Exodus Movement, Inc.
For the period ended Dec 31, 2025. Filed Mar 11, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 11, 2026
EXOD$4.07+3.8%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-06.
0000950170-25-034884
Item 1A. Risk FactorsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-11.
0001821534-26-000009
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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34 unchanged; 195 reworded; 255 added; 25 removed; 9 previous and 709 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (255)
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our securities. The following summarizes management’s beliefs and opinions as to the material factors that could make an
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included in more than one category. These risk factors do not describe all of the risks that we face, as we could also be
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impacted by factors that we currently consider to be immaterial, that are not presently known to us, or that are generally
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•In the event of errors, misconduct, negligence, or failures by our management team, our employees or
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contractors, or third-party service providers, our business may be adversely impacted.
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•The third-party platforms on which users swap digital assets may be unregulated or may not be in compliance,
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user’s assets, which are not insured. We could thus be adversely affected if users blame the Exodus Platform.
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•If we fail to manage our growth, it could harm our business operations, corporate culture, and competitiveness.
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•Our holdings of digital assets, including the markets for Bitcoin, Tether, Ether and USDC, could expose us to
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•We may spend significant resources deploying new products, which may fail to attract widespread adoption and
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adversely affect our business, and may incorporate AI technologies into some of our products or processes.
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These technologies may present business, compliance, and reputational risks.
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•Fluctuations in interest rates, and rapidly changing interest rate environments could reduce expected revenues
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•We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements
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applicable to emerging growth companies will make our Class A common stock less attractive to investors.
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•We have made legal determinations as to whether our business, products, or services are in scope of various U.S.
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and international laws and regulations, including whether certain digital assets traded using third-party services
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legal, financial, and other risks to the extent a regulator disagrees with one or more of these determinations,
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including the possibility of being deemed as a broker-dealer, in which we would likely experience difficulty in
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•Failure to comply with anti-corruption, privacy, export control, import, or sanctions laws could harm our
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business, limit international competitiveness, and expose us to liability.
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•We may plan to launch products in the future that require regulatory licenses for which we may fail to obtain or
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•Our Class A common stock may be highly volatile, decline due to actual or perceived large sales, and may not
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maintain an active or stable trading market, potentially causing significant investor losses.
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•The dual class structure of our common stock, as well as provisions of our Certificate of Incorporation and our
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Bylaws, could deter or prevent a change in control. We are currently a “controlled company” and, as a result,
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•We are not subject to the provisions of Section 21.606 of the Texas Business Organizations Code, which could
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•The regulations governing tokenized securities in the United States are evolving and could introduce material
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The foregoing factors should not be construed as exhaustive. This summary of risk factors should be read in conjunction
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with the more detailed risk factors belowand the information provided elsewhere in this report, including “Item 1 –
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Business” and “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
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In the event of employee or API Provider misconduct or error, our business may be adversely impacted.
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Digital asset exchanges may be exposed to wash trading.
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We have previously identified a material weakness in our internal control over financial reporting, which we have not fully remediated, and we may not be able to accurately or timely report our financial condition or results of operations.
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Our tax information reporting obligations with respect to digital asset transactions are subject to change.
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We are a remote company, meaning that our team members work remotely which poses a number of risks and challenges that can affect our business, operating results, and financial condition. We are increasingly dependent on technology in our operations and if our technology fails, our business could be adversely affected.
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We do not believe we have an obligation to register as a transfer agent, but a regulator may disagree.
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We do not believe we have an obligation to register as a clearing agency, though the SEC may disagree.
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We do not consider ourselves a statutory underwriter, though a regulator may disagree.
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We are not subject to the provisions of Section 203 of the Delaware General Corporation Law, which could negatively affect your investment.
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In the event of employee or API Provider misconduct or error, our business may be adversely impacted.
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The platforms on which users trade digital assets are relatively new and, in some cases, largely unregulated or subject to regulation in a relevant jurisdiction but may not be in compliance, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of our business.
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Digital asset exchanges may be exposed to wash trading.
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Our revenue may be adversely affected if the markets for Bitcoin, Tether, Ether and USDC deteriorate or if their prices decline.
