Japan-based cryptocurrency exchange Coincheck and Thunder Bridge Capital are advancing in their journey towards a merger and potential Nasdaq listing. A recent press release announced that the companies have achieved a significant milestone by submitting their registration statements for the U.S. Securities and Exchange Commission.
Continuing the Collaboration Process
Over the past few months, Coincheck and Thunder Bridge Capital have submitted multiple versions of their registration statement for review by the SEC, allowing for improvements based on comments. The Form F-4 is necessary for transactions involving international companies.
Initially proposed in March 2022, the merger aims to transition Coincheck into a publicly traded entity through a de-SPAC transaction with Thunder Bridge, valued at $1.25 billion.
De-SPAC involves a private company merging with a special purpose acquisition company (SPAC) created to acquire private businesses. This method can offer a quicker path to the public market compared to traditional initial public offerings.
Merger Details
Although the merger was anticipated to conclude in the second quarter of 2022, market challenges and regulatory uncertainties following FTX's bankruptcy in November of the same year likely postponed the process. Completion of the business combination is expected in the second or third quarter of 2024, pending shareholder approval and SEC regulatory clearance. The new holding company, Coincheck Group N.V., will operate under this name with shares traded on Nasdaq under the symbol CNCK.
Coincheck is recognized as one of Japan's largest cryptocurrency exchanges. The parent company, Monex Group, reported earnings of over 2 billion yen from crypto trading in the first quarter of 2024. Monex acquired Coincheck in 2018 following a significant attack where approximately $534 million in NEM tokens were stolen.
Comments