{"id":727573,"date":"2023-02-01T07:35:25","date_gmt":"2023-02-01T12:35:25","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\/"},"modified":"2023-02-01T07:35:25","modified_gmt":"2023-02-01T12:35:25","slug":"society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\/","title":{"rendered":"Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023"},"content":{"rendered":"<div class=\"mw_release\">\n<p>NEW YORK, NY, Feb.  01, 2023  (GLOBE NEWSWIRE) &#8212; via<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=xQ6CspOmsqiMibPv6jQ598NPq06LHfGISJGd-L-xqFFGHoV-AHMv3zYDynpUp5yUpjfvzt8qV52UUbiodAnxWaoZlkY6Bb_SiP-LX5gnqbg=\" rel=\"nofollow noopener\" target=\"_blank\"> NewMediaWire<\/a> \u2013 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=B9D4hPhW5fhM1z2X9BLi8umJ4O2P8Y-DWI4mDl5EnjJqhqRb86qAfZNjDhKzUY7Hw3fPdfB8aItiWNI5qz1wWKo6LXTaTp-CynHKsbdyfRA=\" rel=\"nofollow noopener\" target=\"_blank\"><b>Society Pass Incorporated<\/b><\/a> (&#8220;<b>SoPa<\/b>\u201d) (Nasdaq: <b>SOPA<\/b>), Southeast Asia\u2019s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that its Board of Directors has approved a stock repurchase program authorising the repurchase of up to US$2 million of its common stock, commencing on 01 February 2023.<\/p>\n<p>Dennis Nguyen, Founder, Chairman and Chief Executive Officer, comments, \u201cWe are pleased to announce the approval of this share repurchase program, providing us with a significant tool to generate shareholder value. As of 31 December 2022, SoPa has approximately US$19 mn of cash and zero long-term debt. Given our closing stock price of $1.11 on 31 January 2023, our current undervalued market capitalisation presents an extremely attractive opportunity to buy our common shares at a significant discount to their intrinsic value. Our well capitalised cash position, which translates into approximately $0.70 per share, and strong revenue generation allow SoPa to build out our next generation fintech and e-commerce ecosystem in SEA through paradigm shifting acquisitions and fund this stock repurchase program.\u201d<\/p>\n<p>The Company engaged<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=sLe15Pe0ohvWJR3csxBIXHql2j-lSwCMThXkxagy9N3O8vXTQKCMXgadP91nXMvCpaGgVPckqpEoPdO6PkJGa_dl0VznEjaumJdPYuQQh78=\" rel=\"nofollow noopener\" target=\"_blank\"><b>ThinkEquity LLC<\/b><\/a> to purchase shares of the Company\u2019s common stock from time to time in the open market at prevailing market prices, in privately negotiated transactions or other means in compliance with applicable federal securities laws.\u00a0 The timing and amount of stock repurchases under the program, if any, will be at the discretion of management, and will depend on a variety of factors, including price, available cash, general business and market conditions and other investment opportunities.\u00a0 Any shares acquired will be available for general corporate purposes. Information regarding share repurchases will be available in the Company\u2019s periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission or as otherwise required by applicable federal securities laws.\u00a0 The Company had approximately 26.6 million shares outstanding as of 20 January 2023.<\/p>\n<p>\n        <b>About Society Pass Inc.<\/b>\n      <\/p>\n<p>Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore,<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5IKHmfGWX2pyZ5T6cys_iIbfasJpDcroXMFTCNbn2WbOL1lp6h-BY7_Lx9aT_L--p-FD5eHlqBHxnMXUYAuh03MFaClZsbDQHtWQkgKpr-o=\" rel=\"nofollow noopener\" target=\"_blank\"> Society Pass Incorporated<\/a> (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&amp;B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants\/brands across multiple product and service categories throughout SEA.<\/p>\n<p>Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.<\/p>\n<p>SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa\u2019s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.