The U.S. SEC has hindered the anticipated uplisting of crypto wallet provider Exodus on the NYSE American.
Exodus Movement, Inc., the developer of self-custody crypto wallet Exodus, has encountered a delay in its anticipated listing on the NYSE American exchange. The delay comes as the U.S. Securities and Exchange Commission (SEC) takes additional time to review the firm’s registration statement.
Exodus registered its displeasure about this turnout via an official statement posted to its website and official X account. According to the firm, the SEC’s action was a last-minute denial they did not see coming.
Today, the SEC made a surprise last-minute decision that delays Exodus from listing on the NYSE American. While we are deeply disappointed, Exodus will continue to empower customers all over the world to control their own wealth using our best-in-class self-custody crypto wallet.…
— Exodus – Crypto Wallet (@exodus_io) May 9, 2024
Anticipated Uplisting
Notably, on Monday, May 6, Exodus announced receiving initial approval for its Class A common stock to be listed on the NYSE American. This approval signaled a shift for Exodus from its current OTC trading on the OTCQX platform. As a result, the company prepared to commence trading on May 9 on the NYSE American.
In the earlier announcement, JP Richardson, CEO of Exodus, highlighted the uplisting as a key milestone expected to enhance long-term shareholder value and increase Exodus’ visibility. “We believe the uplisting will broaden the awareness of Exodus,” Richardson remarked.
Big news!
Exodus stock $EXOD starts trading on the NYSE American this Thursday, May 9th.
This significant milestone paves the way to creating long-term value for our investors by expanding our global shareholder base and boosting stock liquidity.
LFG!
— JP (Exodus) (@jprichardson) May 6, 2024
Last-Minute SEC Blockade
However, this anticipated Thursday trading timeline has been pushed back due to the SEC’s ongoing review process. Richardson expressed surprise over the unexpected delay but remains optimistic about a prompt resolution.
Notably, Exodus has indicated that it might contemplate going public on a national securities exchange after the SEC concludes its examination of the registration statement.
Until that point, Exodus’ Common Stock will remain available for trading on the OTCQX platform, using the ticker “EXOD.” The company has reassured its current stockholders that no immediate action is required on their part during this interim period.
Since its inception in 2015, Exodus has been dedicated to facilitating a global shift away from conventional financial systems. The firm offers a multi-asset software wallet that supports desktop and mobile use and facilitates transactions across over 10,000 asset pairs.
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