Key Facts
- OpCo Proposal executed on February 18, 2025
- OAT elections concluded on Apr 3, 2025
- The OpCo legal entity was established in May 2025
- Two additional OAT members were appointed by June 2025.
Relevant quotes from original proposal
OpCo’s initial term will tentatively be 30 months (around 6 months for setup and 24 months for operations from the entity’s official initiation date).
That would mean that the official start date should be August 18, 2025 (6 months after February 18).
As the OAT is mandated to assist in OpCo’s setup process, the first OAT term will be slightly longer than subsequent ones since it will include the period from when the initial OAT members are selected to the establishment of the entity, plus 12 months from the entity’s official start date.
…the OAT’s term is 12 months, with a re-election process initiated when the OAT’s term has around 3 months left.
The above point can be interpreted in the following ways:
- The official start date of the OAT term was August 2025, which aligns with the start date of the OpCo itself; therefore, elections should start in May 2026.
- The official start date of the OAT term was May 2025, which aligns with when the legal entity was established - therefore, elections should start in February 2026 (past due already)
- The official start date of the OAT term was June 2025, which aligns with when the 5th member was appointed - therefore, elections should start in March 2026 (almost past due)
Decided Course of Action
After discussing it with the OAT, we have decided that the interpretation that makes the most sense is that the OAT term ends in August 2026.
As a result, the next OAT elections process will begin in May 2026.