Thunder Bridge Capital Partners (WA:CPAP) IV, Inc. (NASDAQ:THCP), a special purpose acquisition company, has issued a correction to a typographical error found in its previously distributed proxy statement/prospectus. The correction pertains to the percentage of public shares a stockholder may redeem in connection with Thunder Bridge's impending business combination with Coincheck, Inc., a leading cryptocurrency exchange platform.
The correction, detailed in a current report filed with the Securities and Exchange Commission (SEC) on Wednesday, clarifies that stockholders may demand redemption of their public shares for cash irrespective of their voting position on the business combination proposal, provided they adhere to certain conditions by 5:00 p.m. (Eastern Time) on December 3, 2024.
The original proxy statement/prospectus incorrectly stated that stockholders could redeem "more than an aggregate of 20%" of the public shares. However, the correct figure should have been "more than an aggregate of 15%". This means that stockholders, along with their affiliates or any persons they are acting in concert with, are limited to seeking redemption for up to 15% of the public shares.
To be eligible for redemption, stockholders must submit a written demand to Thunder Bridge’s transfer agent, certify the extent of their redemption in relation to the 15% threshold, and deliver their shares to the transfer agent either physically or electronically.
The business combination, if consummated, will result in Coincheck becoming a publicly listed company, with Thunder Bridge stockholders becoming shareholders of the new entity. The transaction is part of a growing trend of cryptocurrency companies entering the public markets to gain access to broader investment and growth opportunities.
Thunder Bridge Capital Partners IV, Inc., based in Great Falls, Virginia, is a blank check company formed for the purpose of effecting mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations. The company emphasizes that this current report does not constitute an offer to sell or a solicitation of an offer to buy any securities.
In other recent news, Thunder Bridge Capital Partners IV, Inc. has secured an extension for its Nasdaq listing following a favorable ruling from a Nasdaq Hearings Panel. The decision allows the company to maintain its listing provided it completes a business combination with Coincheck Group and demonstrates compliance with all initial listing standards by January 2025. This development comes after Thunder Bridge Capital was at risk of delisting due to non-compliance with certain Nasdaq listing requirements.
In addition, the company has extended the deadline for completing the business combination with Coincheck Group. The amendment to its corporate charter was approved during a special meeting of stockholders, moving the deadline from July 2024 to January 2025.
Stockholders also ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. Following the approval of this Second Extension Amendment, stockholders of 592,601 shares of Thunder Bridge Capital's Class A common stock exercised their redemption rights, resulting in approximately $6.3 million in redemptions. After these redemptions, the company reports that 2,924,486 public shares remain issued and outstanding.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Thunder Bridge Capital Partners IV, Inc. (NASDAQ:THCP) as it approaches its business combination with Coincheck. The company's market capitalization stands at $110.79 million, reflecting its current valuation as a special purpose acquisition company (SPAC).
Two relevant InvestingPro Tips highlight important aspects of THCP's financial position. Firstly, management has been aggressively buying back shares, which could signal confidence in the company's future prospects. Secondly, the stock generally trades with low price volatility, which may be attractive to investors seeking stability during the SPAC merger process.
It's worth noting that THCP's stock price is currently at 100% of its 52-week high, suggesting strong investor interest in the upcoming business combination. The next earnings date is set for March 28, 2025, which will likely provide further insights into the company's financial position post-merger.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide valuable context for THCP's future as it transitions from a SPAC to a publicly traded cryptocurrency exchange platform.
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