Equity Swap Description
Voxel holders with at least 2 million in Voxels can participate in the program that will run until May 10th 2017 one month. Voxelus will provide an online form and wallet address to exchange Voxels for equity on a basis of 33.33 percent of the company for up to 31.5 million voxels or any fraction therein.
No obligation is required for holders to trade in their Voxels and they will continue to actively trade on Bittrex, Poloniex, Shapeshift and other exchanges globally.
Voxels will still remain as the only method of purchasing VR assets, games and worlds on the Voxelus marketplace. The exchange runs at a fixed rate of 2.116 percent of the company for every 2,000,000 voxels, regardless of the price of voxels that day.
A minimum of 2 million Voxels is required to participate and the maximum amount of Voxels each holder can exchange for equity is 10 million. Those voxels re-acquired by Voxelus will be used for its next round of funding at the rate of no more than 1,000,000 voxels per month. The equity stake in Voxelus will be in common stock in Voxelus, Inc., which is a Delaware corporation with business development and marketing in Los Angeles and technical operations in Argentina. Since there is no preferred stock issued, all persons participating will be on an even playing field with the founders, early investors and employees.
Program Eligibility
In order to participate in the program you will need to be a US resident and an accredited investor. If you are not a US citizen or resident you might be able to participate as there are other countries supported but we are reviewing on an case by case basis. However you will need to be considered an accredited investor in your country of residence.
If you decide to apply be advise that we will be requesting proof for all the documents we require and the turn around times can take even more than a month. No stock certificate will be issued until all the docs are cleared and that we have received the minimum voxels to participate, the 2 million voxels can be sent in installments while we check the documentation.
In the United States, to be considered an accredited investor, one must have a net worth of at least $1,000,000, excluding the value of one's primary residence, or have income at least $200,000 each year for the last two years (or $300,000 combined income if married) and have the expectation to make the same amount this year The term "accredited investor" is defined in Rule 501 of Regulation D of the U.S. Securities and Exchange Commission (SEC) as:
- a bank, insurance company, registered investment company, business development company, or small business investment company;
- an employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million;
- a charitable organization, corporation, or partnership with assets exceeding $5 million;
- a director, executive officer, or general partner of the company selling the securities;
- a business in which all the equity owners are accredited investors;
- a natural person who has individual net worth, or joint net worth with the person's spouse, that exceeds $1 million at the time of the
- purchase, or has assets under management of $1 million or above, excluding the value of the individual's primary residence;
- a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year; or a trust with assets in excess of $5 million, not formed to acquire the securities offered, whose purchases a sophisticated person makes.
