DETROIT–(BUSINESS WIRE)–Hygienic Dress League (HDL), a legally registered corporation as a new and original form of art, today announced they have filed an application with the Securities and Exchange Commission (“SEC”) for Regulation A+ exemption to issue securities. Today, HDL filed for a Tier 2 offering that, if approved, would allow for the issuance of up to $75 million of securities in a 12-month period. This would permit members of the public, subject to conditions, to participate in the offering. HDL believes this application is the first of its kind before the SEC.
Founded in 2007 in Detroit by Steve and Dorota Coy, husband and wife visual artists, HDL explores aspects of the human condition and contemporary society while challenging reality, truth, and belief systems through the framework of corporate activities. Thus far, HDL’s vision and exhibitions have manifested as TV commercials, public installations, fleeting out-of-home projections, and in augmented reality. HDL’s guerilla marketing and urban interventions have been experienced in 19 cities from nine countries across three continents.
“When we founded HDL, we did so to create art that would resonate with people and to address pressing and uncomfortable issues in our society,” said Dorota Coy, co-founder of HDL. “If this new offering is approved, it will push the boundaries of art and finance, showing how the two merge and interact with each other. The goal is for people to ponder the nature of corporations, our concepts of value, and other seemingly permanent structures of our world.”
The first-of-its kind planned offering for participants will be for 600k non-fungible token (NFT) securities. Concurrently, HDL has begun minting NFTs representing “employees.” Each block of shares will come with its own unique NFT employee. After the planned offering, interested parties will be able to purchase certain HDL NFTs separately from NFT shares with the opportunity to sell them on open secondary markets. Shareholders will potentially be entitled to up to 4% of the royalties from the secondary sales of HDL’s NFTs. In December 2021, HDL sold its first NFT, “First Contact,” for $100k.
HDL is being advised by Bull Blockchain Law LLP as it pursues its Regulation A+ exemption.
About Hygienic Dress League (HDL)
Founded in 2007 by conceptual art duo Steve and Dorota Coy, Hygienic Dress League (HDL) is a legally registered corporation as a new and original form of art. HDL uses the legal framework and operational strategies of a corporation as conceptual and performance art. Leveraging the promotional strategies of modern corporations, HDL infuses culture and art into places traditionally meant for raising awareness about products and services, subverting expectations and engaging the public in cultural events or performance art. Pending SEC approval, HDL intends to raise money through another public performance art project that will be available to the public. Shares of the corporation will be a new form or medium of art.
For more information, please visit hdlcorp.io.