たまご(💙,🧡)

[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

#INX #INXToken #Republic #RepublicNote #SecurityTokens #TokenizedSecurities #RWA #Tokenization #DigitalAssets #CapitalMarkets #SEC #ATS #BrokerDealer #InvestorRights #Disclosure #AOCF #STOSummit #KoreaPremiumWeek #Korea #Japan #TokenSecurities #FLIP

[なん速ニュース @SOWIETK]

辺野古の活動家、中国共産党機関紙の記者にはまともな船に乗せてた模様

船に乗る場所も安全そうです

生徒にはあんな船に乗せてたのに…

連中の間では、中共>日本の子供らしい

※船の操縦者は現役名護市議の東恩納琢磨で、記者は環球時報の邢曉婧

[東郷ゆう子の旦那 @togootto]

武石知華さんのご遺族のアカウント
皆さん全力で応援しましょう
この事件を風化させないためにも
@Beloved_Tomoka

[辺野古ボート転覆事故 遺族日誌 @Beloved_Tomoka]

2015年の研修旅行｜辺野古ボート転覆事故遺族メモ
2015年の沖縄研修旅行について気になる点を追記しています。
@Beloved_Tomoka https://t.co/qdIeEfyv9X

#辺野古沖１６人死傷転覆事故
#同志社国際高校
#ヘリ基地反対協議会
#平和教育

[東郷ゆう子の旦那 @togootto]

※AIではありません

[椎井蹴人 @Cait_Sith_co]

これはすごい。完全に化けの皮が剥がれたというか、もう誤魔化す気も無くなったんだな。すごく怖いんだが

[シュウジ @2480shuji]

世界の愛国者の皆さん！
どうか彼をフォローしてください
彼が出す情報はきちんとした根拠のあるものばかりです

戦後日本は韓国や中国のプロパガンダにより世界中から非難を受けてきました。
日本人として大変屈辱で、納得のいかないものばかりです。

もちろん今でもその影響は大きく、日本人は世界で一番誤解を受けている民族だと、僕は思っています。

是非みなさん自身の目で正しい歴史にリーチし、判断してくれる事を願います🙏
彼のポストに役をつけて拡散してくれる人がいれば、どうか手伝ってください🙏

[テリマカシ 。。 @terimakasih0001]

みなさん初めまして！

ここは中国の南京大虐殺写真や動画の嘘を暴いたり、日本人に忘れ去られた日本兵のよき写真の拡散する垢です。

ですが、Twitterからシャドウバン受けまくりで拡散できなくなりました。

なので完コピ、フルスクショして代わりに拡散してくれたらうれしいです。

(◍•ᴗ•◍)

[文化人放送局@安倍総理暗殺を究明する制作スタッフ @bunkajintv33]

TBS『報道特集』『サンデーモーニング』を公職選挙法と放送法違反で総務省に告発しましょう。
賛同する方はリポストお願いします。
#TBS報道特集は放送法違反
#投票に行こう
#オールドメディアの終焉

[MLB @MLB]

A one-of-a-kind giveaway for a one-of-a-kind player!

Repost and reply for a chance to win this Shohei Ohtani-inspired stuffed unicorn 🦄

[こちら「週刊フジ」です @yukanfuji_hodo]

公明党の政権離脱を受けて、政局が混沌としています。次期首相には、誰がふさわしいと思いますか。その理由もお聞かせください。

[へずまりゅう @hezuruy]

高市さんの潔白が証明されました。
本日、16時04分に奈良公園で中国人が鹿さんに暴力を振るいました。(投稿済み)
日テレと東京新聞に「謝罪」と「報道」の訂正を求めます。
一体どれだけの鹿さんが被害に遭い痛い思いをしてきたのか？
適当な取材をし国民を騙したことを心から反省するべきだ。

[サキガケ @nihonpatriot]

町山さん間違えて消してしまったみたいなので拡散しましょう

[虹色 @nisemono_tk]

Threadsに小泉進次郎についての投稿。
拡散可とあるので迷わず貼り付けますw
テレビに映る時は農家に寄り添い、農家のインタビューにも頷きながら、声を聞いてます！感を出す進次郎。やはり実際はこんなもん。お父さんと一緒でパフォーマンスがお上手です事😏

[髙橋/闇を暴く人 @Parsonalsecret]

タレコミがあり撮影者から許可をもらい投稿

某リユースショップで中国人が店内で未精算商品を勝手にライブ通販して、売り手が決まった物だけカゴに入れている💢

最近問題になっているが本当に対策を取った方がいいぞ

日本政府はこんなことをさせるために中国人のビザを緩和しているのか？

[河合ゆうすけ【戸田市議選で歴代最多得票トップ当選】1st @migikatakawai]

これ何？

[橋本琴絵 @HashimotoKotoe]

80年前の今日、日本人小学生200名以上と女性900名以上が刃物で乳房を切り取られ、または膣に手榴弾を入れられ殺害されました。赤ちゃんを抱いたお母さんは、生きたまま赤ちゃんと一緒に車で引きずり回され内臓が飛び出しました。犯人は共産主義者です。

葛根廟事件です。

[橋本琴絵 @HashimotoKotoe]

1937年の今日、大量の日本人児童と妊婦が顔に硫酸をかけられ、膣に一升瓶や電球を入れて割られ、子宮と大腸をひきずり出されて瀕死の被害者に食べさせて遊ぶ大事件が起きました。通州事件です。これにより日中の平和（盧溝橋事件停戦協定）は破られ、戦争を支持する世論が起きました。

[河合ゆうすけの本音言いがちアカ【3rdサブ用】 @kawaiyusukeno3]

日の丸を蹴飛ばすド左翼新聞の記者。
神奈川新聞が参政党から出禁にされて当然だ。