Coincheck Shares Gain as KDDI to Acquire 14.9% Stake in Business Alliance Agreement
Coincheck (CNCK) said Tuesday that Japanese telecommunications company KDDI will acquire a 14.9% stake in the company as part of a business alliance agreement.Coincheck shares rose 26% in Tuesday trading.Under the terms, KDDI will subscribe for 28.5 million newly issued Coincheck shares, priced at $2.28 per share, for a cash purchase price about $65.1 million, the companies said.KDDI will have the right to nominate a non-executive director to Coincheck's board at its next annual general meeting to be held in September, the companies said.Under the business alliance agreement, Coincheck's Japanese subsidiary and KDDI will focus on initiatives aimed at expanding the digital asset market in Japan, the companies said.Price: $2.28, Change: $+0.53, Percent Change: +30.29%
