Coincheck, a Japanese cryptocurrency exchange, may face further delays in its plans to list on Nasdaq through a merger with Thunder Bridge Capital Partners IV, a special purpose acquisition company.

The Thunder Bridge board has indicated that it may not be able to complete the merger by the July 2 deadline and has suggested extending the deadline by up to 12 months, subject to a vote by stockholders. The merger was initially expected to be completed in the second half of 2022, but the deadline was pushed to July 2, 2023. Mergers with SPACs have become a popular means of firms going public, but several such deals have been delayed or cancelled in the past year.