<\/p>\n<p>SoPa leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=xMI_WgjGdX_D6RKnJ74S4B0y1LH7-a7vYtqe_PykTGZ867YVQKBkPNzTgzo44zdpUAkN77aVKBAu_KF4FnesZ0MHPuS5oHf89Nju8WWYNho=\" rel=\"nofollow noopener\" target=\"_blank\"> Thoughtful Media Group<\/a>, a Thailand-based, a social commerce-focused, digital advertising platform;<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=IvpHjGdbtyTOOncz9zLWvgVkkrk68EeEmGLbsom53sYUBRvUKH4q8P6jJUV2gl9kq-BsHq5LodbnrcSKX3LSwA==\" rel=\"nofollow noopener\" target=\"_blank\"> NusaTrip<\/a>, a leading Indonesia-based Online Travel Agency;<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=58wxEayDSLfMbqXi_3WOehp96Zoq1GwVhPXzR12IAWJ_VN2XmjqP_EJ4nLfcaKa8XZM32-REav9tQHfHFaBm3WngDXVk5ylYQZ-EOV2IUEA=\" rel=\"nofollow noopener\" target=\"_blank\"> Gorilla Networks<\/a>, a Singapore-based, web3-enabled mobile blockchain network operator;<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QPqxIvL1gfnOHBszxpyaSbX_2wDJY4tCN_r__CWIbzRQLKK5CD50aEt8yhcV17y9Ucuz0jXJ2Ot8KqeCKSTjuA==\" rel=\"nofollow noopener\" target=\"_blank\"> Leflair.com<\/a>, Vietnam\u2019s leading lifestyle e-commerce platform; \u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MkufWgWqThXnFfYaRYtw9FqyJ8-HdpwGYEboT4cLGxBAVpVxAF3W86R8V1MMK8JDmMHIEYsjk0-V6rp3oJmTdA==\" rel=\"nofollow noopener\" target=\"_blank\">Handycart.vn<\/a>, a leading online restaurant delivery service based in Vietnam;<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ihUb_RevazCy950_m9C2zJDE-x_nhjWYk-3bWhpy8H9JXG_-Y55R7WY7V3NGFPKyBe-NaY8cRiJwjdEDbB1CJg==\" rel=\"nofollow noopener\" target=\"_blank\"> Mangan.ph<\/a>, a leading local restaurant delivery service in Philippines and<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4Ho2ZUKKRYq4t_csKMnE-e1tDfcU-GMKkTfzbu2xayZuXtuE-dFiYEoh7_adgzxOCYFSH4PsT4KzYMOV4Nffcw==\" rel=\"nofollow noopener\" target=\"_blank\"> Pushkart.ph<\/a>, a popular grocery delivery company in Philippines.<\/p>\n<p>For more information on Society Pass, please visit:<\/p>\n<p>Website at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E3EiyaUbDu6wurg2z4PmxtUKPQjp18cOyh0jlnqVfrxIxTn4ZLJEP4arH5DPuqvMCjO1ywXCBCrJcosB_p_8hC8HQGmkFcBQ0jDx-8VeANXzFCufN1sC_Y5blPwFpIVS\" rel=\"nofollow noopener\" target=\"_blank\"> https:\/\/www.thesocietypass.com<\/a> or<\/p>\n<p>LinkedIn at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E3EiyaUbDu6wurg2z4Pmxm6SIO58UE7tFi6_gloVyj0cS27mp282Jfkqy_RgQ0AyydDtJJoxeIuRMN4Sdn9Y00jEKuHqkI9vkBpPKjF8Xwqo_7vvuwC7W6nvM8zU978jefOERgYU19pHRRQDFaJrcRvLia35OzRDmKiXTFwZiPw=\" rel=\"nofollow noopener\" target=\"_blank\"> https:\/\/www.linkedin.com\/company\/societypass<\/a>\u00a0 or<\/p>\n<p>Facebook at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E3EiyaUbDu6wurg2z4Pmxg1I7M3bA9FTEo35_2YjqUlRYqEvcMeO2-O2FsVNZiRJzWOUMfmbMv-nWnKIj3oCwI8k1JMoCBqWsqVnXjThBcTfG0UleKDgMwmeqwr4yHlT4NmoBDeWFUUUGsOtwTfQ5A==\" rel=\"nofollow noopener\" target=\"_blank\"> https:\/\/www.facebook.com\/thesocietypass<\/a>\u00a0 or<\/p>\n<p>Twitter at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E3EiyaUbDu6wurg2z4PmxpanYc0PmaLwsD3bmBAjKcddm1S1jFives6o3geohPImzTMjXFRqy_jwy9Kxz28JI3O9UQNvpkdVTP-LS_BJaUOZLoDTT3PL26nv1WY8ysra\" rel=\"nofollow noopener\" target=\"_blank\"> https:\/\/twitter.com\/society_pass<\/a> or<\/p>\n<p>Instagram at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=E3EiyaUbDu6wurg2z4Pmxj7qDVSObRFLTAi9PXDlbpXC6PKpcBcUckFYWZkyDgrfreIvszNIJNaaR-SwENKOsPPm2GiPxUtkamdN0mgpHxHXxMgCbRk0BYO0yyvhTHsKE4hs3FPfi-5DKRdNNeixLQ==\" rel=\"nofollow noopener\" target=\"_blank\"> https:\/\/www.instagram.com\/societypass\/<\/a>.<\/p>\n<p>\n        <b>Cautionary Note Concerning Forward-Looking Statements<\/b><br \/>\n        <br \/>This press release may include \u201cforward-looking statements,\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as \u201canticipate\u201d, \u201cbelieve\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cintend\u201d and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company\u2019s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company\u2019s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company\u2019s registration statement and prospectus relating to the Company\u2019s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.