PO8 Ltd. launches Reg. D 506 (c) funding to raise $50 million from Accredited Investors through the Bahamas' first STO
29 Mar, 2019, 10:00 ET
FREEPORT, Bahamas, March 29, 2019 /PRNewswire/ -- PO8 Ltd. (PO8), a Bahamas based blockchain company in the marine archaeology space planning to recover and tokenize billions of dollars of underwater artifacts, has announced yesterday its successful filing of Reg. D 506 (c) with the U.S. Securities and Exchange Commission (SEC) to raise part of its $50 million Security Token Offering (STO) from accredited investors in the U.S.
Under Regulation D, 506 (c) of the JOBS Act created by the Obama Administration in 2012 that allows businesses to raise capital and create new jobs, it has opened the door for companies like PO8 to solicit funds from accredited investors. According to the SEC, an accredited investor in the U.S. must have a net worth of at least $1,000,000, excluding the value of his or her primary residence, or have an annual income of at least $200,000 for the last two years (or $300,000 combined income if married).
The $50 million offering in common stock-backed security tokens, will have a minimum investment of $10,000. A Prospectus and a Private Placement Memorandum (PPM) are now available to all accredited investors, upon completion of the company's KYC verification process through its lead bookrunner and issuing agent in The Bahamas, LENO Corporate Services Ltd.
"We're excited to open our offering for the first time to the U.S. market. The U.S. is a mature market not to be ignored, and now with our filing in place with the SEC, we can approach American investors in a more regulatory and compliant manner," said Matthew Arnett, CEO of PO8.
Recently PO8 announced on CNBC Africa a partnership with Cryptovecs, a South African Blockchain Fund, to lead a $1 million investment round in Africa for its STO. PO8 was also named a finalist in the Smart Dubai Blockchain Challenge from over 700 entries from 79 countries and was also recognized for its blockchain for impact work by the Inter-American Development Bank (IDB), receiving the 2018 Creative Business Cup Award at Demand Solutions in Santiago, Chile.
PO8 Ltd. is a tech company in the marine archaeology space utilizing blockchain, artificial intelligence and robotics to recover and tokenize a unique set of underutilized and underwater cultural heritage assets and reshape their ownership with Non-Fungible Tokens (NFTs).
SOURCE PO8 Ltd.
Share this article