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negative perception of Bitcoin, Tether, Ether and USDC;
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For the Lightning Wallet function offered on the Exodus Platform, this function is provided by a custodial third-party API provider, Wallet of Satoshi (WOS). The custodial nature of the Lightning wallet means WOS does not provide seeds or private keys for self-custody and WOS assumes responsibility for the management of user funds. WOS’ ability to manage and accurately hold customer digital assets requires a high level of internal controls. We are limited in our ability to influence or manage the controls and processes of our API Providers and may be dependent on our API Providers’ operations, liquidity and financial condition to manage these risks. Any inability by WOS or another API Provider to maintain safeguarding procedures, perceived or otherwise, could, in turn, harm our public perception and, in turn, our business, operating results, and financial condition.
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We have previously identified a material weakness in our internal control over financial reporting, which we have not fully remediated. Because of our failure to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and the price of our Class A common stock.
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A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our consolidated financial statements will not be prevented or detected on a timely basis. The Company had previously identified material weaknesses in the Company’s control environment whereby the Company did not design and maintain effective internal control over financial reporting with respect to the expertise and quantity of its resources. Specifically, management did not effectively execute a strategy to hire, train, and retain a sufficient quantity of personnel with an appropriate level of training, expertise and experience in certain areas important to financial reporting. In addition, we also identified a material weakness whereby management did not design and implement effective control activities based on the criteria established in the Committee of Sponsoring Organizations framework. Management has committed to remediating these material weaknesses as promptly as possible and has implemented its remediation plan as discussed further in“Item 9A. Controls and Procedures”. However, we cannot provide any assurances that the measures that we have taken or will take will be sufficient to remediate this material weakness, and we also cannot assure you that we have identified all of our existing material weaknesses.
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Our tax information reporting obligations with respect to digital asset transactions are subject to change.
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Although we believe we are currently compliant with U.S. tax reporting and withholding requirements with respect to our customers’ digital asset transactions, the scope and application of such requirements is set to change following finalized regulations (the “Regulations”) by the USDOT and the IRS published on December 27, 2024. Barring legislative or regulatory action in the interim, these Regulations will treat us as a broker for tax purposes of reporting for sales of digital assets effected on or after January 1, 2027. As of February 2025, Congress was working to advance a joint resolution of disapproval under the Congressional Review Act, which would effectively nullify the Regulations and prohibit any future promulgation of substantially similar rules. If implemented as is, however, the Regulations will require us to invest substantially in new compliance measures. If the IRS determines that we are not in compliance with our tax reporting or withholding requirements with respect to customer digital asset transactions, we may be exposed to significant taxes and penalties, which could adversely affect our financial position. Any actual or perceived failure by us to comply with the above or any other emerging tax regulations that apply to our operations could harm our business.
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We are a remote company, meaning that our team members work remotely which poses a number of risks and challenges that can affect our business, operating results, and financial condition. We are increasingly dependent on technology in our operations and if our technology fails, our business could be adversely affected.
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As a remote company, we face a number of unique operational risks. For example, technologies in our team members’ homes may not be robust enough and could cause the networks, information systems, applications, and other tools available to team members and service providers to be limited, unreliable, or unsecure. Additionally, we are increasingly dependent on technology as a remote-only company and if we experience problems with the operation of our current IT systems or the technology systems of third parties on which we rely, that could adversely affect, or even temporarily disrupt, all or a portion of our operations until resolved. In addition, in a remote-only company, it may be difficult for us to develop and preserve our corporate culture and our team members may have decreased opportunities to collaborate in meaningful ways. Any impediments to preserving our corporate culture and fostering collaboration could harm our future success, including our ability to retain and recruit personnel, innovate and operate effectively, and execute on our business strategy.
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Regardless of the revenue structure for our Exchange Aggregator, we could be deemed a broker-dealer because certain digital assets on the Exodus Platform may currently be deemed to be securities, and we would likely experience difficulty in complying with the broker-dealer financial responsibility rules.
