Report: Telegram's TON Investors Vote Against a Refund Amid SEC Probe

Investors in the Telegram Open Network and $1.7 billion Gram token sale have voted against the return of their funds, Forbes Russia reported on Oct. 23.

Two sources close to the Telegram team told reporters that a majority vote - with the inclusion of investors in both rounds of the offering - had agreed to a postponement of the TON network until April 30 and to uphold their investment in the project.

Telegram's agreement with investors had been that if it failed to roll out the platform on the pledged date, they would be eligible for a refund.

Yesterday, Oct. 23, was allegedly the deadline for investors to decide as to whether they would choose to demand a 77% refund of their investment.

Telegram had sent them a proposal to wait or to otherwise return a portion of their funds a week after the SEC had secured a temporary injunction against the launch of TON and Gram's circulation against the firm and its offshore subsidiaries.

With the investors' endorsement now assured, Telegram will reportedly be able to spend another $80 million of the $1.7 billion investment ahead of April.

A source close to Durov has reportedly told Forbes that the investors' decision is set to be officially announced today, Oct. 24.Court hearing scheduled for February.

Telegram now faces a court hearing scheduled for February 18-19, at which Telegram representatives will seek a court ruling on the main argument that Gram is not a security.

"The February hearings are different from those scheduled for October 24, because they will only consider the possible postponement of the launch of the platform. We and our advisers will use the time to ensure that at the February hearing, Telegram's position is presented and supported as much as possible."

In mid-October, reports had speculated as to whether Telegram's pledge to return money to investors in the event of a delay could be superseded by a "Force majeure" clause in its purchase agreement.