The plans of cryptocurrency company Coincheck Group B.V. (CCG), a consolidated subsidiary of Monex Group, Inc. to list on Nasdaq have been delayed.

Coincheck says it 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 pursuant to the Business Combination Agreement, dated March 22, 2022, among CCG and certain of its affiliates and THCP.

In response to the U.S. Securities and Exchange Commission’s (SEC) prolonged registration review process, THCP filed a proxy statement on May 31, 2023 (EDT) in connection with a special meeting of stockholders of THCP that will be held on June 21, 2023, which includes, among other things, a proposal to amend its amended and restated certificate of incorporation to extend the date by which THCP must consummate a de-SPAC transaction from July 2, 2023 to July 2, 2024.

In light of the above, the parties to the Business Combination Agreement have agreed to extend the deadline for completing the CCG De-SPAC Transaction for one year, subject to stockholder approval of the Extension Proposal at the THCP Stockholders Meeting.

“After more than a year of working with Gary Simanson and his team at Thunder Bridge, Coincheck Group remains committed to completing the business combination with Thunder Bridge and to gaining access to the U.S. capital markets,” said Oki Matsumoto, Chairman and Chief Executive Officer of the Company. “The rationale for the proposed business combination and listing of Coincheck Group, as a holding company of a registered virtual crypto currency exchange in Japan, on the Nasdaq Global Market is more compelling than ever. By extending the deadline of the business combination for an additional twelve months, we are making a clear statement that we are committed to pursuing this strategic transaction. We look forward to working with Gary Simanson and his team to successfully consummate the proposed business combination and to having Coincheck Group become a publicly traded company on the Nasdaq Global Market.”

Gary Simanson, President & Chief Executive Officer of THCP, said, “Given the stable fundamental business performance of Coincheck over the past year, in what has been a most uncertain and unstable time for the industry overall, Oki and his team’s steady hand throughout this period says it all, and speaks well of the future of the combined company and the opportunities that lie before us. Oki and I have frequently said during this time, that as a registered virtual currency exchange in Japan, Coincheck is well positioned to take advantage of the current disruptions in the industry and we believe the opportunities for a transparent, regulated, public company, are even more compelling today than when we first envisioned the proposed business combination.

We remain committed to completing the proposed business combination and are truly grateful to Oki and his team for their equal commitment to seeing the proposed transaction through and then, with our combined resources, going on to build an even greater global company.”