Society Pass Incorporated (SOPA) engages in acquiring and operating e-commerce platforms for consumers and merchants. The company made its stock market debut on November 9, 2021, going public via the traditional initial public offering method and raising $28.13 million in gross proceeds. The company recently acquired Pushkart.ph, expanding its Southeast Asia footprint.
The stock has lost 71% over the past three months to close today’s trading session at $2.97. In addition, it is currently trading 96% below its all-time high of $77.34, which it hit on November 10, 2021, due to the Reddit-fueled short squeeze. Moreover, ongoing labor issues and supply chain disruption make the company’s near-term prospects look bleak.
