Japanese blockchain developer EarlyWorks (ELWS) has filed for a $16M US initial public offering.
EarlyWorks does not specify its filing The number or price of American Depositary Shares it intends to issue. However, the company is a particular one Filing fee schedule is attached Looking to raise up to $16M.
The technology company hopes to list its shares on Nasdaq under the symbol ELWS. Univest acts as lead book runner.
EarlyWorks is running in the red. For the fiscal year ended April 30, it posted a net loss of $4.6M on operating income of $3.6M.
Based in Tokyo, EarlyWorks has developed a proprietary blockchain technology called a grid ledger system that can be used for a variety of business purposes. The company is particularly focused on developing blockchain technology for more secure high-speed data processing.
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