TechFlow news — Earlyworks, a Japan-based blockchain technology company operating the proprietary private blockchain network Grid Ledger System (GLS), has had its listing application disclosed by the U.S. Securities and Exchange Commission. The company began trading on Nasdaq on July 25, 2023, local time, under the ticker symbol "ELWS".
Earlyworks will offer 1,200,000 American Depositary Shares (ADS) through its initial public offering (IPO), priced at $5.00 per ADS. Prior to deducting underwriting discounts and other related expenses, the company expects to generate approximately $6 million in gross proceeds from the offering.
In addition, the company has granted underwriters a 45-day option following the completion of the offering to purchase up to an additional 180,000 ADSs at the public offering price, less underwriting discounts. The offering is expected to close on or about July 27, 2023, subject to customary closing conditions.
The net proceeds from the offering will be used to fund research and development of GLS and the GLS Software Development Kit (SDK), recruit global talent, strengthen internal corporate governance systems, and invest in businesses engaged in the development of blockchain-based products and services.
