Earlyworks Co., Ltd. Announces Pricing of Initial Public Offering
24 Julio 2023 - 2:59PM
Earlyworks Co., Ltd. (the “Company” or “Earlyworks”), a Japanese
company operating its proprietary private blockchain technology,
Grid Ledger System (“GLS”), today announced the pricing of its
initial public offering (the “Offering”) of 1,200,000 American
Depositary Shares (“ADSs”) at a public offering price of US$5.00
per ADS. Each ADS represents one ordinary share of the Company. The
ADSs have been approved for listing on the Nasdaq Capital Market
and are expected commence trading on July 25, 2023 under the ticker
symbol “ELWS.”
The Company expects to receive aggregate gross
proceeds of US$6.00 million from the Offering, before deducting
underwriting discounts and other related expenses. In addition, the
Company has granted the underwriters a 45-day option from the
closing 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
the satisfaction of customary closing conditions.
Proceeds from the Offering will be used for
investment in the research and development of GLS and GLS-System
Development Kit (“SDK”), the recruitment of global talents, the
strengthening of internal corporate governance systems and the
investment in businesses engaged in the development of
blockchain-based products and services.
The Offering is being conducted on a firm
commitment basis. US Tiger Securities, Inc. is acting as the
underwriter for the Offering. Hunter Taubman Fischer & Li LLC
is acting as U.S. counsel to the Company, and VCL Law LLP is acting
as U.S. counsel to US Tiger Securities, Inc. in connection with the
Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the U.S. Securities and Exchange
Commission (the “SEC”) (File Number: 333-269068), as amended, and
was declared effective by the SEC on July 24, 2023. The Offering is
being made only by means of a prospectus, forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering, when available, may be obtained from US Tiger
Securities, Inc. by email at
Project_earlyworks@ustigersecurities.com, by standard mail to US
Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York,
NY 10022 USA, or by telephone at +1 646-978-5188. In addition,
copies of the final prospectus relating to the Offering, when
available, may be obtained via the SEC's website at
www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more information about the Company and the
Offering. This press release does not constitute an offer to sell,
or the solicitation of an offer to buy any of the Company’s
securities, nor shall such securities be offered or sold in the
United States absent registration or an applicable exemption from
registration, nor shall there be any offer, solicitation or sale of
any of the Company’s securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
About
Earlyworks Co., Ltd.
Earlyworks Co., Ltd. is a Japanese company
operating its proprietary private blockchain technology, GLS, to
leverage blockchain technology in various applications in wide
range of industries. GLS is a hybrid blockchain that combines the
technical advantages of blockchain and database technology. GLS
features high-speed processing, which reaches 0.016 seconds/one
transaction, tamper-resistance, security, and reliability
capacities, with multiple verified applicable domains including
real estate, advertisement, telecommunication, metaverse, and
financial services. The Company aims to increase the number of use
cases of GLS and offer a general-purpose SDK for external engineers
to improve GLS. The Company’s mission is to keep updating GLS and
make it an infrastructure in the coming Web3/metaverse-like data
society. For more information, please visit the Company’s website:
https://ir.e-arly.works/.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements, including, but not limited to, the
Company's proposed Offering. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the Offering will be
successfully completed. Investors can find many (but not all) of
these statements by the use of words such as “approximates,”
“believes,” “hopes,” “expects,” “anticipates,” “estimates,”
“projects,” “intends,” “plans,” “will,” “would,” “should,” “could,”
“may,” or other similar expressions in this prospectus. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For more information, please
contact:
Earlyworks Co.,
Ltd.Investor Relations DepartmentEmail:
ir@e-arly.works
Ascent Investors Relations
LLCTina XiaoPhone: +1 917-609-0333Email:
tina.xiao@ascent-ir.com
Earlyworks (NASDAQ:ELWS)
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