Telegram sent a new letter to its investors, in which it informs that the launch of the TON blockchain is postponed for six months. The launch deadline is now set for April 30, 2020. Investors can exit the project by taking 77% of their investments.
In the letter, the company refers to a proceeding with the US Securities and Exchange Commission (SEC), which considered Gram tokens to be unregistered securities. The regulator managed to achieve a time limit on their sale and use, which interferes with Telegram’s plans.
The letter was received by the participants of the second round of financing, which took place in March 2018. There were two stages of ICO, during each of which the company received
at $ 850 million.
“As you know, we were going to launch the network in late October, but the recent SEC lawsuit violated all our plans. We fundamentally disagree with the legal position of the regulator and will defend our point of view. We propose delaying the launch of TON and thus allocating the time that we will need to proceed with the US SEC and other government departments. ”
The letter also says that this scenario will be favorable for companies that are developing applications for the TON network. Dates can be postponed with the consent of investors who hold most of the tokens purchased during the investment round.
Two groups of investors who participated in different investment rounds in February and March last year should give their answer separately. There is a chance that approval will be obtained from only one group: “In this case, we suggest making certain limited amendments to the terms of the agreements for the purchase of tokens. According to them, on the day the network is launched, fewer Gram tokens will be distributed. ”
Investors participating in the second round of fundraising must give an answer before October 23. If the majority refuse the new conditions, they will be returned “about 77%” of the funds invested by them. Investors in the first round were sent a separate message. If both parties agree to extend the launch date, the company plans to spend another $ 80 million by April 30.
The hearing on the SEC lawsuit against Telegram is scheduled for October 24 and will be held in New York.
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