SEC Delays Exodus' NYSE American Listing for Review

SEC Delays Exodus' NYSE American Listing for Review

By: Isha Das

Crypto wallet provider Exodus recently declared an unexpected decision by the US Securities and Exchange Commission (SEC) to postpone its set listing on the NYSE American stock exchange. The delay arises from the SEC's continued review of Exodus's registration statement.

Earlier, Exodus anticipated its shares to be uplisted from the OTCQX to NYSE American, emphasizing the potential for the increased presence to enhance long-term value for stockholders by escalating liquidity. However, with the SEC's deferral of the uplisting, Exodus might contemplate listing on a national securities exchange later. Its shares, with the ticker EXOD, will persist to trade on OTCQX.

Exodus CEO reinforced the company's transparency and responsiveness throughout the process, expressing hope in a swift resolution of the matter by the SEC. Exodus's preliminary reports for the first quarter exhibited massive year-on-year revenue growth of 118%, totaling around $29.1 million, along with approximately 1.69 million active users.

In recent years, the SEC, under its current leadership, has exhibited an aggressive approach towards the nascent crypto industry, focusing on integrating digital currency into SEC's regulatory framework by categorizing digital assets as per Howey tests for securities.

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