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Japan’s Coincheck to List on Nasdaq via $1.25B Merger
Summary: Coincheck Inc., a Japanese crypto exchange, has their eyes set on a Nasdaq listing after a special purpose acquisition company (SPAC) merger with Thunder Bridge Capital Partners IV, Inc. according to a report. The newly merged company would be called Coincheck Group, N.V with the ticker symbol CNCK. After the deal is finalized, they are ...
Coincheck Inc., a Japanese crypto exchange, has their eyes set on a Nasdaq listing after a special purpose acquisition company (SPAC) merger with Thunder Bridge Capital Partners IV, Inc. according to a report.
The newly merged company would be called Coincheck Group, N.V with the ticker symbol CNCK. After the deal is finalized, they are expected to list on the Nasdaq by the second quarter of 2022.
SPACs are publicly traded corporations that do not conduct business. Their primary function is to sell their stock to raise funds for the future acquisition of a private company.
The value of this merger is a reported $1.25 billion for 125 million shares. Upon completion, the combined company will receive $237 million in cash from a trust by Thunder Bridge IV.
Thunder Bridge IV. is the fourth blank check company led by Gary Simanson. Prior to Thunder Bridge, Simanson founded and served as president and CEO of Endeavor Capital Management among many other business endeavors
Coincheck, the Tokyo-based company, was founded in 2014 by Koichiro Wada and Yusuke Otsuka. In 2018, the company dealt with a major hack where approximately 500 million NEM tokens ($530 million) were stolen.
After the breach, Monex Group acquired Coincheck for $33.5 million and the new combined holdings would act as a subsidiary of the crypto exchange’s parent company. Currently, Monex Group Inc. owns 94.2 percent of Coincheck.
Coincheck was not the first firm eyeing a public listing via a SPAC and certainly will not be the last. In 2021, several touted crypto services providers and miners made the jump through a SPAC including Bakkt, a technology platform that allows customers to manage their digital assets with ease.
SPAC mergers are gaining popularity due to the distinct advantages over other kinds of finance and liquidity. SPACs generally offer higher valuations, less dilution and fewer regulations when compared to their traditional IPO counterparts.
Author: Tyler Irvin
Tags: Coincheck,SPAC
Link: Japan’s Coincheck to List on Nasdaq via $1.25B Merger [Copy]
