Published: Jun 28, 2023 at 1:20pm ET
By Denny Jacob
Earlyworks announced Wednesday that its IPO will include 1.2 million American Depositary Shares at $5 each.
The Japanese company, which operates proprietary private blockchain technology, estimates net proceeds from the offering at $5.6 million, or $6.4 million if subscribers exercise their option in full…
By Denny Jacob
Earlyworks announced Wednesday that its IPO will include 1.2 million American Depositary Shares at $5 each.
The Japanese company, which operates proprietary private blockchain technology, estimates net proceeds from the offering at $5.6 million, or $6.4 million if the underwriters fully exercise their option to purchase additional ADSs, it said in an official filing.
Chief Executive Officer Satoshi Kobayashi will own more than half of the total voting power of his outstanding shares regardless of whether the underwriters exercise their over-allotment option after the closing of the offering, the company said.
The company said it has applied to list its ADSs on the Nasdaq under the ticker symbol ELWS.
Earlyworks said it plans to use about half of the net proceeds to research and develop a parallel-processing blockchain technology that enables rapid transaction approval. The remainder would be used to recruit global talent and invest in the company.
Write to Denny Jacob at [email protected]
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