Telegram sent a new letter to its investors, in which it says that the launch of the TON blockchain is postponed for six months. The launch deadline is now set for April 30, 2020. Investors can exit the project by taking 77% of their investments.
In the letter, the company refers to a proceeding with the US Securities and Exchange Commission (SEC), which considered Gram tokens to be unregistered securities. The regulator managed to achieve a time limit on their sale and use, which interferes with Telegram's plans.
The letter was received by the participants of the second round of financing, which took place in March 2018. There were two stages of ICO, during each of which the company received $ 850 million.
"We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC's legal position and 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 governmental authorities in advance of the launch of the TON network,"says the email, which was sent recently to investors in the second of Telegram's two $850 million fundraising round from early 2018.
The letter also says that this scenario will be favorable for companies that are developing applications for the TON network. Dates can be postponed with the consent of investors who hold most of the tokens purchased during the investment round.
Two groups of investors who participated in different investment rounds in February and March last year should give their answer separately. There is a chance that approval will be obtained from only one group.
"In these circumstances, we propose to make certain limited amendments to the terms of the purchase agreements that remain in place to reflect the fact that fewer Grams will be issued and in circulation on the Network Launch Date,"Telegram notes.
Investors participating in the second round of fundraising must give an answer before October 23. If the majority refuse the new conditions, they will be returned "about 77%" of the funds invested by them. Investors of the first round were sent a separate message. If both parties agree to extend the launch date, the company plans to spend another $ 80 million by April 30.
The hearing on the SEC lawsuit against Telegram is scheduled for October 24 and will be held in New York.