EddieJayonCrypto
8 Apr 25
Galaxy Digital Holdings Ltd. is nearing a listing on the Nasdaq exchange after receiving approval from the U.S. Securities and Exchange Commission to change its registration from the Cayman Islands to Delaware. The company anticipates a shareholder vote in May and aims to list on Nasdaq shortly ther...
Galaxy Digital Holdings Ltd. is set to be listed on the Nasdaq exchange after securing approval from the U.S. Securities and Exchange Commission (SEC) for the change of its registration from the Cayman Islands to Delaware. The company is preparing for a shareholder vote in May, with CEO Mike Novogratz expressing optimism about listing on Nasdaq shortly after the May 9 vote, subject to completing the reorganization.
The reorganization aims to relocate the company's base to Delaware, granting voting rights to U.S. shareholders and allowing Novogratz to maintain nearly 60% of the voting power. During the transitional period following the reorganization, Galaxy plans to maintain dual listings on both Nasdaq and the Toronto Stock Exchange, with the transition expected to be finalized by mid-May pending shareholder approval.
The move represents a significant milestone for Galaxy Digital Holdings Ltd., which has been working towards a Nasdaq listing since January 2022. By shifting its registration to Delaware and revising its corporate structure, the company seeks to enhance legal and administrative efficiencies, while also removing existing restrictions on U.S. shareholders' voting rights.
The management circular in the filings indicates that all issued and outstanding Class A ordinary shares will convert one-for-one into Class A common stock without redemption or cancellation. Galaxy anticipates fulfilling all Nasdaq listing requirements and aims to complete the transition by mid-May, contingent on shareholder approval following the May 9 vote.