.26. **Resolutions of Shareholders** 

Save as where expressly provided otherwise in the Memorandum or Articles, any action which requires a resolution of the Shareholders pursuant to the Act or any other BVI legislation, shall be authorised if approved by Resolution of Shareholders.

9.27. **Written Resolutions** 

An action that may be taken by the Shareholders at a meeting may, prior to the Listing Date, also be taken by a resolution consented to in writing, without the need for any notice, but if any resolution of the Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders, an announcement including the material terms of such written resolutions will be published by the Company on its website as soon as reasonably practicable after they have taken effect. Upon such publication, any Shareholder that has not consented to such written resolutions will be deemed to have been notified of their contents. The consent may be in the form of counterparts, each counterpart being signed by one (1) or more Shareholders. If the consent is in one (1) or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Shareholders holding a sufficient number of votes of Shares to constitute a resolution of the Shareholders have consented to the resolution by signed counterparts.

10. UNTRACEABLE
 SHAREHOLDERS

10.1. **Untraceable Shareholders** 

When the registered address of any Shareholder appears to the Board to be incorrect or out of date such Shareholder may, if the Board so resolves, be treated as if they had no registered address and the Company will not thereafter be obliged to send to such Shareholder cheques, warrants, notices of meetings or copies of the documents referred to in these Articles; provided that no resolution as aforesaid shall be proposed by the Board until cheques or warrants sent to the registered address of such Shareholder have been returned by the postal service or left uncashed on at least two (2) consecutive occasions or, following one (1) such occasion, reasonable enquiries have failed to establish any new address of such Shareholder.

10.2. **Power of Sale** 

The Company shall be entitled to sell at the best price reasonably obtainable any Share of a Shareholder or any Share to which a person is entitled by transmission if and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1. for
 a period of twelve (12) years in the course of which at least three (3) dividends have become
 payable in respect of the Share in question, no cheque or warrant sent by the Company through
 the post in a prepaid letter addressed to the Shareholder or to the person entitled by transmission
 to the Share at their address on the Register of Members or the other last known address
 given by the Shareholder or the person entitled by transmission to which cheques and warrants
 are to be sent has been cashed and no communication has been received by the Company from
 the Shareholder or the person entitled by transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2. the
 Company has at the expiration of the said period of twelve (12) years by advertisement in
 both a leading national newspaper and in a newspaper circulating in the area in which the
 address referred to in Regulation 10.2.1 above is located given notice of its intention to
 sell such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3. the
 Company has not during the further period of three (3) months after the date of the advertisement
 and prior to the exercise of the power of sale received any communication from the Shareholder
 or person entitled by transmission.

10.3. **Execution of Sale** 

To give effect to any such sale the Company may appoint any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1. in
 the case of certificated Shares to execute as transferor an instrument of transfer of such
 Share and such instrument of transfer; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2. in
 the case of uncertificated Shares to authorise and procure the execution of such transfer
 in accordance with and subject to the regulations and facilities and requirements of the
 relevant system concerned and such instrument of transfer and/or transfer shall be as effective
 as if it had been executed by the registered holder of or person entitled by transmission
 to such Share.

The Company shall account to the Shareholder or other person entitled to such Share for the net proceeds of such sale and shall be deemed to be their debtor and not a trustee for them in respect of the same. Any money not accounted for to the Shareholder or other person entitled to such Share shall be carried to a separate account and shall be a permanent debt of the Company provided that such debt shall not incur interest and the Company shall not be required to account for any money earned on the net proceeds. Money carried to such separate account may either be employed in the business of the Company or invested in such investments (other than Shares or its holding company, if any) as the Directors may from time to time think fit.

11. DIRECTORS

11.1. **Number of Directors** 

The minimum number of directors shall be one (1) and the maximum number of directors shall be seven (7). Any changes to this Regulation 11.1 shall be approved by a Resolution of Directors.

11.2. **Appointment** 

The Directors shall be elected by Resolution of Shareholders or by Resolution of Directors.

11.3. **Consent to Act** 

No person shall be appointed as a Director, alternate Director, or nominated as a reserve Director, of the Company unless they have consented in writing to be a Director, alternate Director or to be nominated as a reserve Director respectively.

11.4. **Term of Office** 

Subject to Regulation 11.5, each Director holds office for the term, if any, fixed by the Resolution of Shareholders or the Resolution of Directors appointing them, or until their earlier death, resignation, retirement by rotation or removal. If no term is fixed on the appointment of a Director, the Director serves indefinitely until their earlier death, retirement by rotation, resignation or removal.

11.5. **Retirement by Rotation** 

The following provisions in relation to the retirement of Directors by rotation shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1. at
 each Annual General Meeting one-third (33.33%) of the Directors for the time being (or, if
 their number is not a multiple of three (3), the number nearest to but not more than one-third
 (33.33%)) shall retire from office by rotation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2. the
 Directors to retire in every year shall be those subject to retirement by rotation who have
 been longest in office since their last re-election or appointment. As between persons who
 become or were last re-elected Directors on the same day, those to retire shall (unless they
 otherwise agree among themselves) be determined by lot. A retiring Director shall be eligible
 for re-election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3. the
 Company at the Annual General Meeting at which a Director retires under any provision of
 these Articles may by Resolution of Shareholders fill the office being vacated by electing
 thereto the retiring Director or some other person eligible for appointment. In default,
 the retiring Director shall be deemed to have been re-elected except in any of the following
 cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. where
 at such Annual General Meeting it is expressly resolved not to fill such office or a resolution
 for the re-election of such Director is put to the meeting and lost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. where
 such Director is disqualified under the Act from holding office as a Director or has given
 notice in writing to the Company that they are unwilling to be re-elected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. where
 such Director has attained any retiring age applicable to them as a Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.4. the
 retirement shall not have effect until the conclusion of the Annual General Meeting except
 where a resolution is passed to elect some other person in the place of the retiring Director
 or a resolution for their re-election is put to the Annual General Meeting and is lost, accordingly
 a retiring Director who is re-elected or deemed to have been re-elected in office shall be
 deemed to have continued in their role without a break.

11.6. **Removal from Office** 

A Director may be removed from office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.1. only
 with cause by the affirmative vote of the holders of at least sixty-six and two-thirds percent
 (66 2/3%) of the votes of all then outstanding Class A Shares entitled to vote generally
 at a meeting for the election of directors., by Resolution of Shareholders passed at a meeting
 of Shareholders called for the purposes of removing the Director or for purposes including
 the removal of the Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.2. with
 or without cause by Resolution of Directors passed at a meeting of Directors called for the
 purpose of removing the Director or for purposes including the removal of the Director.<br>
 <br> **"with cause"** means conduct of a director which amounts to fraud or dishonesty.

11.7. **Resignation** 

A Director may resign their office by giving written notice of their resignation to the Company and the resignation has effect from the date the notice is received by the Company or from such later date as may be specified in the notice. A Director shall resign forthwith as a Director if they are, or becomes, disqualified from acting as a Director under the Act.

11.8. **Interim Appointment** 

The Directors may at any time appoint any person to be a Director either to fill a vacancy or as an addition to the existing Directors. Where the Directors appoint a person as Director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be a Director ceased to hold office. Vacancies on the Board may only be filled by Resolution of Directors.

11.9. **Vacancy** 

A vacancy in relation to Directors occurs if a Director dies or otherwise ceases to hold office prior to the expiration of their term of office.

11.10. **Register of Directors** 

The Company shall keep a register of Directors (the **Register of Directors**) containing such information as may be proscribed by the Act.

11.11. **Form of Register of Directors** 

The Register of Directors may be kept in any such form as the Directors may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original Register of Directors.

11.12. **Registrar Filing** 

The Company shall file for registration with the Registrar a copy of its Register of Directors (and any changes to the Register of Directors) in accordance with the provisions of the Act.

11.13. **Office Remuneration.** 

The remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors shall determine. The Directors shall also be entitled to be paid all travelling, hotel, and other expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or General Meetings, or separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection with the business of the Company, or to receive a fixed allowance in respect thereof as may be determined by the Directors, or a combination of such methods.

11.14. **Additional Remuneration.** 

The Directors may by resolution approve additional remuneration to any Director for any services other than their ordinary routine work as a Director. Any fees paid to a Director who is also counsel or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to their remuneration as a Director.

11.15. **Pensions.** 

The Directors, on behalf of the Company, may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to their widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension, or allowance.

11.16. **No shareholding** 

A Director is not required to hold a Share as a qualification to office.

11.17. **Appointment of Alternates** 

A Director, by written instrument deposited at the registered office of the Company may from time to time appoint another Director or another person who is not disqualified for appointment as a Director under the Act to be their alternate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17.1. exercise
 the appointing Director's powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17.2. carry
 out the appointing Director's responsibilities,

in relation to the taking of decisions by the Directors in the absence of the appointing Director.

11.18. **Consent of Alternate** 

No person shall be appointed as an alternate Director unless they have consented in writing to be an alternate Director. The appointment of an alternate Director does not take effect until written notice of the appointment has been deposited at the registered office of the Company.

11.19. **Removal of Alternate** 

The appointing Director may, at any time, terminate or vary the alternate's appointment. The termination or variation of the appointment of an alternate Director does not take effect until written notice of the termination or variation has been deposited at the registered office of the Company, save that if a Director shall die or cease to hold the office of Director, the appointment of their alternate shall thereupon cease and terminate immediately without the need of notice.

11.20. **Limit on Power** 

An alternate Director has no power to appoint an alternate, whether of the appointing Director or of the alternate Director.

11.21. **Powers of Alternate** 

An alternate Director has the same rights as the appointing Director in relation to any Directors' meeting and any written Resolution of Directors circulated for written consent. Unless stated otherwise in the notice of the appointment of the alternate, or a notice of variation of the appointment, if undue delay or difficulty would be occasioned by giving notice to a Director of a resolution of which their approval is sought in accordance with these Articles their alternate (if any) shall be entitled to signify approval of the same on behalf of that Director. Any exercise by the alternate Director of the appointing Director's powers in relation to the taking of decisions by the Directors is as effective as if the powers were exercised by the appointing Director. An alternate Director does not act as an agent of or for the appointing Director and is liable for their own acts and omissions as an alternate Director.

11.22. **Fees** 

The remuneration of an alternate Director (if any) shall be payable out of the remuneration payable to the Director appointing them (if any), as agreed between such alternate Director and the Director appointing them.

12. POWERS
 OF DIRECTORS

12.1. **Management by Directors** 

The business and affairs of the Company shall be managed by, or under the direction or supervision of, the Directors. The Directors have all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. The Directors may pay all expenses incurred preliminary to and in connection with the incorporation of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders.

12.2. **Fiduciary Duties** 

Each Director shall exercise their powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum, the Articles or the Act. Each Director, in exercising their powers or performing their duties, shall act honestly and in good faith in what the Director believes to be the best interests of the Company.

12.3. **Corporate Directors** 

Any Director which is a body corporate may appoint any individual as its duly authorised representative for the purpose of representing it at meetings of the Directors, with respect to the signing of consents or otherwise.

12.4. **Acting in Vacancy** 

The continuing Directors may act notwithstanding any vacancy in their body.

12.5. **Borrowings** 

The Directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

12.6. **Negotiable Instruments** 

All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be determined by Resolution of Directors.

12.7. **No Loans to Directors** 

The Company has no power to grant loans to the Directors.

13. PROCEEDINGS
 OF DIRECTORS

13.1. **Calling Meetings** 

Any one Director may call a meeting of the Directors by sending a written notice to each other Director.

13.2. **Place** 

The Directors or any committee thereof may meet at such times and in such manner and places within or outside the BVI as the Directors may determine to be necessary or desirable.

13.3. **Conference Facility** 

A Director is deemed to be present at a meeting of Directors if they participate by telephone or other electronic means and all Directors participating in the meeting are able to hear each other.

13.4. **Notice of Meetings** 

A Director shall be given not less than three (3) days' notice of meetings of Directors, but a meeting of Directors held without three (3) days' notice having been given to all Directors shall be valid if all the Directors entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a Director at a meeting shall constitute waiver by that Director. The inadvertent failure to give notice of a meeting to a Director, or the fact that a Director has not received the notice, does not invalidate the meeting.

13.5. **Quorum** 

A meeting of Directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by alternate not less than one-half (50%) of the total number of Directors, unless there are only two (2) Directors in which case the quorum is two (2).

13.6. **Sole Director** 

If the Company has only one Director the provisions herein contained for meetings of Directors do not apply and such sole Director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole Director shall record in writing and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution for all purposes.

13.7. **Chair** 

At meetings of Directors at which the Chair of the Board is present, they shall preside as chair of the meeting. If there is no Chair of the Board or if the Chair of the Board is not present, the Directors present shall choose one of their number to be chair of the meeting.

13.8. **Written Resolution** 

An action that may be taken by the Directors or a committee of Directors at a meeting may also be taken by a Resolution of Directors or a resolution of a committee of Directors consented to in writing or by written electronic communication by a majority of the members of the committee without the need for any notice. A written resolution consented to in such manner may consist of several documents, including written electronic communication, in like form each signed or assented to by one or more Directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the date upon which the last member has consented to the resolution by signed counterparts.

13.9. **Conference Call** 

A person may participate and vote in a meeting of the Directors or committee of Directors by telephone or other electronic means by means of which all the persons participating in the meeting are able to hear each other. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chair is at the start of the meeting.

13.10. **Minutes** 

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of Officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of Directors including the names of the Directors or alternate Directors present at each meeting.

13.11. **Presumption of Assent** 

A Director who is present at a meeting of the Board at which action on any Company matter is taken shall be presumed to have assented to the action taken unless their dissent shall be entered in the minutes of the meeting or unless they shall file their written dissent from such action with the person acting as the chair or secretary of the meeting before the adjournment thereof. Such right to dissent shall not apply to a Director who voted in favour of such action.

14. COMMITTEES

14.1. **Creation** 

The Directors may establish any committees, local boards, or agencies or appoint any person to be a manager or agent for managing the affairs of the Company and may appoint any person to be a member of such committees or local boards. Any such appointment may be made subject to any conditions the Directors may impose, and may be revoked or altered. Subject to any such conditions, the proceedings of any such committee, local board, or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying.

14.2. **Charters** 

The Directors may adopt formal written charters for committees. Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in the Articles and shall have such powers as the Directors may delegate pursuant to the Articles and as required by the rules and regulations of the Stock Exchange, the SEC, and/or any other competent regulatory authority or otherwise under applicable law.

14.3. **Delegation** 

The Directors have no power to delegate to a committee of Directors any of the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1. to
 amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2. to
 designate committees of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.3. to
 delegate powers to a committee of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.4. to
 appoint or remove Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.5. to
 appoint or remove an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.6. to
 approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.7. to
 make a declaration of solvency or to approve a liquidation plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.8. to
 make a determination that immediately after a proposed Distribution the value of the Company's
 assets will exceed its liabilities and the Company will be able to pay its debts as they
 fall due.

14.4. **Sub-Delegation** 

Regulations 14.3.2 and 14.3.3 do not prevent a committee of Directors, where authorised by the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and delegating powers exercisable by the committee to the sub-committee.

14.5. **Committee Proceedings** 

The meetings and proceedings of each committee of Directors consisting of two (2) or more Directors shall be governed mutatis mutandis by the provisions of the Articles regulating the proceedings of Directors so far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee.

14.6. **Exercise of Powers** 

Where the Directors delegate their powers to a committee of Directors they remain responsible for the exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that the committee would exercise the power in conformity with the duties imposed on Directors under the Act.

15. OFFICERS
 AND AGENTS

15.1. **Officers** 

The Company may by Resolution of Directors appoint Officers at such times as may be considered necessary or expedient. Such Officers may consist of a Chair of the Board, a president and one or more vice-presidents, secretaries and treasurers and such other Officers as may from time to time be considered necessary or expedient. Any number of offices may be held by the same person.

15.2. **Duties of Officers** 

The Officers shall perform such duties as are prescribed at the time of their appointment subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific prescription of duties it shall be the responsibility of the Chair of the Board to preside at meetings of Directors and Shareholders, the president to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the president but otherwise to perform such duties as may be delegated to them by the president, the secretaries to maintain the Register of Members, minute books and records (other than financial records) of the Company and to ensure compliance with all procedural requirements imposed on the Company by applicable law, and the treasurer to be responsible for the financial affairs of the Company.

15.3. **Emoluments** 

The emoluments of all Officers shall be fixed by Resolution of Directors.

15.4. **Term** 

The Officers shall hold office until their successors are duly appointed, but any Officer elected or appointed by the Directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may be filled by Resolution of Directors.

15.5. **Agent** 

The Directors may, by Resolution of Directors, appoint any person, including a person who is a Director, to be an agent of the Company.

