Japan's Coincheck to list on Nasdaq via over $1 bln SPAC merger (updated)
22/03/2022 12:09
(Adds transaction details, background)
March 22 (Reuters) - Japanese cryptocurrency exchange
Coincheck Inc said on Tuesday it would list in New York through
a merger with special purpose acquisition company (SPAC) Thunder
Bridge Capital Partners IV Inc THCP.O in a $1.25 billion deal.
Coincheck, which was at the center of a $530 million digital
money heist in 2018, was acquired by Japanese online brokerage
Monex Group Inc 8698.T for about $34 million that year. At the
time, Monex had said it would launch an initial public offering
of Coincheck shares in the future. https://reut.rs/3L7O36b
The deal will provide the combined company $237 million in
cash held in the SPAC's trust, assuming there are no
redemptions. Existing Coincheck shareholders may additionally
receive up to 50 million shares based on events linked to future
stock price performance.
The combined entity, Coincheck Group NV, will be listed on
the Nasdaq under the symbol "CNCK". The deal is expected to
close in the second half of this year.
SPACs are publicly listed companies with no business
operations. They float their shares to the public in order to
raise funds for acquiring a private entity at a later date.
(Reporting by Sohini Podder in Bengaluru; Editing by Maju
Samuel)
((Sohini.Podder@thomsonreuters.com;))