Dream Exchange to Refile Application Following SEC Decision, Reaffirms Commitment to Main Street Investors

CHICAGO, Dec. 1, 2025 /PRNewswire/ -- Dream Exchange today announced that it will promptly refile its application to register as a national securities exchange following the U.S. Securities and Exchange Commission's (the "SEC") November 25, 2025 order denying its current Form 1 application.

"We view this as a procedural setback," said Joseph Cecala, Founder and Chief Executive Officer of Dream Exchange. "Our mission remains to create the broadest marketplace with the most opportunity for the most people, and we intend to pursue that mission through every available regulatory and legal channel."

In its order, the SEC notes that it received no comments on Dream Exchange's Form 1 application as originally filed, and no comments on the Form 1 as amended by Amendment Nos. 1 and 2. The public record therefore reflects that no public comments were submitted for or against the application. Dream Exchange believes that the denial of an unopposed application raises important questions about how its application has been evaluated and will be seeking clarity on the process going forward.

The SEC has closed this application within its statutory decision period, stating that it was not able, at this time, to make the positive determination required for registration under Section 6(b)(1) of the Securities Exchange Act and referencing concerns it described as arising from "press reports" and other public and non-public sources. The order also states that nothing precludes Dream Exchange from filing another Form 1 application with the SEC in the future. Dream Exchange intends to do so after providing additional information requested by the SEC.

In an official statement, the Board of Directors of Dream Exchange said: "The Board has reviewed and approved management's plan to respond to the SEC's order, including refiling the Form 1 application and providing any additional information that may be requested by the SEC. We remain confident in the company's strategy, leadership, and mission to broaden access to U.S. capital markets."

Wall Street Journal Reporting

Dream Exchange rejects the recent reporting in The Wall Street Journal and has clearly advised its editors, journalists, and the Journal's senior staff that these portrayals are inconsistent with the company's records, rely on unreliable and unnamed sources, and are replete with undisclosed reporting bias. Nevertheless, the detailed comments submitted by the company, through its counsel, have been omitted from the coverage, and the reporting has continued with these inaccuracies.

Dream Exchange has provided The Wall Street Journal with detailed facts in response to the reporters' questions. Much of this information has not been reflected in the articles published to date. Dream Exchange is evaluating its legal options in connection with inaccurate statements that have caused harm to the company and its investors.

A broader question for U.S. markets

The question at stake is whether access to U.S. capital markets will be broadened to include smaller, emerging companies and communities that have historically been left out.
Dream Exchange remains steadfast in its mission to open the doors of the financial system to Main Street.

"Financial reforms are the new frontier in civil rights, and Dream Exchange exists to ensure that small and mid-sized businesses, especially those historically kept at the margins of capital markets, gain fair and transparent access to public capital," said Dwain J. Kyles, Managing Member of DX Capital Partners, "and we will continue working with our investors, partners and policymakers to build a market where opportunity and prosperity can truly be shared."

About Dream Exchange

Dream Exchange is seeking registration with the Securities and Exchange Commission as a national securities exchange and intends to refile a Form 1 application with the SEC. If approved, it would be the first minority-controlled licensed stock exchange in U.S. history. The organization also supports a venture exchange model designed for smaller, early-stage companies that are often excluded from public markets. Learn more at www.dreamex.com.

Media Contact
Robert Todd, PR Manager, Dream Exchange
773-914-1182
[email protected]

SOURCE Dream Exchange