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The Exodus movement, one of the major crypto wallet brands, is facing a setback in its plans to list on the NYSE American. They have announced that they are still under the scrutiny of the U.S. Securities and Exchange Commission (SEC), following their sudden listing delay. The stock had reached a point in the afternoon when it was scheduled to be uplisted on Thursday, but the listing process has now been put on hold, leaving it in suspense as investors and stakeholders wait for the next steps to be revealed.
The exclusion from listing came late on Wednesday, after Exodus Movement lodged the SEC’s continued trading status concerns in their registration statement. Even though the regulation is reportedly set to go into effect by April 4, the review process continues to delay the uplisting, which contributed to the rescheduling of the process.
Before the end of Q4 2020, EXOD hinted at its plans to move away from a decentralized trading platform (OTC) and further to have its Class A common stock listed on NYSE American. However, the press release recently confirmed that the company’s classic shares will continue to trade on the OTCQX.
However, on delay, JP Richardson, Exodus CEO, used the occasion to express his feelings of surprise and confusion, but reiterated that the company has been transparent and cooperative throughout the process. Richardson enumerated the crucial elements that could positively impact the up-listing, including the capacity to expand the shareholder base and the potential for stock to trade well, potentially resulting in a long-term value boost for investors.
Richardson has committed to promptly intervening and engaging with the regulator to resolve the issue, despite the delay in the expected timeline. He once again emphasized that Exodus Airport Group thrives on its mission to provide clients and shareholders with the best service and quality possible, irrefutable evidence despite the regulatory wraps.
However, for the moment, the listing remains delayed indefinitely. In the meantime, Exodus has raised concerns about future listing decisions. Based on this, the company is likely to uplist again on a national securities exchange after the SEC completes its checking process. With the last hearing setting a one-year deadline for the motion, interested parties are closely monitoring the situation and anticipating updates from either the Exodus Movement or the regulatory agencies.