Telegram amidst the ongoing dispute has not received permission to distribute its Grams token and launch its Telegram Open network.
The USA Supreme Court ruling makes it clear that it will stand as it is until the entire dispute is settled.
The telegram was supposed to launch its open network on April 30th but it has missed its deadline. As it already had attracted investments on the network but couldn’t go ahead with it, a refund clause as per the purchase agreements implies that investors can now claim their refund. It had put forward a proposal of an immediate refund of 72% of the investor stakes, the open network also will offer repayment of 110% on April 30th next year. If the investors accept the loan, they will be able to recoup their percentage stake for the crypto assets.
While Telegram is respecting the refund clause option as mentioned in the agreement, it has also offered a second option for the investors to loan their stake to the company for a period of one year. Their offer of 110 cents on the dollar is to respect the trust that people had built in the network and wait for one year. The said amount realization will be 53% higher than the termination amount which is a great return on investment.
If people opt for this the company will issue a loan agreement along with other particulars in a document. It also will continue its endeavour to enlist the regulators to allow the investors to receive Grams or any other cryptocurrency based on their approval.
Telegram is in continuous touch with the authorities to allow the issuance of tokens to the original investors with the open network, If the permission is granted before April 30th next year, the purchasers will have the facility to continue with the load in addition to the option of receiving Grams or any other currency. This they will receive on the same terms of their original purchase agreement.
If the relevant permission is not granted then Telegram will repay their debts from the sale of their equity currently owned by the Founder.
Image Source – Good Audience