Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 52

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 52
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 in a number

of circumstances.

Our issuance of additional Ordinary Shares or other equity securities of equal or senior rank would have the

following effects:

• your proportionate ownership interest in our company will decrease;

• the amount of cash available per share, including for payment of dividends (if any) in the future, may

decrease;

• the relative voting strength of your shares may be diminished; and

• the market price of our Ordinary Shares may decline.

Our largest shareholder, Monex, continues to exercise supermajority control over us and may have interests that

differ from or conflict with ours.

As of the date of this report, Monex Group, Inc. holds in the aggregate over 80% of our Ordinary Shares

outstanding. Accordingly, Monex exercises control, including veto rights, over all fundamental decisions that

require shareholder approval, such as the approval of mergers or other business combination transactions, the sale of

businesses and amendments to our Articles of Association. As a result, Monex generally has the power to prevent or

delay a change of control or other transactions that you may believe would be beneficial to our shareholders, and this

may also prevent or discourage shareholder initiatives aimed at changing our management or strategy or otherwise

exerting influence over us. Monex, itself a publicly traded company in Japan, will exercise its voting power in its

own interest, which may not be in line, or may be in conflict with, the interests of the remaining shareholders.

We incur significant increased expenses and administrative burdens as a public company, which could have an

adverse effect on our business, financial condition and results of operations.

We face increased legal, accounting, administrative, director and officer insurance liability, and other costs

and expenses as a public company (we became a public company on December 11, 2024) that Coincheck, Inc. did

not incur as a private company. The Sarbanes-Oxley Act, including the requirements of Section 404 thereof, as well

as rules and regulations of the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the

PCAOB and the securities exchanges, impose additional reporting and other obligations on public companies.

Compliance with public company requirements increase costs and make certain activities more time-consuming. The

additional reporting and other obligations imposed by these rules and regulations increase legal and financial

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compliance costs and the costs of related legal, accounting and administrative activities. These increased costs

require