Galaxy chooses Delaware for favorable corporate environmentIn the SEC Form S-4, first filed on March 27, Galaxy said it chose Delaware for the relocation because it would provide “a favorable corporate environment,” which would help it “compete more effectively with other publicly traded companies.” The firm also chose Delaware because it’s the “choice of domicile for many publicly traded corporations,” has an abundance of case law to assist in interpreting the Delaware General Corporation Law (DGCL), and lawmakers frequently update the DGCL to reflect current technology and legal trends. After the change, Novogratz will maintain control of the company with nearly 60% of voting power, according to the filing. Galaxy Digital’s share price on the TSX was down 8% after the bell, trading at $12.30 Canadian dollars ($8.70), according to Google Finance.
Artificial intelligence and crypto investment firm Galaxy Digital has been given the nod from the US Securities and Exchange Commission to list on the Nasdaq stock exchange. The company, which is listed on the Toronto Stock Exchange (TSX), plans to relocate its home base from the Cayman Islands to Delaware, according to an April 7 statement from Galaxy, pending shareholder and TSX approval. “Our registration statement is now effective with the SEC.
We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization.Let’s go! ” Galaxy CEO Michael Novogratz said in an April 7 statement to X. Source: Michael NovogratzGalaxy anticipates listing on the Nasdaq under the ticker symbol GLXY shortly after the vote, with the transition to be completed by mid-May, contingent on meeting Nasdaq listing requirements.
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Author / Journalist: Cointelegraph by Stephen Katte
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