Kodak has collaborated with KODAKOne, a blockchain platform to raise $50 million in a public token offering. KODAKOne is developed by Wenn Digital to ensure copyright protection of images registered on the blockchain platform.
Reuters reported that Kodak shares shored up to $13.25 when the deal with KODAKOne was announced. Kodak stock price was pegged at $5.45 on Wednesday.
KODAKCoin will be the nomenclature for Wenn Digital’s token. The public offering is scheduled for May 21. The public offering was ready to go live in January but regulatory challenges played spoilsport, and the offering is finally seeing the light of the day this month.
“We really took a step back and decided that we would ensure that all Ts were crossed and Is dotted before we embark on a public sale,” Cam Chell, chairman, and co-founder of KODAKOne, told Reuters in an interview. “We wanted to make sure that we got it right.”
KODAKOne’s coin offering will be in tune with compliance rules laid down by U.S. Securities and Exchange Commission. Simple Agreement for Future Tokens (SAFT) will be utilized to ensure legal compliance. SAFT provides that participation is restricted to accredited investors. It guarantees safety and transparency to the offering.
Wenn Digital had initiated a pre-sale of its SAFT to accredited investors and garnered close to $10 million. Cam Chell is hopeful of securing $50 million. Some believe that SAFT approach to token sales is not a good idea because the U.S. Securities and Exchange Commission has issued subpoenas to Initial Coin Offering issuers of tech firms.