NEW YORK, NY, July 25, 2018 (GLOBE NEWSWIRE) -- Weyland Tech Inc. (OTCQX: WEYL) ("Weyland " or the "Company"), a provider of mobile business applications, notifies shareholders about potential trading violations and manipulation of it’s shares.
On July 24, trading in the Company’s shares appeared to have a closing price of $1.20, down -1.40 and 53.85%. Upon review of the posted trading activity, it appears that the $1.20 trade occurred at 15:42:01 and was outside the bid/ask, and substantially below market. It was also noticeable from the trading activity that trades occurring subsequent to 15:42:01 occurred between the prices of 2.06 and 2.23, and were not captured by OTCMarkets trade data, thereby making the closing price of Weyland appear as $1.20 for the day.
The company promptly reached out to OTCQX regarding the $1.20 trade and was advised by OTCQX that FINRA had identified the trades after 15:42:01 to be “irregular,” while not identifying the $1.20 trade as “irregular.” The company is working with OTCQX and FINRA to determine the reason for the $1.20 trade not being flagged as “irregular” and being utilized as a valid closing price, while ignoring subsequent trades that were consistent with recent market prices. Further the company is asking that the $1.20 trade be removed from the trading history and the July 24, 2018 close.
The company knows of no reason that shares of the company should have traded to the $1.20 level. The approximate Volume Weighted Average Price (VWAP) for the day, including these trades, was $2.26 and we believe this a more accurate reflection of Weyland’s closing price on the day.
The company intends to pursue any and all remedies for any irregular trading activity intentionally undertaken and/or facilitated by market participants that negatively impacts the company’s share price.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. It's CreateApp platform offers a mobile presence to businesses in emerging markets, with partnerships on 3 continents and growing. This DIY mobile application platform, offered in 14 languages with over 35 integrated modules, enables small and medium sized businesses ("SMB's") to create native mobile applications ("apps") for Apple's iOS and Google Android without technical knowledge or background, empowering SMB's to increase sales, reach more customers and promote their products and services in an easy, affordable and efficient manner.
In May 2018, the Company expanded its portfolio to fintech applications with the launch of its AtozPay mobile payments platform. The mobile wallet launched in the worlds 4th most populous country, Indonesia, and is already experiencing rapid growth in transactions taking place on the platform.
Follow Weyland Tech online at:
Weyland Tech Facebook Page (https://www.facebook.com/weylandtech)
Weyland Tech Twitter Feed (https://twitter.com/weylandtechinc)
Weyland Tech LinkedIn Page (https://linkedin.com/company/weylandtech)
Brent Suen, CEO Public Facebook Page (https://www.facebook.com/BrentSuenWEYL)
Brent Suen, CEO Public Twitter Feed (https://www.twitter.com/BrentSuenWEYL)
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.