The SEC just recently published a Form D submission coming from a company in Estonia seeking to raise $180 million in an ICO that starts out as a simple agreement for future tokens (SAFT).
The company’s name is NewTech Myning OÜ, with an incorporation address in Tallinn, the country’s capital. According to public financial records from Estonia, the company was founded only two months ago.
The company’s SEC filing shows that it wishes to offer tokens only to accredited investors through a SAFT, which is essentially a sale of tokens that may appear in the future once the platform goes live.
SAFTs are offered only to accredited investors, a prefered method for ICOs that wish to avoid public sales, which bring about more scrutiny from the SEC.
Under the section describing the type of securities offered, NewTech Myning wrote, “Sale and issuance of rights to receive GoWeb tokens in the future via a Simple Agreement for Future Tokens.”
When we look at who signed this submission, we find Mr. Rainer Osanik, a founder and senior partner at R.O.S. Law Office and a legal expert in corporate and financial law. This may also explain why NewTech Myning’s official contact email address ends with “@roslaw.ee,” the URL for R.O.S. Law’s website.
We could not find many more details about the GoWeb tokens this company wishes to sell, or anything else about the ICO, for that matter. We have also attempted to contact the company via email and phone, to no avail.
Since the SEC hasn’t yet reviewed the submission, we’re left asking ourselves what GoWeb tokens are.