15.6. **Powers of Agent** 

An agent of the Company shall have such powers and authority of the Directors, including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent has any power or authority with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.1. to
 amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.2. to
 change the registered office or agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.3. to
 designate committees of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.4. to
 delegate powers to a committee of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.5. to
 appoint or remove Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.6. to
 appoint or remove an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.7. to
 fix emoluments of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.8. to
 approve a plan of merger, consolidation or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.9. to
 make a declaration of solvency or to approve a liquidation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.10. to
 make a determination that immediately after a proposed Distribution the value of the Company's
 assets will exceed its liabilities and the Company will be able to pay its debts as they
 fall due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.11. to
 authorise the Company to continue as a company incorporated under the laws of a jurisdiction
 outside the BVI.

15.7. **Delegation of Agency** 

The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company.

15.8. **Removal of Agent** 

The Directors may remove an agent appointed by the Company and may revoke or vary a power conferred on them.

16. CONFLICT
 OF INTERESTS

16.1. A
 Conflicted Director shall, forthwith after becoming aware of a Relevant Situation, disclose
 the Relevant Situation to all other Directors.

16.2. For
 the purposes of Regulation 16.1, a disclosure to all other Directors to the effect that a
 Director is a member, director or officer of another named entity or has a fiduciary relationship
 with respect to the entity or a named individual and is to be regarded as interested in any
 transaction which may, after the date of the entry into the transaction or disclosure of
 the interest, be entered into with that entity or individual, is a sufficient disclosure
 of interest in relation to that transaction.

16.3. Subject
 to any rules or regulations of the Stock Exchange or any laws or regulations governing companies
 listed on the Stock Exchange, in relation to a Relevant Situation, a Conflicted Director
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.1. vote
 on a matter relating to the Relevant Situation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.2. attend
 a meeting of Directors, or a meeting of a committee of Directors, at which a matter relating
 to a Relevant Situation arises and be included among the Directors present at the relevant
 meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.3. sign
 a document on behalf of the Company, or do any other thing in their capacity as a Director,
 that relates to the Relevant Situation,

and, subject to compliance with the Act, the Conflicted Director shall not by reason of their office be accountable to the Company for any benefit which they derive from a Relevant Situation and no such Relevant Situation shall be liable to be avoided on the grounds of any such interest or benefit.

17. INDEMNIFICATION

17.1. **Indemnity** 

Subject to the limitations hereinafter provided the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1. is
 or was a party or is threatened to be made a party to any threatened, pending or completed
 proceedings, whether civil, criminal, administrative or investigative, by reason of the fact
 that the person is or was a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2. is
 or was, at the request of the Company, serving as a director of, or in any other capacity,
 is or was acting for, another body corporate or a partnership, joint venture, trust or other
 enterprise.

17.2. **Good Faith** 

The indemnity in Regulation 17.1 only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.

17.3. **Determination of Best Interests** 

For the purposes of Regulation 17.2, a Director acts in the best interests of the Company if they act in the best interests of a Shareholder or Shareholders in the circumstances specified in the Act.

17.4. **Determination of Good Faith** 

The decision of the Directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that their conduct was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

17.5. **Termination of Proceedings** 

The termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that their conduct was unlawful.

17.6. **Expenses Paid in Advance – Director** 

Expenses, including legal fees, incurred by a Director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the Director to repay the amount if it shall ultimately be determined that the Director is not entitled to be indemnified by the Company in accordance with Regulation 17.1.

17.7. **Expenses Paid in Advance - Former Director** 

Expenses, including legal fees, incurred by a former Director in defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the former Director to repay the amount if it shall ultimately be determined that the former Director is not entitled to be indemnified by the Company in accordance with Regulation 17.1 and upon such terms and conditions, if any, as the Company deems appropriate.

17.8. **Non-Exclusivity** 

The indemnification and advancement of expenses provided by, or granted pursuant to, this Regulation is not exclusive of any other rights to which the person seeking indemnification or advancement of expenses may be entitled under any agreement, Resolution of Shareholders, resolution of disinterested Directors or otherwise, both as acting in the person's official capacity and as to acting in another capacity while serving as a Director.

17.9. **Successful Defence** 

If a person referred to in Regulation 17.1 has been successful in defence of any proceedings referred to in Regulation 17.1, the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings.

17.10. **Insurance** 

The Company may purchase and maintain insurance in relation to any person who is or was a Director, Officer or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles.

18. RECORDS

18.1. **Maintenance of Records** 

The Company shall keep the following documents at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1. the
 Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.2. the
 Register of Members, or a copy of the Register of Members, in accordance with Regulation
 3.10;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.3. the
 Register of Directors, or a copy of the Register of Directors, in accordance with Regulation
 11.10; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.4. copies
 of all notices and other documents filed by the Company with the Registrar in the previous
 ten (10) years.

18.2. **Original Registers** 

Until the Directors determine otherwise by Resolution of Directors the Company shall keep the original Register of Members and original Register of Directors at the office of its registered agent.

18.3. **Registers Not Held by Registered Agent** 

If the Company maintains only a copy of the Register of Members or a copy of the Register of Directors at the office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.1. within
 15 days of any change in either register, notify the registered agent in writing of the change;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.2. provide
 the registered agent with a written record of the physical address of the place or places
 at which the original Register of Members or the original Register of Directors is kept.

18.4. **Location of Records** 

The Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside the BVI, as the Directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.1. the
 records and underlying documentation of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.2. minutes
 of meetings and Resolutions of Shareholders and classes of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.3. minutes
 of meetings and Resolutions of Directors and committees of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4.4. an
 impression of the Seal.

18.5. **Records and Underlying Documentation** 

The records and underlying documentation of the Company shall be in such form as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.1. are
 sufficient to show and explain the Company's transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5.2. will,
 at any time, enable the financial position of the Company to be determined with reasonable
 accuracy.

18.6. **Retention Periods** 

The Company shall retain the records and underlying documentation for a period of at least five (5) years from the date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.1. of
 completion of the transaction to which the records and underlying documentation relate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6.2. the
 Company terminates the business relationship to which the records and underlying documentation
 relate.

18.7. **Records Kept at Place other than Registered Office** 

Where the records or underlying documentation are kept at a place or places other than the office of its registered agent, the Company shall provide its registered agent with a written:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.1. record
 of the physical address of the place at which the records and underlying documentation are
 kept; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7.2. record
 of the name of the person who maintains and controls the Company's records and underlying
 documentation.

18.8. **Change in Location of Records** 

Where the place or places at which the records or underlying documentation of the Company, or the name of the person who controls the records and underlying documentation change, the Company shall, within fourteen (14) days of the change, provide its registered agent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8.1. the
 physical address of the new location of the records and underlying documentation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8.2. the
 name of the new person who maintains and controls the Company's records and underlying
 documentation maintained.

18.9. **Co-operation with Registered Agent** 

The Company shall provide to its registered agent without delay any records or underlying documentation in respect of the Company that the registered agent requests pursuant to the Act.

18.10. **Electronic Records** 

The records kept by the Company under this Regulation shall be in written form or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act.

19. REGISTER
 OF CHARGES

19.1. **Register of Charges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1. the
 date of creation of the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2. a
 short description of the liability secured by the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.3. a
 short description of the property charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.4. the
 name and address of the trustee for the security or, if there is no such trustee, the name
 and address of the chargee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.5. unless
 the charge is a security to bearer, the name and address of the holder of the charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.6. details
 of any prohibition or restriction contained in the instrument creating the charge on the
 power of the Company to create any future charge ranking in priority to or equally with the
 charge.

20. SEAL

20.1. **Seal** 

The Company shall have a Seal and may have more than one (1) Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The Directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein, the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one Director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The Directors may provide for a facsimile of the Seal and of the signature of any Director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

21. DISTRIBUTIONS

21.1. **Authorisation of Distributions** 

The Directors may, by Resolution of Directors, authorise a Distribution at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the Distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

21.2. **Form of Distribution** 

Distributions may be paid in money, Shares, or other property.

21.3. **Notice** 

Notice of any Distribution that may have been declared shall be given to each Shareholder as specified in Regulation 24.1 and all Distributions unclaimed for three (3) years after having been declared may be forfeited by Resolution of Directors for the benefit of the Company.

21.4. **No interest** 

No Distributions shall bear interest as against the Company and no Distribution shall be paid on Treasury Shares.

22. ACCOUNTS

22.1. **Accounting Records** 

The Company shall keep records that are sufficient to show and explain the Company's transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

22.2. **Inspection** 

The accounting records shall be kept at the registered office of the Company or, subject to the Act, at such other place or places as the Board may think fit and shall always be open to inspection by the Officers. No Shareholder (other than an Officer) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised by the Board.

23. AUDIT

23.1. **Auditor**.

The Directors may appoint an Auditor who shall hold office until removed from office by resolution of the Directors and may fix their remuneration.

23.2. **Access Right.** 

Every Auditor shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for any audit.

23.3. **Auditor Reports.** 

Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at such times as shall be required by the Directors or any meeting of the Shareholders.

23.4. **Auditor Remuneration.** 

The remuneration of the Auditor shall be fixed by the Audit Committee (if one exists).

23.5. **Auditor Vacancy.** 

If the office of Auditor becomes vacant by resignation or death of the Auditor, or by their becoming incapable of acting by reason of illness or other disability at a time when their services are required, the Directors shall fill the vacancy and determine the remuneration of such Auditor.

24. NOTICES

24.1. **Notices to Shareholders** 

Notices shall be in writing and may be given by the Company to any Shareholder either personally or by sending it by courier, post, fax or e-mail to them or to their address as shown in the Register of Members (or where the notice is given by e-mail by sending it to the e-mail address provided by such Shareholder). Any notice, if posted from one country to another, is to be sent airmail. E-mail notices may be sent by e-mail text and/or by way of a document attached to an email in portable document format (PDF) or in Microsoft Word format and/or by any other method separately agreed between the Company and its Shareholders.

24.2. **Notices to the Company** 

Any summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it with, or by sending it by registered mail to, the registered agent of the Company.

24.3. **Calculation of Elapsed Time** 

Subject to the laws of the BVI, where any period of time is expressed as required for the giving of any notice or in any other case where some other action is required to be undertaken within or omitted from being taken during a specified period of time, the calculation of the requisite period of time will not include the day on which the notice is given (or deemed to be given) or the day on which the event giving rise to the need to take or omit action occurred, but shall include the day on which the period of time expires.

24.4. **Deemed Receipt** 

Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have been received on the third (3<sup>rd</sup>) day (not including Saturdays or Sundays or public holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre-paying and posting a letter containing a notice, and shall be deemed to have been received on the fifth (5<sup>th</sup>) day (not including Saturdays or Sundays or public holidays) following the day on which the notice was posted. Where a notice is sent by fax, service of the notice shall be deemed to have been received on the same day that it was transmitted. Where a notice is given by e-mail service it shall be deemed to be effected by transmitting the e-mail to the e-mail address provided by the intended recipient and shall be deemed to have been received on the same day that it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient

24.5. **Proof of Service on the Company** 

Service of any summons, notice, order, document, process, information or written statement to be served on the Company may be proved by showing that the summons, notice, order, document, process, information or written statement was delivered to the registered office or the registered agent of the Company or that it was sent by courier in such time as to admit to its being delivered to the registered office or the registered agent of the Company within the period prescribed for service and was correctly addressed.

25. VOLUNTARY
 LIQUIDATION

25.1. **Voluntary Liquidation** 

The Company may by Resolution of Shareholders or, subject to the Act, by Resolution of Directors appoint a voluntary liquidator.

26. CONTINUATION

26.1. **Continuation** 

The Company may by Resolution of Shareholders or by a Resolution of Directors continue as a company incorporated under the laws of a jurisdiction outside the BVI in the manner provided under those laws.

27. BUSINESS
 COMBINATIONS

Any Business Combination with any Interested Shareholder within a period of three years following the time of the transaction in which the person become an Interested Shareholder must be approved by the Board and authorised at an Annual General Meeting or special general meeting by the affirmative vote of Shareholders holding at least 66 2/3% of the issued shares entitled to vote thereon that are not owned by the Interested Shareholder unless:

(i) prior
 to the time that the person became an Interested Shareholder, the Board approved either the
 Business Combination or the transaction which resulted in the person becoming an Interested
 Shareholder; or

(ii) upon
 consummation of the transaction which resulted in the person becoming an Interested Shareholder,
 the Interested Shareholder owned at least 85% of the number of issued voting shares of the
 Company at the time the transaction commenced.

The restrictions contained in this Regulation 27 shall not apply if:

(i) a
 Shareholder becomes an Interested Shareholder inadvertently and (1) as soon as practicable
 divests itself of ownership of sufficient shares so that the Shareholder ceases to be an
 Interested Shareholder; and (2) would not, at any time within the three-year period immediately
 prior to a Business Combination between the Company and such Shareholder, have been an Interested
 Shareholder but for the inadvertent acquisition of ownership; or

(ii) the
 Business Combination is proposed prior to the consummation or abandonment of, and subsequent
 to the earlier of the public announcement or the notice required hereunder of, a proposed
 transaction which (1) constitutes one of the transactions described in the following sentence;
 (2) is with or by a person who either was not an Interested Shareholder during the previous
 three years or who became an Interested Shareholder with the approval of the Board; and (3)
 is approved or not opposed by a majority of the members of the Board then in office who were
 Directors prior to any person becoming an Interested Shareholder during the previous three
 years or were recommended for election or elected to succeed such Directors by resolution
 of the Board approved by a majority of such Directors. The proposed transactions referred
 to in the preceding sentence are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger, amalgamation or consolidation of the Company (except an amalgamation in respect of which, pursuant to the Companies Act, no vote of the shareholders of the Company is required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the Company or of any entity directly or indirectly wholly-owned or majority-owned by the Company (other than to the Company or any entity directly or indirectly wholly-owned by the Company) having an aggregate market value equal to 50% or more of either the aggregate market value of all of the assets of the Company determined on a consolidated basis or the aggregate market value of all the issued shares of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a proposed tender or exchange offer for 50% or more of the issued voting shares of the Company.

The Company shall give not less than 20 days' notice to all Interested Shareholders prior to the consummation of any of the transactions described in subparagraphs (a) or (b) of the second sentence of this paragraph (ii).

For the purpose of this Regulation 27 only, the following definitions shall apply:

(i) **"affiliate"** means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another person;

(ii) **"associate"**, when used to indicate a relationship with any person, means: (1) any company, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting shares; (2) any trust or other estate in which such person has at least a 20% beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (3) any relative or spouse of such person, or any relative of such spouse, who has the same residence as such person;

(iii) **"Business Combination"**, when used in reference to the Company and any Interested Shareholder of the Company, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 merger, amalgamation or consolidation of the Company or any entity directly or indirectly
 wholly-owned or majority-owned by the Company, wherever incorporated, with (A) the Interested
 Shareholder or any of its affiliates, or (B) with any other company, partnership, unincorporated
 association or other entity if the merger, amalgamation or consolidation is caused by the
 Interested Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction
 or a series of transactions), except proportionately as a shareholder of the Company, to
 or with the Interested Shareholder, whether as part of a dissolution or otherwise, of assets
 of the Company or of any entity directly or indirectly wholly-owned or majority-owned by
 the Company which assets have an aggregate market value equal to 10% or more of either the
 aggregate market value of all the assets of the Company determined on a consolidated basis
 or the aggregate market value of all the issued shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 transaction which results in the issuance or transfer by the Company or by any entity directly
 or indirectly wholly-owned or majority-owned by the Company of any shares of the Company,
 or any share of such entity, to the Interested Shareholder, except: (A) pursuant to the exercise,
 exchange or conversion of securities exercisable for, exchangeable for or convertible into
 shares of the Company, or shares of any such entity, which securities were issued prior to
 the time that the Interested Shareholder became such; (B) pursuant to a dividend or distribution
 paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable
 for or convertible into shares of the Company, or shares of any such entity, which security
 is distributed, pro rata to all holders of a class or series of shares subsequent to the
 time the Interested Shareholder became such; (C) pursuant to an exchange offer by the Company
 to purchase shares made on the same terms to all holders of such shares; or (D) any issuance
 or transfer of shares by the Company; provided however, that in no case under items (B)-(D)
 of this subparagraph shall there be an increase in the Interested Shareholder's proportionate
 share of any class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 transaction involving the Company or any entity directly or indirectly wholly-owned or majority-owned
 by the Company which has the effect, directly or indirectly, of increasing the proportionate
 share of any class or series of shares, or securities convertible into any class or series
 of shares of the Company, or shares of any such entity, or securities convertible into such
 shares, which is owned by the Interested Shareholder, except as a result of immaterial changes
 due to fractional share adjustments or as a result of any repurchase or redemption of any
 shares not caused, directly or indirectly, by the Interested Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately
 as a shareholder of the Company), of any loans, advances, guarantees or pledges (other than
 those expressly permitted in subparagraphs (a)-(d) of this paragraph) provided by or through
 the Company or any entity directly or indirectly wholly-owned or majority-owned by the Company;

(iv) **"control"**, including the terms **"controlling"**, **"controlled by"** and **"under common control with"**, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting shares, by contract or otherwise. A person who is the owner of 20% or more of the issued and outstanding voting shares of any company, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary; provided that notwithstanding the foregoing, such presumption of control shall not apply where such person holds voting shares, in good faith and not for the purpose of circumventing this provision, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity;

(v) **"Interested Shareholder"** means any person (other than the Company and any entity directly or indirectly wholly-owned or majority owned by the Company) that (1) is the owner of 15% or more of the issued voting shares of the Company (other than any shareholder that was an Interested Shareholder prior to the Listing Date so long as at least 50% of the economic interests in such shareholder are beneficially held by the same persons as immediately prior to the Listing Date) or (2) is an affiliate or associate of any person listed in (1) above; provided, however, that the term "Interested Shareholder" shall not include any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Company unless such person referred to in this proviso acquires additional voting shares of the Company otherwise than as a result of further corporate action not caused, directly or indirectly, by such person.

