Coincheck's Nasdaq Listing Delayed by One Year

Japan's Monex Group has confirmed that the public listing of its cryptocurrency exchange, Coincheck, through a reverse merger with a blank check company has been delayed by one year. It was the second time the merger had been delayed.

Delay in Coincheck's Pubic Listing

The deal between Coincheck and its special purpose acquisition company (SPAC) partner, Thunder Bridge Capital Partners, was previously scheduled to be closed by July 2, 2023. However, now the deadline has been pushed to July 2, 2024.

"...a special meeting of stockholders of Thunder Bridge Capital Partners IV, Inc. ('THCP') was held on June 21, 2023, EDT, and a proposal to amend THCP's 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, was approved," the latest announcement by Monex Group stated.

"[As such] the deadline to complete the proposed business combination with THCP pursuant to the Business Combination Agreement, dated March 22, 2022 (as amended May 31, 2023), among Coincheck Group B.V. and certain of its affiliates and THCP, was extended for one year."

The Issue Is Unclear

The latest delay in the public listing of the Japanese crypto exchange at the US stock exchange did not come as a surprise. Multiple media reports pointed out the possibility of a deal delay, which was subject to shareholders' approval.

Monex announced its plans to take Coincheck pubic last year in March, Finance Magnates reported. Monex and its SPAC partner entered into a definitive agreement for the deal valued at around $1.25 billion. Though the crypto exchange was initially expected to list on Nasdaq in the second half of 2021, the deal has been delayed until July 2, 2023.

As per the terms of the deal, Thunder Bridge will provide $237 million in cash to the combined entity, and Thunder Bridge's President and CEO, Gary Simanson, will become the CEO of the merged entity. Monex, which currently holds 94.2 percent of Coincheck, will continue to hold the majority shares with around 82 percent of the new entity.