Formation, the entity created by the merger of Solana DEX Orca and Loopscale, has notified the US SEC of plans to operate a tokenized securities trading venue on Solana. Operating under the SEC's "innovation exemption," Formation Securities will facilitate secondary trading of eligible tokenized stocks through permissioned automated market maker liquidity pools. The platform targets a launch in early 2027. The initial listing batch will include tokenized shares of Exodus Movement, Forward Industries, and Galaxy Digital. Holders will retain the same voting and dividend rights as traditional shareholders, with the ability to trade around the clock using assets like stablecoins and settle atomically onchain. Distribution channels for the venue include Superstate and Alpaca, while Anchorage and BitGo Bank serve as custodians.