As an experienced financial analyst, I’m disappointed but not entirely surprised by Exodus Movement’s failure to uplist to NYSE American on Thursday as planned. The SEC’s last-minute review of the registration statement is a common occurrence in the world of IPOs and secondary listings.
Exodus Movement, a cryptocurrency wallet firm, has canceled its planned listing on NYSE American, the New York Stock Exchange’s sister exchange, which was set for Thursday. The company made this announcement late in the previous day.
According to a press release from Exodus, the NYSE American notified the company on Wednesday that SEC staff were still examining Exodus’ registration statement despite Exodus’ assertion that it had become effective toward the end of April.
Exodus initially planned to graduate from over-the-counter (OTC) trading this week, but its Class A Common Stock will still be transacted on OTCQX until the end of business on Wednesday. From then on, its common stock will only be traded on the OTCQX platform.
“Wednesday’s press release stated that the Company could consider going public on a national stock exchange again after the Securities and Exchange Commission (SEC) has finished evaluating their registration application.”
Paraphrasing: According to Exodus CEO JP Richardson’s tweet from earlier this week, the uplisting would generate lasting benefits for our investors by broadening Exodus’ global investor base and enhancing stock market liquidity.
In his statement on Wednesday, Richardson expressed surprise and confusion over the unexpected choice made at the last minute.
As a crypto investor involved with Exodus, I’m confident that the SEC will honor their commitment to fair treatment of the community. Exodus has been open and communicative throughout this regulatory process, and we anticipate a favorable outcome. In the interim, we are dedicated to delivering top-notch service and value for our clients and shareholders.
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2024-05-09 04:30