Oddity, an early-stage beauty and health startup that has captured significant traction, has posted the information on its security token offering which is being powered by Securitize.
As was reported yesterday, Oddity CEO and co-founder Oran Holtzman said they are democratizing investor opportunity by offering the security token, describing it as a new bridge, linking traditional markets with digital assets.
Today, the information on the digital security is live.
Oddity states that the digital asset is built on the Ethereum blockchain, and is a digital security that automatically converts into a share of ODDITY stock at the time of an IPO, at a 20% discount to that IPO price.
“This structure, similar to a fixed discount convertible in conventional markets, allows token investors today the opportunity to achieve an embedded 20% return relative to what public market investors would achieve participating in an IPO. Fixed discount convertibles are instruments frequently sold to an exclusive group of private investors including VCs and Private Equity, but to our knowledge have never been offered as digital securities to a broad spectrum of qualified individual investors, until now.”
Investors must commit a minimum of $1000 to participate in the offering which is limited to accredited investors in the US but may be available to a wider audience of retail investors outside the United States. Interested investors must create an account on Securitize which will take them through KYC [know your customer] verification process.
This is a book-building process and no funds are needed immediately with the offering scheduled to close on May 11, 2022, at which time you will need to fund your commitment and the security will be placed in your Securitize account.
Oddity explains their thoughts on the process:
“We believe in a future where financial innovations from crypto and blockchain unlock efficiencies and opportunities across the capital markets. Where securities will be smart, functional lines of code rather than just certificates of record. And where “smart stocks” allow investors to self-custody, and issuers to reward shareholders – future use cases include 10X dividends for long-term holders, streaming dividends, discounts on products enabled by plugging a digital wallet into a website, superior governance tools, and transparency of ownership and trading activity.”
While specifics on valuation and anticipated public offering are not available for non-registered investors, Oddity states that its business has grown rapidly since 2018, “doubling revenue every year and achieving significant scale with an estimated $268 million in annual revenue in 2021.”
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