Grayscale Stellar Lumens Trust (XLM), a cryptocurrency investment product, has reported the private issuance of equity securities to selected accredited investors.
As detailed in a recent SEC Form 8-K filing, the Trust issued 16,700 shares at varying prices pegged to its Net Asset Value (NAV) per share, resulting in the acquisition of 1,454,179.7588962 XLM, equivalent to $141,308.
The transaction, which took place on June 18, 2024, was exempt from registration under the Securities Act of 1933, in accordance with Rule 506(c) of Regulation D. Grayscale Securities, LLC facilitated these private placements as the Authorized Participant. Following this issuance, the total number of issued and outstanding shares of the Trust as of today stands at 1,111,400.
The filing clarifies that since shares are issued periodically, a continuous distribution may be occurring, which implies that Grayscale Securities could be considered an "underwriter" under the Securities Act. However, it is noted that no underwriting discounts or commissions were paid in relation to these transactions.
This information is based on a press release statement.
The SEC filing also mentions a name change from Stellar Lumens Investment Trust to Grayscale Stellar Lumens Trust, which occurred on December 11, 2018.
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