Monex postpones Coincheck listing
When Monex, the owner of Coincheck, presented its results for the fiscal year ending March 31, 2023, the message on the listing for Coincheck, announced in 2022, was: “The project to merge the Coincheck Group created in the Netherlands with a SPAC, which is listed on NASDAQ in the US, and to list it on De-SPAC is still in progress. We are in communication with the SEC and are continuing to work on the listing of the Coincheck Group on the US NASDAQ.”
In a press release this week, Coincheck extended the date by which the transaction must be consummated from July 2, 2023 to July 2, 2024, prolonging the “option value” it holds in the form of the cryptocurrency exchange, in the hope of a recovery from “crypto winter” and a possible warmer reception of a SPAC deal than in the current environment.
It blames the extension on “the U.S. Securities and Exchange Commission’s (SEC) prolonged registration review process”, in response to which Thunder Bridge (THCP) “filed a proxy statement on May 31, 2023 in connection with a special meeting of stockholders of THCP that will be held on June 21, 2023, which includes, among other things, a proposal to amend its amended and restated certificate of incorporation to extend the date by which THCP must consummate a de-SPAC transaction from July 2, 2023 to July 2, 2024.”
“After more than a year of working with Gary Simanson and his team at Thunder Bridge, Coincheck Group remains committed to completing the business combination with Thunder Bridge and to gaining access to the U.S. capital markets,” said Oki Matsumoto, Chairman and Chief Executive Officer of the Company. “The rationale for the proposed business combination and listing of Coincheck Group, as a holding company of a registered virtual crypto currency exchange in Japan, on the Nasdaq Global Market is more compelling than ever. By extending the deadline of the business combination for an additional twelve months, we are making a clear statement that we are committed to pursuing this strategic transaction. We look forward to working with Gary Simanson and his team to successfully consummate the proposed business combination and to having Coincheck Group become a publicly traded company on the Nasdaq Global Market.”
In light of the above, the parties to the Business Combination Agreement have agreed to extend the deadline for completing the Coincheck Group (CCG) De-SPAC Transaction for one year, subject to stockholder approval of the Extension Proposal at the THCP Stockholders Meeting. The listing of CCG on Nasdaq through the CCG De-SPAC Transaction will enable Monex & Coincheck to gain exposure to international investors and to utilize Nasdaq-listed shares as effective currency for recruiting talent and making global acquisitions, thereby further expanding the crypto asset business.
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