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Regardless of the revenue structure for digital asset staking offered through Everstake, we could be deemed a broker-dealer if the services that users can obtain related to these digital assets are securities under U.S. federal securities law, and we would likely experience difficulty in complying with the broker-dealer financial responsibility rules.
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We have never declared or paid any cash dividends on our common stock, and we do not intend to pay any cash dividends in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our Board. Accordingly, investors must rely on sales of their Class A common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investments.
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We are not subject to the provisions of Section 203 of the Delaware General Corporation Law, which could negatively affect your investment.
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Investing in or maintaining your investment in our common stock involves risk. You should carefully consider each of the risks and uncertainties set forth below as well as the other information contained in this report before deciding to invest in our securities. We have grouped our Risk Factors under captions that we believe describe various categories of potential risk. For the reader’s convenience, we have not duplicated risk factors that could be included in more than one category. Any of the following risks and uncertainties could materially and adversely affect our business, financial condition, results of operations, liquidity and/or cash flows and the impact could be compounded if multiple risks were to occur. Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past, and instead reflect our beliefs and opinions as to the factors, events, or contingencies that could materially and adversely affect us in the future.
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Investing in or maintaining your investment in our common stock involves risk. You should carefully consider each of the
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Our profitability is dependent on our ability to attract, maintain and grow our user base.
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•Our profitability is dependent on our ability to attract, maintain and grow our user base, as well as maintaining
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If we are not able to maintain our brand or reputation, we may be adversely affected.
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our brand or reputation. We may not grow in line with historical rates.
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Our success depends on the success of our third-party providers, and disruptions in our agreements with these providers may adversely affect our business, results of operations and financial condition.
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•Our success depends on the success of our third-party service providers, and disruptions in our agreements with
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The platforms on which users trade digital assets are relatively new and, in some cases, largely unregulated or subject to regulation in a relevant jurisdiction but may not be in compliance, and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of our business.
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and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges.
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Operational problems or failures by digital asset exchanges and fluctuations in digital asset prices may reduce confidence in these venues or in digital assets generally.
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•Operational problems or failures by digital asset-related businesses and fluctuations in digital asset prices may
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Digital asset exchanges may be exposed to front-running.
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•Digital asset exchanges may be exposed to front-running, wash trading or other manipulative practices.
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User actions to send and receive digital assets from a user’s Exodus wallet involves risks, which could result in loss of a user’s assets. We do not insure against potential losses, and we could be adversely affected if users blame or become dissatisfied with the Exodus Platform as a result of these negative experiences.
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•Sending and receiving digital assets from a user’s Exodus wallet involve risks, which could result in loss of a
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If we are unable to access our private keys or if we experience a hack or other data loss relating to our ability to access any digital assets, it could cause regulatory scrutiny, reputational harm and other losses.
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•If we are unable to access our private keys or if we experience a hack or other data loss relating to our ability to
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Some of our technology incorporates or utilizes software released under the terms of “open source” licenses, which could subject us to possible litigation and be used by other companies to compete against us.
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•Some of our technology incorporates or utilizes software released under the terms of “open source” licenses,
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Disputes with our users and other third parties could be costly, time-consuming and harm our business and reputation.
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•Disputes with our users and third parties could be costly, time-consuming and harm our business and reputation.
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We face intense and increasing competition, which could adversely affect us.
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•We face intense and increasing competition, and may not be able keep pace with technological developments that
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We may pursue strategic transactions, which could be difficult to identify and implement, and could disrupt our business or change our business profile significantly.
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•We periodically pursue strategic transactions, which could be difficult to identify and implement, and could
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Our holdings of digital assets expose us to exchange, security, valuation and liquidity risks, which could negatively affect us.
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exchange, security, valuation and liquidity risks, which could negatively affect us.
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Staking poses risks to our users’ assets which, in turn, may damage our brand and reputation, discourage existing and future customers from utilizing Everstake’s services, and adversely impact our staking revenue earned through Everstake.
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•Staking poses risks to our users’ assets which, in turn, may damage our brand and reputation, discourage existing
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Our platform or our API Providers’ platforms may be exploited to facilitate illegal activity such as fraud, money laundering, gambling, tax evasion, and scams, which could adversely affect our business.
