This article was first published on ICONOMI - Medium
Why are we doing this? What is the process?
We are bringing legal clarity to the shareholders of ICONOMI.
In recent months, we have seen that legal frameworks are not yet able to support the kind of corporate governance we envisioned for ICONOMI and that our current corporate setup is not the best way to achieve the ideal position for token holders. We have therefore made the decision to move toward a traditional legal structure for the company itself by establishing a joint-stock company in Liechtenstein while at the same time making it future-proof by tokenizing its shares and issuing security tokens (eICN).
Who is eligible to be an ICONOMI shareholder?
All eligible holders of ICN tokens will be given the right to convert their ICN tokens into shares of the Liechtenstein holding company (herein tentatively referred to as “ICONOMI AG”). ICN tokens whose holders opt into converting their tokens to ICONOMI AG shares will be transferred to ICONOMI AG as an in-kind contribution, raising the share capital of ICONOMI AG and instituting the former ICN holders as shareholders of ICONOMI AG. The value of one share will be set to 1 CHF, and the ICN/CHF exchange rate will be determined and duly published at a later stage, taking into consideration the specifics of this case and the provisions of applicable laws.
Eligible owners will be token holders registered on the ICONOMI platform as Tier 2 or higher. All token holders who are not able to verify as Tier 2 users on the ICONOMI platform will be able to exchange their ICN tokens for ETH.
The process will start on November 1, 2018. By then, the user interface will be prepared for token holders to either convert their ICN tokens to shares of ICONOMI AG, which will ultimately be presented as eICN tokens, ...
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ICONOMI - Medium