According to Reuters report on May 10, Wenn Digital, a certain developer of a blockchain-based image rights platform that is licensed by Kodak, have announced on Thursday its plans to attract up to a total of $50 min in a combined private and public token offering.
The designed image protection, monetization, and distribution platform secured via blockchain called as KODAKOne is developed by Wenn Digital to protect the copyright of images or photographs registered on the platform. As said in some reports, Kodak owns a minority stake at Wenn Digital.
Wenn’s token, the KODAKCoin will have its public offering on May 21. At first, the offering was scheduled for January but it was delayed to have the status of potential investors evaluated. As Kodak announced their partnership with Wenn Digital, its shares surged to up to $13.25 but it went down after the token offering had been postponed. Also, stock closed at $5.15 on Thursday as Cam Chell, the chairman and co-founder of KODAKOne told Reuters in an interview:
“We really took a step back and decided that we would ensure that all T’s were crossed and I’s dotted before we embark on a public sale. We wanted to make sure that we got it right.”
Chell stated that KODAKOne’s coin offering will be registered with the US Securities and Exchange Commission, by using an experiment called as the Simple Agreement for Future Tokens (SAFT). While under a SAFT offering, the token will be issued when the blockchain platform is launched which is expected to be later this year as said by Chell. SAFT offerings are said to be limited to accredited investors only.
Wenn Digital has already run a pre-sale of its SAFT to accredited investors and reportedly raised nearly $10 mln. Chell told Reuters that demand is greater than the developer’s capital requirement of $20 mln, “I think $50 million is our sweet spot.”
As Wenn Digital has already ran a pre-sale of its SAFT to certain accredited investors and reportedly raised to nearly $10 mln. Chell said that the demand is greater than the developer’s capital requirement of $20 mln.
“I think $50 million is our sweet spot,” he said.