Circle scraps proposed SPAC deal with Concord
Fintech firm Circle and special-purpose acquisition company (SPAC) Concord Acquisition Corp have nixed a proposed $9 billion merger deal.
Circle and Concord call off proposed merger
The merger, which was announced in July 2021 and amended in February 2022, would have seen a new Irish holding company acquire both Concord and Circle and the combined company listed on the New York Stock Exchange (NYSE).
Termination of the proposed merger was approved by the board of directors of both Concord and Circle.
Under the terms of the deal, Concord had until 10 December 2022 to consummate a business combination, but the two companies scrapped the deal just days before this deadline.
The firms were also waiting on the Securities and Exchange Commission (SEC) to approve the deal and declare “the S-4 registration statement for the business combination effective”. In an announcement, Circle says that to date, the S-4 registration statement “has not been declared effective”.
Circle co-founder and CEO Jeremy Allaire says: “We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important.”
Launched in 2013, Circle is the principal operator of the stablecoin USD Coin (USDC).
