- Exodus Movement has postponed listing its Class A common stock on NYSE American due to an SEC review of its registration statement
- The company has planned to list on May 9 but now awaits further SEC approval
- Exodus Movement will become the first company to tokenize its stock on the blockchain before listing.
Crypto wallet developer Exodus Movement has postponed the listing of its Class A common stock on NYSE American after the Securities and Exchange Commission (SEC) said it wanted to review the company’s registration statement. The listing, originally planned for May 9, is now on hold until the SEC completes its review, according to a company statement released Wednesday. Exodus Movement will also tokenize its stock on the blockchain, becoming the first listed company to do so.
SEC Throws Spanner in the Works
Exodus announced this week that it planned to transition from the OTCQX exchange to NYSE American today, with its tokenization revolutionizing equity trading. The company’s listing on NYSE American would have marked a significant milestone as the first US firm to manage and trade equities in this manner, but the SEC has thrown a spanner in the works at the last minute.
CEO JP Richardson noted in a statement that NYSE American had approved the listing of Exodus Movement’s Class A common stock, which trades under the ticker EXOD, and so the delay was unexpected
Richardson expressed confusion about the decision, stating, “While we are surprised and confused by this last-minute decision, 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.”
Exodus Remains Looking Forward
Despite the postponement, Exodus remains optimistic about the future, with Richardson adding that it may revisit the idea of listing on a national securities exchange once the SEC concludes its review. In the meantime, its stock will continue trading on OTCQX, an over-the-counter market, under the same EXOD symbol.
This delay, though unanticipated, hasn’t deterred the company from its goal of offering streamlined services to its customers and investors.
