Telegram asks its investors to postpone the launch of TON and the launch of its cryptocurrency Gram by April 30th, 2020.
One of the most used instant messaging services in the world, Telegram, has announced its investors that, due to restrictions imposed by the United States Securities and Exchange Commission (SEC), it must delay the launch of its TON platform, whose official launch was scheduled for October 31st of the current year. However, due to the legal issues the company faces, the launch of TON has been postponed for April 30th, 2020.
Through an email sent by the company to its investors, Telegram announced them all about this situation. Now, Telegram expects its investors to approve a postponement of TON’s launch. The launch of its cryptocurrency project should be postponed too.
Specifically, the company detailed to its investors the situation they face with the SEC’s restrictions. Telegram explained them, in this way, the measure that prohibits the launch of the TON platform, as well as the prohibition of the token that would accompany this system, Gram.
According to the data offered by the mail sent to Telegram’s investors, the SEC does not consider Gram as a value duly registered.
The notification email was sent to investors who had joined the second round of fundraising Telegram made for the project. There are the details of the SEC’s restrictions.
“We have intended to launch the TON network in late October. However, the recent the SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and we intend to vigorously defend the lawsuit. We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other government authorities in advance of the launch of the TON network”, the document explained.
According to the contract between Telegram and its investors, a clause specifies that the launch time can be extended as long as the investors approve that postponement. But there are two groups of investors who are involved in the project. The first group made the acquisition of the tokens last February 2018, and the second one last March 2018. Although both groups have a certain amount of Gram purchased, one of them could agree to postpone the launch and the other one not.
With respect to the second group of investors, it is known that they have dated October 23rd to sign the postponement document. If it turns out that most investors decide not to sign the document, 77 % of the money invested will be reimbursed and a relationship with the purchase of these assets would end. Until now, there are not more details about the email that was sent to the first group of investors.
This delay may cause Telegram an additional disbursement of about $ 80 million. But the company will lose more money if most investors decide not to sign the postponement document.
Last October 11th, the SEC obtained a restriction measure against the launch of TON and the Gram cryptocurrency, which was scheduled to be launched by Telegram next October 30th or 31st. Now, it is expected that Telegram proceed legally to resolve the case. A hearing about this lawsuit will be held on October 24th in New York, the United States of America.
By María Rodríguez