Cryptocurrency wallet company Exodus Movement will not list on the NYSE American, the sister market of the New York Stock Exchange, on Thursday as planned, the company announced Wednesday evening.
NYSE American told Exodus on Wednesday that U.S. Securities and Exchange Commission staff were still reviewing Exodus’ registration statement, which the company said became effective in late April.
Exodus was expected to move up from over-the-counter (OTC) trading, the company announced earlier this week, with its Class A common shares continuing to trade on OTCQX through the end of the day on Wednesday. Its common shares will now continue to trade on OTCQX.
“The Company may reconsider listing on a national securities exchange at a future date once the SEC staff completes its review of the registration statement,” Wednesday’s press release read.
The listing increase would lead to Exodus “creating long-term value for our investors by expanding our global shareholder base and increasing 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 confident that the SEC will uphold its commitment to treat us as the law requires. 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 to our customers and shareholders.”
