Japanese cryptocurrency exchange Coincheck, a wholly owned subsidiary of Monex Group, Inc., said it might delay its SPAC listing on Nasdaq, citing little time before the deadline.
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In a filing with the US Securities and Exchange Commission (SEC), the exchange wrote "there will not be sufficient time before July 2, 2023, to complete the Coincheck Business Combination." Coincheck's board believes that without extension, there is "significant risk" that the company might not be able to complete its listing process.
"If that were to occur, we would be precluded from completing the Coincheck Business Combination or another initial Business Combination and would be forced to liquidate even if our stockholders are otherwise in favor of consummating such transaction," Coincheck said in the document.
Coincheck suggested extending the deadline by 12 months. However, the move is yet to be voted by the company's stockholders.
Coincheck has been trying to go public through a merge with Thunder Bridge Capital Partners IV since March 2022. Initially, it was expected that the company would finish its deal in Q3-Q4, 2022. However, in October last year, Coincheck delayed the listing until July 2, 2023.
The deal is valued at $1.25 billion and the holding company will be called Coincheck Group N.V. Monex Group added that Coincheck is planning to expand its business by accessing the US capital markets, and "recruiting talent to realize its growth strategy."
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