SEC Targets Immutable with Wells Notice Over IMX Token Sales

Immutable faces potential SEC lawsuit over alleged unregistered securities sales of its IMX token in 2021.

Immutable's IMX token price dropped 14% following the SEC's Wells notice, signaling potential legal action.
The SEC's notice relates to alleged unregistered sales of IMX tokens during a 2021 offering.
Immutable accuses the SEC of 'regulation by enforcement' and claims the IMX token does not qualify as a security.
The SEC has not confirmed details of the investigation, maintaining its policy of non-comment on potential cases.
Immutable is prepared to defend itself, citing a strong financial position with significant cash reserves.