TON Investors Reject Refund, Agree to Delayed Launch of Platform

 

 

 

 

According to Forbes Russia, Telegram Open Network investors have reportedly agreed to Telegram’s proposed delay in the launch of the platform, voting against a proposed refund option. The voting investors included participants in both TON funding rounds, with a majority agreeing to the April 30 launch delay.

The delay was prompted by recent SEC action against Telegram and TON, and regulators’ move to obtain a preliminary injunction that would prevent the company from honoring its commitment to deliver promised Gram tokens to investors by the October 31 deadline.

The original investment agreement had committed Telegram to launching TON by that deadline. Failure to meet that promise would have entitled investors to a refund of 77 percent of their investment.

Telegram is expected to make its case in February at a recently-postponed court hearing. The company plans to pursue a favorable court ruling that declares that Gram is not a security. In a Monday letter to investors, Telegram claimed that the rescheduling of the previously-planned October court hearing would help ensure that the company properly supports and presents its position to the court.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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