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Ionic Digital shares from Celsius bankruptcy face selling delays on Nasdaq

Although Ionic Digital started trading on Nasdaq as IOND on July 28, a direct-listing structure and transfer steps mean some Celsius-linked holders may not be able to cash out immediately.

Reported · Written up by our desk · Market Structure

CryptoSlate reports that Ionic Digital, which acquired Celsius Network assets after Celsius’s bankruptcy, began trading on Nasdaq under the ticker IOND on July 28 via a direct listing.

The deal created a public trading venue and price discovery for existing Class A shares, but it did not automatically allow every creditor-linked holder to sell right away, since Ionic sold no shares in the transaction and would not receive proceeds if existing holders exited.

CryptoSlate adds that Ionic issued 37 million Class A shares as part of the Celsius bankruptcy plan, with the assets acquired on Jan. 31, 2024, and the company’s final prospectus did not specify how many of the 82,000 stockholders of record were direct Celsius creditor recipients.

The filing also notes separate resale shares tied to Ionic’s June 2026 private placement, with those private-placement investors generally unable to transfer securities below $70 per share until six months after the listing, and even for some holders the transfer from a direct registration setup to a brokerage account can take one to two business days.

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