Crypto Wallet Provider Exodus Delays NYSE Listing Due to SEC Review
Exodus Movement, a prominent crypto wallet company, has announced a delay in its planned listing on NYSE American, the sibling market of the New York Stock Exchange.
The company revealed the development in a late Wednesday press release, citing the ongoing review by the U.S. Securities and Exchange Commission (SEC) as the reason for the delay.
NYSE American informed Exodus on Wednesday that the SEC staff was still in the process of reviewing the company’s registration statement, which had become effective at the end of April.
The unexpected update from the SEC has prompted Exodus to postpone its uplisting from over-the-counter (OTC) trading.
As a result, Exodus’ Class A Common Stock will continue to trade on OTCQX for the time being.
Exodus anticipated that the uplisting would create long-term value for investors by expanding the company’s global shareholder base and enhancing stock liquidity, as highlighted by CEO JP Richardson in a tweet earlier this week.
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
However, with the SEC review ongoing, the company has decided to reconsider listing on a national securities exchange at a later date, once the regulatory process is complete.
Expressing surprise and confusion regarding the last-minute decision, Richardson emphasized that Exodus had been fully transparent and responsive throughout the review process.
“We remain hopeful that the SEC will follow through on its commitment to treat us as the law intends,” he said.
“Exodus has been fully
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