For the purpose of determining whether a person is an Interested Shareholder, the voting shares of the Company deemed to be issued shall include voting shares deemed to be owned by the person through application of paragraph (viii) below, but shall not include any other unissued shares which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise;

(vi) **"person"** means any individual, company, partnership, unincorporated association or other entity;

(vii) **"voting shares"** means, with respect to any company, shares of any class or series entitled to vote generally in the election of directors and, with respect to any entity that is not a company, any equity interest entitled to vote generally in the election of the governing body of such entity;

(viii) **"owner"**, including the terms **"own"** and **"owned"**, when used with respect to any shares, means a person that individually or with or through any of its affiliates or associates:

(a) beneficially owns such shares, directly or indirectly;

(b) has (A) the right to acquire such shares (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the owner of shares tendered pursuant to a tender or exchange offer made by such person or any of such person's affiliates or associates until such tendered shares are accepted for purchase or exchange; or (B) the right to vote such shares pursuant to any agreement, arrangement or understanding; provided, however, that a person shall not be deemed the owner of any shares because of such person's right to vote such shares if the agreement, arrangement or understanding to vote such shares arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more persons; or

(c) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in item (B) of subparagraph (b) of this paragraph), or disposing of such shares with any other person that beneficially owns, or whose affiliates or associates beneficially own, directly or indirectly, such shares.

28. EXCLUSIVE
 JURISDICTION AND FORUM

28.1. **Exclusive Jurisdiction.** 

Unless the Company consents in writing to the selection of an alternative forum, the courts of the BVI shall have exclusive jurisdiction over any claim or dispute arising out of or in connection with the Memorandum, these Articles or otherwise related in any way to each Shareholder's shareholding in the Company, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.1. any
 derivative action or proceeding brought on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.2. any
 action asserting a claim of breach of any fiduciary or other duty owed by any current or
 former Director, Officer, or other employee of the Company to the Company or the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.3. any
 action asserting a claim arising pursuant to any provision of the Act, the Memorandum, or
 the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1.4. any
 action asserting a claim against the Company governed by the "Internal Affairs Doctrine"
 (as such concept is recognised under the laws of the U.S.).

28.2. **Member Submittance.** 

Each Shareholder irrevocably submits to the exclusive jurisdiction of the courts of the BVI over all such claims or disputes.

28.3. **Further Remedies.** 

Without prejudice to any other rights or remedies that the Company may have, each Shareholder acknowledges that damages alone would not be an adequate remedy for any breach of the selection of the courts of the BVI as exclusive forum and that accordingly the Company shall be entitled, without proof of special damages, to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the selection of the courts of the BVI as exclusive forum.

28.4. **U.S. Regulation.**

## Exhibit 5.1

**Exhibit 5.1**

Harney Westwood & Riegels (BVI) LP

Craigmuir Chambers, PO Box 71

Road Town, Tortola VG1110

British Virgin Islands

Tel: +1 284 494 2233

Fax: +1 284 494 3547

16 October 2025

george.weston@harneys.com<br> +1 284 852 4333

061318.0003/GYW/PKM

WESHOP HOLDINGS LIMITED

c/o CCS Trustees Limited

Mandar House, 3rd Floor

P.O. Box 2196

Johnson's Ghut

Tortola, VG1110

British Virgin Islands

Dear WeShop Holdings Limited

**<br> WeShop Holdings Limited, Company No 2046056 (the *Company*)**

We are lawyers qualified to practise in the British Virgin Islands and have been asked to provide this legal opinion to you with regard to the laws of the British Virgin Islands in relation to the public offering of up to 3,980,128 Class A ordinary shares in the Company (the ***Class A Ordinary Shares***) by the shareholders identified in the Prospectus, or the Registered Shareholders (as set out in the Registration Statement).

The Class A Ordinary Shares are being sold pursuant to the Company's Registration Statement on Form F-1 and accompanying prospectus (***Prospectus***) filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (***Registration Statement***).

Where the context provides, capitalised terms defined in the Registration Statement shall have the same meanings when used in this opinion.

We are furnishing this opinion as Exhibit 5.1 and 23.2 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which are all the documents which we consider necessary and appropriate for the matters set out in this legal opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

---

| | |
|:---|:---|
| Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> A list of partners is available for inspection at our offices. | Anguilla \| Bermuda \| British Virgin Islands \| Cayman Islands<br> Cyprus \| Hong Kong \| Jersey \| London \| Luxembourg<br> Montevideo \| São Paulo \| Shanghai \| Singapore<br> harneys.com |

---

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the British Virgin Islands:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Company is a company duly incorporated with limited liability, and is validly existing and
 in good standing under the laws of the British Virgin Islands. The Company is a separate
 legal entity and is subject to suit in its own name.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Class A Ordinary Shares of the Company which are the subject of the Registration Statement
 are validly issued, fully paid and non-assessable, and there is no further obligation on
 the part of the holders of any of the Class A Ordinary Shares to make any further payment
 to the Company in respect of such Class A Ordinary Shares.

This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the British Virgin Islands as they are in force and applied by the British Virgin Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Statement. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, as amended, or the Rules and Regulations of the Commission thereunder.

---

| |
|:---|
| Yours faithfully<br>|
| <br> **Harney Westwood & Riegels (BVI) LP** |

---

**Schedule 1**

List of Documents and Records Examined

---

| | |
|:---|:---|
| 1 | A copy of the Company's certificate of continuation and the memorandum and articles of association of the Company dated 16 October 2020, as amended on 19 September 2025 (***Memorandum and Articles***) which our searches dated 16 October 2025 show have not been subsequently amended. |

---

---

| | |
|:---|:---|
| 2 | The records and information certified by CCS Trustees Limited, the registered agent of the Company, on 25 September 2025 of the statutory documents and records maintained by the Company at its registered office (the ***Registered Agent's Certificate***). |

---

3 The public records of the Company on file and available for inspection at the Registry of Corporate Affairs, Road Town, Tortola, British Virgin Islands on 16 October 2025.

4 A certificate of good standing issued by the Registrar of Corporate Affairs with respect to the Company dated 19 September 2025.

5 The records of proceedings on file with, and available for inspection on 16 October 2025 at the High Court of Justice, British Virgin Islands.

---

| | |
|:---|:---|
| 6 | Copies of the resolutions of the board of directors of the Company dated 15 September 2025 approving, amongst other things, the Company's entry into, and authorising the execution and delivery by the Company of, the Statement (the ***Resolutions***). |

---

(1 to 6 above are the ***Corporate Documents***).

7 The Registration Statement.

The Corporate Documents and the document referred to at 7 above are collectively referred to in this opinion as the ***Documents***.

**Schedule 2**

Assumptions

---

| | |
|:---|:---|
| 1 | **Directors.** The board of directors of the Company considers the filing of the Registration Statement and the transactions contemplated thereby to be in the best interests of the Company and no director has a financial interest in or other relationship to a party or the transactions contemplated by the Statement which has not been properly disclosed in the Resolutions. |

---

---

| | |
|:---|:---|
| 2 | **Solvency.** The Company was on the date of this opinion able to pay its debts as they became due, and issuing the securities as contemplated by the Registration Statement will not cause the Company to become unable to pay its debts as they fall due. |

---

---

| | |
|:---|:---|
| 3 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, all copies of Documents are true and correct copies and the Registration Statement conforms in every material respect to the latest draft of the same produced to us and, where the Registration Statement has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated. |

---

---

| | |
|:---|:---|
| 4 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. The information recorded in the Registered Agent's Certificate was accurate as at the date of the passing of the Resolutions. |

---

---

| | |
|:---|:---|
| 5 | **Resolutions.** The written Resolutions have been duly executed (and where executed by a corporate entity, such execution has been duly authorised if so required) by or on behalf of each director or shareholder (as the case may be), and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

---

---

| | |
|:---|:---|
| 6 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Documents. |

---

**Schedule 3**

Qualifications

---

| | |
|:---|:---|
| 1 | **Public Records.** Records reviewed by us may not be complete for various reasons. In particular you should note that although amendments to the Memorandum and Articles of Association of a company are normally effective from the date of registration with the Registry of Corporate Affairs, it is possible for a British Virgin Islands court to order that they be treated as being effective from an earlier date, and searches would not reveal the amendments until the court order was subsequently filed and accordingly our searches would not indicate such issues. |

---

---

| | |
|:---|:---|
| 2 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

---

---

| | |
|:---|:---|
| 3 | **Good Standing.** To maintain the Company in good standing under the laws of the British Virgin Islands, annual licence fees must be paid to the Registrar of Corporate Affairs. |

---

---

| | |
|:---|:---|
| 4 | **Non-assessable.** In this opinion the phrase non-assessable means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

---

---

| | |
|:---|:---|
| 5 | **Sanctions**. The obligations of the Company may be subject to restrictions pursuant to United Nations and United Kingdom sanctions as implemented under the laws of the British Virgin Islands. |

---

---

| | |
|:---|:---|
| 6 | **Economic Substance**. We have undertaken no enquiry and express no view as to the compliance of the Company with the Economic Substance (Companies and Limited Partnerships) Act 2018. |

---

## Exhibit 10.5

**Exhibit 10.5**

**REGISTRATION RIGHTS AGREEMENT**

**THIS REGISTRATION RIGHTS AGREEMENT** (the "<u>Agreement</u>") is made as of October [ ], 2025, by and among WeShop Holdings Limited, a BVI Business Company limited by shares and incorporated in the British Virgin Islands (the "<u>Company</u>"), the persons and entities listed on <u>Schedule A</u> hereto, each of which is herein referred to as a "<u>Holder</u>".

**<u>RECITALS</u>**

**WHEREAS**, certain of the Holders hold the Company's Class A Ordinary Shares, no par value, (the "<u>Class A Shares</u>") or rights to acquire Class A Shares.

**NOW, THEREFORE**, in consideration of the mutual promises and covenants set forth herein, the Company and the Holders hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The term "<u>Act</u>" shall mean the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "<u>Affiliate</u>" shall mean, with respect to any specified person, any other person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person, including, without limitation, any general partner, partner, member, officer, director or manager of such person and any venture capital fund or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment management with, such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "<u>Board</u>" shall mean the Company's Board of Directors, as constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "<u>Form F-3</u>" shall mean such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "<u>Free Writing Prospectus</u>" shall mean a free-writing prospectus, as defined in Rule 405.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The term "<u>Holder</u>" shall mean any Person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 2.10 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The term "<u>Initial Listing</u>" shall mean the listing of the Class A Shares on a national stock exchange in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) The term "<u>1934 Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "<u>Person</u>" shall mean any individual, corporation, partnership, trust, limited liability company, association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The terms "<u>register</u>," "<u>registered</u>," and "<u>registration</u>" refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The term "<u>Registrable Securities</u>" shall mean Class A Shares, excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under Section 2 of this Agreement are not assigned. In addition, the number of Registrable Securities outstanding shall equal the aggregate of the number of outstanding Class A Shares and the number of shares of Class A Shares issuable pursuant to then exercisable or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) The term "<u>Rule 144</u>" shall mean Rule 144 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The term "<u>Rule 144(b)(1)(i)</u>" shall mean subsection (b)(1)(i) of Rule 144 under the Act as it applies to Persons who have held shares for more than one (1) year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) The term "<u>Rule 405</u>" shall mean Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) The term "<u>SEC</u>" shall mean the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. <u>Registration Rights</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.1 <u>Request for Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions of this Section 2.1, if the Company shall receive at any time after twelve (12) months after the effective date of the Initial Listing, a written request from any Holder of Registrable Securities then outstanding Class A Shares issued or issuable on conversion of any existing incentive grants (for purposes of this Section 2.1, the "<u>Initiating Holders</u>") that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $15,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.1, use its commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company's notice pursuant to this Section 2.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1, and the Company shall include such information in the written notice referred to in Section 2.1(a). In such event the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to those Initiating Holders holding a majority of the Registrable Securities then held by all Initiating Holders). Notwithstanding any other provision of this Section 2.1, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 2.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after the Company has effected two (2) registrations pursuant to this Section 2.1, and such registrations have been declared or ordered effective; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing of and ending on a date one hundred twenty (120) days following the effective date of a Company-initiated registration subject to Section 2.2 below, <u>provided</u> that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement to become effective; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form F-3 pursuant to Section 2.3 hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.1 a certificate signed by the Company's Chief Executive Officer, President or Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders; <u>provided</u> that such right shall be exercised by the Company not more than once in any twelve (12) month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 <u>Company Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for shareholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than (i) a registration relating to a demand pursuant to Section 2.1 of this Agreement or (ii) a registration relating solely to the sale of securities of participants in a Company share plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only securities being registered is Class A Shares issuable upon (i) redemption of WePoints, or (iii) conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 4.5 of this Agreement, the Company shall, subject to the provisions of Section 2.2(c) of this Agreement, use its commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right to Terminate Registration</u>. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.6 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Underwriting Requirements</u>. In connection with any offering involving an underwriting of Class A Shares, the Company shall not be required under this Section 2.2 to include any of the Holders' securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other Persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall (i) any Registrable Securities be excluded from such offering unless all other stockholders' securities have been first excluded from the offering and (ii) the amount of securities of the selling Holders included in the offering be reduced below twenty percent (20%) of the total amount of securities included in such offering in which case the selling Holders may be excluded if the underwriters make the determination described above and no other stockholder's securities are included in such offering. For purposes of the preceding sentence concerning apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a venture capital fund, partnership or corporation, the affiliated venture capital funds, partners, members, retired partners and stockholders of such Holder, or the estates and family members of any such partners, members and retired partners and any trusts for the benefit of any of the foregoing Persons shall be deemed to be a single "selling Holder," and any pro rata reduction with respect to such "selling Holder" shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Form F-3 Registration</u>. In case the Company shall receive from the Holders of at least twenty percent (20%) of the Registrable Securities (for purposes of this Section 2.3, the "<u>F-3 Initiating Holders</u>") a written request or requests that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use its commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders' Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; <u>provided</u>, <u>however</u>, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 2.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if Form F-3 is not available for such offering by the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters' discounts or commissions) of less than $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Company shall furnish to all Holders requesting a registration statement pursuant to this Section 2.3 a certificate signed by the Company's Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the F-3 Initiating Holders; <u>provided</u> that such right shall be exercised by the Company not more than once in any twelve

(12) month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on Form F-3 pursuant to this Section 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the Company, within thirty (30) days of receipt of the request of such F-3 Initiating Holders, gives notice of its bona fide intention to effect the filing of a registration statement with the SEC within ninety (90) days of receipt of such request (other than a registration effected solely to qualify an employee benefit plan or to effect a business combination pursuant to Rule 145), <u>provided</u> that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement to become effective; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) during the period starting with the date thirty (30) days prior to the Company's good faith estimate of the date of the filing of and ending on a date ninety (90) days following the effective date of a Company-initiated registration subject to Section 2.2 of this Agreement, <u>provided</u> that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement to become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the F-3 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.3 and the Company shall include such information in the written notice referred to in Section 2.3(a). The provisions of Section 2.1(b) of this Agreement shall be applicable to such request (with the substitution of Section 2.3 for references to Section 2.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the F-3 Initiating Holders. Registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration effected pursuant to Section 2.1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Obligations of the Company</u>. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus and any Free Writing Prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, <u>provided</u> that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) cause all such Registrable Securities registered pursuant to this Section 2 to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.

Notwithstanding the provisions of this Section 2, the Company shall be entitled to postpone or suspend, upon written notice to the participating Holders and for a reasonable period of time not to exceed one hundred twenty (120) days thereafter, the filing, effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would in the good faith judgment of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or other similar transaction involving the Company for which the Board has authorized negotiations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) materially and adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its stockholders; <u>provided</u>, <u>however</u>, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any security of any of the Company's subsidiaries or affiliates).

