Wag! has completed its business combination with CHW Acquisition Corporation, with trading under the new ticker symbols, “PET” and “PETWW”, starting on August 10, 2022. The merger, approved on July 28, 2022, enables Wag! to expand its premium pet care offerings using the funds raised. Wag!’s CEO, Garrett Smallwood, emphasized the importance of this milestone in enhancing community access to quality pet care. Additionally, Wag! will reserve 300,000 shares for its Community Shares Program aimed at supporting pet caregivers and nonprofits.
Wag Labs has announced the launch of its innovative Wag! Community Shares Program, aimed at supporting pet caregivers and nonprofit organizations. As part of its upcoming merger with CHW Acquisition Corporation (NASDAQ: CHWA), Wag! will reserve up to 300,000 shares for distribution through Robinhood and DonateStock. Eligible participants can receive up to 15 shares each, promoting charitable giving in the pet care community. This initiative strengthens Wag!'s commitment to enhancing the lives of pets and supports over 500 nonprofits.
CHW Acquisition Corporation (Nasdaq: CHWA) announced that the SEC has declared its registration statement effective for its business combination with Wag Labs, Inc., a pet services marketplace. A special meeting is scheduled for July 28, 2022, to approve the merger. Following the closure, the combined entity will be known as Wag! Group Co., with common stock and warrants trading under symbols PET and PETW on Nasdaq. Wag! offers a mobile platform for dog walking and pet care, having completed over 12.1 million services and $325 million in bookings.
Wag Labs, Inc. announced it will go public through a merger with CHW Acquisition Corporation (NASDAQ: CHWA). Wag! is a pet services marketplace, providing services like dog walking and training. Key executives Garrett Smallwood and Adam Storm will present at the Needham Technology & Media Conference on May 16, 2022. Wag! boasts over 400,000 pet caregivers and has completed over 12.1 million pet care services, totaling more than $325 million in bookings. CHW aims to facilitate business combinations in various sectors.
Wag! reported a 273% revenue increase in Q1 2022, reaching $9.7 million compared to $2.6 million in Q1 2021. Gross bookings surged 141% to $17.5 million. The company's net loss decreased to $(2.4) million, an improvement from $(2.7) million in the same period last year. Wag! also noted significant Adjusted EBITDA improvements, with a loss of $(2.1) million versus $(2.6) million in Q1 2021. The firm is reaffirming its guidance for 2022 and 2023, projecting $93.4 million and $163.5 million in gross bookings, respectively. Wag! is set to merge with CHW Acquisition Corporation, expected in Q2 2022.
Wag! reported a 238% revenue increase year-over-year in Q4 2021, reaching $8.1 million. Gross bookings surged by 141% to $16.6 million. The company improved its net loss to $(2.7) million from $(4.1) million and adjusted EBITDA loss narrowed to $(2.5) million. For FY 2021, revenue rose 68% to $20.1 million, with net loss improving to $(6.3) million.
Wag! reaffirmed guidance for 2022 and 2023, anticipating revenue of $41.8 million and $71.0 million respectively, alongside a business combination with CHW Acquisition Corporation.