In September 2020, SALT reached a settlement with the U.S. Securities and Exchange Commission (SEC) related to the offer and sale of SALT Tokens in our “membership token sale” or “initial coin offering” (“ICO”), in which we offered and sold digital tokens (“SALT Tokens”) starting in 2017 through 2019. As part of the settlement, we are preparing to file a Form 10 to register our SALT Tokens under Section 12(g) of the Securities Exchange Act of 1934.
We have been working on the registration process and the SEC has granted us a 75-day extension on our filing deadline — an option that was included in the original SEC order. As a result of this extension, the Claim Form for purchasers of the SALT Token (applicable to those who purchased SALT Tokens directly from the SALT before and including December 31, 2019) will be available 60 days after the date of the filing of the 1934 Act Registration (or on the date seven (7) days after the 1934 Act Registration becomes effective, whichever date is sooner). For additional information about the claims procedure see the original SEC order.
As we work to complete the registration process, we continue to remain focused on providing new avenues for our customers to grow and preserve wealth. Not only have we made significant improvements to our lending product, but we have formed partnerships that will enable us to expand the business beyond lending. We’re excited about SALT’s future and will continue to share updates and milestones via our website.