Merger THCPU

Coincheck enters Definitive Merger Agreement with Thunder Bridge Capital Partners IV, Inc.

, SPAC Research

Coincheck, one of the largest multi-cryptocurrency marketplaces and digital asset exchanges in Japan by verified account market share, and Thunder Bridge Capital Partners IV, Inc. (NASDAQ: THCP), today announced they have entered into a definitive agreement for a business combination that would result in the combined entity being a publicly listed holding company, domiciled in the Netherlands, with Coincheck as its wholly-owned subsidiary.

The transaction will provide $237 million in cash held by THCP in trust to the combined company before expenses, assuming no redemptions.

Coincheck’s parent, Monex Group, Inc., owns 94.2% of Coincheck today and will retain all of its equity at closing.

The proposed transaction represents a transaction value of approximately $1.25 billion (125 million shares).

Additionally, existing Coincheck shareholders may receive earn-out consideration equal to a maximum of 50 million shares upon certain “triggering events” that are based on Coincheck Group's future stock price.

Both Boards of Directors have unanimously approved the said business combination, which is expected to close in the second half of 2022, subject to shareholder approval and other customary closing conditions

Upon closing, the resulting holding company will be named Coincheck Group, N.V. and expects to be listed on the NASDAQ under the ticker symbol “CNCK.”

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