Investors of Telegram’s Gram token have approved the company’s suggestion to postpone the launch of its blockchain project from October 30 to April 30 next year.
Citing two anonymous sources close to Telegram’s team, Forbes Russia, on Wednesday, reported that the investors voted against the return of their funds on the failure of the launch of the blockchain project on a pre-decided deadline.
The encrypted messaging platform was set to launch its blockchain platform by October 30. However, an emergency restraining order obtained by the Securities and Exchange Commission (SEC) in the United States against the launch of the token created a roadblock for the company.
The regulator alleged that Gram tokens fall under the category of securities, and the company violated US securities laws by selling unregistered securities.
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No refund is necessary
In its original whitepaper published before the launch, Telegram promised its investors that if the company failed to launch its blockchain project by the specified deadline, it would issue a refund to the investors.
Amid the SEC’s move against the project, the company sought permission from the investors to delay the deadline. It also provided the option of receiving a refund of 77 percent of the investments in case of any disagreement over the launch delay. The separate permissions were obtained from the investors of the two token sale rounds.
Though the court hearing was originally scheduled for today, the judge extended the hearing until February 18-19 next year, forcing the project to stop distribution its tokens.
“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,” a letter to the Gram investors stated.
“We and our advisers will use the time to ensure that at the February hearing, the Telegram position is presented and supported as much as possible.”