Immutable Receives Wells Notice from SEC

Immutable, a blockchain gaming platform, has stated that the US Securities and Exchange Commission (SEC) has indicated its intention to take action against the company for possibly violating securities laws.

According to the company, shortly after their first meeting with the SEC, the agency sent them a Wells notice.

This notice is a type of communication from the SEC staff informing a company that they may face enforcement action. Immutable explained:

“Before a Wells notice is issued, there are typically several months of interviews and discussions between the company’s legal team and the SEC to ensure a full understanding of the situation.”

However, they state that in their case, they received the notice only hours after their first interaction with the SEC. The company believes the SEC’s allegations could be related to the listing and private sales of IMX in 2021, but the notice lacked specific details.

Immutable also shared that they are aware of inquiries from the Department of Justice but have not received any official legal action from them.