On 11 September 2020, NODE Anstalt successfully completed the first Initial Public Token Offering of the SKL Token in full compliance with the new regulations of the Liechtenstein Blockchain Act (TVTG). Niedermüller Attorneys advised the issuer on the Public Token Offering.
In the Initial Public Token Offering NODE Anstalt distributed over 167 million SKALE Tokens (SKL) to over 4’600 subscribers from 90 different countries worldwide and raised an overall amount of USD 5 Million.
Despite the fact that all interested subscribers had to pass a rigid KYC and AML procedure to become eligible for buying SKL Tokens and the fact that the SKL Tokens come with a substantial lock up period excluding secondary market trading, the Initial Public Token Offering was heavily oversubscribed. While only offering SKL Tokens in the value of approx. USD 5 Million, NODE Anstalt overall received subscription requests of accredited investors amounting to more than USD 50 Million.
“We are proud and pleased that we received such an overwhelming interest in the Public Offering. This confirms that we are on the right way and encourages us to further expand the SKALE Network to make it accessible to as many users as possible. We are now looking forward to shortly launch the SKALE Network. It has been a pleasure working with the entire team of Niedermüller Attorneys which provided strong support to make this Public Offering a success and we count on their continued support” noted Jack O’Holleran the CEO of SKALE Labs and Director of NODE Anstalt.
We congratulate the entire team that made this first Initial Public Token Offering a remarkable success. NODE Anstalt was supported by the Teams of SKALE Labs, Consensys, Codefi Activate, Wyre, Compliance Labs Liechtenstein, Orrick Herrington & Sutcliffe and Niedermüller Attorneys.