Crypto wallet company Exodus Movement will not be listing on NYSE American, the New York Stock Exchange’s sibling market, on Thursday as planned, the company announced late Wednesday.
NYSE American told Exodus on Wednesday that U.S. Securities and Exchange Commission staff were still reviewing Exodus’ registration statement, which the company said had gone effective at the end of April.
Exodus was supposed to uplist from OTC (over-the-counter) trading, the company announced earlier this week, with its Class A Common Stock continuing to trade on OTCQX through the end of the day Wednesday. Its common stock will now continue trading on OTCQX.
“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,” Wednesday’s press release said.
The uplisting would have led for Exodus “creating long-term value for our investors by expanding our global shareholder base and boosting stock liquidity,” Exodus CEO JP Richardson tweeted earlier this week.
In Wednesday’s statement, Richardson said the company was “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,” he said. “In the meantime, we will continue to provide the best possible service and value for our customers and shareholders.”
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