TenX Group Restructuring
In order to ensure we fulfill our long-term mission seamlessly, we have decided to buy out all external shareholders. Post restructuring, Toby Hoenisch, Paul Kittiwongsunthorn, and Michael Sperk will hold the majority ownership at TenX and a Restricted Stock Units plan is scheduled for the end of the year to make employees owners of TenX as well.
In order to take the company forward, we have used revenue generated over the last two years as well as PAY and TENX Tokens from our reserves to buy out all external shareholders. Token sale proceeds were not used in this buyout. The total amount of tokens set aside for this buyout is 30M PAY Tokens and 31M TENX Tokens. The co-founders Toby, Paul, and Michael have not taken any money out of the business and are fully committed to the future of TenX.
After this restructuring, we will retain enough funds to fuel our aggressive growth plans for 2020 and expand our business into Europe.