Circle Terminates Plans to go Public

Joshua Ramos
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Circle Internet Financial has revealed it has canceled its plan to go public. Through the announcement, they have mutually agreed to terminate their agreement with Concord Acquisition corp.

The move was released in a press announcement today, and it detailed the mutually agreed termination. Moreover, the arrangement between Circle and Concord changes the outlook of the former’s initial plans to go public.

Circle and Concord Cancel Partnership

It was a massive agreement that would’ve made Circle Internet Financial a publicly traded company. Subsequently, the press release has confirmed that will no longer be the case. It is citing a mutually agreed termination of the agreement with Concord to go public at a $4.5 billion valuation.

Concord is “a publicly traded special purpose acquisition company” and announced the arrangement with Circle in July of 2021. Yet, that announcement notes that the agreement was amended in February of this year.

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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.”

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CEO and co-founder of Circle, Jeremy Allaire, noted Concord has “added value throughout the process,” in the statement. Conclusively, he cites his disappointment that “the proposed transaction timed out”, emphasizing the focus on transparency with clients.