In the event of the suspension of effectiveness of any registration statement pursuant to this Section 2.4, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Information from Holder</u>. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder's Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Expenses of Registration</u>. All expenses (other than underwriting discounts and commissions) incurred in connection with registrations, filings or qualifications pursuant to Sections 2.1, 2.2 and 2.3 of this Agreement, including, without limitation, all registration, filing and qualification fees, printers' and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holders shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 or Section 2.3 of this Agreement if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration) unless, in the case of a registration requested under Section 2.1 of this Agreement, the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 2.1 of this Agreement and; <u>provided</u>, <u>however</u>, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Sections 2.1 and 2.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Delay of Registration</u>. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Indemnification</u>. In the event any Registrable Securities are included in a registration statement under this Section 2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder, each Person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages, or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a "<u>Violation</u>"): (i) any untrue or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus, or Free Writing Prospectus contained therein or any amendments or supplements thereto, any issuer information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred to by the Company, (ii) the omission or alleged omission of a material fact required to be stated in such registration statement, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse, as incurred, each such Holder, underwriter, controlling Person or other aforementioned Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or is based upon a Violation that occurs in reliance upon, and in conformity with, written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling Person or other aforementioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each Person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling Person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 2.8(b) for any legal or other expenses reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and <u>provided</u> that in no event shall any indemnity under this Section 2.8(b), when combined with any amounts contributed under Section 2.8(d) by such Holder, exceed the net proceeds from the offering received by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) for which a party may be entitled to indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; <u>provided</u>, <u>however</u>, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action or proceeding, if prejudicial to its ability to defend such action or proceeding, shall relieve such indemnifying party of liability to the indemnified party under this Section 2.8 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve such indemnifying party of any liability that it may have to any indemnified party otherwise than under this Section 2.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; <u>provided</u>, <u>however</u>, that (i) no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 2.8(b), shall exceed the net proceeds from the offering received by such Holder and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and <u>provided further</u> that in no event shall a Holder's liability pursuant to this Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any expenses paid by such Holder). The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 2 and otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Assignment of Registration Rights</u>. The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (a) is an Affiliate, subsidiary, parent, partner, limited partner, retired partner, member or stockholder of a Holder, (b) is a Holder's family member or trust for the benefit of an individual Holder or any of such Holder's family members, or (c) after such assignment or transfer, holds at least ten percent (10%) of the Registrable Securities initially purchased by the transferring Holder (appropriately adjusted for any stock split, dividend, combination or other recapitalization), <u>provided</u>: (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 2.12 of this Agreement; and (iii) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Termination of Registration Rights</u>. No Holder shall be entitled to exercise any right provided for in this Section 2 after fifteen (15) years following the Initial Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Successors and Assigns</u>. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements among New York residents entered into and to be performed entirely within New York, without regard to its principles of conflicts of laws. THE PARTIES TO THIS AGREEMENT HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY WITH RESPECT TO DISPUTES ARISING UNDER THIS AGREEMENT AND THE RELATED AGREEMENTS AND CONSENT TO A BENCH TRIAL WITH THE APPROPRIATE JUDGE ACTING AS THE FINDER OF FACT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Counterparts</u>. This Agreement may be executed and delivered by facsimile or electronic signature in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Notices</u>. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 4.5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Expenses</u>. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Entire Agreement; Amendments and Waivers</u>. This Agreement (including the Exhibits hereto, if any) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of (i) the Company, and (ii) holders of a majority of the Registrable Securities. Notwithstanding the foregoing, in the event that any amendment or waiver adversely affects the obligations or rights under this Agreement of a Holder (an "<u>Affected Holder</u>") in a different manner from any other Holder, such amendment or waiver shall also require the written consent of the Affected Holder. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Aggregation of Shares</u>. All Registrable Securities held or acquired by Affiliates or other affiliated entities (including affiliated venture capital funds or venture capital funds under common investment management) or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Share Split</u>. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend, split, combination or other recapitalization affecting the capital stock of the Company occurring after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Additional Holders</u>. Notwithstanding Section 4.7, no consent shall be necessary to add additional Holders or their permitted transferees as signatories to this Agreement, <u>provided</u>, <u>however</u>, such Holder or permitted transferee has signed a counterpart signature page hereto. <u>Schedule A</u> to this Agreement shall be updated without any action of the Holders to reflect such additional Holders or permitted transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Specific Performance</u>. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, each Holder shall be entitled to specific performance of the agreements and obligations of the Company hereunder and to such other injunction or other equitable relief as may be granted by a court of competent jurisdiction.

[Remainder of Page Intentionally Left Blank.]

IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first above written.

---

| |
|:---|
| **COMPANY** |
| **WESHOP HOLDINGS LIMITED** |
| By: |
| Name: |
| Title: |
| Address:<br>Hawk House<br> 22 The Esplanade Jersey,<br> JE1 1HH<br> Channel Islands<br> +44 (808) 196-8324 |

---

IN WITNESS WHEREOF, the parties have executed this Eighth Amended and Restated Investors' Rights Agreement as of the date first above written.

**HOLDERS:**

## Exhibit 10.6

**Exhibit 10.6** 

**SHAREBACK AGREEMENT**

This agreement ("<u>Agreement</u>") is made as of October 16, 2025 by and between WeShop Holdings Limited, a BVI Business Company limited by shares and incorporated in the British Virgin Islands (the "<u>Company</u>") and The WeShop Community Trust, a Delaware special purpose trust (the "<u>Trust</u>").

WHEREAS, the Company is engaged in the offering of points ("<u>WePoints</u>") which can be redeemed for Class A Ordinary Shares and has determined to issue and deliver up to 12,500,000 WePoints to users using the Company's platform. Each WePoint entitles the holder thereof to redeem such WePoint for one Class A ordinary share of the Company, no par value ("<u>Class A Ordinary Share</u>"); and

WHEREAS, the WePoints will be offered pursuant to one or more registration statements filed with the Securities and Exchange Commission (the "<u>SEC</u>") containing a prospectus (the "<u>Prospectus</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"); and

WHEREAS, the Trust holds 12,500,000 Class B Ordinary Shares.

WHEREAS, Computershare Inc., a Delaware corporation and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, have been collectively appointed as transfer agent for the Class A Ordinary Shares and Class B Ordinary Shares (in such capacity, the "<u>Transfer Agent</u>" and any reference to "Transfer Agent") shall be to the Company's transfer agent for the Class A Ordinary Shares and Class B ordinary Shares at the time); and

WHEREAS, the Company desires to provide for the provisions of the WePoints, the terms upon which they may be redeemed, and the respective rights, limitation of rights, and immunities of the Company, the Trust and the holders of the WePoints; and

WHEREAS, all acts and things have been done and performed which are necessary to make the WePoints, when issued by the Company, the valid, binding, and legal obligations of the Company and the Trust, and to authorize the execution and delivery of this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Form of WePoint</u>. Each WePoint will be issued in book-entry form onto the WePoints Ledger which shall be maintained and administered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 <u>WePoints Ledger</u>. The Company shall maintain books ("<u>WePoints Ledger</u>") for the registration of original issuance of the WePoints. Upon the initial issuance of WePoints, the Company shall issue and register the WePoints in the names of the respective holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 <u>Registered Holder</u>. Prior to due presentment for registration of transfer of any WePoint, the Company may deem and treat the person in whose name such WePoint is then registered in the WePoint Ledger ("<u>registered holder</u>") as the absolute owner of such WePoint and of each WePoint represented thereby, for the purpose of any redemption thereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Terms and Redemption of WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Redemption</u>. Each whole WePoint shall entitle the registered holder thereof, subject to the provisions of such WePoint and of this Agreement, to redeem one WePoint for one Class A Ordinary Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>WePoints Eligible for Redemption</u>. A WePoint may be redeemed by a holder only if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such WePoint must have held been by the holder for at least 395 days and Earned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such WePoint must be redeemed beginning on the 15<sup>th</sup> Business Day of February, May, July, or November and before 5:00 p.m., New York City time on twentieth Business Day period thereafter (the "<u>Expiration Date</u>") commencing immediately following the satisfaction of the condition set forth in (a) above unless the Company agrees extends such redemption period (the "<u>Redemption Period</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a registration statement must be effective and not suspended with respect to the delivery of Class A Ordinary Shares by the Trust upon the redemption of the WePoint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the holder delivers customary "know your customer" information and any other information reasonably requested by the Transfer Agent, Trust, and/or the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the holder delivers the information required by section 2.3.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the holder redeeming a WePoint has an Eligible Account at the time of redemption.

Any WePoint then eligible for redemption but not properly redeemed during the Redemption Period shall be deemed null and void upon the expiration of such Redemption Period so long as such Redemption Period had 20 Eligible Days.

The Company may, in its sole discretion, extend the duration of a Redemption Period; provided, however, that the Company will provide at least five days' prior electronic notice of any such extension to the holders of WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Redemption of WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <u>Redemption</u>. Subject to the provisions of the WePoint and this Agreement, a WePoint may be redeemed by the registered holder thereof by surrendering it to the Company electronically for redemption during the Redemption Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <u>Delivery of List of Redeeming WePoint Holders to the Trust</u>. Within two Business Days of the end of a Redemption Period, the Company shall deliver to the Trust the list of holders of WePoints who properly redeemed their WePoints (the "<u>List of Redeeming WePoint Holders</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <u>Delivery of Underlying Class A Ordinary Shares</u>. Within two Business Days of the receipt of the List of Redeeming WePoint Holders from the Company, the Trust shall deliver, together with any documents reasonably requested by the Transfer Agent, that number of Class B Ordinary Shares equal to the number of Class B Ordinary Shares indicated on the List of Redeeming WePoint Holders with instructions to register such Class A Ordinary Shares in the names and amounts set forth on the List of Redeeming WePoint Holders. Such Class B Ordinary Shares, shall pursuant to their terms, automatically convert into Class A Ordinary Shares and be reflected by the Transfer Agent on the Company's stock ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <u>Valid Issuance</u>. The Company hereby covenants, that all Class A Ordinary Shares received upon the proper delivery of a WePoint in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.5 <u>Length of Eligible Period</u>: The Company agrees that any Redemption Period shall have at least 20 Eligible Days. To the extent a WePoint is not redeemed during a Redemption Period in which there were less than twenty (20) Eligible Days, such WePoint will be eligible to be redeemed in the next Redemption Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.6 <u>Date of Issuance</u>. Each person in whose name a WePoint is issued shall for all purposes be deemed to have become the holder of record of the underlying Class A Ordinary Shares at the end of the date on which the WePoint was surrendered, irrespective of the date of delivery thereof. except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Transfer Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book entry system are open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.7 <u>Withholding</u>. Notwithstanding anything to the contrary, the Company, Trust, Transfer Agent and any other applicable withholding agent (and their respective affiliates) shall be entitled to deduct and withhold with respect to the transactions contemplated or related to this Agreement such amounts as are required to be deducted and withheld under any applicable tax law<u>,</u> which deduction or withholding may be in the form of holding back WePoints and/or Class A Ordinary Shares with fair market value equal to the amount of such required withholding. To the extent that any such amounts are so withheld, such withheld amounts (including any held back WePoints and/or Class A Ordinary Shares) shall be treated for all purposes of this and any related agreement as having been paid or delivered, as applicable, to the person in respect of which such deduction and withholding was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.8 <u>Withholding Certificates</u>. The Transfer Agent shall have received from each holder, before delivering Class A Ordinary Shares hereunder, tax identification numbers by means of a completed appropriate IRS Form W-9 or W-8 and other forms, documents and information that the Transfer Agent may reasonably request in connection with the Company, Trust, or the Transfer Agent's reporting obligations under applicable United States laws and regulations. The parties hereto understand that if such tax documentation is not so delivered to the Transfer Agent, the Company, or the Trust, one or more of them may be required by the Internal Revenue Code of 1986, as amended, to withhold taxes pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Share Dividends; Share Sub-division</u>. If after the date hereof, the number of outstanding Class A Ordinary Shares is increased by a share dividend payable in Class A Ordinary Shares, or by a consolidation, combination, sub-division or reclassification of Class A Ordinary Shares or similar event, then, on the effective date of such share dividend, consolidation, combination, sub-division or reclassification of Ordinary Shares or similar event, the number of WePoints shall be increased in proportion to such increase in outstanding Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Aggregation of Shares</u>. If after the date hereof, the number of outstanding Class A Ordinary Shares is decreased by a consolidation, combination, sub-division or reclassification of Class A Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, sub-division, reclassification or similar event, the number of outstanding WePoints shall be decreased in proportion to such decrease in outstanding Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Replacement of Securities upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Class A Ordinary Shares (other than a change covered by Section 3.1 or 3.2), or in the case of any merger or consolidation of the Company with or into another corporation or entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Class A Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the WePoint shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions of the WePoints and in lieu of the Class A Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the WePoint holder would have received if such WePoint holder had exercises, her or its WePoints immediately prior to such event. The provisions of this Section 3.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>No Fractional Shares</u>. Notwithstanding any provision contained in this Agreement to the contrary, the Trust shall not deliver fractional shares upon redemption of WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transfer of WePoints and Fractional WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Registration of Transfer</u>. The Company shall register the transfer, from time to time, of any outstanding WePoint upon the WePoint Ledger, only to a person who becomes entitled thereto in consequence of (i) the death, incompetence or bankruptcy of any WePoint holder, or (ii) by operation of law, if such person produces evidence thereof reasonably required by the Company. Upon any such transfer, a new WePoint representing an equal aggregate number of WePoints shall be issued and the old WePoint shall be cancelled by the Company. Notwithstanding anything contained, herein, WePoints may only be transferred only upon the holder's death or court order, <u>provided</u> that the legal representative shall first deliver evidence satisfactory to the Company prior to any such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Fractional WePoints</u>. Upon redemption of WePoints, all eligible WePoints will be rounded down to the next whole number of WePoints and any fraction of WePoints will be deemed null and void and not be carried forward to the next Redemption Period unless the Company elects to permit such carry forward, which election is in the Company's sole discretion. Any such carry forward election, which may be limited to certain fractions, will apply evenly to all outstanding WePoints at the end of the applicable Redemption Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Other Provisions Relating to Rights of Holders of WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>No Rights as Shareholder</u>. A WePoint does not entitle the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Reservation of Ordinary Shares</u>. The Trust agrees that it shall at all times keep available all of its Class B Ordinary Shares and shall only transfer them in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Registration of Class A Ordinary Shares</u>. The Company agrees that as soon as practicable after the one-year anniversary of the date the Class A Ordinary Shares are first listed on a United States stock exchange (the "<u>Listing Date</u>"), but in no event later than twenty (20) Business Days after the anniversary of the Listing Date, it shall use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A Ordinary Shares deliverable upon the redemption of WePoints. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement or a similar registration statement until the WePoints are no longer outstanding, provided that the Company has the right to suspend the use of such registration statement and therefore the redemption of WePoints for up to 150 days in any 365 day period. Any day where a WePoint would otherwise be eligible for redemption but for such suspension shall not constitute an Eligible Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Concerning the Transfer Agent and Other Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Transfer Agent</u>. The Transfer Agent shall not be deemed to assume any obligations or relationship of agency or trust with any of the owners or holders of the WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Successors</u>. All the covenants and provisions of this Agreement by or for the benefit of the Company shall bind and inure to the benefit of their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Notices</u>. Any notice, statement or demand authorized by this Agreement to be given or made by the by the holder of any WePoint to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Transfer Agent), as follows:

If to Company:

WeShop Holdings Limited

Hawk House<br> 22 The Esplanade

Jersey, JE1 1HH Channel Islands

Attn: Chief Executive Officer

with a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attention: Christian O. Nagler, P.C.

If to the Trust:

The WeShop Community Trust

200 Bellevue Parkway, Suite 500

Wilmington, DE 19809

Attn: JTC Trust Company (Delaware) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE COMPANY, THE TRUST AND THE HOLDERS AND ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS PLAN, AND FOR ANY COUNTERCLAIM RELATING THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NONE OF THE COMPANY, ANY HOLDER OR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL DISPUTE A NON-COMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PLAN. FURTHERMORE, NONE OF THE COMPANY, ANY HOLDER OR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

Any person or entity purchasing or otherwise acquiring any interest in the WePoints shall be deemed to have notice of and to have consented to the forum provisions in this Section 7.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the British Virgin Islands (a "foreign action") in the name of any WePoint holder, such WePoint holder shall be deemed to have consented to: (x) the personal jurisdiction of the courts located within the British Virgin Islands in connection with any action brought in any such court to enforce the forum provisions (an "enforcement action"), and (y) having service of process made upon such WePoint holder in any such enforcement action by service upon such WePoint holder's counsel in the foreign action as agent for such WePoint holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Persons Having Rights under this Agreement</u>. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the WePoints any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Counterparts</u>. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Effect of Headings</u>. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Amendments</u>. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of (i) curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of WePoints and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein, (ii) reflecting any changes contemplated by Section 3 hereof, or (iii) adding or changing any other provisions hereof as the parties may deem necessary or desirable. Subject to Section 3 hereof, modifications or amendments to decrease the amount of Class A Ordinary Shares deliverable upon a redemption of a WePoint shall require the written consent or vote of the registered holders of at least a majority of the then outstanding WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Definitions</u>. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. Any references to any federal, state, local or foreign statute or law shall also refer to all rules and regulations promulgated thereunder, unless the context otherwise requires.

