From GladiusNick:@everyone Thank you for your understanding and patience. As you can imagine, this has been an incredibly busy time for the management team. We value each of our contributors and token holders and wanted to provide more detailed information regarding the companys recent settlement with the SEC.
Gladius is happy with their decision to self-report and with the outcome of the settlement agreement. It is a favorable settlement that eliminates the regulatory risk faced by Gladius and enables our team to remain focused on the commercial rollout of its software. With this settlement, Gladius has set a clear and compliant path forward that is in line with all SEC guidelines.
We have heard many of your questions and will try to address your concerns to the best of our ability. While we wont be able to respond to every individual question, we hope the following update addresses most of them.
First and foremost, the project is moving forward and is healthier than ever. We are currently working with three potential customers who have signed letters of intent to test our product in their labs throughout March and April. The settlement agreement will not affect our day to day operations or our ability to launch our product.
The rescission process, or refund process, is a formal process that has been mandated by the SEC. As per the order, Gladius will issue claim forms to individuals who purchased GLA during the ICO. These forms will be issued in accordance with the settlement agreement in terms of timing and process (please see the settlement agreement or our previous post for information on timing). Those who obtained their tokens outside of the ICO will not be eligible for the rescission/refund. Claims will be reviewed, and only valid, verifiable claims will be processed.
All refunds will be processed in Ethereum and the GLA purchased in the ICO will be returned to Gladius. If the GLA purchased in the ICO was sold, the claimant will be entitled to the difference (if any) between the value of GLA at the time purchased and its value when sold, payable in ETH. There will be requirements to verify the GLA was purchased in the ICO, as well as requirements to verify sales, trades, transfers, etc.
As Gladius prepares to register GLA as a security, we will provide more information regarding the tokens place in our ecosystem. The token being deemed a security is due to the way it was used and sold during the ICO. As the Gladius platform becomes fully
