About the settlement
Read the SEC order here.
Settlement and Form 10 registration statement
In November 2018, Airfox reached a notable settlement with the U.S. Securities and Exchange Commission (SEC) related to the issuance of AirTokens in our October 2017 initial coin offering. As part of the settlement, Airfox filed a Form 10 registration statement for its blockchain token (AirToken) with the U.S. Securities and Exchange Commission under Section 12(g) of the Securities Exchange Act of 1934 (Exchange Act).
As part of the settlement, a claims process was made available to individuals who acquired AirTokens from Airfox during the ICO. The claims period officially came to a close on Sept. 28, 2019. All claims were processed in accordance with the terms and provisions set forth in the SEC Order, and Airfox will process payments to approved claimants by December 28, 2019. We approved all eligible claims that meet the guidelines outlined in the official SEC Order. We are paying over 93% of claims received before the deadline. Claims received before the deadline were not denied based on typographical errors or inconsistencies.
Our Form 10 Registration Statement, as amended, was initially filed on March 15, 2019 and approved by the SEC on October 18, 2019. The final amendment to the Form 10 can be viewed here. As a result of filing the Form 10, we are subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which requires us, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and we are required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act.
As one of the first organizations to register its blockchain token with the SEC, the Airfox Ethereum-based AirToken (symbol: AIR) is one of the first tokens registered as a class of securities under the Exchange Act. Airfox is committed to transparency and compliance with emerging government guidelines, and AirToken transfers remain temporarily paused. Airfox expects to open trading of AirTokens again upon implementation of anticipated regulatory guidelines regarding the trading of tokens that are securities. During this period, Airfox will be actively working with exchanges or other trading platforms to enable AirTokens to begin trading again as soon as possible. Also refer to the Amended Terms and Conditions for AirToken.
The claims period is now closed. For reference purposes, the final Claim Form for token holders is available here. For updates on this, join us in Telegram or follow us on Twitter.
Airfox will continue working to accelerate financial inclusion for all with an innovative, mobile-first financial services model that increases access to capital and banking services. To learn more about what's next for Airfox, read this. The updated Airfox white paper, which details the company’s expected roadmap is available here.