Exodus Movement, a cryptocurrency wallet startup, stated late Wednesday that it will not be launching on NYSE American, the sister market of the New York Stock Exchange, on Thursday as scheduled.
According to a press release from Exodus, NYSE American informed the business on Wednesday that Exodus’ registration statement, which the company said had been effective at the end of April, was still being reviewed by staff members of the U.S. Securities and Exchange Commission.
Exodus had previously said that it planned to uplist from over-the-counter (OTC) trading; nevertheless, its Class A Common Stock will remain listed on the OTCQX until the end of the business day on Wednesday. Its common stock will now stay listed on OTCQX for trading.
“The Company may reconsider listing on a national securities exchange at a future date once the SEC Staff has completed its review of the registration statement,” the press release issued on Wednesday stated.
Exodus CEO JP Richardson tweeted earlier this week that the company would have been able to “create long-term value for our investors by expanding our global shareholder base and boosting stock liquidity” as a result of the uplisting.
Richardson expressed in the statement released on Wednesday that the business was “surprised and confused by this last-minute decision.”
“We continue to have hope that the SEC will honour its promise to handle us in accordance with the law. We anticipate a prompt resolution to this issue because Exodus has been completely responsive and transparent throughout the process,” he stated. “In the meantime, we will continue to provide the best possible service and value for our customers and shareholders.”