The hbars, the SAFTs, and the hbars you receive under the SAFT are not registered under United States federal or any state securities laws. We have no obligation to register hbars or SAFTs. Because the new SAFTs will be issued pursuant to an exemption from registration and because there is no public market for the SAFTs, you will not be able to resell the SAFTs in the near term, if at all. Furthermore, the SAFTs impose additional restrictions on your ability to transfer the SAFT.
Hbars distributed pursuant to the SAFT have no such transfer restrictions imposed by Hedera. However, the Securities and Exchange Commission (the “SEC”) has not taken a definitive view on whether the hbars are “securities” under the federal securities laws. If the SEC determines that the hbars are “securities”, you may not be able to resell the hbars in the near term, if at all.