Legal

Who issues ST0x tokens

ST0x tokens are issued by S01 Issuer GmbH (S01), a Berlin company set up for one job: issuing tokens for real, listed shares. Each stock comes as tStock, the issued token, and wtStock, a wrapper that holds tStock (the two forms).

The prospectus

The tokens are offered under a Base Prospectus approved by the Financial Market Authority Liechtenstein and notified to other EEA countries, so the tokens can be offered there. It sets out how the tokens work, the holder’s rights and the risks. The approval is not an endorsement of the issuer or the tokens.

Download the Base Prospectus (PDF)

Exchanging tokens for shares

Every tStock carries a right to one share, and the tokens have no end date. Exchanging directly with S01 is for Authorised Participants: firms and investors who have onboarded with S01 and have an account at a broker S01 accepts (an Eligible Broker). They send tokens to S01, and S01 delivers the shares to that account and burns the tokens. The minimum is tokens worth US$10. Everyone else buys and sells at trading venues. Become an Authorised Participant.

What you hold

A ST0x token is a claim on S01, not a share on the company’s register: it carries no voting rights. The claim is unsecured. If S01 failed, holders would rank alongside S01’s other unsecured creditors and could get back less than they put in, or nothing. If S01 ever winds the programme down, it gives at least 12 months’ notice, then sells the shares it holds and pays holders the proceeds, less administration fees.

As with any investment, you can lose some or all of your money, and holding a token is not the same as holding the share. Read the risk warning.

Dividends

For wtStock, S01 delivers dividends to the wrapper, so each wtStock is worth a little more tStock. For tStock, dividends will be paid out for holders to claim; claiming isn’t live yet. How dividends work.

Fees

Minting and redeeming with S01 carry fees, set per token and shown on S01’s interface. S01 may also charge a management fee on dividends.

If you hold wtStock

wtStock wraps tStock so balances don’t change with splits. To exchange for the share, unwrap to tStock first. How wrapping works.

S01’s company details are on the imprint page. Full legal and technical detail is in our due diligence pack, shared on request: hello@s01issuer.com.