(b) Unless the context otherwise requires:

(i) a term has the meaning assigned to it by this Agreement;

(ii) forms of the word "include" mean that the inclusion is not limited to the items listed;

(iii) "or" is disjunctive but not exclusive;

(iv) words in the singular include the plural, and in the plural include the singular;

(v) provisions apply to successive events and transactions; and

(vi) "hereof," "hereunder," "herein," and "hereto" refer to the entire Agreement and not any section or subsection.

(c) The following terms used in this Agreement shall have the meanings set forth below:

"$" or "U.S. dollars" shall mean the currency of the United States. The following terms have the following meanings:

"<u>Business Day</u>" means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.

"<u>Class B Ordinary Shares</u>" means the Company Class B ordinary shares, no par value.<br>

"<u>Daily VWAP</u>" Daily VWAP" means, for any VWAP Trading Day, the per share volume-weighted average price of the Class A Ordinary Shares as displayed under the heading "Bloomberg VWAP" on Bloomberg page " " (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one Class A Ordinary Share on such VWAP Trading Day, determined, using a volume-weighted average price method, by the Company). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session.<br>

"<u>Earned</u>" with respect to a WePoint means a WePoint awarded for a transaction where such transaction is not cancelled nor can be cancelled.

"<u>Eligible Account</u>" means an account on the Company's commerce platform that is (i) for more than any consecutive 90 days from earning a WePoint not Inactive or (ii) otherwise has been suspended by WeShop under its terms and conditions which may be amended from time to time.

"<u>Eligible Day</u>" means a day in which a WePoint may be redeemed subject to the conditions for such redemption.

"<u>Inactive</u>" with respect to an account means at least one of the following actions is not completed within a rolling 3 month period: (a) Account owner has clicked out to a retailer, or product; (b) Account owner has created a recommendation, comment or question; (c) Account owner has referred any new registrations on the WeShop platform; (d) Account owner has liked a recommendation, comment, or question; (e) Account owner has updated their profile picture, bio, or interest categories.

"<u>VWAP Market Disruption Event</u>" means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the Class A Ordinary Shares are then listed, or, if the Class A Ordinary Shares are not then listed on a U.S. national or regional securities exchange, the principal other market on which the Class A Ordinary Shares are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate during the regular trading session, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Class A Ordinary Shares or in any options contracts or futures contracts relating to the Class A Ordinary Shares, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date<br>

"<u>VWAP Trading Day</u>" means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Class A Ordinary Shares generally occurs on the principal U.S. national or regional securities exchange on which the Class A Ordinary Shares are then listed or, if the Class A Ordinary Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Class A Ordinary Shares are then traded. If the Class A Ordinary Shares are not so listed or traded, then "VWAP Trading Day" means a Business Day.

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

---

| | |
|:---|:---|
| **weshop holdings limited** | **weshop holdings limited** |
| By: | /s/ Johnny Hickling |
| Name: | Johnny Hickling |
| Title: | Chief Finance Officer |
| **Weshop community trust** | **Weshop community trust** |
| By: | /s/ Carece Rufe |
| Name: | Carece Rufe |
| Title: | Chief Trust Officer |

---

## Exhibit 10.7

**Exhibit 10.7** 

THE WESHOP COMMUNITY TRUST AGREEMENT

<u>**Table of Contents**</u>

---

| | | |
|:---|:---|:---|
| First | Purpose of Trust | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Trust Purposes | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | Administration Solely to Facilitate the Trust Purposes | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) | Amendment of Trust Purposes | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) | Decanting Power | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) | Power to Sell B Shares to Grantor | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;(f) | Trust Termination | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;(g) | No Enforceable Beneficial Interests | 3 |
| Second | Rule Against Perpetuities | 3 |
| Third | Distribution Upon Termination | 3 |
| Fourth | Trust Additions | 3 |
| Fifth | Trustee's Powers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Investment Directions and Restrictions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | General Powers | 4 |
| Sixth | Enforcer | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Initial Appointment of Enforcer | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | Role and Function | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) | Directions to Trustee | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) | Liability of Trustee | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) | Liability of Enforcer | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;(f) | Indemnification | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;(g) | Resignation of Enforcer | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;(h) | Removal of Enforcer. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;(i) | Appointment of Additional or Successor Enforcers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;(j) | Agents and Advisers | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;(k) | Compensation | 8 |
| Seventh | Waiver of Prudent Investor Rule; Conflicts of Interest. | 8 |
| Eighth | Trustee's Compensation | 9 |
| Ninth | Trust to be Irrevocable | 9 |

---

---

| | | |
|:---|:---|:---|
| Tenth | Resignation, Removal and Appointment of Trustees | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Resignation of Trustee | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | Removal of Trustee | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) | Appointment of Successor Trustees | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) | Trustee Qualifications | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) | Delivery of Trust Assets | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(f) | Liability of Predecessor Trustee | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;(g) | Merger of Corporate Trustee | 10 |
| Eleventh | United States Trust | 11 |
| Twelfth | Inadvertent Change to Foreign Trust Classification. | 11 |
| Thirteenth | Limitation on Powers of Non-United States Person | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Limitation on Powers | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | Exception | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) | Reliance Upon Certifications | 12 |
| Fourteenth | Interested Fiduciary | 12 |
| Fifteenth | Definitions | 13 |
| Sixteenth | Governing Law and Trust Situs | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Governing Law | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | Situs | 14 |
| Seventeenth | Liability of Trustee and Voting | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Trustee Acts in a Fiduciary Capacity | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | Trustee Acting in Good Faith | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) | Liability of Trustee | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) | Indemnification | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;(e) | Grantor's Indemnification Obligation | 16 |
| Eighteenth | Bonds, Accountings, Inventories and Privacy Provisions | 16 |
| Nineteenth | Binding Effect | 16 |
| Twentieth | Acknowledgment By Trustee | 16 |
| Twenty-first | Agreement in Counterparts | 16 |

---

<u>THE WESHOP COMMUNITY TRUST AGREEMENT</u>

THIS AGREEMENT (the "Agreement" or "Trust Agreement") is made this 14th day of October, 2025, between WESHOP HOLDINGS LIMITED, a British Virgin Islands registered entity, hereinafter "Grantor," and JTC TRUST COMPANY (DELAWARE) LIMITED, hereinafter "Trustee."

WHEREAS, the Grantor desires to establish an irrevocable trust known as "The WeShop Community Trust" funded with such property described on the attached Schedule "A" and such other property as the Grantor may from time to time deposit into trust under this Agreement, together with the investments, reinvestments and proceeds thereof (all of which, with the investments, reinvestments and proceeds thereof, shall be termed the "Trust estate").

WHEREAS, the trust is intended to be a valid and effective noncharitable purpose trust as described in 12 <u>Del</u>. <u>C</u>. § 3556; and

WHEREAS, the Trustee accepts such trust and agrees to administer it in accordance with the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, the Grantor hereby delivers to the Trustee the property described on Schedule "A" in trust which the Grantor has absolutely and irrevocably transferred to the Trustee for the following uses and purposes and subject to the terms and conditions contained in this Agreement.

First <u>Purpose of Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trust Purposes</u>. The Trust is created pursuant to 12 <u>Del</u>. <u>C</u>. § 3556 for the following purposes (collectively, the "Purposes"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the remaining Purposes set forth in this section (a), to receive and hold the Company's Class B ordinary shares, no par value ("B Shares"), for the sole purpose of facilitating the delivery and transfer of such B Shares, in kind, to eligible owners of WePoints in accordance with the terms and conditions of the Shareback Agreement (as defined in section (h) of Article Fifteenth which shall automatically convert into the Company's Class A ordinary shares, no par value ("A Shares"), upon such transfer to eligible owners of WePoints. The term "WePoints" shall have the meaning ascribed to such term (or any defined term replacing "WePoints" that has a substantially identical intended meaning thereto) under the Shareback Agreement. The Trustee shall make no delivery or transfer of B Shares pursuant to this provision until the Trustee receives the written information required to be delivered to the Trustee pursuant to the terms and conditions of the Shareback Agreement. For the avoidance of doubt, the primary purpose of this Trust is to carry out the delivery and transfer of the B Shares in accordance with the terms and conditions of the Shareback Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To receive and hold cash, and to invest cash received by the Trustee in interest bearing account(s) custodied at AAA-rated banks or in government bonds for interest-bearing accounts, or in any other cash equivalents, including money market funds (collectively, "Reserves"), in order to generate income for the payment and discharge of the proper expenses of the Trust from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To carry out any directions given to the Trustee by the Enforcer pursuant to section (d) or (e) of this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For no other purpose and not for the benefit of the Trustee or any other person except as may be necessary and incidental to the administration of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration Solely to Facilitate the Trust Purposes</u>. The Trustee is authorized and empowered to use, pay, transfer and/or apply the net income and principal of the Trust, and to transfer Trust property in kind, to effectuate the Purposes; provided, however, that no such payment or application may be made to or for the benefit of the Grantor regardless of the capacity in which the Grantor may be acting, except as expressly permitted by section (e) of this Article. The written receipt of the person or persons so paid shall be a full discharge to the Trustee from all liability with respect thereto, and any such payment or application may be made without bond, without intervention of any guardian, conservator or committee, and without the order of any court. Until termination of the Trust, the Trustee shall only exercise its powers, whether conferred under this Agreement or under applicable state law, in furtherance of the Purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Amendment of Trust Purposes</u>. Notwithstanding any other provision herein, the Enforcer shall have the power to modify or amend the Purposes, retroactive to the creation of this Trust or otherwise, if the Enforcer determines in its sole and absolute discretion that (i) a legal, tax or regulatory issue or question has arisen which may impact the ability to carry out the Purposes or the Grantor's intent, (ii) the Purposes should be construed, interpreted or clarified, (iii) due to a significant change in circumstances not anticipated by the Grantor, specifically including an amendment to the Shareback Agreement, the Purposes can no longer be effectively carried out in accordance with their original terms; or (iv) it is otherwise necessary to amend the Purposes to be consistent with the Grantor's intent. Nevertheless, no power granted to the Enforcer in this section grants any implied power to amend this Agreement in any manner that would enable the Enforcer to appoint Trust property in favor of the Enforcer, the Enforcer's creditors, the Enforcer's estate or the creditors of the Enforcer's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Power to Sell B Shares to Grantor</u>. Notwithstanding the foregoing provisions, the Enforcer shall have the power to direct the Trustee, in writing, to sell B Shares to the Grantor, for such price and on such terms and conditions as the Enforcer determines, provided that such sale is not in violation of the terms and conditions of the Shareback Agreement. The Enforcer may rely upon the opinion of counsel in order to determine whether any such sale would, or would not be, in violation of the terms and conditions of the Shareback Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Trust Termination</u>. Notwithstanding the foregoing, the Trust created hereunder shall terminate and the assets distributed pursuant to this section in the event that the Enforcer or Trustee has determined that the Purposes are no longer possible of attainment. Upon termination of the Trust, the Trust estate shall be distributed as provided in Article Third.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Enforceable Beneficial Interests</u>. Notwithstanding anything in this Agreement to the contrary, the Purposes are not intended to and do not create an enforceable interest, beneficial or otherwise, in any person, not a party hereto, who may receive B Shares or A shares on conversion of B Shares in accordance with the Shareback Agreement, WeShop's Terms of Service and/or the provisions of section (a) of this Article, or in any other shareholder of the Company or holder of rights to acquire shares, regardless of the class of the Company stock held or the rights associated therewith, and those persons who have an interest in the Purposes and the enforcement thereof shall be limited to the Grantor and those persons acting in a fiduciary or non-fiduciary capacity under this Agreement. No Charitable Organization or any other contingent beneficiary shall have an enforceable beneficial interest in this Trust until such time as the interest of such beneficiary in the Trust vests upon termination of the Trust (or certain of its assets). The Grantor, the Enforcer and any other person acting in a fiduciary or non-fiduciary capacity under this Agreement shall have exclusive authority to enforce the terms of this Trust during its term.

Second <u>Rule Against Perpetuities</u>. This Trust shall be perpetual to the fullest extent permitted under Delaware law.

Third <u>Distribution Upon Termination</u>. Upon termination of the Trust (or upon termination with respect to certain of its assets), the Trust property terminated in trust shall be transferred, conveyed and paid over as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall deliver any remaining B Shares as may be necessary to fulfill its obligations to effectuate the Purposes under section (a)(1) of Article First; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the payment of final expenses, the Trustee shall receive any remaining Trust property as a termination fee for its services hereunder. If the Trustee determines in its sole and absolute discretion that the Trustee cannot accept the full amount of the remaining Trust property as a termination fee because it is overly excessive and not commercially reasonable, then the Trustee shall distribute any remaining amount of the Trust estate that is not accepted by the Trustee as a termination fee, outright and free from trust, to such one or more Charitable Organizations, as the Trustee, in the exercise of sole and absolute discretion, shall select, in such amounts and proportions as the Trustee, in the exercise of sole and absolute discretion, shall determine, keeping in mind that it is the Grantor's desire that the Trustee will select organizations and/or causes that the Grantor supported in the past, if that information is readily available to the Trustee.

Fourth <u>Trust Additions</u>. With the consent of the Trustee, the Grantor may transfer and deliver additional property to the Trustee, and such property shall thereafter be held by the Trustee as a part hereof.

Fifth <u>Trustee's Powers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investment Directions and Restrictions</u>. Until the termination of the Trust, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Trustee shall not sell or otherwise dispose of B Shares except to effectuate the Purposes as provided in Article First. The Trustee is hereby directed to hold and retain B Shares, without any power, duty or authority to vary, diversify, convert, lend, vote, pledge or encumber such investments, until the transfer and delivery and/or sale of B Shares in accordance with section (a) of Article First. As provided by 12 <u>Del</u>. <u>C</u>. § 3304, the Trustee shall have no liability for retaining B Shares in accordance with the terms of this provision, except in cases of its own willful misconduct proven by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Trustee shall make no investments or re-investments and shall have no power to purchase or otherwise acquire or manage any property, except as expressly permitted in Article First; provided, however, that the Trustee shall have the power and authority to purchase liability insurance. The Trustee is hereby directed to retain and/or invest cash only in the Reserves, until payment of Trust expenses from such Reserves. As provided by 12 <u>Del</u>. <u>C</u>. § 3304, the Trustee shall have no liability for retaining such property in accordance with the terms of this provision, except in cases of its own willful misconduct proven by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Upon and after termination of the Trust, the Trustee shall not be subject to the investment restrictions set forth in this section (a), but the Trustee shall wind down the Trust in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In no event shall the Trustee, during the term of the Trust or after its termination, have the power and authority to purchase real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>General Powers</u>. The Trustee is authorized and empowered to exercise the following powers as well as any other powers conferred by law, subject in all events to the restrictions on the Trustee's powers set forth above and elsewhere herein, each of which shall be exercised in furtherance of the Purposes during the term of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To pay, compromise, compound, adjust, submit to arbitration, sell or release any claims or demands of the Trust estate against others or of others against the Trust estate as the Trustee may deem advisable, and to make any payments in connection therewith which the Trustee may deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To rely upon such information with respect to heirship, relationship, survivorship, identity, or any other fact relative to determining to whom any property held in the Trust estate by it and/or the income therefrom shall be paid, transferred, delivered or distributed, as it shall have no reason to believe is incorrect, without any liability for so doing. Specifically, the Trustee may rely upon any List of Redeeming WePoint Holders (as such term is defined in the Shareback Agreement) delivered to it in accordance with the terms and conditions of the Shareback Agreement when carrying out the Purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To employ counsel and agents and pay them reasonable compensation, and the Trustee shall be entitled to reimbursement therefor and for other expenses and charges out of principal or income as it shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To execute and deliver any and all instruments in writing which it may deem advisable to carry out any of the Trustee's powers. No party to any such instrument in writing signed by the Trustee shall be obligated to inquire into its validity, or be bound to see to the application by the Trustee of any money or other property paid or delivered to it pursuant to the terms of any such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To open checking and other banking and investment accounts in the name of the Trust and to designate the officer or officers of any corporate Trustee who shall have the authority to sign checks or withdraw funds from such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Trustee is authorized to employ or otherwise deal with such agents, advisers and other counsel, including but not limited to entities affiliated with any Trustee or Enforcer, and to pay out of income or principal or both the reasonable charges and fees of such agents, advisers and counsel, as the Trustee shall in its sole discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) To invest in, retain or otherwise deal in any securities managed, issued, underwritten or distributed by a Trustee or Enforcer or any affiliate of a Trustee or Enforcer, any participation in any investment company registered under the Investment Company Act of 1940, or any investment fund exempt from registration under the Investment Company Act of 1940, for which a Trustee, Enforcer or any affiliate of a Trustee or Enforcer is an Enforcer or agent, and any other "affiliated investment" within the meaning of 12 <u>Del</u>. <u>C</u>. § 3312, and the Trustee is authorized to otherwise deal with or transact business with any of its affiliates, notwithstanding the fact that such Trustee, an Enforcer or an affiliate may receive separate fees, commissions or other costs directly from such security, fund, "affiliated investment," dealing or transaction, and neither the Trustee nor any Enforcer shall have any duty to provide any notice or disclosure described in 12 <u>Del</u>. <u>C</u>. § 3312 or similar applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) To allocate receipts, expenses, and distributions to income or principal in the Trustee's discretion.

