Telegram Aims to Push Out TON Launch Deadline Ahead of SEC Meeting
Aaron Wood's original article for cointelegraph.com reduced by 48%
Encrypted messaging service Telegram wants to postpone the launch date of its Telegram Open Network following issues with the United States Securities and Exchange Commission. According to an investor message seen by Cointelegraph on Oct. 16, Telegram told investors that it wants to push back the deadline to April 30, 2020.
Telegram raised the massive sum for its new network by selling TON's native Gram tokens to qualified investors in two separate rounds. In February 2018, Telegram submitted a Form D filing, which is used when a company sells a security without registering it with the SEC. Under Form D, a firm is allowed to proceed with a securities offering without registering with the SEC, should it offer it solely to qualified investors.
The commission's full complaint alleges that Telegram and TON did not register their sale of GRM tokens, which the SEC considers securities. In today's letter to investors, Telegram states that moving the deadline requires the permission of holders of a majority of purchase amounts paid to Telegram regarding the Stage A purchase agreements. Telegram is asking investors to make their decision regarding the deadline extension before Oct.
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