Coincheck and Thunder Bridge Capital Advance Towards Merger and Nasdaq Listing
Summary:
Coincheck, a Japanese cryptocurrency exchange, and Thunder Bridge Capital, are moving forward with their merger and Nasdaq listing. After filing their F-4 form to the SEC, they've taken a major step toward going public. Initially expected to be completed by Q2 2022, the $1.25 billion merger has been delayed, likely due to a bear market and regulatory uncertainties. The merger is currently predicted to be finalized in Q2 or Q3 of 2024. Upon completion, the new entity will trade on the Nasdaq under the ticker symbol CNCK as Coincheck Group, N.V.
Coincheck, a Japanese cryptocurrency exchange, and Thunder Bridge Capital have moved one step forward in their projected merger and listing on the Nasdaq. As per a press release dated May 7, the enterprises have submitted their F-4 registration form to the U.S. Securities and Exchange Commission (SEC). This marks a significant step in their two-year plan toward an anticipated public offering. In the preceding months, the firms submitted a series of confidential drafts of the registration to the SEC, allowing for adjustments based on feedback. The SEC mandates the F-4 form for business transactions involving foreign corporations.
The proposed corporate merger, initially disclosed in March 2022, is designed to turn Coincheck into a publicly traded company through a de-SPAC transaction with Thunder Bridge. The merger agreement was initially valued at $1.25 billion. A de-SPAC is a merger between a private firm and a special purpose acquisition company (SPAC) — a type of company specially established to locate and purchase private businesses. Companies often opt for de-SPACs as it may offer a quicker route to public markets than conventional initial public offerings (IPOs). The merger was initially anticipated to conclude by the second quarter of 2022, but the intense bear market and regulatory uncertainties following FTX's collapse in November of that year may have postponed its completion.
The corporate merger is now projected to be finalized in the second or third quarter of 2024, subject to shareholder approval and regulatory clearance from the SEC. The new holding company will operate under the label Coincheck Group, N.V. and its stock will be traded on the Nasdaq under the ticker symbol CNCK.
Coincheck is one of the biggest cryptocurrency exchanges in Japan. Monex Group, Coincheck's parent corporation, reported profits exceeding 2 billion yen (approximately $14 million) from cryptocurrency trading in the first quarter of 2024. Monex Group acquired Coincheck in 2018 following a massive security breach in which around $534 million worth of NEM tokens were stolen.
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Published At
5/8/2024 7:48:03 PM
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