INX Limited, a blockchain firm partly owned by the former Anyoption CEO Shy Datika, is set to launch its much-awaited (IPO) as soon as Monday, an anticipated date confirmed by the company after a long journey of almost two years.
“It is anticipated that the Offering will begin on August 24, 2020, or shortly thereafter,” Thursday’s announcement noted.
The Gibraltar-based company first revealed its intent to go public in January 2018, but took almost a year to file its F1 prospectus with the US Securities and Exchange Commission (SEC).
Launched in 2017, is developing a platform to provide a single entry-point for the investors to trade multiple blockchain assets including digital currencies, security tokens, and their derivatives.
The press release detailed that the blockchain company is aiming to sell 130 million INX Security Tokens in the public offering at a price of $0.90 for each token, meaning it is eying to raise a total of $117 million. Investors need to make a minimum purchase of $1,000 worth tokens.
A hybrid token in offering
For the IPO too, INX will offer security tokens build on the as ERC-20 tokens. The tokens will be a hybrid of both utility and security tokens, so the investors will not only be shareholders of the company, but can also utilize the tokens in paying trading fees in the platform.
The SEC filing also showed that the company would retain around $111 million from the sale after offering expenses and fees to advisory firm A-Labs.
The offering grabbed the attention of the entire financial industry as it is one of the few blockchain companies attempting to go public and certainly the largest among all yet.
A part of the proceeds from the IPO would be used in the development of the company’s flagship platform INX Trading Solutions, while the rest will be retained to strengthen the company’s cash reserve.
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