CCC Pivot Out

Unfortunately, we have had to realize that the complexity surrounding our ICO has made it impossible to secure traditional equity financing. We have therefore decided to pivot out of the ICO model.

This pivot out of the ICO model entails that CCC token holders will get equity in a newco called CCC ApS in return for sending back the CCC’s you are currently holding.

The purpose of this page is to provide you details about the pivot out process.

To receive your shares, you will need to transfer your CCC token to a dedicated ETH-address especially created for the reconstruction process.

This are the steps for the exchange of CCC for equity:
  1. Complete the KYC check
  2. Send CCC’s back to Blockshipping
  3. Sign legal sign up document
  4. Receive equity

Before the transaction of the CCC and the equity, you will need to complete a simple online identity verification known as KYC (Know Your Customer).

This is the procedure for the KYC check:
  1. Create a free account at box.com unless you already have an account
  2. Create a folder in box for the documents that we need for the KYC process. When creating the foldder follow these instructions:
    1. Enter your public ETH-address holding your CCC tokens into “Folder Name”
      (e.g. 0x9e3359f862b6c7f5c66…)
    2. Enter “ccc@blockshipping.io” into “Invite Additional People”
    3. Set “Permission” to “Editor”
    4. Click on “Create”
  3. Upload the documents to this folder. We need each shareholder to provide a copy of his passport and copy of his/her utility bill providing his/her current address.
  4. We will take the documents from here and notify you once we have approved your KYC documents.
  5. Stop sharing the folder in box.com with ccc@blockshipping.io

You will receive a confirmation email from us once we have approved your KYC documents.

Once you have passed the KYC process, we will send you an email with further instructions on how to transfer and exchange the CCC for equity.

Frequently Asked Questions (FAQ)

Which parts of the original vision has been abandoned other than the idea with the CCC token?

The original vision of the Global Shared Container Platform (GSCP) remains the same however we have adjusted our focus. Our current focus is on the development of the Blockchain Container Asset Register (BCAR) and the Import Dwell Time Prediction (IDP). Further products such as container sharing will be developed as soon as our initial products have gained enough traction.

What is the timing of the ICO and reconstruction of the CCC?

We have following timeline in mind:

  • On December 31st the CCC will be de-listed from the IDEX crypto exchange
  • From 1st January 2020 through to 31st March 2020 token holders will be able to return their CCC’s to a dedicated digital wallet address of Blockshipping.

What is the name of the new entity?

We have decided that the name of the legal entity created to hold the shares each CCC token holder will get will be called CCC ApS

Who will receive equity in the new dedicated ApS?

We suggest following criteria should apply:

  • Those who purchased CCC token during the ICO, the pre-sale and the public sale in 2018
  • Those who purchased CCC on crypto exchanges
  • Those senior advisors and current/former staff members who worked without salary and received CCC instead or have yet to receive their CCC allocation

According to the ICO Whitepaper the founder and CEO of Blockshipping was supposed to get 2.5M CCC, but he has decided not to receive those.

What will be the exchange rate for the CCC?

We have decided to use the actual number of CCC’s returned to Blockshipping to calculate how many shares the former CCC token holder will get

How much of Blockshipping A/S will the new dedicated ApS hold?

We plan that CCC ApS should own 10% of Blockshipping based on a valuation of Blockshipping of DKK 15M.

The 10% equity represents a value of DKK 1.5M. The value of Blockshipping is in the range of DKK 10M to DKK 20M, but if we are not successful within the next 3 to 5 months then the value of Blockshipping could be significantly less.

How many shares will be distributed?

The minimun capital requirement for an ApS is DKK 40.000 and we decided that 40.000 shares (anparter) will be issued which will be distributed to those former CCC token holders who return their CCC tokens to Blockshipping.

Will there be any revenue share to shareholder in CCC ApS?

There will not be any revenue share to shareholders in CCC ApS. This goes away with the ICO phase out.

CCC ApS will own 10% of Blockshipping and will like other shareholders receive a dividend when and if the company has made enough EBITDA to contribute a share of the financial results to shareholders.

Who will pay for the gas when returning the CCC's to Blockshipping?

This will have to be paid by the sender of the CCC’s

Why do shareholders have to do a KYC check?

As part of updating the shareholders in the Danish Companies House we need each shareholder to provide a copy of his passport and a copy his/her utility bill providing his current address

How will the funding of the Anpartskapital for the new CCC ApS look like?

According to Danish regulation shareholders will have to put up the capital needed to start a new company (in total DKK 40,000), but the contribution from each participating CCC token holder will be quite small.

Who should pay for the annual minor admin fees and other smaller expenses of maintaining CCC ApS?

Since it will be a holding company with no trading activity the cost to maintain the company will be very limited.

What will happen if I want to exchange my CCC after the 31st March 2020?

If you miss the deadline for the equity exchange there will be no further opportunity for us to exchange your CCC for equity. After the 31st March we will take the total amount of returned CCC and calculate each persons personal share from this pool. The 40,000 shares are distributed according to this calculation.

What if I do not want to get equity? Will there be other options?

No there will be no other option then exchanging the CCC for equity. Anyone who has not transferred their CCC’s back to Blockshipping before or latest on 31st March 2020 has forfeited their rights to receive shares in CCC ApS.

If you have questions contact us via mail:

ccc@blockshipping.io

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