Traditional company Kodak: $ 50 million token sale planned
Kodak does not want to miss the connection and cooperates with Wenn Digital, a digital photo platform.
The goal of the collaboration is a blockchain-based solution that will protect the image rights of photographers. A $ 50 million private and public token sale is planned for this.
Cooperation supports Kodak course
Kodak Holds Minority Interest If Digital has developed the blockchain-based system called KODAKOne. The announcement of the cooperation had a positive impact on the course of the Eastman Kodak Company. The price jumped to a high of $ 13.25 in January. However fell again after the scheduled ICO was delayed. The price closed on Thursday at $ 5.50.
The KODAKCoin
After the ICO of the so-called KODAKCoin did not take place in January due to regulatory uncertainties, it is now scheduled for 21 May.
"We took another step back, because we wanted to make sure we thought everything through before we went public,"
said Cam Chell, chairman and co-founder of KODAKOne in an interview with Reuters.
According to Cell, the KODAKCoins ICO will comply with the guidelines of the US Securities and Exchange Commission. To implement this, an instrument called Simple Agreement for Future Tokens (SAFT) was used.
Simple Agreement for Future Tokens (SAFT)
For ICOs under the SAFT conditions, a token will not be issued to the public until the blockchain platform and a token buyer benefit exists. According to Chell, this will be the case with KODAKCoin at the end of this year. According to analysts, an ICO can be better implemented with the help of SAFT, since in the first step a sale to accredited investors takes place. After all, companies that use SAFT do not have to register with the SEC.
By pre-selling to accredited investors, Wenn Digital has already raised $ 10 million. The company needs a total of $ 20 million. These should be achieved with the help of Public Sales. However, as demand is greater, the sweet spot, according to Chell, is $ 50 million.
source: https://www.btc-echo.de/traditionsunternehmen-kodak-50-mio-us-dollar-token-sale-geplant/