Tokyopop Closes Public Share Offer With Over 300 New Owners
The offer converts a few hundred fans into shareholders in a company whose own accountants doubt it can continue operating, so the money raised is both a lifeline and a test of whether the Owners Club model holds.
Reporting from 1 source: Anime News Network.
Tokyopop's public stock offer ends Thursday, founder Stu Levy said. More than 300 people bought shares at US$5.00 each, up from 14 owners before the offer. The company seeks up to about US$1.2 million and targets US$50 million in annual revenue by 2030, against roughly US$15 million now. Its accountants doubt it can continue.
Tokyopop founder Stu Levy said the company had planned to open itself to the public in Japan 20 years ago, and that the closure of retailer Borders, manga piracy, and competition in the manga market forced the shut down of its U.S. publishing operation. He added that he returned to the idea after the business recovered and expanded in recent years.
The company raised the tally from 14 owners to more than 300, and the shares it sold are Class B Common Stock, which carry no voting rights. Tokyopop's stated plans for the proceeds include publishing, anime production, merchandising, and live experiences, though the shares are not publicly traded and cannot be transferred during a one-year holding period.
Synthesized by Yomimono from the 1 cited source below, including Japanese-language reporting where cited, then editorially reviewed before publishing.
Sources
- Anime News Network News Tokyopop's Public Stock Shares Offer Ends on September 24