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Telegram Wants to Postpone TON Launch

Telegram, an encrypted service, is planning to move the launch date of its Telegram Open Network (TON). And this was due to the issues with the United States Securities and Exchange Commission (SEC).

In a message from an investor on October 16, Telegram stated that it wishes to delay the deadline to April 30, 2020. Initially, they set the launch for late October. However, the SEC suddenly announced its $1.7-billion-token offering is illegal. The company raised the enormous amount for its latest network by selling TON’s native Gram tokens to qualified investors in two different rounds.

In February 2018, Telegram submitted a Form D filing. And they use this when a firm sells a security without registering it with the SEC. Then, under Form D, the firm can proceed with the securities offering. And they can do this without registering with the SEC – should it offer it only to qualified customers. But since the investors can resell their assets in Gram tokens, the SEC considered this a violation of the exemption.

Telegram Made Investors Vote for the Deadline

On Wednesday, the letter of Telegram to investors explained that postponing the deadline needs the permission of holders of a majority of purchase paid to Telegram. And it’s about the Stage A purchase agreements. Also, the timeline in the purchase agreements from the pre-sale round might extend in the same manner.

Moreover, this might also mean that one round of investors could vote to extend the deadline, and others would not.

Then, Telegram stated, “In the event that only one group approves the extension, then that group’s purchase agreements will remain in place while the other group of agreements will be terminated.”

In addition to that, the company also said that in this situation, they suggest creating certain limited amendments to the terms of purchase agreements that remain in place. And it would reflect the truth that they will issue fewer Grams and in circulation on the Network Launch date.



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