Telegram Investors Approve Postponing of Launch Date of Telegram Open Network
TON Investors mutually agreed to push the inauguration date of the Telegram Open Network (TON) blockchain platform to April 30, 2020. A majority of TON investors backed the agreement; hence, the refund option has been annulled.
Last week, Telegram sent out a letter to all the TON investors informing them about their compulsion to push the launch date of TON and issuing of grams tokens to Apr 30 from Oct 31, so that they could resolve the recently issued restraining order by the U.S. Securities and Exchange Commission (SEC).
In an email, to the investors, Telegram wrote that
We are happy to share with you that we have successfully obtained the consent of a significant majority of investors in both the Pre-Sale and Stage A to extend the deadline for the Network Launch to 30 April 2020. We would like to thank everyone for your support. This extension allows us to proceed with the necessary regulatory work described in our last email.
The firm asked investors to sign a form to give their assent for the extension before Oct 23. A majority of the investors chosen not to sign, then the firm would have given back the investors “approximately 77 percent” of their money. The decision to postpone the TON launch being supported by a majority of the investors allows Telegram to expend another $80 million from the $1.7 billion funds raised for the project till Apr 30.
Recently, the date for hearing on the SEC-Telegram case was altered from Oct 24 to Feb 18 and 19, 2020. Telegram representatives see the deferment of the hearing dates from Oct to Feb as an optimistic development. The team will utilize this time to make sure that during the hearing, the position of Telegram TON token sale as ‘not a security offering’ has as much backing as possible.