Coincheck’s Nasdaq listing could be delayed again
The plans of Japanese cryptocurrency exchange Coincheck to list on Nasdaq through a merger with a special purpose acquisition company (SPAC) called Thunder Bridge Capital Partners IV may face a further delay.
According to a preliminary proxy statement dated May 16, the board of Thunder Bridge believes that there will not be enough time to complete the merger by the July 2 deadline. It has suggested that the deadline be extended by up to 12 months, subject to a vote by stockholders.
Coincheck’s merger with Thunder Bridge was first announced in March 2022, and it was initially expected to be completed in the second half of the year. However, in October, Coincheck said that the deadline had been pushed to July 2, 2023.
Mergers with SPACs have become a popular way for firms to go public in recent years, but several such deals have been delayed or cancelled in the past year.
For example, trading platform eToro had proposed a merger with FinTech Acquisition Corp. V in March 2021, which was valued at $10.4 billion at the time. However, the deal was terminated in July 2021 after the two firms could not agree on the closing conditions.
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Edited by Sandali Handagama.