World Crypto Global
- Written by: Jared Kirui
- Tue, 07 May 2024
- Israel
Coincheck and Spacial Purpose Acquisition Company Thunder Bridge Capital Partners IV are progressing with a merger deal that will enable the Japanese cryptocurrency exchange to list on Nasdaq. Coincheck has reportedly submitted a proposal regarding the agreement to the SEC, signifying a significant step for both companies and investors seeking exposure to the growing crypto industry.Gateway to NasdaqCoincheck is a renowned digital asset exchange with a market share of over 1.98 million accounts, while Thunder Bridge Capital Partners IV is an SPAC that facilitates mergers and acquisitions within the financial sector. The proposed merger signifies Coincheck's ambition to expand its global footprint andgain access to the Nasdaq market. According to the press release, the combined entity, to be named Coincheck GroupN.V., is pending regulatory approvals and shareholders' consent.Last year, Coincheck faced a hurdle after theparent company, Monex Group, announced a one-year delay in the cryptocurrencyexchange's public listing. The anticipated merger, originally scheduled forcompletion by July 2, 2023, was extended to July 2, 2024. Monex Group confirmed the delay, citing the approvalof an amendment to the SPAC's certificate of incorporation at ashareholders' meeting held in June 2023. While the exact reasons behind the delay remainunclear, speculations emerged about potential setbacks in obtaining approval from the shareholders. This setback marked the second delay in Coincheck's journeytoward listing on Nasdaq.Coincheck IPO DelayedMonex announced its intentions to take Coincheckpublic in 2022, entering an agreement valued atapproximately $1.25 billion with Thunder Bridge. Originally expected to debuton the Nasdaq in the latter half of 2021, unforeseen circumstances havecontinuously pushed the listing further, now scheduled for this year.Under the agreement, Thunder Bridge is set to inject $237 million in cash into the combined entity. Additionally, GarySimanson, Thunder Bridge's President and CEO, will reportedly assume the roleof CEO in the merged organization. Monex will retain a significant majoritystake of 82% in the new entity and maintain its commitment to Coincheck's growthtrajectory amidst the challenges of the listing delay.This article was written by Jared Kirui at www.financemagnates.com.
