Quantum Fintech Acquisition sued Monex Group for at least $50 million, claiming the Japanese financial firm deliberately undermined its planned blank-check merger with Monex subsidiary TradeStation Group, Bloomberg reports.
The lawsuit accuses Monex of sabotaging the combination between its TradeStation unit, which operates a stock-trading platform, and Quantum—a special purpose acquisition company formed to find a merger—because its view of such blank-check deals soured after signing.
Quantum had threatened legal action when the deal collapsed in August when TradeStation said it would terminate the merger deal with the SPAC because the Aug. 1 deadline had passed.
Quantum responded that TradeStation “is not permitted to terminate the Merger Agreement … because TradeStation’s breaches of, and failure to perform under, the Merger Agreement are the primary cause of the failure of the closing of the Business Combination to occur on or before the Termination Date.” The SPAC said the termination notice is thus invalid and unenforceable.
Quantum Fintech raised $175 million in a February 2021 IPO. The SPAC last month announced a merger deal with AtlasClear, a trading technology company. Read more.
