Wag Labs, Inc., an American pet services marketplace company powering a mobile-first technology platform that enables on-demand and scheduled dog walking, training and other pet care services, announced today the launch of its Wag! Community Shares Program.
Wag! is pioneering a new method of charitable giving for the community of pet caregivers and for domestic pet nonprofit organizations. At the close of its previously announced business combination with CHW Acquisition Corporation, a publicly traded special purpose acquisition company, Wag! will reserve up to 300,000 shares of common stock for the program, to be arranged through and administered by Robinhood Financial LLC, an American financial services company and DonateStock, a fintech philanthropy company.
Throughout the company’s history, Wag! has been dedicated to improving the quality of life for all pets, providing more than 16.5 million meals to pets through a partnership with the Greater Good GOODS Program. As part of Wag!’s and CHW’s business combination, which is expected to close later this quarter, this new Community Shares Program further builds on the company’s commitment to charitable giving and furthers Wag!’s support of nonprofit pet organizations that support animals and pets in need. Wag! will also include the community of pet caregivers on the Wag! Platform in the Community Shares Program.
“As we work towards becoming a publicly-traded company, we are thrilled to launch a first-of-its-kind stock donation program for pet caregivers and nonprofit organizations in the U.S.,” said Garrett Smallwood, CEO of Wag! “The community of pet caregivers has been key for our continued growth and success, and we look forward to having the opportunity to offer this unique benefit to them as Wag! Stockholders thanks to our work with Robinhood and DonateStock.”
“Robinhood was founded on the belief that everyone, both investing newcomers and experts alike, should have access to the financial markets,” said Steve Quirk, Chief Brokerage Officer at Robinhood. “We are thrilled to help Wag! distribute stock to pet caregivers, as it aligns closely with our mission to democratize finance for all.”
“We are excited to play a key role in this ground-breaking initiative to use common stock to support domestic pet nonprofits at scale,” said Steve Latham, CEO and Co-Founder of DonateStock, Inc. “Our mission is to democratize charitable stock gifting. By allocating stock to more than 500 pet nonprofits, Wag! is expanding the definition of what that means.”
To fulfill this ground-breaking and innovative stock donation, the company intends to offer common stock to two groups in the program. Wag! will allocate up to 150,000 shares of common stock to eligible pet caregivers and up to 150,000 shares of common stock to eligible domestic pet nonprofit organizations. Prior to the closing of its business combination with CHW, which is expected to occur this quarter, Wag! intends to notify eligible nonprofit organizations and charities of the Program and instructions on how to register. Wag! intends to notify eligible pet caregivers after the close of the business combination.
For eligible pet caregivers to participate, they must have a Robinhood account in good standing.
In order for domestic pet nonprofit organizations to be eligible to participate, they must opt into the community share program, create a DonateStock.com account and implement both a Donatestock.com widget and a Wag! widget on their websites.
Participation is capped at 15 shares of common stock per eligible pet caregiver and 300 shares of common stock per eligible domestic pet nonprofit organization. Any reserved shares not allocated to eligible pet caregivers and nonprofit organizations will be provided to DonateStock’s nonprofit entity. Eligible domestic pet nonprofit organizations and pet caregivers are urged to read CHW’s registration statement on Form S-4 filed on July 7, 2022 for more information about the shares being offered and the terms and conditions of the Program. Only US residents and US resident entities are eligible to receive an allocation in this community share program. Any shares provided through both the Robinhood and DonateStock platforms will be subject to the terms, conditions and requirements set by Robinhood and DonateStock, as applicable.