Important: We are going through the SEC Compliance process
From early September, the Cappasity Management team have collected a ‘mass’ of information from Government Regulators, and non-Government Advisory Boards. As a result of this process and what we have learned, we have decided to make some changes to our crowdsale campaign, going forward. The Management Team and I believe these changes will represent an opportunity for Cappasity to realize a brighter future in the market we are set to revolutionize.
1. We want to give U.S. citizens an opportunity to take part in our crowdsale. Compliance with SEC regulation is both critical and sensible! We have decided to offer our token to U.S. accredited investors under Rule 506(c) of the Securities Act. Our lawyers are now preparing a SAFT, private placement memorandum and a number of related documents. This is good news for Cappasity.
As you know, in most cases, U.S citizens are blocked from participation in token sale events. We will include U.S citizens and will comply with U.S regulators.
2. Through a process of consultation, critical assessment, re-evaluation and wanting to provide our early token participants a greater understanding of what their early contributions are growing, we have decided to attach our crowdsale targets to the completion of the project’s milestones. The marriage of the ‘crowdsale targets’ with ‘project milestones’ give an unambiguous sign of project maturation and ongoing success. We believe this change in crowdsale strategy will earn the support of early contributors and later contributors alike.
We have divided our token crowdsale event into two phases. Phase 1, launch date October 25, 2017, represents a total crowdsale of, digital currency equivalent, 30 million USD. Phase 2, date subject to announcement in Q1 2018, will be, digital currency equivalent, 20 million USD.
3. After a conversation with our crowdsale investors and taking into account SEC’s recommendations, we have decided to make our bonus system more straightforward. The management of Phase 1 will be divided into three (3) structured Tiers. These tiers are specifically aligned against ongoing development goals and milestones, as articulated in the Cappasity White Paper. The tier system is based on our Whitelist Application protocol and is defined as:
- TIER 1: $10M — 10% Bonus
- TIER 2: $10M — 5% Bonus
- TIER 3: $10M — 0% Bonus
Additional bonuses: $100K-$300K — 5%, >$300K — 10%
Our motivation to make the changes was to ensure the best possible crowdsale event. We have spent some extra time looking at the detail and discussed those changes with our legal team. Due to the changes, and the time taken in making them, we will be moving our token sale launch date to October 25.
The Cappasity team have always believed in the process of consultation, working with collaborators and contributors to develop the most advantageous way-forward. It is with this ethos and belief, I endorse the above to you.
A final thank you to our early participants. We look forward to your continued support as we set about revolutionizing the 3D marketplace ecosystem.
Cappasity CEO and Co-founder