Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 50

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 50
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• sales of substantial amounts of our Ordinary Shares by our directors, executive officers or significant

shareholders or the perception that such sales could or may occur; and

• general economic and political conditions such as recessions, interest rate changes, international

currency fluctuations, and acts of war or terrorism.

Broad market and industry factors may materially harm the market price of our Ordinary Shares

irrespective of our operating performance. The stock market in general, and Nasdaq in particular, have experienced

price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the

particular companies affected. The trading prices and valuations of these stocks, and of our Ordinary Shares, are not

predictable. A loss of investor confidence in the market for retail stocks or the stocks of other companies which

investors perceive to be similar to us could depress our share price regardless of our business, prospects, financial

condition or results of operations. A decline in the market price of our Ordinary Shares also could adversely affect

our ability to issue additional securities and our ability to obtain additional financing in the future.

There may not be an active trading market for our Ordinary Shares, which would adversely affect the liquidity

and price of our securities and make it difficult for you to sell our Ordinary Shares, and may also make it difficult

for us to make acquisitions we find attractive.

Prior to the consummation of the Business Combination there was not a public trading market for our

Ordinary Shares, and following the closing of the Business Combination and the listing of our Ordinary Shares on

Nasdaq the volume of our Ordinary Shares available for public sale has been relatively small, and generally there

has been less than 100,000 shares traded per day. If we are unable to create a more liquid market for our Ordinary

Shares, through another primary offering (which can be dilutive and the ability of which to complete is largely

controlled by capital market conditions and demand) or other means, our share price may remain volatile, or may

decline, there may be limited interest in our Ordinary Shares by institutional and sophisticated investors, analysts

may not have or lose interest in covering us, and potential acquisition targets may not be comfortable receiving our

Ordinary Shares as consideration, which could materially impede our ability to make acquisitions we find attractive

on favorable terms, or at all. It is possible that a more active trading market for our Ordinary Shares will not

develop in the foreseeable future, or at all.

Future sales of our Ordinary Shares or