Circle, an issuer of the USDC stablecoin, has terminated its SPAC deal with Concord announced in July 2021. The company said in a blog post that the termination is mutual and has been approved by the board of both Concord and Circle.
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Circle CEO, Jeremy Allaire, said that the team is disappointed that the proposed transaction timed out, however, becoming a public company "remains part of Circle’s core strategy."
In February this year, Circle doubled its valuation from the previous $4.5 billion to $9 billion as the company had agreed to new transaction terms with Concord Acquisition Corp, a firm backed by ex-Barclays head Bob Diamond. The company claimed that the change was reflecting "improvements in Circle’s financial outlook" and "competitive position."
Under the new agreement, the deal was expected to be closed on December 8, 2022. Circle even noted that the timetable might be extended to January 31, 2023 "under certain circumstances," but it is unclear what made the both sides abandon the deal.
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