Exodus hits regulatory roadblock despite previous approval as “numerous employees and their families” arrive in NYC to face disappointment
Exodus Movement, Inc. (Exodus) is facing a delay in its NYSE (New York Stock Exchange) American listing pending completion of the SEC’s review of its registration statement — which went into effect on April 28.
The NYSE American previously approved the listing of Exodus’ shares of Class A common stock at a par value of $0.000001, expected to begin trading on May 9. However, due to the backpedal, Exodus’ transition from the OTCQX to the NYSE American will be put on hold until the SEC completes its regulatory compliance process.
The delay in listing carries heavy implications for Exodus as the move to NYSE American would affect its visibility and potential financial market growth. This regulatory hurdle demonstrates a bottleneck crypto companies face when pursuing traditional finance (TradFi) regulated ventures.