USDC Issuer Circle Terminates Plan To Go Public

Circle, the USDC issuer, and Concord Acquisition Corp, a special purpose acquisition company (SPAC), announced the mutual cancellation of their intended business combination, which was first disclosed in July 2021.

Concord has until December 10, 2022, under the terms of its amended and restated certificate of incorporation, to complete a business combination.

Concord and Circle’s boards of directors have both supported the decision. Circle‘s ambition to go public has been scrapped.

Jeremy Allaire, Co-Founder and CEO of Circle, said:

“Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team. 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.”

The transaction agreement also states that if the Securities and Exchange Commission (SEC) has declared the S-4 registration statement for the business combination effective, Concord may seek a shareholder vote to extend that date to January 31, 2023. The S-4 registration statement has yet to be declared effective.

A Current Report on Form 8-K filed by Concord with the SEC contains additional information regarding the termination of the transaction agreement for the proposed business combination.

As Coincu reported, major exchanges such as Binance, OKX, Bybit, BitMEX, KuCoin, and MEXC announced that they suspended deposits of USDC (SOL) and USDT (SOL).

Solana is one of the largest blockchains and has a close relationship with Sam Bankman-Fried’s FTX and Alameda Research, as these companies are key investors. This caused the price of SOL to drop sharply recently.

According to the latest announcement from Binance, the exchange has resumed the deposits of USDT (SOL), but USDC (SOL) has not yet been returned.

USDT and USDC are the two stablecoins with the largest trading volume at the moment, according to CoinMarketCap.

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Harold

Coincu News