Photo giant Kodak has announced that its upcoming initial coin offering (ICO) might get delayed by “several weeks.”
In January, Kodak announced its partnership with WENN Digital to launch a blockchain-powered image rights management platform and a cryptocurrency ‘KodakCoin’. Global Blockchain Technologies Corp. subscribed for all eight million KodakCoins that were available in the pre-ICO Stage I.
The KODAKCoin security token offering was scheduled to open on January 31, 2018. However, in a latest announcement, the company said that it has to verify the “accredited investor” status of each of the 40,000 potential investors who have expressed their interest in the ICO.
“Given the large interest in the KODAKCoin ICO and the steps that we need to take to verify the “accredited investor” status of each interested investor, we expect this process to take several weeks,” Kodak said.
Accredited investors are those persons (1) whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million, or (2) who had an individual income in excess of $200,000, or joint income with his or her spouse in excess of $300,000, in each of the two most recent years, and has a reasonable expectation of reaching the same income level in the current year.
KodakCoin will be offered to accredited investors from the U.S., UK, Canada and other select countries. Outside the U.S., it be offered to select non-US persons in accordance with the applicable laws of each jurisdiction where such offers and sales occur.