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•Our platform or our API Providers’ platforms may be exploited to facilitate illegal activity such as fraud, money
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Our users may be exposed to an API Provider experiencing insolvency or bankruptcy, which could adversely impact our business, operating results, and financial condition.
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•Our users may be exposed to an API Provider experiencing insolvency or bankruptcy, which could adversely
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Any actual or perceived failure of the Exodus Platform to block malware or prevent failures or security breaches or other cybersecurity incidents could harm our reputation, cause the Exodus Platform to be perceived as insecure, underperforming or unreliable, impede our efforts to attract and retain users and otherwise negatively impact our business, results of operations and financial condition.
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impact our business, operating results, and financial condition.
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We do not conduct diligence with respect to the exchanges, market makers and other third parties our API Providers may contract with to conduct the services they provide to our users.
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•We do not conduct diligence with respect to the exchanges, market makers and other third parties our API
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Our success depends on our ability to attract and retain key technical, user support and management personnel while supporting the onboarding and career development of our team members.
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•Our success depends on our ability to attract and retain key technical, user support and management personnel
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If we are required to reclassify independent contractors as employees, we may incur additional costs and taxes which could adversely affect our business, financial condition, results of operations and prospects.
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•If we are required to reclassify independent contractors as employees, we may incur additional costs and taxes
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Our international operations expose us to additional risks and failure to manage those risks could materially and adversely impact our business.
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•Our international operations expose us to additional risks and failure to manage those risks could materially and
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Operational cost may exceed the award for solving blocks or transaction fees. Increased transaction fees may adversely affect the usage of the Bitcoin network.
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•Operational cost may exceed the award for solving blocks or transaction fees. Increased transaction fees may
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Due to the unfamiliarity or negative publicity associated with digital assets, confidence or interest in digital asset platforms may decline which could adversely affect our business, results of operations and financial condition.
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•Due to the unfamiliarity or negative publicity associated with digital assets, confidence or interest in digital asset
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The new and rapidly evolving market for digital assets and related services is subject to a high degree of uncertainty.
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•The new and rapidly evolving market for digital assets and services is subject to a high degree of uncertainty.
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Banks and financial institutions may not provide banking services, or may cut off services, to businesses that engage in digital asset-related activities.
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•Banks and financial institutions may not provide banking services, or may cut off services, to businesses that
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The regulatory regime governing blockchain technologies, digital assets and securities is uncertain and new regulations or policies may materially adversely affect the development and utilization of the Exodus Platform.
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and new regulations or policies may materially adversely affect the development of the Exodus Platform.
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Regardless of the revenue structure for our Exchange Aggregator, we could be deemed a broker-dealer because certain digital assets on the Exodus Platform may currently be deemed to be securities, and we would likely experience difficulty in complying with the broker-dealer financial responsibility rules.
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complying with the broker-dealer financial responsibility rules.
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Regardless of the revenue structure for digital asset staking offered through Everstake, we could be deemed a broker-dealer if the services that users can obtain related to these digital assets are securities under U.S. federal securities law, and we would likely experience difficulty in complying with the broker-dealer financial responsibility rules.
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•Regardless of the revenue structure for digital asset staking offered through Everstake, we could be deemed a
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The limited rights of legal recourse available to us expose us and our investors to the risk of loss of our Bitcoin for which no person is liable.
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•The limited rights of legal recourse available expose us and our investors to the risk of loss of our digital assets.
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We are currently a “controlled company” and, as a result, qualify for and could rely on exemptions from certain corporate governance requirements.
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qualify for and could rely on exemptions from certain corporate governance requirements.
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The distributed ledger technology used by Securitize, the Transfer Agent, is novel with respect to our Common Stock Tokens and has been subject to limited testing and usage.
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is novel with respect to our Common Stock Tokens and has been subject to limited testing and usage.
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Our profitability is dependent on our ability to attract, maintain and grow our user base.