Sixth <u>Enforcer</u>. Notwithstanding any other provision of this Agreement, there may at any time and from time to time be one or more Enforcers (the "Enforcer" or "Enforcers") to serve in accordance with the provisions of this Article Sixth. The role and function of the Enforcer is set forth in this Article Sixth. The Enforcer shall serve in a non-fiduciary capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Appointment of Enforcer</u>. The initial Enforcer shall be WeShop US Management LLC. All other additional and successor Enforcers shall be appointed in the manner provided in section (i) of this Article Sixth. Unless otherwise expressly provided herein, to the extent that more than two persons are serving as Enforcers at any time, an affirmative vote of a majority of such Enforcers must be reached with respect to any decisions, actions taken or direction given; and if two persons are serving as Enforcers, they must act unanimously. Notwithstanding the foregoing, to the extent that more than one Enforcer is serving, the Enforcers may designate one such Enforcer to communicate all decisions and directions to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Role and Function</u>. The Enforcer shall serve as an "enforcer" as such term is described in 12 <u>Del</u>. <u>C</u>. § 3556. Notwithstanding any other provision herein, the Enforcer shall have the following roles, powers and duties as well as any other powers conferred upon the Enforcer pursuant to the provisions of this Agreement or conferred on enforcers generally under applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To enforce the terms of this Trust and its Purposes. To this end, the Enforcer shall have the right to initiate a judicial proceeding to review the actions and activities of the Trust and shall have the power to seek other relief on behalf of the Trust as the Enforcer deems necessary or advisable to ensure that the Trust is being managed and administered in accordance with the Purposes of the Trust and that Purposes of the Trust are being carried out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To amend the Purposes of the Trust in accordance with section (c) of Article First.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To direct the Trustee to decant the Trust in accordance with section (d) of Article First.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To direct the Trustee to sell B Shares to the Grantor in accordance with section (e) of Article First.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To amend the administrative and technical provisions with respect to the Trust in accordance with Article Ninth of this Agreement at such times as the Enforcer may deem appropriate for the proper administration of the Trust and for tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) To change the Trust situs or its governing law, as provided in Article Sixteenth of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) To remove and appoint Trustees as provided in Article Tenth of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) To appoint additional and successor Enforcers as provided in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) To enter into fee agreements with the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) To appoint Notice Recipients in accordance with the provisions of section (g) of Article Fifteenth of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Directions to Trustee</u>. Any direction to the Trustee from the Enforcer shall be in writing (including electronic mail), delivered by mail, courier, facsimile transmission, electronic mail, or otherwise in such form as the Trustee may specify from time to time by written notice to the Enforcer. The Trustee shall have no obligation to investigate or confirm the authenticity of directions it receives or the authority of the person or persons conveying them, and the Trustee shall be exonerated from any and all liability in relying on any such direction from a person purporting to be the Enforcer without further inquiry by the Trustee, except in cases of its own willful misconduct proven by clear and convincing evidence in the court then having primary jurisdiction over the Trust. The Trustee shall have no duty to conduct an independent review of documents presented to it by the Enforcer in furtherance of the Enforcer's written direction to the Trustee and shall sign the same as presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Liability of Trustee</u>. Notwithstanding any other provision herein, except in cases of willful misconduct on the part of the Trustee, the Trustee shall incur no liability with respect to its implementation of any direction of the Enforcer, or, as provided in 12 <u>Del</u>. <u>C</u>. § 3313(b), for any loss resulting directly or indirectly from acts taken (or not taken) by the Trustee in accordance with the Enforcer's direction. As provided in 12 <u>Del</u>. <u>C</u>. § 3313(e), the Trustee shall have no duty to monitor the conduct of the Enforcer, provide advice to the Enforcer or consult with the Enforcer. When acting at the direction of the Enforcer, the Trustee shall be deemed to have acted within the scope of its respective authority and not to have participated in actions outside the scope of such authority, unless the contrary is proven by clear and convincing evidence in the court then having primary jurisdiction over the Trust. The Trustee need not review whether the Enforcer is satisfying its responsibilities hereunder. The Trustee shall not be liable for the acts or defaults of the Enforcer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Liability of Enforcer</u>. The Enforcer shall not serve in a fiduciary capacity and shall not be held liable for any of its acts or omissions, except for acts taken, or a failure to act, with willful misconduct proven by clear and convincing evidence in the court then having primary jurisdiction over the Trust. The Enforcer shall have no duty to monitor the conduct of the Trustee and need not review whether Trustee is satisfying its responsibilities hereunder. The Enforcer shall not be liable for the acts or defaults of the Trustee. A successor Enforcer shall not be liable for the actions or omissions of any predecessor Enforcer and shall be specifically relieved of any duty to examine the acts or accounts of its predecessors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Indemnification</u>. The Trustee shall, to the extent of the Trust assets and solely payable from the Trust assets, indemnify each Enforcer for all losses, costs, damages, expenses and charges, public and private, including reasonable attorneys' fees, including those arising from all litigation, groundless or otherwise, that result from the performance or non-performance of the powers given to the Enforcer under this Agreement (unless the Enforcer has acted in a manner that does not comply with the standard of liability applicable to the Enforcer). The provisions of this section shall apply regardless of whether the indemnitee is acting as Enforcer or has ceased to act at the time when the cost or expense is paid or incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Resignation of Enforcer</u>. Any Enforcer serving hereunder may resign at any time by providing written notice to the Trustee, the Notice Recipients and any other Enforcers then serving. Such resignation shall become effective at such time as the resigning Enforcer shall provide in the notice of resignation. In the event that an individual Enforcer becomes incapacitated, he or she shall be deemed to have resigned hereunder, without further act by anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Removal of Enforcer.</u> A majority of the Enforcers in office shall have the power to remove a co-Enforcer for any reason, with or without cause, by providing written notice to all Enforcers, the Trustee and the Notice Recipients. The removal shall become effective at such time as is indicated in the notice of removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Appointment of Additional or Successor Enforcers</u>. The Enforcer or Enforcers (acting by majority if more than one) shall have the power to appoint additional Enforcers or designate a successor Enforcer at any time by written notice to the Trustee and the Notice Recipients. Any such appointment shall be revocable by the appointing Enforcer until it ceases to serve. The appointment shall become effective upon written acceptance by the designee, who shall thereupon have all powers of an Enforcer as if originally named herein. In the event of the death, dissolution, removal, or resignation of the last serving Enforcer, and if no successor has been designated in accordance with the foregoing, a successor Enforcer may be appointed by the Board of Managers or authorized officers of WeShop US Management LLC (or its successor entity); provided, however, that such Enforcer shall not be the Grantor. If WeShop US Management LLC ceases to exist, is dissolved, or is otherwise unable or unwilling to act as Enforcer, a successor Enforcer may be appointed by majority vote of the individuals who are serving on the Board of Directors of WeShop Holdings Limited who are United States Persons, or such other entity as may be designated by such individuals acting by a majority from time to time. Notwithstanding the foregoing, if at any time no Enforcer is serving hereunder, the Grantor or Trustee may petition a court of competent jurisdiction for the appointment of a successor Enforcer, and all costs of such petition, including reasonable attorneys' fees, shall be a proper charge to the Trust estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Agents and Advisers</u>. The Enforcer is authorized to hire agents and advisers to assist the Enforcer in carrying out its duties, and to pay or direct the Trustee to pay such agents and advisers reasonable compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Compensation</u>. The Enforcer shall be entitled to reasonable compensation for its services, and shall be entitled to reimbursement for reasonable costs and expenses incidental to serving as Enforcer.

Seventh <u>Waiver of Prudent Investor Rule; Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Waiver of Prudent Investor Rule</u>. The Trustee is authorized, with respect to any trust power or authority that the Trustee may exercise, to acquire and retain investments not regarded as traditional for trusts including investments that would be forbidden or would be regarded as imprudent, improper or unlawful by the "prudent person" rule, "prudent investor" rule, 12 <u>Del</u>. <u>C</u>. § 3302, any rule or law concerning the duty of loyalty, any rule or law limiting, prescribing, or voiding or making voidable any interested party or self-dealing transaction, or any other rule or law which restricts a fiduciary's capacity to invest. Furthermore, the Trustee may acquire property from, transfer property to, obtain services from, provide services to, and otherwise enter into contracts, understandings, arrangements, and other dealings, of any kind or nature, with any person (each such person is hereinafter referred to as a "Third Party") whether or not the Third Party is a Trustee or Enforcer or is in any manner related to, or affiliated with, a Trustee or Enforcer or any other person related to, or affiliated with, a Trustee or Enforcer and without regard to whether a Trustee or Enforcer, acting in its corporate or personal capacity or in any other capacity, or any person related to, or affiliated with, a Trustee or Enforcer, has other contracts, understandings, arrangements or dealings, whether or not for remuneration with the Third Party. In making investments the Trustee may disregard any or all of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Whether a particular investment, or the Trust investments collectively, will produce a reasonable rate of return or result in the preservation of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Whether the acquisition or retention of a particular investment or Trust investments collectively are consistent with any duty of impartiality. No such duties shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whether the acquisition or retention of a particular investment or any aspect of the administration of the investment violates any duty of loyalty or rule against self-dealing. No duty of loyalty shall exist to the extent such duty would limit or preclude self-dealing transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Whether the Trust is diversified. No duty to diversify shall exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Whether any or all of the Trust investments would traditionally be classified as too risky or speculative for trusts. The entire Trust may be so invested. The Trustee shall have sole and absolute discretion in determining what constitutes acceptable risk and what constitutes proper investment strategy, subject to the restrictions set forth in this Agreement.

The purpose in granting the foregoing authority is to modify the "prudent person" rule, "prudent investor" rule, the application of 12 <u>Del</u>. <u>C</u>. § 3302, the duty of loyalty, the rule against self-dealing, or any rule or law which restricts a fiduciary's ability to invest insofar as any such rule or law would prohibit an investment or investments because of one or more factors listed above, or any other factor relating to the nature of the investment itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conflicts of Interest</u>. The Trustees and Enforcers shall not be bound by the usual rules concerning conflicts of interest, and any action, inaction, investment or transaction to whom the general duties of loyalty, to avoid conflicts of interest and not to undertake an adverse trust that otherwise might apply: (i) shall not be void, voidable or otherwise subject to attack solely for the violation of any such rule, (ii) may be taken, refrained from or entered into without resulting in any liability or reduction in compensation solely for the violation of any such rule, (iii) shall be judged by the same standards and rules of law that would apply if the same were taken, refrained from, or entered into by, between or among strangers free of any element of divided loyalty or conflicting interest, and (iv) may be taken, refrained from or entered into without notification to, approval by or authorization from any court or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Specific Waivers</u>. The fact that a Trustee or Enforcer (or a firm of which a Trustee or Enforcer is a member or is affiliated) renders legal or other professional services to the Trust shall not be deemed a conflict of interest, and the Trustee may pay fees for such services to such Trustee, Enforcer or firm. An attorney, accountant or other person serving as a Trustee or Enforcer who also renders professional services shall be entitled to receive full compensation for both services as a Trustee or Enforcer and the professional services rendered, except as specifically prohibited by law.

Ninth <u>Trust to be Irrevocable</u>. This Agreement, and the Trust, is irrevocable and at no time shall there be any right or power in the Grantor to alter, amend or terminate the same or any part thereof. However, the Enforcer is authorized to modify or amend the administrative and technical provisions with respect to the Trust, retroactive to the creation of the Trust or otherwise, at such times as the Enforcer may deem appropriate for the proper administration of the Trust and for tax purposes; provided no modification or amendment made hereunder shall increase or extend the obligations, liabilities, responsibilities and/or compensation of the Trustee without its prior written consent. Nevertheless, no power granted to the Enforcer in this Article grants any implied power to amend this Agreement in any manner that would enable the Enforcer to appoint Trust property in favor of the Enforcer, the Enforcer's creditors, the Enforcer's estate or the creditors of the Enforcer's estate.

Tenth <u>Resignation, Removal and Appointment of Trustees</u>. The following provisions shall govern the resignation, removal and appointment of any Trustee serving hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Resignation of Trustee</u>. Any Trustee may resign at any time and without cause. Any such resignation shall be in a writing delivered to each Enforcer and the Notice Recipients. Such resignation shall become effective at such time as the resigning Trustee shall provide in the notice of resignation. In the event that an individual Trustee becomes incapacitated, he or she shall be deemed to have resigned hereunder, without further act by anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Removal of Trustee</u>. The Enforcer shall have the power to remove any Trustee, for any reason, with or without cause, by providing written notice to the Trustee and the Notice Recipients. The removal shall become effective at such time as is indicated in the notice of removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Appointment of Successor Trustees</u>. The Enforcer shall have the power to designate a successor Trustee upon the death, dissolution, resignation or removal of any Trustee by providing written notice to the Trustee so appointed and the Notice Recipients. The appointment shall become effective at the time provided in the instrument of appointment and upon written acceptance by the designee. Each successor Trustee shall have all of the powers of the Trustee as if originally named herein. Each Trustee must be qualified to serve in accordance with the following section (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Trustee Qualifications</u>. At all times there shall be one Trustee serving hereunder, who shall be an individual residing in, or a bank or trust company with offices in, the jurisdiction which is the situs of the Trust. The Enforcer shall promptly appoint a successor Trustee upon the Trustee's resignation, removal, disqualification or other failure to serve. Notwithstanding any other provision herein, at no time may the Grantor, or any person who is a related or subordinate party, within the meaning of Section 672(c) of the Code, with respect to the Grantor, serve as Trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Delivery of Trust Assets</u>. Upon the resignation or removal of any Trustee serving hereunder, such Trustee shall, within a reasonable time after it resigns or is removed, deliver any assets held hereunder to the successor Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Liability of Predecessor Trustee</u>. A successor Trustee shall not be liable for the actions or omissions of any predecessor Trustee and shall be specifically relieved of any duty to examine the acts or accounts of its predecessors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Merger of Corporate Trustee</u>. In the case of the merger or consolidation of the corporate Trustee, or the transfer of substantially all of the assets of the corporate Trustee to another corporation or limited liability company, the resulting or transferee company shall continue to serve hereunder without notice to any party, execution or filing of any instrument or the performance of any further act; provided, however, that the provisions of this section shall apply only if the resulting or transferee corporation or limited liability company is domiciled in the same jurisdiction as the corporation or limited liability company that was acting as corporate Trustee.

Eleventh <u>United States Trust</u>. Notwithstanding anything to the contrary in this Agreement, it is intended that the Trust created hereunder shall be a "United States person" within the meaning of Section 7701(a)(30)(E) of the Code (herein referred to as "United States Person"). Accordingly, (i) primary supervision over the administration of the Trust shall at all times be exercisable by a court within the United States, and (ii) at all times one or more United States Persons shall have the authority to control all substantial decisions of the Trust. No attempt to change the situs of the Trust, and no attempt to appoint a fiduciary or non-fiduciary of the Trust, shall be valid if it conflicts with the foregoing intent or otherwise would cause the Trust to cease to be a United States Person.

Twelfth <u>Inadvertent Change to Foreign Trust Classification</u>. If the Trust is at any time a United States Person and there is a change in the residency or identity of a Trustee of the Trust or any other person that has the power to make a substantial decision of the Trust (within the meaning of Section 7701(a)(30)(E)(ii) of the Code and the Treasury Regulations thereunder) that would cause the Trust to cease to be a United States Person and thereby become a "foreign trust" (as that term is defined in Section 7701(a)(31)(B) of the Code), such change (referred to in this Article as an "Inadvertent Change") is not intended to change the Trust classification. In the event of an Inadvertent Change with respect to a Trust, the Trustee of the Trust and all other persons holding a power to make a substantial decision of the Trust shall consider the ramifications of the Inadvertent Change for United States tax purposes and, within twelve (12) months from the date of the Inadvertent Change, shall make necessary changes either with respect to the persons who control the substantial decisions or with respect to the residence of such persons to avoid a change in the Trust's classification for United States income tax purposes, as permitted by Treasury Regulations § 301.7701-7(d)(2).

