Circle, the Issuer of USDC, Valued at $9B in New Transaction Terms Agreed with Concord Acquisition Corp
USDC Issuer terminated its existing business combination
Circle Internet Financial, the issuer of USDC and a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes, announced today that it has terminated its existing business combination and agreed to new transaction terms with Concord Acquisition Corp, a publicly traded special purpose acquisition company.
Circle’s enterprise value is now $9 billion, up from $4.5 billion when the agreement was first announced in July 2021. The company’s financial outlook and competitive position have improved, as has the growth and market share of USDC, one of the fastest-growing dollar digital currencies. Since the original deal was announced, USDC circulation has more than doubled, reaching $52.5 billion as of February 16, 2022.
“We continue to believe that Circle is one of the most interesting, innovative and exciting companies in the evolution of global finance and we believe it will have a historic impact on the global economic system,” said Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital. “Circle’s rapid growth and world-class leadership are underscored by a regulatory-first mindset fixed on building trust and transparency in global markets. We believe our new deal is attractive because it preserves the ability of Concord’s public stakeholders to participate in a transaction with this great company.”
“Circle has made massive strides toward transforming the global economic system through the power of digital currencies and the open internet,” said Jeremy Allaire, Circle’s co-founder and CEO. “Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator.”
The holding company established in connection with the original business combination will acquire both Concord and Circle and become a publicly-traded company, with the symbol “CRCL” expected to trade on the New York Stock Exchange. The new agreement replaces the previous business combination agreement, which was unable to be completed by the termination date of April 3, 2022, due to a variety of factors beyond the parties’ control.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Circle, the Issuer of USDC, Valued at $9B in New Transaction Terms Agreed with Concord Acquisition Corp
USDC Issuer terminated its existing business combination
Circle Internet Financial, the issuer of USDC and a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes, announced today that it has terminated its existing business combination and agreed to new transaction terms with Concord Acquisition Corp, a publicly traded special purpose acquisition company.
Circle’s enterprise value is now $9 billion, up from $4.5 billion when the agreement was first announced in July 2021. The company’s financial outlook and competitive position have improved, as has the growth and market share of USDC, one of the fastest-growing dollar digital currencies. Since the original deal was announced, USDC circulation has more than doubled, reaching $52.5 billion as of February 16, 2022.
“We continue to believe that Circle is one of the most interesting, innovative and exciting companies in the evolution of global finance and we believe it will have a historic impact on the global economic system,” said Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital. “Circle’s rapid growth and world-class leadership are underscored by a regulatory-first mindset fixed on building trust and transparency in global markets. We believe our new deal is attractive because it preserves the ability of Concord’s public stakeholders to participate in a transaction with this great company.”
“Circle has made massive strides toward transforming the global economic system through the power of digital currencies and the open internet,” said Jeremy Allaire, Circle’s co-founder and CEO. “Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator.”
The holding company established in connection with the original business combination will acquire both Concord and Circle and become a publicly-traded company, with the symbol “CRCL” expected to trade on the New York Stock Exchange. The new agreement replaces the previous business combination agreement, which was unable to be completed by the termination date of April 3, 2022, due to a variety of factors beyond the parties’ control.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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