The developers of the Exodus cryptocurrency wallet have filed an application with the US Securities and Exchange Commission (SEC) for a public offering of the company’s tokenized shares for $ 75 million.
This week, the creators of the Exodus wallet announced the filing of a prospectus for the company’s tokenized shares with the SEC. In case of obtaining permission from the regulator, the company will conduct a share placement for $ 75 million. Exodus will issue a token pegged to the company’s shares and plans to attract about a million active users of its wallet to the placement.
According to a statement from Exodus, the documents were filed with the SEC last Friday and the regulator has 21 days to review the application. Exodus CEO and co-founder Jay Richardson said:
“We have been working on this application for a long time. Now we are waiting for the regulator’s decision and cannot be sure about it. I am so excited”.
Exodus wants to allow ordinary people to become investors in the company and owners of its capital through a regulated token offering. According to Richardson, Exodus began seriously working on preparing a filing for the SEC back in May 2020. He estimated the cost of the process at about $ 1 million.
To move to the registration stage, Exodus enlisted the help of Wilson Sonsini Goodrich & Rosati (WSGR), the same law firm that helped Blockstack conduct an SEC regulated $ 23 million token sale.
Exodus’ offer will allow the firm to sell stock tokens at a price of $ 27.42. All sales will take place within the application for BTC, ETH and USDC. In this case, investors will first have to pass the KYC verification at Securitize.
Exodus has attracted only small amounts of money in the past, Richardson said. There were two rounds of funding: $ 368,000 in September 2016 and then $ 170,000 in February 2017. However, he is confident that the company will be able to collect the entire planned amount:
“I have a very good feeling. I think we will be able to raise $ 75 million, ”he said.
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