Thirteenth <u>Limitation on Powers of Non-United States Person</u>. The following provisions shall apply, notwithstanding any other provision herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Limitation on Powers</u>. Except as provided in section (b) of this Article Thirteenth, no person who is not a United States Person shall be entitled to exercise any power otherwise reserved by or granted to such person by the terms of this Agreement, if the existence of such person's power would cause the Trust to become a "foreign trust" as defined in Section 7701(a)(31)(B) of the Code (a "Foreign Trust"). Such powers include, but are not limited to, a power of any person as Trustee or Enforcer of the Trust created hereunder and a power of any person to remove and appoint Trustees or Enforcers pursuant to this Agreement. Without limiting the generality of the preceding provisions of this section (a), but subject to section (b) of this Article Thirteenth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Trustee or Enforcer may resign as Trustee or Enforcer of the Trust if such resignation would cause the Trust to become a Foreign Trust, unless a successor Trustee or Enforcer is appointed concurrently for the Trust in a manner which prevents the Trust from becoming a Foreign Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person who shall fail or cease to be a United States Person while acting as a Trustee or Enforcer of the Trust shall immediately be deemed to have resigned as Trustee or Enforcer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The powers to remove and appoint a Trustee and Enforcers granted in this Agreement may not be exercised by any person who is not a United States Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No person may become a successor or additional Trustee of the Trust or a successor or additional Enforcer of the Trust unless such person certifies in writing that such person is a United States Person. Further, subject to section (b) of this Article Thirteenth, no person shall be entitled to exercise any power otherwise reserved by or granted to such person by the terms of this Agreement, if the existence of such person's power would cause the Trust hereunder to become a Foreign Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exception</u>. The foregoing limitations set forth in section (a) above (the "Limitations on Powers") shall not apply to a person if the Trustee of the Trust shall determine, in the sole discretion of the Trustee, that it would be in the best interests of the Trust to become a Foreign Trust and to suspend the Limitations on Powers with respect to such person, in whole or in part (a "Suspension"). The Trustee shall notify such person of the Suspension in writing. Any Suspension with respect to any person may be revoked by the Trustee, in whole or in part, in the sole discretion of the Trustee, by notification in writing to such person; provided, however, that such revocation shall not affect the validity of any exercise by such person of a power otherwise subject to the Limitations on Powers if and to the extent such power was exercised prior to such person's receipt of written notice of such revocation (for this purpose, any limited power of appointment granted by this Agreement to be effective only upon the death of the holder of such power is deemed to be exercised only upon the death of the holder of such power). Any Suspension with respect to any person, and any revocation of such Suspension, shall become effective at the time and upon the conditions stated in the instrument of notification of such Suspension or revocation delivered to such person. The power to suspend the Limitations on Powers with respect to any person, and the power to revoke any such Suspension, may be exercised as often as required, but only by any Trustee serving hereunder who or which is a United States Person at the time such power is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reliance Upon Certifications</u>. Notwithstanding the foregoing, any Trustee and any third party dealing with the Trust estate may rely on a person's certification in writing that such person is a United States Person, without any duty to investigate such status, unless and until such person withdraws such certification by written notice to the Trustee.

Fourteenth <u>Interested Fiduciary</u>. Notwithstanding the general powers conferred upon the Trustee or an Enforcer (for purposes of this Article, "Fiduciary") pursuant to this Agreement, no Fiduciary serving shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make or participate in the making of discretionary distributions of income or principal to or for the benefit of such Fiduciary; or

Fifteenth <u>Definitions</u>. For all purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>B Shares</u>. "B Shares" shall have the meaning ascribed to such term in section (a) of Article First.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Charitable Organizations</u>. Wherever the term "Charitable Organizations" is used in this Agreement, it shall mean any one or more organizations or institutions described in all of Code Sections 170(c), 2055(a) and 2522(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Code</u>. Wherever the word "Code" appears in this Agreement, it shall mean the Internal Revenue Code of 1986, as amended, and as interpreted by the Treasury Regulations thereunder (including Temporary and Proposed Regulations), any provisions amendatory thereof, supplemental thereto, or substituted therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Company</u>. Wherever the term "Company" is used in this Agreement, it shall mean WeShop Holdings Limited, a British Virgin Islands registered entity, or its successor(s) in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Competent</u>. Whenever the word "competent" appears in this Agreement, when referring to an individual, it shall mean not incapacitated, as defined in section (f) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Incapacitated</u>. Whenever the words "incapacity" or "incapacitated" or words of similar meaning appear in this Agreement, an individual shall be deemed to be incapacitated: (i) during any period that such individual is legally incompetent as determined by a court of competent jurisdiction; (ii) during any period that a conservator or guardian for such individual has been appointed, based upon his or her incapacity; or (iii) during any period when two (2) physicians licensed to practice medicine certify in writing that in the opinion of such physicians, such individual, as a result of illness, age, or other cause, no longer has the capacity to act prudently or effectively in financial affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice Recipients</u>. Wherever the term "Notice Recipients" appears in this Agreement, it shall mean the Grantor, and other persons who are designated to receive information in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Enforcer may appoint additional "Notice Recipients" at any time and from time to time. Any such designation of a Notice Recipient shall be by written notice to the Grantor, such Notice Recipient(s) and the Trustee and shall become effective at the time provided in the instrument of designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any Notice Recipient who has been appointed by the Enforcer may be removed as a Notice Recipient by the Enforcer at any time and for any reason, with or without cause by written notice delivered to the Grantor, such Notice Recipient and the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Notice Recipient who has been appointed by the Enforcer may resign as Notice Recipient at any time by providing written notice to the Grantor and the Trustee. Such resignation shall become effective at such time as the resigning Notice Recipient shall provide in the notice of resignation. In the event that an individual Notice Recipient becomes incapacitated, he or she shall be deemed to have resigned as a Notice Recipient hereunder, without further act by anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notice Recipients shall not be fiduciaries and shall have no duties, obligations or liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Reserves</u>. The term "Reserves" shall have the meaning ascribed to such term in section (a) of Article First.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Shareback Agreement</u>. Wherever the term "Shareback Agreement" appears in this Agreement, it shall mean the Shareback Agreement entered into by and among the Company and the Trust, as such agreement may be amended from time to time. The initial Shareback Agreement is annexed hereto as Schedule "B".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Transfer Agent</u>. Wherever the term "Transfer Agent" appears in this Agreement, it shall mean the transfer agent for the Company's ordinary shares. As of the date of this Agreement, the Transfer Agent is Computershare Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Trustee</u>. Wherever the word "Trustee" appears in this Agreement, it shall be construed to mean the Trustee then qualified and serving as such whether of the masculine, feminine or neuter gender and whether serving in the singular or plural.

Sixteenth <u>Governing Law and Trust Situs</u>. This Agreement creates a Delaware trust and all matters pertaining to its validity, construction and administration shall be determined in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law</u>. Except as otherwise expressly permitted in section (b) below, all questions concerning this Agreement and the Trust created hereunder, including the validity, construction, effect, and administration of this Agreement and the Trust created hereunder, shall always, and in all events, be determined under the law of the State of Delaware without regard to each of (i) conflict of law principles or default statutory rules, (ii) the location of the situs or place of administration of the Trust (including a change of situs or place of administration), (iii) the appointment of successor Trustees, (iv) the power that any person may hold to appoint a Trustee located in a jurisdiction outside of the State of Delaware, and (v) the domicile of the Grantor, any initial Trustee, any successor Trustee or any Enforcer (or any change in such domicile), or any other factor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Situs</u>. The original situs of the Trust created hereunder shall be Delaware and the Court of Chancery of the State of Delaware shall have primary jurisdiction over the Trust. The situs of the Trust created hereunder may be maintained in any jurisdiction in which the Trust shall be capable of taking effect (including outside the United States), as the Enforcer, in the exercise of sole and absolute discretion, may determine from time to time, by written notice delivered to the Notice Recipients and the Trustee, and shall take effect upon the date specified by the Enforcer or the appointment of a qualified Trustee (if later). Upon any such change of situs, the Trust may thereafter, at the election of the Enforcer of the Trust, be administered exclusively under the laws of (and subject, as required, to the exclusive supervision of the courts of) the jurisdiction to which it has been transferred, by written notice delivered to the Notice Recipients and the Trustee, and shall take effect upon the date specified by the Enforcer or the change of situs (if later). If the situs of the Trust is changed, the Trustee is hereby relieved of any requirement to account in any court of such other jurisdiction.

Seventeenth <u>Liability of Trustee and Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Trustee Acts in a Fiduciary Capacity</u>. Every act done, power exercised or obligation assumed by a Trustee pursuant to the provisions of this Agreement shall be held to be done, exercised or assumed, as the case may be, by the Trustee acting in a fiduciary capacity and not otherwise, and every person, firm, corporation or other entity contracting or otherwise dealing with the Trustee shall look only to the funds and property of the Trust estate for payment under such contract or payment of any money that may become due or payable under any obligation arising under this Agreement, in whole or in part, and the Trustee shall not be individually liable therefor even though the Trustee did not exempt himself, herself or itself from individual liability when entering into any contract, obligation or transaction in connection with or growing out of the Trust estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Trustee Acting in Good Faith</u>. The decision of any Trustee hereunder with respect to the exercise or nonexercise by such Trustee of any power hereunder, or the time or manner of the exercise thereof, made in good faith, shall fully protect such Trustee and shall be final, conclusive and binding upon all persons interested in the Trust or the income therefrom. No Trustee acting hereunder shall be responsible for any error of judgment or mistake of fact or law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Liability of Trustee</u>. Except as otherwise provided in section (a) of Article Fifth of this Agreement relating to the liability of the Trustee for retaining Trust property as directed by this instrument and in section (d) of Article Sixth relating to actions taken at direction of the Enforcer, the Trustee shall be liable hereunder only for a breach of trust committed intentionally, in bad faith, or with gross negligence, proven by clear and convincing evidence in the court then having primary jurisdiction over the Trust. The Trustee shall not be personally liable for making any delegation that is authorized under this Agreement, nor for any action taken without the Trustee's express agreement, nor for any failure to act absent a breach of trust committed intentionally, in bad faith or with gross negligence. Notwithstanding the foregoing, the Trustee shall not be liable for relying absolutely on (i) any apparently valid documents and certifications including, but not limited to, tax reports and other tax information provided to the Trustee by any entity in which the Trust holds an ownership interest; and (ii) the opinions of counsel or any accountant to the Trust. The Trustee shall be deemed to have acted within the scope of its respective authority, to have exercised reasonable care, diligence and prudence, and to have acted impartially as to all interested persons unless the contrary may be proven by clear and convincing evidence in the court then having primary jurisdiction over the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification</u>. Each Trustee shall be indemnified and held harmless by the Trust against any threatened, pending or completed action, claim, demand, suit or proceeding, whether civil, criminal, administrative or investigative, falling within the exculpatory provisions of this Article or elsewhere in this Agreement or to which the Trustee is made a party, or threatened to be made a party, by reason of serving as Trustee (unless the Trustee has acted in a manner that does not comply with the standard of liability applicable to the Trustee). Such indemnification shall include expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually incurred by the Trustee in connection with such action, claim, demand, suit or proceeding. The provisions of this section shall apply regardless of whether the indemnitee is acting as Trustee or has ceased to act at the time when the cost or expense is paid or incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Grantor's Indemnification Obligation</u>. The Trustee shall have no obligation to continue in office hereunder and conduct the Purposes, unless the Trustee is reasonably satisfied that it will be held harmless and fully indemnified from the assets of the Trust for all of its liabilities and expenses by reason of serving as Trustee (including compensation, professional fees and expenses of counsel, accountants, and expert witnesses), including any compensation or similar expenses of the Enforcer. If the Trustee reasonably determines that the assets of the Trust are, or have become, insufficient for such purposes, the Trustee may request that the Grantor provide the Trustee with comparable indemnity, supported with such security as may be satisfactory to the Trustee in its sole discretion, and in the absence of such additional indemnity or security, the Trustee may resign, effective immediately, without any further duty or obligation to carry out the Purposes.

Eighteenth <u>Bonds, Accountings, Inventories and Privacy Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee of the Trust shall not be required to file with the Court of Chancery, Register in Chancery or with any other court or officer of any other court, any bond, with or without surety, inventory or accounts unless specially ordered to do so on application of the Trustee of such Trust or on the court's own motion. The Trustee may deliver periodic statements in the format generally used by it to the Notice Recipients. These statements shall report all investments, dispositions, receipts, distributions, expenses and other transactions of the Trust since the immediately prior statement and show all cash, securities and other property held as part of the Trust at the end of the accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Trustee shall have the right, at the expense of the Trust estate, including, but not limited to, the compensation and expense of attorneys and guardians, to apply at any time to a court of competent jurisdiction for a judicial settlement of a formal accounting. In addition, the Trustee and each Enforcer shall have the right, at the expense of the Trust estate, to apply at any time to a court of competent jurisdiction for the determination of any question of construction or instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement and in accordance with 12 <u>Del</u>. <u>C</u>. § 3303(a)(1) and (c), neither the Trustee nor any Enforcer shall be required to provide information about the Trust to any contingent beneficiary of the Trust until such time as the interest of such beneficiary in the Trust vests. Furthermore, the Trustee shall have no duty to provide any information about the Trust to any eligible owners of WePoints.

Nineteenth <u>Binding Effect</u>. This Agreement shall extend to and be binding upon the personal representative, administrators and assigns of the Grantor and upon the successor to the Trustee.

Twentieth <u>Acknowledgment By Trustee</u>. JTC TRUST COMPANY (DELAWARE) LIMITED, Trustee, herein named, acknowledges receipt of the assets and property listed on Schedule A attached hereto, and agrees to perform its duties as Trustee in accordance with the foregoing conditions and limitations.

Twenty-first <u>Agreement in Counterparts</u>. This Agreement may be executed in counterparts and, as executed, shall constitute one (1) Agreement, binding on all the parties to this Agreement, notwithstanding that all parties are not a signatory to the original or the same counterpart.

[*signature pages follow*]

IN WITNESS WHEREOF, the parties hereto have executed this instrument as of the day and year first above written.

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| | |
|:---|:---|
| WESHOP HOLDINGS LIMITED, as Grantor | WESHOP HOLDINGS LIMITED, as Grantor |
| By: | /s/ Oliver Paul Egerton Vernon |
| Name: | Oliver Paul Egerton-Vernon |
| Title: | Director |
| By: | /s/ Oana Crisan |
| Name: | Oana Crisan |
| Title: | Director |
| JTC TRUST COMPANY (DELAWARE) LIMITED, as Trustee | JTC TRUST COMPANY (DELAWARE) LIMITED, as Trustee |
| By: | /s/ Carece Rufe |
| Name: | Carece Rufe |
| Title: | Chief Trust Officer |

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STATE OF DELAWARE) ) SS <br> NEW CASTLE COUNTY)

The foregoing instrument was acknowledged before me this 14<sup>th</sup> day of October, 2025, by Carece Rufe, Director/Chief Trust Officer of JTC TRUST COMPANY (DELAWARE) LIMITED, on behalf of the company.

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| | |
|:---|:---|
| By: | /s/ Gene Richard Sartori |
| Notary Public | Notary Public |

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The undersigned, WESHOP US MANAGEMENT LLC, hereby accepts its appointment as an Enforcer for the Trust created under this Agreement and agrees that, unless otherwise indicated in this Agreement, all powers conferred upon the undersigned as an Enforcer for the Trust will be exercised in a non-fiduciary capacity.

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| | | |
|:---|:---|:---|
|  | WESHOP US MANAGEMENT LLC | WESHOP US MANAGEMENT LLC |
| <u>October 14<sup>th</sup> 2025</u> | By: | /s/ Johnny Hickling |
| Date | Name: | Johnny Hickling |
|  | Title: | President |

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<u>SCHEDULE A TO WESHOP COMMUNITY TRUST</u>

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| | |
|:---|:---|
| CASH | 10.0 |

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<u>SCHEDULE B TO WESHOP COMMUNITY TRUST</u>

**SHAREBACK AGREEMENT**

This agreement ("<u>Agreement</u>") is made as of October 16, 2025 by and between WeShop Holdings Limited, a BVI Business Company limited by shares and incorporated in the British Virgin Islands (the "<u>Company</u>") and The WeShop Community Trust, a Delaware special purpose trust (the "<u>Trust</u>").

