FEX closed its groundbreaking Reg A+ public offering on May 5, 2021. We issued 2,733,229 shares of Class A common stock and raised $75 million in gross proceeds (the maximum amount qualified in our offering circular). The significant demand from both retail and institutional investors alike afforded us the chance to welcome over 6,800 new FEX shareholders to join us in our mission.
We selected the Algorand blockchain to issue the EXIT tokens; its high-performance speeds and low gas fees aligned with our goal to redefine the future of finance. The EXIT tokens act as a digital representation of the FEX shares. Securitize, our transfer agent, is going to send the EXIT tokens to each of our bonafide stockholders’ FEX wallets in August 2021.
FEX is ecstatic to partner with the Algorand team, since its tech provides a rich Layer-1 with many exciting use-cases to power next-generation decentralized applications for our customers,” said JP Richardson, FEX Co-Founder and CEO. “Even better, the team built a modern marvel in Layer-1 scalability.”
FEX is on a mission to empower half the world to exit the traditional finance system by 2030. We plan to use the proceeds of our Reg. A+ public offering to continue expanding our platform with a special focus on our core competency, software development. We can’t wait to roll out some of our new features and we hope our users will appreciate the work that has gone into the beautiful aesthetics and streamlined user interfaces. Another core competency is our trusted FEX Customer Support team. We strive to respond at lightning speed with meaningful information that helps our users troubleshoot any technical challenges they may encounter. We are committed to maintaining our FEX customer support as we exponentially scale our user base.
Can I buy or trade shares of FEX’s Class A common stock right now?
Making a secondary market available for trading FEX shares is one of our top priorities and we aim to deliver this option to our valued shareholders in August 2021. We are working with Securitize and tZERO to pioneer the future of finance and we will keep our shareholders informed every step of the way.
If you are interested in buying FEX shares once secondary trading opens, you can register inside FEX using the Shares app at any time.
To get started, open the Shares app (its icon looks like a nifty arrow aiming up and to the right) and follow the step-by-step instructions. Your profile will need to be verified by both Securitize and tZERO. Then you’re ready for trading once it begins on tZERO this August.
Can I trade FEX shares from anywhere in the world?
Our goal is to offer the FEX shares to as many jurisdictions as possible over time. At the moment, trading FEX shares will be available for tax residents of the following jurisdictions and territories:
Argentina, Australia, Austria, Belgium, Brazil, British Virgin Islands, Bulgaria, China, Denmark, Finland, France, Germany, Hong Kong, Ireland, Isle of Man, Israel, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Peru, Philippines, Singapore, South Africa, South Korea, Spain, St Lucia, Sweden, Switzerland, Thailand, UAE, United Kingdom, United States, Uruguay.
We will keep this list up-to-date, so please check back here if you are interested and your jurisdiction is not mentioned.
Thanks again for joining us on our mission.
Individuals who purchased FEX Shares in our Reg A+ offering can now claim their EXIT tokens.
Note, these tokens are a digital representation of your FEX shares; they track the number of shares you own based on Securitize, our transfer agent’s records.
To claim your EXIT tokens, click on the Shares app: