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SEC approves Exodus wallet for Regulation A stock offering

  • Posted On - 2021-04-10 06:25:19

Crypto wallet provider Exodus currently received the green signal from the United States Securities and Exchange Commission to sell shares of its operation. 

As per the public statement from Exodus on Thursday:

“Exodus Movement, Inc., a Delaware corporation that has developed a leading non-custodial cryptocurrency software platform, received notice that the Securities and Exchange Commission has qualified its offering of Class A common stock under Regulation A.”

In the U.S. shares hit the market last night and are available through the wallet itself. For many years, Exodus has existed as a desktop wallet for cryptocurrency public, compatible with an array of crypto assets. The wallet also enables a feature that allows users to swap between assets within the wallet. Now, as per the Exodus statement, crypto users can buy Exodus shares by using the app too.

Exodus filed with the States Securities and Exchange Commission for a Regulation A offering in February, as detailed in its related paperwork. Regulation A offers a form of exemption under which entities can sell unregistered shares, based on information from Investor gov.

The Thursday statement notes a value of $27.42 per unit of Class A common stock. Buyers can pick up as little as one share, or as much as 2,733,229 shares. “All investors must be registered with the Exodus transfer agent Securitize,” the statement noted, informing them of 2 venues for registration: through Securitize or within the Exodus wallet itself.

Shares can only be purchased by U.S. residents. Arizona, Florida and Texas folks, however, cannot participate. The statement also added:

"Exodus is currently exploring partnerships with alternative trading systems (ATS) that could potentially expand the availability of Exodus shares. Exodus intends to make the Class A common stock available for trading on several ATS, including the tZERO ATS within nine months of this offering."

Crypto firms' going thought has been hot news as of late, with Coinbase’s direct listing on the horizon, expected to occur on April 14.

Source: https://cointelegraph.com/news/sec-approves-exodus-wallet-for-regulation-a-stock-offering