MEDIA ALERT: Algorand Foundation Announces Optional Early Redemption of Auction Refund
2.8.2019 03:00:00 EEST | Business Wire | Press release
The Algorand Foundation’s mission is to promote the long-term success of the public blockchain network and the Algo token. By introducing an early redemption option, we are giving auction participants an early optional opportunity to redeem the refund above the current value of the Algo. In response to feedback from the market, the foundation is seeking to strengthen the long-term viability and fairness within the Algo market for remaining participants who are taking a longer-term view and who wish to contribute to building out the Algorand platform.
Accordingly, as an alternative to the original 90% refund option available to auction buyers on the first anniversary of the first auction, the foundation will provide an optional Early Redemption Option in an effort to take these specific auction tokens out of circulating supply. In this option, a user who bought #X Algos at the first auction can return all #X of them to the foundation in this coming week and receive 85% (recognizing the effect of the time value of money) of the price paid to acquire them.
In order to meet eligibility requirements, participants will have seven days to return all auction Algos to their designated wallet starting at 8am SGT on August 2nd, 2019 and ending at midnight SGT on August 9th, 2019. The redemption window will open on August 23rd and will provide an 85% refund of the clearing price at the first auction. Refunds will be dispersed via the same currency the auction account was funded by (USD, BTC, ETH).
Early Redemption Window Details
- All Algos intended for redemption must be in the wallet that received Algos from successful auction bids by midnight SGT on August 9th, 2019.
- Redemption processing window will be seven days starting at midnight SGT on August 23rd, 2019.
- Redemptions must be initiated via the Algorand Foundation auction website and your auction account. Additional details to come to eligible early redemption window participants.
-
The Algorand Foundation will refund 85% of the auction clearing price per Algo returned
- Auction clearing price: $2.40 per Algo
- 85% refund: $2.04 per Algo
- If you funded your auction account with USD, refunds will be processed in 1-3 days (determined by the time required for bank wire transfer)
- If you funded your auction account with BTC or ETH, refunds will be processed within three hours.
Early Redemption Window Requirements
- 100% of Algos received at auction for a single address must be returned - no partial refunds will be eligible
- All Algos must be in the wallet that received Algos from successful auction bids by midnight SGT on August 9th, 2019 or you will not be eligible to participate in the early redemption window
- Redemptions must be initiated from the auction website and your original auction account. Additional details to come to eligible early redemption window participants.
- Participants in this optional early redemption program agree to waive their rights to their original 90% refund policy.
Next Steps to Participate in Early Redemption:
- Ensure that by midnight SGT on August 9th, 2019, your designated auction wallet has the same number of Algos as you received from the original auction.
Original Refund Policy
Participants may retain the original Refund Policy of 90%. This means that auction participants can continue to retain their Algos and have the option of participating in the original refund policy in June 2020, where they will have a one-week window to exercise the 90% refund of the June 2019 auction purchase price. Details on exercising this option will be available approaching June 2020.
About the Algorand Foundation
The Algorand Foundation is providing the trusted infrastructure needed to support the growth of a borderless economy. With research led by Dr. Tal Rabin, a 2018 Forbes World Top 50 Women in Tech, the Algorand Foundation is incorporated in the Republic of Singapore.
