World Chess may sell digital tokens that eventually convert to listed shares. Investors would get a discount but be stuck with a worthless asset if the planned IPO flops. Either way, World Chess’s profile gets a much-needed boost, says LiamWardProud:
World Chess, which owns the rights to broadcast some international chess tournaments, is planning a “hybrid initial public offering”, Chief Executive Ilya Merenzon told Breakingviews.
Merenzon wants to raise funds through a digital token offering - a sale of share-like assets to investors whom the Financial Conduct Authority deems qualified to buy such securities. The tokens will be convertible into listed shares if the company succeeds in floating on the AIM market of the London Stock Exchange next year, as it plans.
Merenzon, whose company was until 2018 responsible for the World Chess Championship, hopes to raise an amount that is “in single-digit millions of dollars”, he told Breakingviews.
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