Telegram extends the TON launch. May return investors money
Telegram, the messaging company plans to extend the TON launch from Oct 31, 2019, to Apr 30, 2020, in order to resolve the recently Securities and Exchange Commission (SEC) issued restraining order to halt the launch of TON and issuing grams tokens.
Telegram began raising capital in January 2018 and raised more than $1.7 billion funds in two fundraisings round each with different terms of the purchase agreements. Therefore, the approval of an extension request was sent to the investors who participated in the second fundraising round.
Investors in the second round were asked to sign a form approving the extension before Oct. 23. If the majority chooses not to sign, these investors can get back “approximately 77 percent” of their money. While to the first investors’ group, the email informs that if investors approve of the extension, then Telegram will spend an additional 80 Million$ from the previously allocated budget of TON development.
Telegram hopes that investors continue to support them with their TON vision. A court hearing in the Telegram – SEC case is scheduled to take place on Oct 24, 2019.
Latest [Updated on Oct 19, 2019]:
In a recent court filing, the hearing on the SEC-Telegram case has been postponed to February 18 and 19, 2020. Until any conclusion on the SEC-Telegram case is made, the court has asked Telegram to halt the delivery or distribution of its TON tokens “Gram” to any person or entity.
