First IPO on NY-Focused Trading Market is a $810 million Market Cap Tech Company
A Source of Up to $80 Billion Capital for New York Business
NEW YORK, NY / ACCESSWIRE / September 14, 2023 / State Stox NY Trading Market (SSNY) has initiated trading with the IPO of a New York internet technology company, boasting a $810 million market cap. Trading commenced on Tuesday, September 12 at SSNY, an innovative platform that empowers New Yorkers to invest in companies located within their hometown and home state. M&T Bank is custodian for SSNY.
SSNY embraces the "invest local" trend, building upon the "buy local" movement. Exclusively listing New York-based companies and limiting investment account access to New Yorkers, SSNY is proudly referred to as "New Yorkers investing in New Yorkers," aligning with the growing trend towards supporting locally produced goods and services as a countermeasure to the increasing concentration of production within giant multinational corporations.
Local Investing Unleashes Up To $80 Billion Capital for NY Business
Over 200,000 accounts of New York residents have already been approved for trading accounts, representing up to $16.5 billion of potential investment capital, based on SSNY's recommendation that every investor devote 8% to 10% of their portfolios to investing in local companies. SSNY believes it may eventually have as many as 1 million accounts and up to $80 billion of New Yorker's capital may be available to invest in New York.
SSNY has struck a chord with New Yorkers. Said Jeff Young, "I love New York, and I love the idea of investing in local New York companies and supporting my community."
State Stox can be a powerful engine for economic development in New York. In fact, State Stox can be a key factor in restoring the estimated $23 billion of equity depleted from New York businesses in the last 30 months due to the Covid pandemic.
SSNY has received applications to quote securities of four more New York companies: two IPOs and two secondaries. SSNY expects those companies to be quoted on SSNY by September 2023. Furthermore, SSNY anticipates that over 30 more New York companies will list in 2024.
First Day of Trading
OWN Inc. (SSNY: OWNZC) is a New York Company that started trading on Friday, July 21. OWN, the parent company of Ownet.com, a social network, sold convertible securities in an IPO. Salomon Brothers Securities was the Sole Manager. The securities quoted on SSNY resulting in a market cap of $810 million. Each OWN security is convertible to three shares of common stock and one warrant to buy a share of class A stock.
Former Governor of New York, David Paterson, rang the opening bell on the historic first day of trading and spoke about the potential impact of the SSNY platform for New York, saying: "They say ‘if you can make it here, you'll make it anywhere.' SSNY helps New Yorkers make it here."
"State Stox has achieved some significant innovations and firsts," according to Chip Daniels, founder and executive chairman. He continued, "it is the first and only platform dedicated to investors in a single state - filling a role that used to be occupied by regional stock exchanges. Additionally, it is the first U.S. trading platform to exclusively trade securities in the form of digital tokens that employ blockchain technology. State Stox plans to expand to other states in 2024."
About State Stox Group
State Stox Group is a fintech company that provides core financial infrastructure crucial to community investing. Its trading platform is a fully-digital and utilizes blockchain technology based on the Ethereum protocol. The company's subsidiary, State Stox (NY), operates a dealer trading market that provides liquidity exclusively to investors in securities issued by New York businesses. State Stox. For more information, go to statestox.com
For More Information Contact:
Name: Dan Vider
Email: [email protected]
SOURCE: State Stox