Hassans advises INX in setting up the first IPO of a security token registered with the U.S. SEC.

Hassans, led by Partner Aaron Payas, was delighted to have advised INX in setting up the first ever Initial Public Offering (‘IPO’) of a security token registered with the U.S. Securities and Exchange Commission (‘the SEC’). 

The first IPO (not ICO, or initial coin offering, which is the nomenclature for the issue of utility tokens as opposed to security tokens) structured through Gibraltar is the culmination of a process which INX embarked upon, with Hassans, around two years ago. 

INX filed a draft F-1 form with the SEC initially back in January 2018 and has been engaged in a lengthy, often arduous process of dealing with queries and requests for further information from the SEC over the last two years. There have been nine rounds of feedback during which the project has come under heavy scrutiny, focusing in part on the reasons why INX chose Gibraltar as the jurisdiction and, further, the provision of extensive feedback in relation to Gibraltar law.

You can read Hassans' press release here for more info.