WHEREAS, the Company is engaged in the offering of points ("<u>WePoints</u>") which can be redeemed for Class A Ordinary Shares and has determined to issue and deliver up to 12,500,000 WePoints to users using the Company's platform. Each WePoint entitles the holder thereof to redeem such WePoint for one Class A ordinary share of the Company, no par value ("<u>Class A Ordinary Share</u>"); and

WHEREAS, the WePoints will be offered pursuant to one or more registration statements filed with the Securities and Exchange Commission (the "<u>SEC</u>") containing a prospectus (the "<u>Prospectus</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"); and

WHEREAS, the Trust holds 12,500,000 Class B Ordinary Shares.

WHEREAS, Computershare Inc., a Delaware corporation and its affiliate, Computershare Trust Company, N.A., a federally chartered trust company, have been collectively appointed as transfer agent for the Class A Ordinary Shares and Class B Ordinary Shares (in such capacity, the "<u>Transfer Agent</u>" and any reference to "Transfer Agent") shall be to the Company's transfer agent for the Class A Ordinary Shares and Class B ordinary Shares at the time); and

WHEREAS, the Company desires to provide for the provisions of the WePoints, the terms upon which they may be redeemed, and the respective rights, limitation of rights, and immunities of the Company, the Trust and the holders of the WePoints; and

WHEREAS, all acts and things have been done and performed which are necessary to make the WePoints, when issued by the Company, the valid, binding, and legal obligations of the Company and the Trust, and to authorize the execution and delivery of this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Form of WePoint</u>. Each WePoint will be issued in book-entry form onto the WePoints Ledger which shall be maintained and administered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 <u>WePoints Ledger</u>. The Company shall maintain books ("<u>WePoints Ledger</u>") for the registration of original issuance of the WePoints. Upon the initial issuance of WePoints, the Company shall issue and register the WePoints in the names of the respective holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 <u>Registered Holder</u>. Prior to due presentment for registration of transfer of any WePoint, the Company may deem and treat the person in whose name such WePoint is then registered in the WePoint Ledger ("<u>registered holder</u>") as the absolute owner of such WePoint and of each WePoint represented thereby, for the purpose of any redemption thereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Terms and Redemption of WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Redemption</u>. Each whole WePoint shall entitle the registered holder thereof, subject to the provisions of such WePoint and of this Agreement, to redeem one WePoint for one Class A Ordinary Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>WePoints Eligible for Redemption</u>. A WePoint may be redeemed by a holder only if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such WePoint must have held been by the holder for at least 395 days and Earned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such WePoint must be redeemed beginning on the 15<sup>th</sup> Business Day of February, May, July, or November and before 5:00 p.m., New York City time on twentieth Business Day period thereafter (the "<u>Expiration Date</u>") commencing immediately following the satisfaction of the condition set forth in (a) above unless the Company agrees extends such redemption period (the "<u>Redemption Period</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a registration statement must be effective and not suspended with respect to the delivery of Class A Ordinary Shares by the Trust upon the redemption of the WePoint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the holder delivers customary "know your customer" information and any other information reasonably requested by the Transfer Agent, Trust, and/or the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the holder delivers the information required by section 2.3.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the holder redeeming a WePoint has an Eligible Account at the time of redemption.

Any WePoint then eligible for redemption but not properly redeemed during the Redemption Period shall be deemed null and void upon the expiration of such Redemption Period so long as such Redemption Period had 20 Eligible Days.

The Company may, in its sole discretion, extend the duration of a Redemption Period; provided, however, that the Company will provide at least five days' prior electronic notice of any such extension to the holders of WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Redemption of WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <u>Redemption</u>. Subject to the provisions of the WePoint and this Agreement, a WePoint may be redeemed by the registered holder thereof by surrendering it to the Company electronically for redemption during the Redemption Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <u>Delivery of List of Redeeming WePoint Holders to the Trust</u>. Within two Business Days of the end of a Redemption Period, the Company shall deliver to the Trust the list of holders of WePoints who properly redeemed their WePoints (the "<u>List of Redeeming WePoint Holders</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <u>Delivery of Underlying Class A Ordinary Shares</u>. Within two Business Days of the receipt of the List of Redeeming WePoint Holders from the Company, the Trust shall deliver, together with any documents reasonably requested by the Transfer Agent, that number of Class B Ordinary Shares equal to the number of Class B Ordinary Shares indicated on the List of Redeeming WePoint Holders with instructions to register such Class A Ordinary Shares in the names and amounts set forth on the List of Redeeming WePoint Holders. Such Class B Ordinary Shares, shall pursuant to their terms, automatically convert into Class A Ordinary Shares and be reflected by the Transfer Agent on the Company's stock ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <u>Valid Issuance</u>. The Company hereby covenants, that all Class A Ordinary Shares received upon the proper delivery of a WePoint in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.5 <u>Length of Eligible Period</u>: The Company agrees that any Redemption Period shall have at least 20 Eligible Days. To the extent a WePoint is not redeemed during a Redemption Period in which there were less than twenty (20) Eligible Days, such WePoint will be eligible to be redeemed in the next Redemption Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.6 <u>Date of Issuance</u>. Each person in whose name a WePoint is issued shall for all purposes be deemed to have become the holder of record of the underlying Class A Ordinary Shares at the end of the date on which the WePoint was surrendered, irrespective of the date of delivery thereof. except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Transfer Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books or book entry system are open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.7 <u>Withholding</u>. Notwithstanding anything to the contrary, the Company, Trust, Transfer Agent and any other applicable withholding agent (and their respective affiliates) shall be entitled to deduct and withhold with respect to the transactions contemplated or related to this Agreement such amounts as are required to be deducted and withheld under any applicable tax law<u>,</u> which deduction or withholding may be in the form of holding back WePoints and/or Class A Ordinary Shares with fair market value equal to the amount of such required withholding. To the extent that any such amounts are so withheld, such withheld amounts (including any held back WePoints and/or Class A Ordinary Shares) shall be treated for all purposes of this and any related agreement as having been paid or delivered, as applicable, to the person in respect of which such deduction and withholding was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.8 <u>Withholding Certificates</u>. The Transfer Agent shall have received from each holder, before delivering Class A Ordinary Shares hereunder, tax identification numbers by means of a completed appropriate IRS Form W-9 or W-8 and other forms, documents and information that the Transfer Agent may reasonably request in connection with the Company, Trust, or the Transfer Agent's reporting obligations under applicable United States laws and regulations. The parties hereto understand that if such tax documentation is not so delivered to the Transfer Agent, the Company, or the Trust, one or more of them may be required by the Internal Revenue Code of 1986, as amended, to withhold taxes pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Share Dividends; Share Sub-division</u>. If after the date hereof, the number of outstanding Class A Ordinary Shares is increased by a share dividend payable in Class A Ordinary Shares, or by a consolidation, combination, sub-division or reclassification of Class A Ordinary Shares or similar event, then, on the effective date of such share dividend, consolidation, combination, sub-division or reclassification of Ordinary Shares or similar event, the number of WePoints shall be increased in proportion to such increase in outstanding Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Aggregation of Shares</u>. If after the date hereof, the number of outstanding Class A Ordinary Shares is decreased by a consolidation, combination, sub-division or reclassification of Class A Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, sub-division, reclassification or similar event, the number of outstanding WePoints shall be decreased in proportion to such decrease in outstanding Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Replacement of Securities upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Class A Ordinary Shares (other than a change covered by Section 3.1 or 3.2), or in the case of any merger or consolidation of the Company with or into another corporation or entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Class A Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the WePoint shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions of the WePoints and in lieu of the Class A Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the WePoint holder would have received if such WePoint holder had exercises, her or its WePoints immediately prior to such event. The provisions of this Section 3.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>No Fractional Shares</u>. Notwithstanding any provision contained in this Agreement to the contrary, the Trust shall not deliver fractional shares upon redemption of WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transfer of WePoints and Fractional WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Registration of Transfer</u>. The Company shall register the transfer, from time to time, of any outstanding WePoint upon the WePoint Ledger, only to a person who becomes entitled thereto in consequence of (i) the death, incompetence or bankruptcy of any WePoint holder, or (ii) by operation of law, if such person produces evidence thereof reasonably required by the Company. Upon any such transfer, a new WePoint representing an equal aggregate number of WePoints shall be issued and the old WePoint shall be cancelled by the Company. Notwithstanding anything contained, herein, WePoints may only be transferred only upon the holder's death or court order, <u>provided</u> that the legal representative shall first deliver evidence satisfactory to the Company prior to any such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Fractional WePoints</u>. Upon redemption of WePoints, all eligible WePoints will be rounded down to the next whole number of WePoints and any fraction of WePoints will be deemed null and void and not be carried forward to the next Redemption Period unless the Company elects to permit such carry forward, which election is in the Company's sole discretion. Any such carry forward election, which may be limited to certain fractions, will apply evenly to all outstanding WePoints at the end of the applicable Redemption Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Other Provisions Relating to Rights of Holders of WePoints</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>No Rights as Shareholder</u>. A WePoint does not entitle the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Reservation of Ordinary Shares</u>. The Trust agrees that it shall at all times keep available all of its Class B Ordinary Shares and shall only transfer them in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Registration of Class A Ordinary Shares</u>. The Company agrees that as soon as practicable after the one-year anniversary of the date the Class A Ordinary Shares are first listed on a United States stock exchange (the "<u>Listing Date</u>"), but in no event later than twenty (20) Business Days after the anniversary of the Listing Date, it shall use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A Ordinary Shares deliverable upon the redemption of WePoints. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement or a similar registration statement until the WePoints are no longer outstanding, provided that the Company has the right to suspend the use of such registration statement and therefore the redemption of WePoints for up to 150 days in any 365 day period. Any day where a WePoint would otherwise be eligible for redemption but for such suspension shall not constitute an Eligible Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Concerning the Transfer Agent and Other Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Transfer Agent</u>. The Transfer Agent shall not be deemed to assume any obligations or relationship of agency or trust with any of the owners or holders of the WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Successors</u>. All the covenants and provisions of this Agreement by or for the benefit of the Company shall bind and inure to the benefit of their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Notices</u>. Any notice, statement or demand authorized by this Agreement to be given or made by the by the holder of any WePoint to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Transfer Agent), as follows:

If to Company:

WeShop Holdings Limited

Hawk House<br> 22 The Esplanade

Jersey, JE1 1HH Channel Islands

Attn: Chief Executive Officer

with a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attention: Christian O. Nagler, P.C.

If to the Trust:

The WeShop Community Trust

200 Bellevue Parkway, Suite 500

Wilmington, DE 19809

Attn: JTC Trust Company (Delaware) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE COMPANY, THE TRUST AND THE HOLDERS AND ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS PLAN, AND FOR ANY COUNTERCLAIM RELATING THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NONE OF THE COMPANY, ANY HOLDER OR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL DISPUTE A NON-COMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PLAN. FURTHERMORE, NONE OF THE COMPANY, ANY HOLDER OR ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

Any person or entity purchasing or otherwise acquiring any interest in the WePoints shall be deemed to have notice of and to have consented to the forum provisions in this Section 7.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the British Virgin Islands (a "foreign action") in the name of any WePoint holder, such WePoint holder shall be deemed to have consented to: (x) the personal jurisdiction of the courts located within the British Virgin Islands in connection with any action brought in any such court to enforce the forum provisions (an "enforcement action"), and (y) having service of process made upon such WePoint holder in any such enforcement action by service upon such WePoint holder's counsel in the foreign action as agent for such WePoint holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Persons Having Rights under this Agreement</u>. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the WePoints any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Counterparts</u>. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Effect of Headings</u>. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Amendments</u>. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of (i) curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of WePoints and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein, (ii) reflecting any changes contemplated by Section 3 hereof, or (iii) adding or changing any other provisions hereof as the parties may deem necessary or desirable. Subject to Section 3 hereof, modifications or amendments to decrease the amount of Class A Ordinary Shares deliverable upon a redemption of a WePoint shall require the written consent or vote of the registered holders of at least a majority of the then outstanding WePoints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Severability</u>. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Definitions</u>. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. Any references to any federal, state, local or foreign statute or law shall also refer to all rules and regulations promulgated thereunder, unless the context otherwise requires.

(b) Unless the context otherwise requires:

(i) a term has the meaning assigned to it by this Agreement;

(ii) forms of the word "include" mean that the inclusion is not limited to the items listed;

(iii) "or" is disjunctive but not exclusive;

(iv) words in the singular include the plural, and in the plural include the singular;

(v) provisions apply to successive events and transactions; and

(vi) "hereof," "hereunder," "herein," and "hereto" refer to the entire Agreement and not any section or subsection.

(c) The following terms used in this Agreement shall have the meanings set forth below:

"$" or "U.S. dollars" shall mean the currency of the United States. The following terms have the following meanings:

"<u>Business Day</u>" means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed.

"<u>Class B Ordinary Shares</u>" means the Company Class B ordinary shares, no par value.<br>

"<u>Daily VWAP</u>" Daily VWAP" means, for any VWAP Trading Day, the per share volume-weighted average price of the Class A Ordinary Shares as displayed under the heading "Bloomberg VWAP" on Bloomberg page " " (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one Class A Ordinary Share on such VWAP Trading Day, determined, using a volume-weighted average price method, by the Company). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session.<br>

"<u>Earned</u>" with respect to a WePoint means a WePoint awarded for a transaction where such transaction is not cancelled nor can be cancelled.

"<u>Eligible Account</u>" means an account on the Company's commerce platform that is (i) for more than any consecutive 90 days from earning a WePoint not Inactive or (ii) otherwise has been suspended by WeShop under its terms and conditions which may be amended from time to time.

"<u>Eligible Day</u>" means a day in which a WePoint may be redeemed subject to the conditions for such redemption.

"<u>Inactive</u>" with respect to an account means at least one of the following actions is not completed within a rolling 3 month period: (a) Account owner has clicked out to a retailer, or product; (b) Account owner has created a recommendation, comment or question; (c) Account owner has referred any new registrations on the WeShop platform; (d) Account owner has liked a recommendation, comment, or question; (e) Account owner has updated their profile picture, bio, or interest categories.

"<u>VWAP Market Disruption Event</u>" means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the Class A Ordinary Shares are then listed, or, if the Class A Ordinary Shares are not then listed on a U.S. national or regional securities exchange, the principal other market on which the Class A Ordinary Shares are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate during the regular trading session, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Class A Ordinary Shares or in any options contracts or futures contracts relating to the Class A Ordinary Shares, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date<br>

"<u>VWAP Trading Day</u>" means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Class A Ordinary Shares generally occurs on the principal U.S. national or regional securities exchange on which the Class A Ordinary Shares are then listed or, if the Class A Ordinary Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Class A Ordinary Shares are then traded. If the Class A Ordinary Shares are not so listed or traded, then "VWAP Trading Day" means a Business Day.

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

---

| |
|:---|
| **weshop holdings limited** |
| By: |
| Name: |
| Title: |
| **Weshop community trust** |
| By: |
| Name: |
| Title: |

---

## Exhibit 21.1

**Exhibit 21.1**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation** |
| WeShop Management UK Limited | United Kingdom |
| This Is How Limited | Jersey |
| WeShop US Management LLC | Delaware |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the use in the Prospectus constituting a part of this Registration Statement Amendment #2 on Form F-1 of our report dated June 27, 2025 except as to Note 14, as to which the date is October , 2025, relating to the consolidated financial statements of WeShop Holdings Limited as of and for the years ended December 31, 2024 and 2023, which is contained in that Prospectus. We also consent to the reference to us under the caption "Experts" in the Prospectus.

WithumSmith+Brown, PC

New York, New York

The foregoing consent is in the form that will be signed upon the completion of the reverse stock split described in Note 14 in the consolidated financial statements.

---

| |
|:---|
| /s/ WithumSmith+Brown, PC |
| New York, New York |
| October 17, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables** 

**Form F-1**

(Form Type)

**WeShop Holdings Limited** 

(Exact Name of Registrant as Specified in its Charter)

333-290275

**<u>Table 1 – Newly Registered Securities</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee** <br> **Calculation or** <br> **Carry** <br> **Forward Rule** | **Amount** <br> **Registered** | **Proposed** <br> **Maximum** <br> **Offering Price** <br> **Per Unit** | **Maximum** <br> **Aggregate** <br> **Offering** <br> **Price** | **Fee Rate** | **Amount of** <br> **Registration** <br> **Fee** |
| Equity | Class A Ordinary Shares, no par value | 457 (d) | 3980128 | $9.64<br><sup>(1)</sup>  | $38368433.92 | 0.00015310 | $5874.21 |
| **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $38368433.92 |  | $5874.21 |
| **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  | 5908.57 |
| **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |
| **Net Fee Due** | **Net Fee Due** |  |  |  |  |  | $0 |

---

(1) Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(d) under the Securities Act of 1933, as amended based on a market value per share reference price of $9.64.