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 withdraw from the project, taking 77% of their investments.
In the letter, the company refers to the proceedings with the US securities and exchange Commission (SEC), which considered Gram tokens unregistered securities. The regulator managed to achieve a temporary restriction on their sale and use, which hinders Telegram’s plans.
The letter was received by participants of the second round of funding, which was held in March 2018. There were two stages of the ICO, during each of which the company received
“As you know, we were going to launch the network at the end of 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 to delay the launch of TON and thus allocate the time that we will need for proceedings with the US SEC and other government agencies.”
The letter also says that this scenario will be favorable for companies that develop applications for the TON network. The deadline 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 response separately. There is a chance that approval will only be received from one group: “in this case, we propose to make certain limited amendments to the terms of agreements for the purchase of tokens. According to them, a smaller number of Gram tokens will be distributed on the day of the network launch.”
Investors participating in the second round of fundraising must respond by October 23. If the majority refuse the new conditions, they will be returned “about 77%” of their invested funds. A separate message was sent to investors of the first round. If both parties agree to extend the launch deadline, the company plans to spend another $80 million by April 30.
A hearing on the SEC’s lawsuit against Telegram is scheduled for October 24 and will be held in new York.