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Ketju research: Nomyx Revenue Participation Bonds, Series 2026 (Bond Tokens)

Adverse research assessmentPublished by Ketju Research

This file describes the economic claim, control, loss, and exit evidence. Firm-shelf policy is a separate conclusion; client action and amount belong to the advisor. Not investment, legal, tax, or compliance advice.

Research summary

Nomyx Technology Labs is a Delaware software company of nine people that sells tokenization software to asset managers. On 23 September 2026 it filed a Form 1-A to sell up to $20 million of Revenue Participation Bonds, Series 2026, at $10 each under Regulation A Tier 2. Each bond is an unsecured general obligation paying 8% a year, quarterly, from a pool of 10% of platform revenues or from general funds, due seven years after its own issue date, with one warrant to buy a common share at $12. The bonds are sold as Bond Tokens on a chain the circular names only as Trusted Smart Chain; T7X Equity, the transfer agent, would mint every token into its own omnibus wallet, and its off-chain file is the only record of ownership. Anyone may buy: accredited investors without limit, others up to 10% of income or net worth. The minimum is $2,000. There is no redemption right; principal comes back at year seven unless Nomyx redeems after year three at a premium. The program is rejected. The offering statement is not qualified, so nothing can be sold; the issuer made $133,285 in 2025 and lost $1.93 million, and its auditor doubts it can continue; the transfer agent’s affiliate is also the issuer’s bridge lender and would take a 10% bond bonus for investing; and the token cannot leave the transfer agent’s wallet. The reopen condition is qualification by the SEC with a published contract, after which the file is read again.

Observable review triggers

  • The SEC qualifies the Form 1-A for CIK 2065495 and Nomyx publishes the Bond Token contract address and chain; the file is then read with the control-surface reader
  • Nomyx files a Form 1-K showing bonds sold, pool deposits made, and every quarterly priority return paid on time
  • T7X whitelists investor wallets and enables transfers out of the omnibus wallet, or an ATS lists the bonds
  • The T7X Assets bridge notes are repaid or converted and the transfer agent’s affiliate no longer holds Nomyx debt

Facts on file

Research assessment
Adverse
Client selection
Not considered
Exposure
tokenized RWA
Chains examined
Reviewed
Next review

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