The company is already at the stage of conducting an ICO, but this does not prevent it from thinking about what status to choose for its token. Whether it will be an analogue of securities or something else is still unknown.
Despite the fact that the Eastman Kodak Co roadmap was made public, there was no more information. On the contrary, these data were even more confusing.
WENN Digital, which is conducting the ICO of Kodak tokens, sent letters with a link to the white paper to potential investors last Thursday. From the document it becomes clear, or rather unclear, that the KodakCoin token most likely will not be a security, but it is likely that vice versa.
WENN Digital is concerned that the US SEC may impose restrictions. The company emphasizes that KodakCoin is absolutely equivalent to shares of a utility company. But the SEC may see things differently.
“WENN Digital will endeavor to take formal or informal measures to convey our vision to the Commission. If KodakCoin were to qualify as a security, we would be subject to significant restrictions under the Securities Act unless we could obtain an exemption from registration."
Kodak hopes to sell 100 million KodakCoin tokens to accredited investors under SAFT agreements.
Kodak's ICO was first reported earlier this year. The company announced its intention to use blockchain as a copyright protection tool for photographers. At the same time, it was announced that the company will produce mining equipment.
The fact that at such an important stage as the initial coin offering, Kodak still cannot decide on the status of its tokens, does not inspire confidence, and you need to think many times before than to invest in KodakCoin.
According to https://www.bloomberg.com
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