Street Calls of the Week
Grayscale Stellar Lumens Trust (OTCQX:GXLM) reported the unregistered sale of 15,000 shares to accredited investors in private placement transactions, according to a press release statement based on a filing with the Securities and Exchange Commission.
The shares were issued at varying prices determined by reference to the trust’s net asset value per share. The aggregate sale represented 1,283,889.5114356 Stellar Lumens (XLM), with a total value of $534,986. The transactions were conducted under Rule 506(c) of Regulation D of the Securities Act of 1933, which provides an exemption from registration for private placements to accredited investors.
Grayscale Securities, LLC acted as the authorized participant for these distributions. As a result of the new issuance, the trust reported a total of 1,389,200 shares outstanding as of Wednesday.
No underwriting discounts or commissions were paid to Grayscale Securities in connection with these sales. The trust noted that shares have been, and continue to be, created and issued on a periodic basis, which may be considered a “distribution” under the Securities Act.
This information is based on a press release statement contained in the company’s recent SEC filing.
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