Spencer Dinwiddie offering of tokenized shares in his NBA contract concluded after raising 10% of its target

By Selena On Jul 23, 2020

Professional basketball player Spencer Dinwiddie plans to sell 90 shares worth $ 13.5 million. But according to Form D regulatory filings submitted to the U.S. Securities and Exchange Commission (SEC), only nine shares were issued in exchange for $ 1.35 million – only 10% of Dinwiddie’s target.

Professional basketball player Spencer Dinwiddie

Spencer Dinwiddie offering of tokenized shares in his NBA contract concluded after only raising 10% of its target

For months, Spencer Dinwiddie defended his plan to tokenize his $ 34 million contracts. Now, with the NBA’s concerns resolved and the sale over, Dinwiddie’s plan meets another obstacle: investor interest.

With shares priced at $ 150,000, just $ 1,350,000 (or one-tenth of the target $ 13.5 million sale) was sold. Project insiders have previously said the sale would last only until the end of July. It now appears to be closed out for good. A slow sale of an innovative cryptocurrency contract project shows Dinwiddie, will not succeed in earning the $ 13.5 million tokenized revenue he is aiming for.

So far, Dinwiddie has remained silent and has yet to comment.

After announcing his intention to issue token shares in his contract in September 2019, Dinwiddie faced fierce opposition from the National Basketball Association (NBA) and faced the threat of contract scandals. However, after that, Dinwiddie started selling the token from January 10. The launch was launched on January 13, 2020, and officially sold in March.

The project is supposed to be in the form of selling bonds that increase the prepaid value of the contract and allow Dinwiddie to access more capital earlier, like a business loan. His shareholders will, in turn, receive payments as the season progresses. But Dinwiddie cannot predict that the 2019-20-20 NBA season will not be completed as planned. Less than two months after it was clear he started selling his tokenized tokens, COVID-19 took place and removed most of the regular seasons. The tournament is currently only scheduled to return on July 30, with eight matches leading to a revised match schedule.

Dinwiddie, who previously tested positive for coronavirus, will not be present during Nets’ last push. He turned down the rest of the NBA season.

However, the global pandemic did not wholly ruin Dinwiddie’s contract sale. His first revenue came during the NBA hiatus, on July 10, according to Form D. Profile Etherscan records of SD26 tokens revealed that nine token were sent to eight other addresses on July 12.

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