The launch of KODAKCoin has been delayed several weeks as Kodak needs to verify the status of its 40,000 potential investors.
The Eastman Kodak Company announced on Jan. 30 that the launch of their cryptocurrency KODAKCoin would be delayed to evaluate the status of potential investors. The delay was announced the day before the Initial Coin Offering (ICO) was set to start, according to the project’s Jan. 9 press release.
As explained on the company’s website, Kodak intends to run an ICO that offers security tokens as an ‘exempt offering’ — this means the company does not have to register their security with the US Securities and Exchange Commission (SEC), but only “accredited investors” can participate in the ICO.
The SEC requires that an individual accredited investor has a net worth that exceeds $1 million, or an annual income of at least $200,000, along with other conditions.
The company claims it needs “several weeks” to verify the “accredited investors” status of those who applied to invest in the ICO, which Kodak reports is more than 40,000 people.
The company added that potential investors from outside the US would be considered following their local jurisdictions.
According to Marketwatch, Kodak’s stock (KODK) prices sharply increased after the project’s press release on Jan. 9 from $3.1 to almost $11 the next day. However, after the delay was announced on Jan. 30, the stock dropped by more than 18 percent and continued to trend downwards on Feb. 1.