<\/p>\n<p>Media Contacts:<br \/>PRecious Communications<br \/>sopa@preciouscomms.com<\/p>\n<p>\n        \n      <\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc0MDM0OCM1Mzg1MDgzIzUwMDA4NjM4Mg==\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YjQzYTM4NjgtNGIyOC00MWJkLWJkYTUtM2ZiZDg3MTA3MjMzLTUwMDA4NjM4Mg==\/tiny\/Society-Pass-Incorporated.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, NY, Feb. 01, 2023 (GLOBE NEWSWIRE) &#8212; via NewMediaWire \u2013 Society Pass Incorporated (&#8220;SoPa\u201d) (Nasdaq: SOPA), Southeast Asia\u2019s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that its Board of Directors has approved a stock repurchase program authorising the repurchase of up to US$2 million of its common stock, commencing on 01 February 2023. Dennis Nguyen, Founder, Chairman and Chief Executive Officer, comments, \u201cWe are pleased to announce the approval of this share repurchase program, providing us with a significant tool to generate shareholder value. As of 31 December 2022, SoPa has approximately US$19 mn of cash and zero long-term debt. Given our closing stock price of $1.11 on 31 January 2023, our current undervalued &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-727573","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, NY, Feb. 01, 2023 (GLOBE NEWSWIRE) &#8212; via NewMediaWire \u2013 Society Pass Incorporated (&#8220;SoPa\u201d) (Nasdaq: SOPA), Southeast Asia\u2019s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that its Board of Directors has approved a stock repurchase program authorising the repurchase of up to US$2 million of its common stock, commencing on 01 February 2023. Dennis Nguyen, Founder, Chairman and Chief Executive Officer, comments, \u201cWe are pleased to announce the approval of this share repurchase program, providing us with a significant tool to generate shareholder value. As of 31 December 2022, SoPa has approximately US$19 mn of cash and zero long-term debt. Given our closing stock price of $1.11 on 31 January 2023, our current undervalued &hellip; Continue reading &quot;Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-01T12:35:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc0MDM0OCM1Mzg1MDgzIzUwMDA4NjM4Mg==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023\",\"datePublished\":\"2023-02-01T12:35:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\\\/\"},\"wordCount\":934,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODc0MDM0OCM1Mzg1MDgzIzUwMDA4NjM4Mg==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\\\/\",\"name\":\"Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/society-pass-nasdaq-sopa-engages-thinkequity-to-facilitate-stock-repurchase-program-of-up-to-us2-million-commencing-on-01-february-2023\/","og_locale":"en_US","og_type":"article","og_title":"Society Pass (Nasdaq: SOPA) Engages ThinkEquity to Facilitate Stock Repurchase Program of Up to US$2 Million Commencing on 01 February 2023 - Market Newsdesk","og_description":"NEW YORK, NY, Feb. 01, 2023 (GLOBE NEWSWIRE) &#8212; via NewMediaWire \u2013 Society Pass Incorporated (&#8220;SoPa\u201d) (Nasdaq: SOPA), Southeast Asia\u2019s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that its Board of Directors has approved a stock repurchase program authorising the repurchase of up to US$2 million of its common stock, commencing on 01 February 2023. Dennis Nguyen, Founder, Chairman and Chief Executive Officer, comments, \u201cWe are pleased to announce the approval of this share repurchase program, providing us with a significant tool to generate shareholder value. As of 31 December 2022, SoPa has approximately US$19 mn of cash and zero long-term debt. 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