Grayscale Stellar Lumens Trust (XLM), a digital currency investment product, has recently issued 20,100 shares to accredited investors in a private placement transaction, according to an 8-K filing with the Securities and Exchange Commission. The new shares, which were issued at varying prices based on the trust's net asset value per share, represent an aggregate of 1,732,154.7810429 Stellar Lumens (XLM), equivalent to approximately $333,048.
The transaction involved Grayscale Securities, LLC as the Authorized Participant and was exempt from the registration requirements of the Securities Act pursuant to Rule 506(c) under Regulation D. Following this issuance, the Trust now has 1,374,200 shares outstanding as of November 22, 2024.
The filing also noted that as shares have been created and issued periodically, a "distribution" may be considered ongoing, and Grayscale Securities, in its role of facilitating the creation and distribution of shares, could be deemed an "underwriter" under the Securities Act. However, no underwriting discounts or commissions were paid in connection with the sales of these shares.
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