The U.S. Securities and Exchange Commission (SEC) has just given green light to Blockstack's token sale. According to Blockstack's CEO Muneeb Ali, this is the very first time in history the SEC approves a token sale under Regulation A+.
The sale is scheduled to start on July 11, and both credited and retail investors will be able to participate in it.
The token sale has been approved under the SEC's Regulation A+, according to which companies can rise up to $50M. Since Blockstack only plans to attract around $28 million, this was its best option. This type of raising mechanism allows small companies to rise funds from the public without the need of meeting the strict regulatory requirements associated to standard IPOs.
It looks like the company intends to sell around 62 million units of Blockstack Stack (STX) at $0.3 and other 78 million tokens at $0.12.
The company has reportedly spent about $2 million to get approval from the regulator to carry out its token sale.
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