For more information, visit algorand.foundation.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190801006089/en/
Contact information
Kalyn Schieffer
March Communications
algorandfoundation@marchcomms.com
617-960-9948
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
FDA Authorizes ZYN ULTRA Nicotine Pouches Following Scientific Review21.8.2026 22:11:00 EEST | Press release
Philip Morris International Inc. (NYSE: PM) today announces that the U.S. Food and Drug Administration (FDA) issued Marketing Granted Orders to PMI’s U.S. affiliate, Swedish Match USA, Inc., authorizing the marketing of 11 ZYN ULTRA moist oral nicotine pouch products, including all 9mg variants and one 11mg variant. Additional 11mg variants remain under scientific review. Today’s action further enhances PMI’s leadership role in the smoke-free category. “We are delighted with the FDA’s decision to authorize a range of ZYN ULTRA products, which will build on ZYN’s position as America’s leading smoke-free product brand,” said Stacey Kennedy, PMI U.S. CEO. “We look forward to expanding our portfolio of better choices for the 45 million Americans who consume nicotine products.” ZYN ULTRA positions the brand to further extend its category leadership among legal-age consumers of nicotine products. Like the flagship FDA-authorized ZYN pouches, ZYNULTRA, with its higher moisture content, is fre
58% of Consumers Say They Don't Care Whether a Product is a National Brand or Private Label. They Just Buy What They Need21.8.2026 13:00:00 EEST | Press release
As fast-moving consumer goods (FMCG) prices rose 26% globally between 2021 and 2025, consumers have become more deliberate about where they save and where they spend. NielsenIQ (NYSE: NIQ) has released new findings showing that private label is no longer viewed simply as a lower-cost substitute, but as a credible competitor across value, mainstream, and premium segments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260819950224/en/ Private label is no longer just a value play. The findings, published in NIQ’s latest report, A Tale of Two Consumers: The Polarized Mindsets Reshaping Global Consumption, created in collaboration with World Data Lab, show how consumer polarization is redefining value and reshaping competition on the shelf. The report also draws on insights from NIQ's 2025reportFinding Harmony on the Shelfwhich documented changing perceptions of private label products. Key findings from these reports include: 58
Tanium Reappoints Co-Founder Orion Hindawi as CEO to Drive Next Chapter of Growth20.8.2026 22:10:00 EEST | Press release
Tanium, a leader in Autonomous IT, today announced that Co-Founder and Executive Chairman Orion Hindawi has been appointed Chief Executive Officer, effective immediately. Dan Streetman is stepping down as CEO and as a member of the Board after leading Tanium for the last three years, during which time Tanium scaled its go-to-market operations and secured strong industry analyst recognition for innovation within the Tanium platform. Streetman will continue to advise Tanium as part of the transition and co-founder David Hindawi will return to the role of Chairman of the Board. With this foundation in place, this transition positions Tanium to deepen its Autonomous IT capabilities and further expand AI offerings across its portfolio and strengthen customer and partner engagement. The Hindawis co-founded Tanium in 2007 to build the central nervous system of enterprise security, giving organizations unified visibility and control over their endpoints. During his prior tenure as CEO from 201
PCI Energy Solutions to Join Mitsubishi Electric, Reinforcing Long-Term Commitment to Customers, Employees, and the Energy Industry20.8.2026 20:46:00 EEST | Press release
PCI Energy Solutions ("PCI"), a leading U.S.-based provider of enterprise software for energy management and optimization, announced today that it has entered into a definitive agreement to be acquired by Mitsubishi Electric Corporation. The agreement was executed on August 20, 2026 (Japan Standard Time). The Transaction represents a strong endorsement of PCI's business, technology, employees, customer relationships and position in the energy industry. Mitsubishi Electric intends to retain PCI's core management team following completion of the Transaction, enabling PCI to preserve leadership continuity, industry expertise and its customer-focused operating model while benefiting from Mitsubishi Electric's global scale, complementary capabilities and long-term investment capacity. The agreement has been signed, but the Transaction has not yet closed. PCI and Mitsubishi Electric will continue to operate as separate companies until closing, which is subject to applicable regulatory approv
Perma-Pipe Secures More Than $67 Million in New Orders in the Second Quarter of 202620.8.2026 20:02:00 EEST | Press release
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global leader in engineered piping and corrosion protection solutions, today announced that the Company secured more than $67 million in new orders during the second quarter of fiscal 2026, representing strong demand across its strategically important end-markets and geographies. The orders further strengthen Perma-Pipe's backlog and provide increased visibility into future revenue growth. The Company's backlog remains well diversified across geographies, customers and end-markets. The Company continued to see strong demand across its core Oil & Gas and infrastructure markets, while also securing important new business in emerging applications, including advanced leak detection and monitoring solutions. During the quarter, Perma-Pipe secured sizable Oil & Gas awards in both MENA and Canada, reinforcing the Company's position as a trusted supplier to customers undertaking significant energy infrastructure investments. The Company
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom