faron

[FLIP @Dynamichong_]

📌 A Statement on INX Token Holder Rights, Disclosure, and Trust

Hi I'm FLIP

Before sharing an important and positive update about Korea’s security token market, I believe one unresolved issue must be addressed with clarity and seriousness.

For several years, I have helped organize STO SUMMIT, Korea’s dedicated Security Token and RWA event, together with Edaily.

This year, at the request of the Korean government, the Financial Services Commission, and Korea Exchange, we are preparing the STO sector program within Korea Premium Week, in a format similar in spirit to Japan Week.

Korea is entering a critical phase. Token securities legislation is expected to move into full implementation next year, and the Korean capital market is attracting unprecedented global attention.

For years, I have analyzed security token regulations, market structures, global case studies, and companies that could shape the future of Korea’s tokenized securities market.

INX has been one of the most important cases I have followed, because it was issued through an SEC-registered public offering and has been widely regarded as a reference case for regulated security tokens.

I am writing this as a market analyst who has studied INX deeply, and as someone who has worked to help Korea’s tokenized securities market develop and connect with the global market.

However, before celebrating Korea’s next chapter, one issue must be addressed.

That issue is:

⚖️ INX Token holder rights.

I believe INX Token holders have not yet received sufficient clarity.

In particular, INX Token holders in Korea, Japan, and globally now need clear, official, and legally grounded communication.

INX Token is not a simple utility token.

It was issued through an SEC-registered public offering as a blockchain security token. The rights of INX Token holders are described in the INX Prospectus / White Paper and SEC filings.

The INX Prospectus states:

“Each INX Token … will entitle its holder to receive pro rata distributions of 40% of the Company’s cumulative net cash flow from operating activities, excluding any cash proceeds from an initial sale by the Company of an INX Token (‘Adjusted Operating Cash Flow’).”

This means INX Token holders have a contractual right to receive pro rata distributions of 40% of INX Limited’s cumulative Adjusted Operating Cash Flow, or AOCF.

The Prospectus also states:

“The distribution to INX Token holders is a contractual obligation of the Company and a right of each INX Token holder…”

This is not merely a marketing statement.

It is described in the SEC-registered offering document as a contractual obligation of the Company.

The Prospectus also states:

“The pro rata distribution … is not self-executing and requires that our board of directors approve the Company’s financial statements and calculate such distribution in good faith.”

But this does not mean the Company has unlimited discretion to neutralize INX Token holder rights.

The key phrase is:

⚖️ good faith

INX Token holders have a legitimate right to ask:

1. How is AOCF being calculated?
2. Are INX revenues and costs being allocated fairly?
3. After the Republic acquisition, has the economic value of INX been shifted to another entity or structure?
4. Are revenues generated through INX’s ATS, broker-dealer, and secondary trading infrastructure properly reflected in INX Limited’s AOCF?
5. Are INX Token holder rights being preserved not only formally, but also substantively?

The INX Prospectus also contains a very important protection:

“The Company may not amend or modify the INX Token Purchase Agreement in a manner that would materially impair the rights of the INX Tokens without the express consent of INX Token Holders.”

And further:

“Any amendment or modification which would have the effect of materially and adversely amending or modifying the rights of the INX Tokens would need to be agreed to by each holder of INX Tokens.”

In other words, the rights of INX Token holders cannot be materially and adversely modified without holder consent.

After Republic’s acquisition of INX, these rights did not disappear.

INX’s 2026 Form 20-F states that INX Token was delisted from https://t.co/mSL4agjB3Z on February 15, 2026, but also clearly states:

“All existing INX Token rights remain unchanged.”

This sentence matters.

⚖️ Delisting is not the same as extinguishing holder rights.

INX itself disclosed to the SEC that all existing INX Token rights remain unchanged.

There is also another critical issue:

📄 Disclosure obligations.

INX Limited issued INX Token through an SEC-registered public offering and has filed reports with the SEC through Form 20-F and Form 6-K.

The fact that Republic is a private company should not mean that material information directly related to INX Token holder rights can disappear without explanation.

I am not saying Republic must disclose all of its private-company financials.

