Monex Group Shares Indicated Sharply Higher on Subsidiary Coincheck's SPAC Merger Plan
23 March 2022 - 1:41PM
Dow Jones News
By Kosaku Narioka
Monex Group Inc. shares were indicated sharply higher Wednesday
morning in Tokyo after news that cryptocurrency marketplace
subsidiary Coincheck Inc. plans to go public through a merger with
a special-purpose acquisition company.
Buy orders for Monex shares were overwhelming sell orders even
at the upper limit of the day's trading range of 728 yen, or 16%
higher than Tuesday's close. No shares have changed hands.
Coincheck said after Tuesday's market close that the company and
SPAC Thunder Bridge Capital Partners IV Inc. agreed to a business
combination that will result in the combined entity being a
publicly listed holding company.
The combined entity, to be named Coincheck Group NV, is expected
to be listed on the Nasdaq Global Select Market by the end of 2022,
Coincheck said.
Monex said that Coincheck made Y10.305 billion ($85.3 million)
in net profit on revenue of Y20.825 billion for the fiscal year
ended March 2021. Coincheck has about 1.5 million customers, it
said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
March 22, 2022 22:26 ET (02:26 GMT)
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