Telegram has proposed postponing the launch of the TON blockchain to their investors following the SEC lawsuit filed against the company last week. Investors will get part of their money back if the holders with the majority of tokens disagree with the new proposed date.
Amidst the lawsuit, the company wants to move the deadline for the TON launch, initially scheduled for Oct. 30, to Apr. 30, 2020, according to an email sent to investors who took part in one of the fundraising rounds in early 2018.
For this delay to be approved, Telegram stated in the email that investors’ consent is required, meaning they will have to sign a form agreeing with the new launch date by no later than Oct. 23. However, if the holders of the majority of purchase agreements from the Stage A sale refuse to sign the extension, the group’s purchase agreements will be terminated and they will get approximately 77% of their investments back. The same applies for the purchase agreements’ deadline from the pre-sale round and they will have to vote separately. In the case that investors from one round agree with the extension and the other round’s investors don’t, the letter from Telegram proposes “to make certain limited amendments to the terms” of the agreements to state that “fewer Grams will be issued and in circulation on the Network Launch Date.”
Last Friday the Securities and Exchange Commission (SEC) filed a lawsuit against Telegram Group Inc. and its wholly-owned subsidiary, TON Issuer Inc., for the unregistered selling of Gram tokens, which the agency considers to be securities, to finance the company’s business, the development of the “Telegram Open Network” or “TON Blockchain” and the development of the app Telegram Messenger. The company is scheduled to have a court hearing with the SEC on Oct. 24.