Circle Internet Financial has decided not to go public. Through the announcement, they have mutually agreed to terminate their agreement with Concord Acquisition Corp.
The decision was announced today in a press release, which detailed the mutually agreed-upon termination. Furthermore, the agreement reached by Circle and Concord changes the outlook for the former’s initial public plans.
It was a massive agreement that would have allowed Circle Internet Financial to go public. As a result, the press release confirmed that this will no longer be the case. It cites a mutually agreed-upon termination of the agreement with Concord to go public at a valuation of $4.5 billion.
Concord is a “publicly traded special purpose acquisition company,” and the agreement with Circle (USDC) was announced in July 2021. Nonetheless, the agreement was amended in February of this year, according to the announcement.
The release states that the amendment issued Concord a deadline of December 10, 2022, to “consummate a business combination.” Thereafter, the release notes that “termination of the proposed business combination has been approved,” as of today.
Bob Diamond, the chairman of Concord Acquisition Corps, still maintained high praise for Circle. “I remain confident in Circle’s regulatory-first approach to building trust,” Diamond noted. Additionally, stating, “I will continue being an advocate for the company as it continues to grow.”
In the statement, Circle CEO and co-founder Jeremy Allaire stated that Concord has “added value throughout the process.” Finally, he expresses his disappointment that “the proposed transaction timed out,” emphasizing the importance of client transparency.
