Exodus, the developer of a popular non-custodial cryptocurrency wallet and software platform, announced today it has closed its offering of Class A common stock under Regulation A on May 5, 2021, with the maximum amount allowed under Regulation A of $75 million. The full amount that had qualified under the company’s offering circular, 2,733,229 shares, was purchased by investors.
The offering resulted in demand from both institutional and retail investors and significantly expanded the ownership base through the addition of over 6,800 new shareholders. The company expects to use the proceeds from the offering for the continued expansion of its platform, with a focus on software development and increasing its marketing efforts to attract additional customers to its platform.
Exodus is working with its partners Securitize and tZERO to get the EXIT shares ready for trading on the secondary market. Management anticipates this process could be completed within 60 days. Prior to the availability of any secondary market trading, EXIT shares will remain priced at $27.42 and will be visible on the Exodus wallet like any other digital asset within the app’s portfolio.
“Given the novel approach to fundraising, our utilization of blockchain technology, and all the challenges faced, we were blown away by the response. There’s a lot of excitement and gratitude around the company to be joined by 6,800+ new stakeholders in our mission. This offering reinforces our core belief that if you democratize financial systems and make finance easy, people will participate and benefit from opportunities traditionally available to only the wealthy elite. Retail investors who bought a couple shares got the exact same deal as billionaires. That felt pretty cool and true to the spirit of blockchain and the crypto community. Looking ahead, we are focused on enabling secondary trading and accommodating investors located outside of the United States.”
– JP Richardson, Co-Founder and CEO Exodus