But if INX Limited remains subject to SEC reporting obligations, and if INX Token is a security token issued through an SEC-registered offering with a 40% AOCF participation right, then the following matters require clear disclosure or official explanation:

1. The current status of INX Token rights
2. The methodology for calculating AOCF
3. Revenue attribution between INX Limited and Republic
4. Whether revenues from INX’s ATS, broker-dealer, and regulated secondary trading infrastructure are attributed to INX Limited or its subsidiaries
5. Whether such revenues are reflected in AOCF
6. Cost allocation and intercompany arrangements between Republic and INX
7. The status of any INX Token buyback or Republic Note exchange
8. How Republic and INX will ensure that “All existing INX Token rights remain unchanged” is respected in substance

In particular, if INX’s regulated secondary trading infrastructure is central to Republic’s future strategy, then the revenues, costs, and AOCF treatment of that infrastructure should be disclosed or officially explained in a way that INX Token holders can understand and verify.

AOCF rights are not abstract rights.

They depend directly on operating cash flow, revenue attribution, cost allocation, and intercompany arrangements.

If Republic uses INX’s broker-dealer license, ATS, INX.One-related infrastructure, or secondary trading infrastructure to grow its business, holders deserve clarity on where the economic value is attributed, what costs are allocated to INX, and how those amounts affect AOCF.

This is not curiosity.

It is a basic request from holders of a security token issued under an SEC-registered offering.

Also, if an INX Token buyback or Republic Note exchange is actually pursued, it may involve a securities repurchase or exchange transaction. Under U.S. securities law, if an issuer or affiliate conducts a tender offer or exchange offer for an equity security, Rule 13e-4 and Schedule TO may become relevant.

This is no longer merely a community-management issue.

It is an issue of:

⚖️ security token rights
📄 disclosure
📊 AOCF
🏛️ regulated secondary market infrastructure
🤝 investor trust

Republic’s CEO has publicly explained that secondary trading infrastructure is the future of Republic. He also emphasized the significant value of that market and infrastructure.

Then the question becomes unavoidable:
If one of the core values of acquiring INX was its regulated secondary trading infrastructure, ATS, broker-dealer license, and INX.One-related infrastructure, how does the economic value generated from that infrastructure relate to INX Token holders’ AOCF rights?
INX Token holders do not have voting rights.
But INX Token is not just a coin. It was designed as a security token with contractual economic participation rights in INX’s operating cash flow.
This structure is closer to a contractual revenue-participation security than a typical utility token.

INX Token holders are not asking for control of the company.

They are asking how the rights clearly described in the Prospectus and SEC filings are being preserved in practice.

If Republic acquired INX because it sees regulated secondary market infrastructure as a key part of its future, and if Republic intends to use that infrastructure within its broader ecosystem, then Republic should clearly address the questions INX Token holders now have.

Republic and its executives also communicated that there would be follow-up measures for INX Token holders after delisting. It was also explained that INX Token would remain separate from Republic Note.

Based on public communications, holders understood that:

- Trading functionality may be integrated into https://t.co/5szsp5bMCP
- INX Token was delisted, and follow-up measures for holders were expected
- INX Token would remain separate from Republic Note
- Additional updates for INX Token holders could come within one to two weeks

That update was expected around early April.

However, INX Token holders have still not received a clear official update, timeline, terms, or action.

Republic’s February 2026 Form 6-K states:
“Republic continues to consider and intend to provide INX Token holders with an opportunity to participate in a voluntary repurchase or exchange offer…”
But it also states:
“No repurchase or exchange offer is being effectuated at this time.”

This is exactly why clarity is needed now.

If Republic is preparing an INX Token buyback or Republic Note exchange, holders deserve to know the expected timeline, terms, eligibility, legal process, and current status.

If Republic has decided not to proceed, holders deserve to know that as well.

I respectfully request Republic to clarify:

1. The current rights of INX Token holders
2. The status of any INX Token buyback or Republic Note exchange
3. Why the previously discussed holder update has been delayed
4. How INX Limited’s SEC reporting obligations will continue after the acquisition
5. How INX and Republic will disclose or officially explain INX Token rights, AOCF, secondary trading revenues, cost allocation, and intercompany arrangements
6. The role of INX’s ATS, broker-dealer, and secondary trading infrastructure in Republic’s future strategy
7. How that economic value connects to INX Token holders’ AOCF rights
8. The revenue allocation, cost allocation, and intercompany structure between INX Limited and Republic
9. Whether Republic and INX will provide distinguishable disclosure or explanation regarding secondary trading infrastructure accounting and AOCF treatment
10. The methodology for AOCF calculation and future disclosure
11. How Republic will ensure that “All existing INX Token rights remain unchanged” is respected not only in form, but also in substance

I am not writing this to attack Republic.

On the contrary, I believe Republic can become a major global infrastructure company in RWA and tokenized securities.

That is precisely why this issue must be clarified now.

If trust is lost, everything is lost.

The tokenized securities market cannot be built on technology alone.

