3 months ago 1 min read

EarlyWorks Filed for US Initial Public Offering $16M


Earlyworks is a Japanese company founded in May 2018 that uses its own private blockchain technology called the Grid Ledger System (GLS) to integrate blockchain technology into applications across numerous industries. According to Earlyworks, the viability of GLS in the virtual world, the financial sector, and other areas has been confirmed. At the moment, Earlyworks is collaborating with Ambition DX Holdings, a publicly traded business in Japan, to implement GLS to the online lease signing system. The applicability of GLS in the virtual world, the financial sector, and other areas, according to Earlyworks, has also been confirmed.

EarlyWorks did not disclose in the filing the number of American Depositary Shares it intends to issue or the price per share. However, a schedule of filing fees that was attached to the document showed that the corporation planned to make up to $16 million. The business plans to float its stock on the Nasdaq Capital Market.

The IT company is attempting to float its stock on Nasdaq under the ticker ELWS. Univest is the primary bookrunner for this transaction. EarlyWorks has been consistently losing money. It reported operating revenue of $3.6 million and a net loss of $4.6 million for the fiscal year that ended on April 30.

EarlyWorks, a company with its main office in Tokyo, has developed a unique blockchain technology it calls the Grid Ledger System. It is possible to use this technology for a variety of different commercial purposes. In order to achieve more dependable and quick data processing, the firm has given major importance to blockchain technology research and development.

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