Wenn Digital has created a system based on blockchain called KODAKOne, which seeks to protect copyrights to images or photographs registered on the platform. According to Wenn, Kodak has a minority stake in Wenn Digital.
Kodak, pioneer of photography in the United States, is actively involved in the development of the blockchain platform with Wenn, and its recent stock performance is strongly linked to the prospects of KODAKOne.
In early January, Kodak shares rose to $13.25 when they announced their deal with Wenn Digital, dropping after the token’s offer was postponed. Shares closed on Wednesday at $5.45.
The new token from Wenn will be called KODAKCoin with a public offer, which will be held on May 21. It was originally scheduled for January, but was postponed due to regulatory problems.
“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,” said Cam Chell, chairman and co-founder of KODAKOne. “We wanted to make sure that we got it right.”, he added.
Chell said that the offer of the KODAKOne coin will be legally compatible with the U.S. Securities and Exchange Commission using a tool called “Simple Agreement for Future Tokens” (SAFT).
According to the SAFT proposal, the token is issued when the blockchain platform is launched, which is expected to be announced in July by Chell, is expected.
Analysts say that the SAFT structure makes the sales of tokens viable, as it limits the participation of accredited investors. Thus, companies that produce SAFT should not be registered with the SEC.
It was the same structure as in April and September last year, when the company offered Filecoin, which raised about $200 million. Filecoin is a decentralized network that aims to facilitate the storage, retrieval and transmission of data.
Wenn Digital has already pre-sold SAFT to accredited investors, collecting about $10 million. The company’s capital requirement is $20 million, but Chell said that demand was higher: “I think that $50 million is our sweet spot.”