Shares of Society Pass Inc. SOPA, +247.43%, a Vietnamese e-commerce company with a Nasdaq listing, rose 177% on Monday, after the company was added to the Russell 2000 index. Society Pass went public in November in a deal that raised $26 million. The company calls itself an acquisitions-focused, e-commerce holding company, that focuses on helping customers create loyalty from customers and merchants. Chief Executive Dennis Nguyen said the IPO proceeds will be used to grow the business in Southeast Asia. The company’s IPO documents include disclosures of several lawsuits against the company brought by former employees and one by venture capital firm SOSV, relating to its investment in Hottab, a POS app for small businesses. The company had a net loss of $8.4 million for the three months to end-Septeber, wider than the $1.6 million loss posted in the year-earlier period. Revenue rose to $83,534 from $11,629. Society Pass has also received several comment letters from the Securities and Exchange Commission regarding its disclosures, according to the SEC’s edgar page.
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