Circle — the firm behind stablecoin USDC — announced on Thursday that it has scrapped its previous deal with special purpose acquisition company Concord Acquisition Corp in favor for a new deal with the firm as it charges forward with its plan to go public.
In July 2021, Circle announced its plans to tap public markets via a SPAC through a deal with Concord, which is chaired by former Barclays chief executive Bob Diamond. The new deal values Circle at $9 billion — an increase from the first deal’s terms that valued it at $4.5 billion.
The transaction is subject to shareholder and regulatory approvals. The deal could close by the end of 2022 after which the combined entity would trade on the New York Stock Exchange.
“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 an historic impact on the global economic system,” commented Diamond in a press statement. Gol
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