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Our profitability is dependent on our ability to attract, maintain and grow our user base. We may not grow in line with
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The success of our business depends on our ability to attract and retain Exodus Platform users. To do so, we must demonstrate to potential and existing users that our platform offers significant advantages over those of our competitors. Market acceptance of the Exodus Platform is affected by a number of factors, many of which are beyond our control, including the timing of the release into the market of new products, features and functionality introduced by our competitors, the performance of third-party services offered through the Exodus Platform, user perceptions of the Exodus Platform’s security and reliability, acceptance and interest in digital assets and the growth or contraction of the market in which we compete.
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The success of our business depends on our ability to attract and retain Exodus Platform users. To do so, we must
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As the market for digital assets and related services continues to mature, we expect that an increased focus on user satisfaction will profoundly impact demand for the Exodus Platform. We believe that our users are increasingly looking for flexible and secure digital asset wallets that seamlessly integrate a range of applications and support a wide variety of digital assets, while streamlining the user experience and minimizing complexity. If we are unable to meet this demand, or if the Exodus Platform otherwise fails to achieve widespread market acceptance, our business, results of operations, financial condition and growth prospects may be adversely affected.
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As the market for digital assets and related services continues to mature, we expect that an increased focus on user
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We believe that maintaining our reputation as a leading provider of a self-custodial digital asset wallet with superior user support is critical to our relationship with our existing users and our ability to attract new users. The successful promotion of our brand will depend on several factors, including our ability to maintain a record of security, performance and reliability; our ability to continue to develop and integrate high-quality products and features for our platform through API agreements; and our ability to successfully differentiate our platform from competitive products and services. Independent industry and financial analysts often provide reviews of our platform, as well as those of our competitors. Perception of our offerings in the marketplace may be significantly influenced by these expert reviews. If reviews of our platform are negative or less positive than those of our competitors our brand may be adversely affected. The performance and reputation of our third-party API Providers may also affect our brand and reputation, particularly if users do not have a positive experience with our API Providers.
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We believe that maintaining our reputation as a leading provider of a self-custodial digital asset wallet with superior user
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Further promotion of our brand may require us to make increased expenditures and we anticipate that the expenditures will increase as our market becomes more competitive. Expenditures intended to maintain and enhance our brand may not be cost-effective or effective at all. If we do not successfully maintain and enhance our brand, we may experience reduced pricing power relative to our competitors, a decrease in existing users, failure to attract new users or an inability to expand offerings of new products to our existing users, all of which could materially and adversely affect our business, results of operations and financial condition.
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Further promotion of our brand may require us to make increased expenditures, and we anticipate that the expenditures will
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Our success depends on the success of our third-party providers, and disruptions in our agreements with these providers may adversely affect our business, results of operations and financial condition.
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Our success depends on the success of our third-party service providers, and disruptions in our agreements with these
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The success of third-party services on the Exodus Platform is affected by a number of factors, many of which are beyond our control, such as our ability to successfully integrate services into the Exodus Platform using third-party APIs, technological changes and developments, user preferences and technical support provided by the third party. Interruptions or delays in our cloud or internal infrastructure or third-party services and cybersecurity incidents such as attacks on our information systems by malicious actors could also affect our third-party services.
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The success of third-party services on the Exodus Platform is affected by a number of factors, many of which are beyond
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There can be no assurance that these third-party services will continue to perform in a manner our users find adequate. In addition, if any of the agreements with our API Providers are terminated or suspended, whether due to a failure or breach of performance or otherwise, we could be forced to incur additional expenses in seeking replacements, may not be able to obtain replacements in a timely fashion, if at all, and such interruptions or discontinuations of service could interfere with our existing user relationships and make us less attractive to potential new users. Multiple terminations or suspensions in a short period of time could impair the functionality of the Exchange Aggregator, resulting in user dissatisfaction and revenue loss. Additionally, certain of our third-party API Providers deliver features and functionalities that, if no longer available to us, cannot be replaced easily or in a timely fashion, if at all. Users may attribute such interruptions or delays to the operations of our platform, leading to doubts about the efficiency or reliability of the Exodus Platform which could have an adverse effect on our reputation and financial condition.
