Earlyworks Co., Ltd. Announces Closing of Initial Public Offering
27 Julho 2023 - 5:05PM
Earlyworks Co., Ltd. (Nasdaq: ELWS) (the “Company” or
“Earlyworks”), a Japanese company operating its proprietary private
blockchain technology, Grid Ledger System (“GLS”), today announced
the closing 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 began trading on the Nasdaq Capital Market on
July 25, 2023 under the ticker symbol “ELWS.”
The Company received 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.
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 was conducted on a firm commitment
basis. US Tiger Securities, Inc. acted as the underwriter for the
Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel
to the Company, and VCL Law LLP acted 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
was made only by means of a prospectus, forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering 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
may be obtained via the SEC's website at www.sec.gov.
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. 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. 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
Department Email: ir@e-arly.works
Ascent Investors Relations LLCTina Xiao Phone:
+1 917-609-0333 Email: tina.xiao@ascent-ir.com
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