It must be built on disclosure, legal rights, investor protection, contractual performance, and trust.

I have studied INX and other global security token cases from the early stage of Korea’s tokenized securities market, and I have worked to help Korea connect with the global market.

That is why I see this not merely as an issue of one token, but as an issue connected to the credibility of the entire tokenized securities market.

If Republic provides a clear and convincing explanation to INX Token holders and commits to maintaining transparent disclosure regarding INX Token rights and AOCF, I am willing to actively support Republic’s expansion in Korea’s token securities and RWA market through my network and role in the Korean ecosystem.

Korea’s market is about to open.

And I can help Republic become a trusted global player in Korea’s tokenized securities market.

But the condition is clear:

⚖️ Do not lose the trust of INX Token holders.

INX Token holders in Korea, Japan, and around the world are not asking for special treatment.

They are asking for clarity and transparent disclosure based on the White Paper and SEC filings.

If Republic wants to be trusted as a global RWA and tokenized securities infrastructure company, what is needed now is not silence, but:

📄 clear explanation
🕰️ official timeline
📊 continued disclosure
⚖️ respect for holder rights
🤝 protection of trust

INX Token holders deserve clarity. Republic should protect trust. Tokenized securities must be built on disclosure, investor rights, and trust — not uncertainty.

Korea Premium Week
STO SUMMIT Co-Host
FILP

@joinrepublic
@INX_Group
@KendrickEsq
@sdatika1
@republicnote

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[へのふぉい @malfoy2021]

競馬の祭典　日本ダービー

フォローRTいいねしたら無料🆓

まともな理屈じゃ測れない。データを超えた、説明のつかない言ってしまえば、危ない橋を渡るような予想なんてことはない。

皐月賞に続いてぶち抜く。それだけ。
最後に祭りだ。盛り上がろうぜ🔥

https://t.co/4IMzePn6NC

[Z李 🇺🇦 NO WAR 🕊 @ShinjukuSokai]

土曜日の当たり馬券をプレゼント。

左回りCコース8枠でロブチェンはダービーを勝てないと思う。
もし勝った場合は、自分へ反省と自戒を込めてこの227,000円分の馬券をプレゼント。

フォローとリポストで応募完了。

俺はロブチェンもリアライズシリウスも来ないで馬連50倍以上の決着になると思う。

[あいちょん @ai_cyon]

すやすや〜💤

[あいちょん @ai_cyon]

7年も一緒に暮らしてるのに
まだ警戒するのなんで🥲
#黒猫は臆病

[あいちょん @ai_cyon]

一緒に観ようね📺️
今日は楽しみにしてた　#テレビミセス　あと2時間🕘

[あいちょん @ai_cyon]

ご飯に向かう時の
気合い入れた後ろ姿好き🤗

[あいちょん @ai_cyon]

ストーブOFF☀

[あいちょん @ai_cyon]

🐶🐱預かり継続中
お世話がんばるよ💩🪠

[あいちょん @ai_cyon]

オネムニャ🫧

[あいちょん @ai_cyon]

仲良し🐶🐱
推定15歳の初老猫と
1歳8カ月やんちゃ犬
どちらも女の子
孫とおばあちゃんみたい👶👵

[あいちょん @ai_cyon]

猫の日ニャンニャンニャン🐈‍⬛

[あいちょん @ai_cyon]

今日もみんな元気でよし🐈‍⬛🐱🐶

[あいちょん @ai_cyon]

虚無にゃ🐈‍⬛

[あいちょん @ai_cyon]

実家のワンニャンをしばらく預かる事になった🐶🐱
我が家の🐈‍⬛とあわせて3匹お世話頑張ろ〜

[あいちょん @ai_cyon]

Cat in the Donut🍩
#黒猫
#オミコロモティフ

[あいちょん @ai_cyon]

今朝の癒しにゃん🐈‍⬛

[Chihiro KATO @chiiiisensei]

物凄い、ド正論。

globianceの他責思考、意味がわからない。
こんなんでビジネス続けていけると思わないで欲しい。ビジネス継続の為の資金との兼ね合いで返金に一年かかるとか言われてもさ、本当なんでこんなんでビジネス続けられると思ってるんだろう。

貴方達の都合なんて知らないよ。
資金引き出せないで迷惑してる人達の都合考えなよ。

返金出来るなら最初から返金しなさいよ。
全部じゃないにしろ返金しなさい。

僕たち、XDCに何かしてなんて頼んでないもんって言われても、XDCからしたら評判落とされて良い迷惑なんだけどさ。

[認定NPO法人HOKKAIDOしっぽの会 @shipponokai]

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