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There can be no assurance that these third-party services will continue to perform in a manner our users find adequate. In
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risks and uncertainties set forth below as well as the other information contained in this report before deciding to invest in
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investment in our common stock risky or speculative. We have grouped our Risk Factors under captions that we believe
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describe various categories of potential risk. For the reader’s convenience, we have not duplicated risk factors that could be
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applicable to most companies. Any of the following risks and uncertainties could materially and adversely affect our
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business, financial condition, results of operations, liquidity and/or cash flows and the impact could lead to a decline in the
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trading price of our common stock or be compounded if multiple risks were to occur. Some of the factors, events and
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contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to
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whether or not the factors, events or contingencies have occurred in the past, and instead reflect our beliefs and opinions as
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to the factors, events, or contingencies that could materially and adversely affect us in the future.
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these providers may adversely affect our business, results of operations and financial condition.
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reduce confidence in these venues or in digital assets generally.
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access any of our digital assets, it could cause regulatory scrutiny, reputational harm and financial losses.
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which could subject us to possible litigation and be used by competitors.
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are attractive to our current and prospective users, which could adversely affect us.
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disrupt our business or change our business profile significantly.
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and future customers from utilizing Everstake’s services, and adversely impact our staking revenue.
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laundering, gambling, tax evasion, and scams, which could adversely affect our business.
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Providers may contract with to conduct the services they provide to our users.
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while supporting the onboarding and career development of our team members.
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adversely affect the usage of the Bitcoin network.
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•Our business could be adversely impacted by the decision of foreign governments, internet service providers or
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others to block transmission from IP addresses on which our platform depends.
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platforms may decline which could adversely affect our business, results of operations and financial condition.
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engage in digital asset-related activities.
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•The regulatory regime governing stablecoins, blockchain technologies, digital assets and securities is uncertain
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integrated within our platform or other programs could be viewed as “securities." We face potentially material
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broker-dealer if the services that users can obtain related to these digital assets are deemed securities under U.S.
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federal securities law, and we would likely experience difficulty in complying with the broker-dealer financial
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•The distributed ledger technology used by Securitize, the Transfer Agent, and SuperState, the co-transfer agent,
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demonstrate to potential and existing users that our platform offers significant advantages over those of our competitors.
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Market acceptance of the Exodus Platform is affected by a number of factors, many of which are beyond our control,
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including the timing of the release into the market of new products, features and functionality introduced by our
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competitors, the performance of third-party services offered through the Exodus Platform, user perceptions of the Exodus
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Platform’s security and reliability, acceptance and interest in digital assets and the growth or contraction of the market in
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satisfaction will profoundly impact demand for the Exodus Platform. We believe that our users are increasingly looking for
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flexible and secure digital asset wallets that seamlessly integrate a range of applications and support a wide variety of
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digital assets, while streamlining the user experience and minimizing complexity. Despite past performance, if we are
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unable to meet this demand, or if the Exodus Platform otherwise fails to achieve widespread market acceptance, our
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business, results of operations, financial condition and growth prospects may be adversely affected.
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support is critical to our relationship with our existing users and our ability to attract new users. The successful promotion
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Failure to comply with anti-bribery and anti-corruption laws and similar laws could adversely affect us.
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Privacy concerns and laws or other domestic or foreign regulations may adversely affect us.
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Digital asset exchanges may be exposed to front-running.
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User actions to send and receive digital assets from a user’s Exodus wallet involves risks, which could result in loss of a user’s assets. We do not insure against potential losses, and we could be adversely affected if users blame or become dissatisfied with the Exodus Platform as a result of these negative experiences.
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If we fail to effectively manage our growth, we may be unable to execute our business plan, maintain high-quality levels of support, ensure the security of our platform, adequately address competitive challenges or maintain our corporate culture, and our business, financial condition and results of operations would be harmed.
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We are not registered as a money transmitter or money services business, and our business may be adversely affected if we are required to do so.
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We are subject to export control, import and sanctions laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate such laws and regulations.
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Sales of substantial amounts of our Class A common stock in the public market, or the perception that they might occur, could reduce the price that our Class A common stock might otherwise attain.
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Provisions of our Certificate of Incorporation and our Bylaws could discourage potential acquisition proposals and could deter or prevent a change in control.