Crypto Exchange Coincheck to List on Nasdaq in Q2 Under SPAC Merger

Crypto Exchange Coincheck

The Japanese cryptocurrency exchange is planning to list on Nasdaq before the second quarter of 2022 following a special purpose acquisition deal with Thunder Bridge Capital.

The holding firm will be called Coincheck Group and is anticipated to list under the trading symbol CNCK.

The deal is valued at $1.25 billion for 125 million shares, and the joint holding company will get $237 million in cash from Thunder Bridge IV.

The transaction has gotten the backing of the board of directors of Coincheck, Monex Group, and Thunder Bridge IV.

Monex Group bought Coincheck for $33.5 million following a security violation. The group holds 94.2% in the exchange and will keep all its holding after the merger. The parent company will have 82% ownership of the joint entity.

A special purpose acquisition company is a firm that does not do business but sells stock to the public to acquire a private firm in the future.

Source: Cointelegraph

Leave a Reply

Your email address will not be published.

Related Posts