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Concord Acquisition and USDC Issuer Circle call off SPAC merger By Investing.com

© Reuters. Concord Acquisition (CND) and USDC Issuer Circle call of SPAC merger

By Sam Boughedda

Circle Internet Financial and special purpose acquisition company Concord Acquisition Corp (NYSE:) said Monday that they have agreed to terminate their proposed merger.

The SPAC merger was initially announced in July 2021 with a valuation of $4.5 billion and was then amended in February 2022 as Circle, the issuer of , saw its valuation surge.

Under the terms of the SPAC merger agreement, Concord had until December 10 to consummate the deal, or they could seek a shareholder vote to extend the date to January 31, 2023.

“Circle plays a key role in the blockchain’s disruption of financial services,” commented Bob Diamond, Chairman of Concord Acquisition Corp. “I remain confident in Circle’s regulatory-first approach to building trust and transparency in the financial industry, which has never been more important, and I will continue being an advocate for the company as it continues to grow.”

Jeremy Allaire, Co-Founder and CEO of Circle, said Concord “has been a strong partner” and added value throughout the process.

“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,” he added.

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