Telegram has notified investors that the TON blockchain project will be launched later than planned, pushing the deadline from Oct. 30 to April 30, 2020.
In an email to investors reviewed by CoinDesk, Telegram cited its recent run-in with the Securities and Exchange Commission (SEC), which obtained a restraining order prohibiting the messenger app company from launching TON and issuing gram tokens. The agency deemed grams to be unregistered securities.
The email, which was sent recently to investors in the second of Telegram's two $850 million fundraising round from early 2018, says:
The additional time will be an advantage for companies working on applications for the TON network, Telegram said.
The deadline can be extended with the consent of investors holding a majority of the tokens bought in the round, the email says.
The two groups of investors, those who bought tokens in February 2018 and those who did so in March 2018, will need to approve the extension separately, and it’s possible that one group agrees to postpone while the other refuses:
Investors in the second round must sign a form approving the extension before Oct. 23. If the majority chooses not to sign, these investors can get back "approximately 77 percent" of their money.
The first-round investors received "a separate communication" from Telegram, the letter says.
If the deadline is extended, Telegram plans to spend another $80 million before April 30.
"We look forward to receiving your support to ensure we can proceed with our vision for TON," the letter concludes.
A court hearing in the case is scheduled on Oct. 24 in New York.
Telegram app image via Shutterstock
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