|To participate in the reverse auction log into your AICoin dashboard account and click on the XAI auction login link.|
|You will be directed to the Panxora Exchange, where you will log into your live trading account.|
|The Auction Window will be displayed with the XAI available to sell in 2 columns – My Dashboard Balances on the left and My Panxora Balances on the right. Clicking the ‘Place’ button in either column opens up a sell order window where you can add the price you want to sell your XAI at and the number of XAI you want to sell. Saving the Sell Order places it in the list of offers.
You can cancel an offer by clicking the X to the left of the offer.
|You can place as many offers as you want up to the total value of XAI either located in your Dashboard or Exchange wallet.
All offers will be swept at 5PM UTC after the auction closes on July 8 2019.
|The reverse auction operates this way:
There is now $193,947.76 in the pool allocated to purchase XAI. Token holders need to place their offers onto the Auction window before the End Date on July 8, 2019. The window will display the end time for the auction in your local time zone so it is easy to figure out when you need to place the orders.
When the auction closes, we will calculate the price at which we will buy sufficient XAI to match the $193,947.76 currently available. To do this we start at the lowest offer and work up through all the offers until the full amount available has been spent. The pool will not pay above 95% of the XAI NAV.
When the purchase point has been determined, then everyone offering XAI will receive the same price. e.g. If the offer prices were set at 0.000005, 0.0000055, 0.000006, 0.0000065, 0.000007 and we swept up all the offers at 0.000005, all the ones placed at 0.0000055 and 25% of the offers placed at 0.000006 and that used up all the available money. Then everyone offering XAI at 0.000005, 0.0000055 would sell all their XAI at 0.000006 – the top price that can be afforded by the amount of available capital. Twenty five percent of the offers placed at 0.000006 would receive 0.000006 and no one else placing a higher offer would be able to sell their XAI.
If people choose not to sell their XAI or only a portion of the available capital is needed to sweep up available stocks of the token, then that unused capital is returned to the main Investment Pool.
All the successful offers will be settled at 17:00 UK time on the 8th of July.
All offers are in the form of a XAI/BTC price and settlement will be in BTC.