Monex : TradeStation Group, Inc. closed its business combination agreement with Quantum FinTech Acquisition Corporation

TradeStation Group, Inc. terminated its business combination agreement with Quantum FinTech Acquisition Corporation

TOKYO, August 3, 2022 – In relation to our announcement on November 4, 2021 entitled “TradeStation Group to Go Public on NYSE Through a De-SPAC with Quantum FinTech Acquisition Corporation”, Monex Group, Inc. (the “Company”) hereby announces that TradeStation Group, Inc. (“TradeStation Group”), a subsidiary of the Company, terminated on August 2, 2022 (ET) its business combination agreement with Quantum FinTech Acquisition Corporation (the “Agreement”).

1. Background for termination of the agreement

The agreement allowed a party to terminate if the transaction was not completed by August 1, 2022. TradeStation Group notified Quantum Fintech Acquisition Corporation on August 2, 2022 that the agreement would terminate with immediate effect.

TradeStation Group’s decision not to continue pursuing the merger to become a public company was based on several factors, including current conditions in the economy and markets that are not expected to improve in the near future.

Quantum FinTech has claimed that TradeStation Group had no right to terminate the agreement, but we believe that this claim has no basis or justification.

2. Outlook

We believe that the impact of TradeStation Group’s termination of the agreement on the company’s consolidated financial results for the financial year ending 31 March 2023 is immaterial.

This material is an English translation of a Japanese announcement made on the above date. Although the Company intended to faithfully translate the Japanese document into English, the accuracy and correctness of this English translation is not guaranteed and you are therefore encouraged to refer to the original Japanese document. This translation was made as a journal only and does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States

Disclaimer

Monex Group Inc. published this content on 3 August 2022 and is solely responsible for the information therein. Distributed by Public, unedited and unaltered, at 03 Aug 2022 00:01:01 UTC.