Investors of both rounds of financing the TON project, by a majority vote, refused to demand a return on the money invested in the project and agreed to wait until the blockchain platform was launched until April, Forbes sources said.
Investors in the TON blockchain platform approved the delayed launch of the platform. With that, they refused to demand a refund. The decision was made by investors of both rounds of TON funding by a majority vote, two sources close to the Telegram team told the magazine. Investors agreed that the launch of the platform can be postponed to April 30 and TON will not return money to investors. Now Telegram will be able to spend another 80 million of the attracted 1.7 billion investment until April.
Forbes sent a request to Telegram representatives. According to a source close to Durov, officially the decision of investors will be announced on October 24.
On October 23, the time has passed when investors in Telegram should have decided whether they are ready to wait for the platform to launch before April or want to return 77% of the amount of investment in the project. Telegram sent a proposal to wait or return a portion of the money to investors a week after the US Securities Commission (SEC) secured a temporary injunction against two offshore Telegram Group Inc. and its subsidiaries TON Issuer Inc. to launch the platform and sell Gram tokens. Because of this, the launch of TON on October 31 was disrupted.
The letter to investors said that the decision to return the funds will be made by a majority vote: if most investors of the first or second round do not agree to sign an additional agreement, their Gram purchase agreement will expire on October 31 and the money will be returned to all investors of this round.
Now, Telegram will have a court hearing scheduled for February 18-19, where Telegram representatives will seek a court decision on the main argument that Gram is not a security. On Monday, October 21, Telegram sent investors another letter stating that company representatives saw the postponement of the hearing from October to February as a positive development.
“The February hearings are different from the earlier scheduled for October 24, because at these hearings they should only consider the possible postponement of the launch of the platform,” the letter said. “We and our advisers will use the time to ensure that at the February hearing the position of Telegram is presented and supported as much as possible.”
In total, TON raised 1.7 billion from 171 investors (two rounds of 850 million each). Of the Forbes interviewed on the eve of nine Russian investors in TON, seven said they would not demand the return of funds invested in the Durov project.