Coincheck, a Japanese cryptocurrency exchange, may encounter another setback in its aim to list on Nasdaq through a merger with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC).
Coincheck Exchange boasts over 1.78 million verified accounts worldwide, excluding the United States of America, as per a recent analysis.
Based on a preliminary proxy statement dated May 16, the Thunder Bridge Board has expressed concerns that there might not be enough time to finalize the merger by the July 2 deadline. They have proposed a potential extension of the deadline for up to 12 months, pending approval through a stockholders’ vote.
Following the initial announcement of the Coincheck merger with Thunder Bridge in March 2022, the anticipation completion timeframe was set for the second half of that year. However, Coincheck later revealed in October that the deadline had been extended to July 2, 2023.
In recent years, mergers with SPACs have emerged as a prominent method for companies to go public. However, over the past year, several of these planned deals have faced setbacks or cancellations, causing delays in their execution.
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