$USDC Issuer Circle Terminates Plan to Go Public

$USDC issuer Circle and special purpose acquisition company (SPAC) Concord Acquisition Corp announced the mutual termination of their proposed business combination initially announced in July 2021. The decision has been approved by the Board of Directors of both Concord and Circle. It means Circle terminates its plan to go public.

Under the terms of Concord's amended and restated certificate of incorporation, Concord has until December 10th, 2022 to consummate a business combination. The transaction agreement also states that Concord can seek a shareholder vote to extend that date to January 31st, 2023 if the Securities and Exchange Commission (SEC) has declared the S-4 registration statement for the business combination effective. To date, the S-4 registration statement has not been declared effective.

Jeremy Allaire, co-founder and CEO of Circle, said, "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."