Crypto Billionaire-Backed SPAC Listing Plan Sends Monex Limit Up
- Japan online financial firm’s shares jump 20%, most since 2018
- To list U.S. unit TradeStation in deal with Novogratz’s Galaxy
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Monex Group Inc. surged by its daily limit after the Japanese financial firm announced plans to list its U.S. online trading subsidiary through a deal with Michael Novogratz’s Galaxy Digital Holdings Ltd.
In a statement after the market close Thursday, Monex said its wholly-owned unit TradeStation Group Inc. plans to list on the New York Stock Exchange in the first half of 2022 following a merger with Quantum FinTech Acquisition Corp. The deal puts TradeStation at an implied pro forma enterprise value of $1.43 billion at closing.