SPAC Thunder Bridge rises after deal to take Japan's Coincheck public
22/03/2022 12:10
** Shares of special-purpose acquisition co Thunder Bridge
Capital Partners IV THCP.O up 2.2% at $9.86 premarket after
merger news
** Japanese cryptocurrency exchange Coincheck Inc to list on
the Nasdaq in $1.25 bln deal with THCP urn:newsml:reuters.com:*:nGNX2jbG48
** Combined co to be named Coincheck Group, N.V. (domiciled
in the Netherlands) and will trade under ticker "CNCK" following
anticipated transaction close in H2 2022
** Monex Group 8698.T currently owns 94.2% of Coincheck
and will retain all of its equity at closing and pro forma
ownership of approx 82% of combined co excluding earn-outs or
warrants
** Deal expected to provide Coincheck $237 mln in cash held
by THCP in trust, assuming no shareholder redemptions
** THCP priced its IPO https://www.sec.gov/Archives/edgar/data/1843993/000121390021034910/f424b40621_thunderbridge4.htm
last June with Morgan Stanley as bookrunning manager
** SPACs are publicly listed companies with no business
operations that raise funds in order to acquire a private entity
and take it public, typically within two years
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))