The plans of the Japanese cryptocurrency exchange Coincheck to list on Nasdaq through a merger with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC), could be further delayed.

According to a May 16 preliminary proxy statement , the Thunder Bridge board does not believe that there is enough time to complete a merger before the deadline of July 2,. The board suggested that the deadline could be extended by up to 12 month, subject to stockholder approval.

The merger of Coincheck and Thunder Bridge , first announced in March 2020, was originally expected to be complete in the second half. In October, Coincheck announced that the deadline for the merger had been moved to July 2, 2023 .

In recent years, mergers with SPACs have become a popular way for firms to go public. However, several of these planned deals were delayed or cancelled in the past year.

Trading platform eToro proposed a merger in March 2021 with FinTech Acquisition Corp. V, valued at $10,4 billion at the time. The deal was cancelled last July because the two companies could not agree upon closing conditions.

Read more: Japan Regulator Flags Four Crypto Exchanges, Including Bybit, for Operating Without Registration

Sandali Handagama is the editor.