SEC Review Puts Brakes on Exodus’ NYSE American Listing Plans

Exodus Movement, a prominent player in the crypto wallet sphere, faces a setback as its anticipated listing on NYSE American gets postponed. The New York Stock Exchange’s sibling market informed Exodus late Wednesday that the listing won’t proceed as scheduled due to ongoing scrutiny from the U.S. Securities and Exchange Commission (SEC).

In a press release issued Wednesday, Exodus revealed that NYSE American conveyed the SEC’s continued examination of its registration statement, despite its effectiveness since the end of April. Originally slated to transition from over-the-counter (OTC) trading, Exodus must now maintain its Class A Common Stock listing on OTCQX.

Reassessing Future Prospects

Exodus had envisioned the uplisting as a strategic move to enhance shareholder value and bolster stock liquidity, as highlighted by CEO JP Richardson’s earlier tweet. However, Richardson expressed surprise and bewilderment at the abrupt delay, emphasizing the company’s adherence to transparency and responsiveness throughout the regulatory process.

“We remain hopeful that the SEC will follow through on its commitment to treat us as the law intends. Exodus has been fully transparent and responsive throughout this process and we expect a swift resolution in this matter,” Richardson said. “In the meantime, we will continue to provide the best possible service and value for our customers and shareholders.”

While the setback casts a shadow over Exodus’ immediate listing plans, the company remains resilient, poised to navigate regulatory hurdles and uphold its commitment to stakeholders. Despite the unexpected turn of events, Exodus is steadfast in its mission to deliver unparalleled service and value to its clientele and investors.