Source: Cointelegraph Original: "{title}"
Artificial intelligence and cryptocurrency investment firm Galaxy Digital has received approval from the U.S. Securities and Exchange Commission (SEC) to plan for a listing on the Nasdaq stock exchange.
According to a statement from Galaxy on April 7, the company is currently listed on the Toronto Stock Exchange (TSX) and plans to relocate its headquarters from the Cayman Islands to Delaware, pending approval from shareholders and the TSX.
Galaxy CEO Michael Novogratz stated in a release on X on April 7, "Our registration statement has been approved by the SEC. We plan to complete the restructuring and list on Nasdaq after the shareholder vote on May 9. We are ready!"
Source: Michael Novogratz
Galaxy expects to list on Nasdaq shortly after the shareholder vote, with the stock ticker GLXY, and anticipates completing the transition in mid-May, provided it meets Nasdaq's listing requirements.
Galaxy chose Delaware as its new location due to its favorable business environment.
In the SEC S-4 form submitted on March 27, Galaxy stated that it chose Delaware as its new location because the state offers a "favorable business environment" that will help it "compete more effectively with other publicly traded companies."
The company also selected Delaware because it is the "registered home of many public companies" and has a wealth of case law to help interpret the Delaware General Corporation Law (DGCL). Additionally, lawmakers regularly update the DGCL to reflect current technological and legal trends.
According to the documents, after the change, Novogratz will continue to control the company, holding nearly 60% of the voting power.
According to Google Finance, Galaxy Digital's stock price on the Toronto Stock Exchange fell 8% after trading ended, currently trading at CAD 12.30 (approximately USD 8.70). The company's stock first listed in July 2015 and peaked at nearly CAD 50 (approximately USD 35) on November 12, 2021.
Galaxy Digital's stock price on TSX fell 8% after trading ended. Source: Google Finance
Galaxy recently agreed to pay USD 200 million to settle a settlement related to its alleged promotion of the now-collapsed cryptocurrency Terra (LUNA).
Other cryptocurrency companies are also listing on Nasdaq. The parent company of the Japanese cryptocurrency exchange Coincheck, Coincheck Group, is the most recent, having debuted on December 11.
Bitcoin (BTC) accumulation investment firm Metaplanet is also exploring potential listing locations outside Japan, such as the U.S., following its CEO Simon Gerovich's meetings with officials from the New York Stock Exchange and Nasdaq in March.
Related: Wall Street is facing a terrible crash, while Fartcoin rises 30%
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