Coincheck and Spacial Purpose Acquisition Company Thunder Bridge Capital Partners IV is progressing with their merger deal, which will enable the Japanese cryptocurrency exchange to list on Nasdaq. This action signifies a significant step for both companies and has implications for investors seeking exposure to the burgeoning crypto
industry.
Gateway to Nasdaq
Coincheck is a renowned digital asset exchange in Japan, with a market share of over 1.98 million accounts. Thunder Bridge Capital Partners IV is an SPAC that facilitates mergers and acquisitions within the finance sector. The proposed merger signifies Coincheck’s ambition to expand its global footprint and
gain access to the Nasdaq market. The combined entity, to be named Coincheck Group
N.V., is pending regulatory approvals and shareholders’ consent.
Last year, Coincheck’s Nasdaq faced a hurdle after the
parent company Monex Group announced a one-year delay in the cryptocurrency
exchange’s public listing. The anticipated merger, originally scheduled for
completion by July 2, 2023, was extended to July 2, 2024.
Monex Group confirmed the delay, citing the approval
of an amendment to the SPAC’s certificate of incorporation at a special
shareholders’ meeting held on June 21, 2023. While the exact reasons behind the delay remain
unclear, speculations emerged about potential setbacks pending shareholders’
approval. This latest setback marked the second delay in Coincheck’s journey
toward a Nasdaq listing.
Coincheck IPO Delayed
Monex announced its intentions to take Coincheck
public in March of the previous year, entering an agreement valued at
approximately $1.25 billion with Thunder Bridge. Originally expected to debut
on the Nasdaq in the latter half of 2021, unforeseen circumstances have
continuously pushed the listing further, now scheduled for this year.
Thunder Bridge is set to inject $237 million in cash
into the combined entity under the terms of the agreement. Additionally, Gary
Simanson, Thunder Bridge’s President and CEO, will reportedly assume the role
of CEO in the merged organization. Monex will retain a significant majority
stake of 82% in the new entity and maintain its commitment to Coincheck’s growth
trajectory amidst the challenges of the listing delay.
This article was written by Jared Kirui at www.financemagnates.com.
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