Kodak plans on public and private token offering. Wenn Digital, the developer of the blockchain-based image rights platform announced its plans to raise $50 million in its public and private token offering -as reported by Reuters on May 10.
The blockchain-based image based platform has developed an image protection, monetization, and distribution platform called KODAKOne, which is designed to protect copyright images and photographs registered on its platform. Kodak apparently owns a minority stake of Wenn Digital.
Wenn’s token offering will start on May 21. The offering was meant to start in January but was delayed due to status check of potential investors. The announcement of the partnership caused a surge in share price to $13,25 was reached but dropped after it was postponed. The stock saw a close of $5.15 on Thursday.
Cam Chell, co-founder and chairman of KODAKOne told Reuters that they really took a step back and made sure that everything was in place before launching the token offering.
Chell assured investors that KODAKOne’s token offering would be registered with US Securities and Exchange Commission – by a Simple Agreement for Future Tokens instrument. When done under SAFT offering, token is given when launching blockchain platform. Chell says this will happen later this year and offerings are limited to accredited investors.
Wenn Digital has completed the pre-sale of SAFT to investors and has raised close to $10 million. Chell says that the demand is greater than the developers required capital $20 million.
“I think $50 million is our sweet spot”
KODAKCoin’s status as a security will likely prevent the token from being trading on unregulated cryptocurrency exchanges subject to U.S. securities laws, affecting the tokens liquidity – and KODAKCoin’s will be able to be resold by purchases in registered securities offering or a transaction that isn’t liable to securities registration.
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