Japan-based online brokerage Monex Group today issued an update on Coincheck’s plans to go public.
Coincheck Group B.V. (CCG), a consolidated subsidiary of Monex Group, Inc, is working closely with Thunder Bridge Capital Partners IV, Inc. (THCP), a special purpose acquisition company (“SPAC”) publicly listed on the Nasdaq Global Market, to complete the previously announced merger which will result in CCG becoming a publicly listed company on Nasdaq.
Monex says it intends to continue its efforts toward completing the CCG De-SPAC Transaction in accordance with the Business Combination Agreement.
If CCG shares meet certain future performance targets, Monex Group, the other shareholders of Coincheck and TBCP IV, LLC, THCP’s sponsor, would receive additional shares of CCG.
Specifically:
- The Company and the other shareholders of Coincheck would receive an aggregate of 25,000,000 shares of CCG, and the Sponsor would receive 1,182,639 shares of CCG, if CCG’s closing share price equal or exceeds US$12.50 over any 20 trading days within the preceding 30 consecutive trading days prior to the fifth anniversary of the closing of the merger, and;
- The Company and the other shareholders of Coincheck would receive an additional 25,000,000 shares of CCG, and the Sponsor would receive an additional 1,182,639 shares of CCG, if CCG’s closing stock price equals or exceeds US$15.00 during the same period (the “Earn-out Price Adjustment”).
However, in order to reduce potential future dilution of CCG shares associated with the Earn Outs, Monex and other shareholders of Coincheck, and the Sponsor have decided to amend the Business Combination Agreement, effective October 8, 2024, to remove the Earn-out Price Adjustment.
