Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 110

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 110
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 any Non -RedemptionShares, Ghisallo agrees to pay to Coincheck Parent an amount equal to the Redemption Price multiplied by the number of such Non -RedemptionShares sold. Ghisallo has agreed to transfer on the Maturity Date to Coincheck Parent, at no cost to Coincheck Parent and free and clear of any liens or encumbrances, any Non -RedemptionShares still retained by it. The Company considered this transaction to be an equity transaction in accordance with IAS32, Financial Instruments: Presentation, whereas cash paid to Ghisallo was treated as an equity distribution and subsequent cash receipts as equity contributions. As of December31, 2024, the Company received ¥202million from this arrangement, which has been recorded to capital surplus in the Company’s condensed consolidated interim statement of changes in equity for the nine months ended December31, 2024. As a result, 856,242 Non -RedemptionShares were held by Ghisallo as of December31, 2024. Accounting Treatment The Business Combination has been accounted as a reverse recapitalization. Under this method of accounting, Thunder Bridge has been treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination has been treated as the equivalent of Coincheck issuing shares at the Closing of the Business Combination for the net assets of Thunder Bridge as of the Closing Date, accompanied by a recapitalization. The net assets of Thunder Bridge have been stated at fair value, with no goodwill or other intangible assets recorded. This determination was primarily based on the fact that as of the Closing Date, the existing Coincheck stockholders held a majority of the voting power of Coincheck Parent, and comprised a majority of the governing body of Coincheck Parent. The Business Combination is not within the scope of IFRS 3 since there is no change in control based on the continued control of the Company by existing Coincheck stockholders and Thunder Bridge does not meet the definition of a business in accordance with IFRS 3; as such, the Business Combination has been 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. Basis of Pro Forma Presentation The historical financial information has been adjusted to give pro forma effect to the transaction accounting required for the Business Combination as per the Business Combination