Oddity, a consumer beauty and wellness firm that boasts more than 30 million users, will be issuing a security token leveraging the Securitize platform.
In a release, Oddity said that a digital security will provide a “new way for investors to participate in the strong performance of the company.” The security will be issued under the Reg D exemption from April 26 to May 11, 2022. Oddity points out that once the company completes an initial public offering, the digital security automatically converts into ODDITY Class A ordinary shares. WSJ.com reported that the security token will convert into common at a 20% discount at the time of a future IPO.
Oran Holtzman, co-founder and CEO of ODDITY, said they are democratizing investor opportunity by offering the “trailblazing token.”
“Crypto and blockchain technology unlock massive opportunity for consumers and capital markets. With this offering, we are building a new bridge to link traditional markets with the vibrant world of digital assets, where the innovation potential is huge.”
Lindsay Drucker Mann, CFO of ODDITY, added that as a digital and technology-powered company, they believe they are well positioned to help drive the future of securities forward.
Oddity products include:
- POWERMATCH – an AI- and Machine Learning-driven matching engine to deliver consumers the perfectly-matched shades for them
- Kenzza – a patented creator-powered in-house media platform that represents one of the largest libraries of bespoke beauty media content in the world
- A patented hyperspectral image recovery software, catapulting the company into the forefront of innovation in computer vision
- SpoiledBrain – an AI- and Machine Learning-driven matching engine to pair consumers with wellness products
Securitize is both a primary issuance tech provider as well as a trading platform for digital securities. The Reg D offering for Oddity will only be made available to accredited investors. It was previously reported that Oddity had acheived a valuation of around $1.5 billion.
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