EarlyWorks Has Filed For A $16 Million US Initial Public Offering
- On December 31, Earlyworks Co., Ltd. filed an application with the Securities and Exchange Commission (SEC) for an initial public offering (IPO).
- According to a filing fee schedule attached to the document, the corporation aimed to generate up to $16 million dollars.
The Japanese blockchain technology startup Earlyworks Co., Ltd. submitted its application for an initial public offering (IPO) to the United States Securities and Exchange Commission (SEC) on December 31.
Earlyworks is a Japanese firm that was established in May 2018 and operates a proprietary private blockchain technology Grid Ledger System (GLS) in order to implement blockchain technology in applications spanning a variety of different industries. Earlyworks claims that it has verified the applicability of GLS in the virtual space, financial fields, and other fields, and it is currently cooperating with Ambition DX Holdings, a listed company in Japan, to apply GLS to the online lease signing system. Earlyworks also claims that it has verified the applicability of GLS in the virtual space, financial fields, and other fields.
The number of American Depositary Shares that EarlyWorks plans to offer or the price per share was not specified in the filing that the company submitted. Nevertheless, a filing fee schedule that was appended to the document revealed that the corporation intended to generate up to $16 million dollars. The company intends to list its shares on the Nasdaq Capital Market.
The IT firm is working toward getting its stock listed on Nasdaq under the ticker symbol ELWS. The principal bookrunner for this transaction is Univest. EarlyWorks has been losing money on a consistent basis. It recorded a net loss of $4.6 million for the fiscal year that ended on April 30 and had operating revenue of $3.6 million.
EarlyWorks, which has its headquarters in Tokyo, has created a proprietary blockchain technology that it refers to as the Grid Ledger System. This technology may be utilized for a range of different commercial reasons. The organization has placed a significant amount of emphasis on the research and development of blockchain technology in order to achieve more reliable and rapid data processing.
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