KODAKCoin Fundraising to Begin Later This Month
Imaging giant Kodak is now looking at May 21 for the SAFT offering of its KODAKCoin for accredited investors.
A sale of Simple Agreements for Future Tokens (SAFTs) for KODAKCoin – the forthcoming digital rights token bearing the name of imaging company Kodak – is set to begin later this month.
The offering, which is limited to accredited investors, will start on May 21 and seek to raise up to $50 million, WENN Digital announced on Thursday. Kodak licensed its brand to the firm for the project, which involves a digital rights management platform that has its own built-in cryptocurrency.
KODAKCoin and its planned sale were first revealed in January, but an expected start date of Jan. 31 was delayed for what was originally said to be a several-week period.
The SAFTs are being sold at $1 apiece, according to WENN. The company's intention to sell SAFTs rather than tokens directly was revealed in a paper published back in March.
As explained in a previous CoinDesk feature, SAFTs are investment contracts designed to be sold to accredited investors as a means of funding development, similar to the way equity changes hands in traditional venture capital. In a SAFT sale, no tokens are offered, sold or exchanged – instead money is exchanged for paper documents that promise access to a future product.
WENN said the sale will be conducted through a platform called Cointopia and that it will be managed by Pickwick Capital Partners and Exemplar Capital.
“We are excited to offer the SAFTs and the rights to the underlying KODAKCoin in a manner structured to fully comply with an exemption to the SEC’s registration requirements,” said Jan Denecke, WENN's CEO, adding:
The sale announcement comes days after a cryptocurrency exchange claimed that it was hosting the KODAKCoin ICO, an assertion that a representative for KODAKCoin called "fraudulent."
Kodak image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.