# 2025-21633: Exchange Lets Traders Buy Shares by Prepaying Hefty Fees

2025-21633, Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Dates in the Warrant Performance Incentive Program, is a Federal Register notice from Securities and Exchange Commission published 2025-12-01, effective 2025-09-29; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-21633
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-21633
- Title: Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Dates in the Warrant Performance Incentive Program
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 55207
- Published: 2025-12-01
- Effective: 2025-09-29
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Exchange Lets Traders Buy Shares by Prepaying Hefty Fees

## Summary

24X National Exchange is tweaking some dates in its Warrant Performance Incentive Program, which lets members earn the chance to buy shares in the parent company by prepaying fees. This change mainly affects members who joined or want to join the program, adjusting deadlines but not the money involved. The update kicks in right away, keeping the program smooth and on track.

## Effects PRIA read

- Prepayment Deadline Moved to Oct 10, 2025: benefit, low. If you are a member who wants to join the warrant program, the deadline to execute the required documents and pay the $500,000 Prepayment Fee to participate at the Program start was changed from September 26, 2025 to October 10, 2025. Paying by October 10, 2025 lets you participate when the Program…
- Year 1 Measurement Period Starts Oct 14, 2025: benefit, low. The Measurement Period for Year 1 was changed to run from October 14, 2025 through December 31, 2025 (instead of beginning September 29, 2025). This aligns the Year 1 trading window with the Exchange and Program launch date of October 14, 2025.
- Risk of No Year‑1 Vesting if Trading Not Started: cost, high. If trading on 24X does not commence by October 15, 2025, no warrants will vest in Year 1 and the aggregate 219,608 Non-Voting Common Units allocated for Year 1 would be excluded from the Program entirely. Participants would therefore lose the opportunity to earn rights to purchase those 219,608 uni…
- Warrant Exercise Window Moves to Oct 14, 2032: benefit, low. The last date by which Participants may exercise vested warrants was changed from September 29, 2032 to October 14, 2032, which is the seventh anniversary of the Program's October 14, 2025 start date. Exercisable warrants remain valid through October 14, 2032.
- Monetary Terms and Other Program Rules Unchanged: mixed, low. The Program's monetary terms — including the $500,000 Prepayment Fee and the allocation mechanics for the available Non‑Voting Common Units — remain the same; only certain dates were amended. Other eligibility criteria and fee amounts are unchanged.

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## Sources
- [2025-21633 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/01/2025-21633/self-regulatory-organizations-24x-national-exchange-llc-notice-of-filing-and-immediate-effectiveness)
- [2025-21633 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-01/pdf/2025-21633.pdf)

## Related
- [Previous: 2025-21632, ARK ETF Trust and ARK Investment Management LLC](https://policyrisk.com/federal-register/2025-21632)
- [Next: 2025-21634, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediat…](https://policyrisk.com/federal-register/2025-21634)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-21633 (as of 2026-06-08).