Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 335

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 335
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 the IEO business, commissions that arise from transactions on the NFT Marketplace, and commissions that arise from transactions on the cryptocurrency exchange platform and others. (*3)Other revenue arising from contracts with customers for the three and nine months ended December 31, 2023, is mainly related to revenue from online shareholders’ meeting service and sales of NFTs owned by the Group. The Group manages its business in one operating and reportable segment: Crypto Asset. 7.Reverse Recapitalization As discussed in Note 1, Thunder Bridge was identified as the “acquired” entity for financial reporting purposes. Accordingly, the Group treated the Reverse Recapitalization as the equivalent of Coincheck issuing shares for the net assets of Thunder Bridge as of the closing date of the Business Combination, accompanied by a recapitalization. The net assets of Thunder Bridge are stated at fair value, with no goodwill or other intangible assets recorded. This determination was primarily based on the conclusion that the former Coincheck shareholders have a majority of the voting power of Coincheck Parent and Coincheck personnel comprise a majority of the governing body of Coincheck Parent. The Reverse Recapitalization is not within the scope of IFRS 3 since there is no change in control based on the continued control of the Group by existing Coincheck shareholders and Thunder Bridge does not meet the definition of a business in accordance with IFRS 3; as such, the Business Combination is accounted for within the scope of IFRS 2. Any excess of fair value of equity instruments deemed to have been issued by Coincheck over the fair value of Thunder Bridge’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred. Entities involved in SPAC mergers need to determine which entity is the predecessor whose financial statements will become the historical financial statements of the combined Group. The determination of which entity is the predecessor and successor in the merger transaction is separate from the determination of which entity is the accounting acquirer. Rule 405 under the U.S. Securities Act of 1933, as amended, defines a predecessor as “a person the major portion of the business and assets of which another person acquired in a single succession, or in a series of related successions in each of which the acquiring person acquired the major portion of the business and assets of the acquired person.” SPACs are blank -checkcompanies, whose sole purpose is to acquire a target or targets with the capital raised from their IPO. Given that Thunder Bridge

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