Circle and Concord terminate proposed business combination
The deal is set to expire on 10 Dec but can be extended to 31 Jan, 2023, should Concord decide to call a shareholder vote.
Circle Internet Financial (Circle) and Concord Acquisition Corp (NYSE:CND) have announced the mutual termination of their proposed business combination. The termination of the proposed deal was approved by the boards of both companies.
1/ Some big @circle news. This morning, we announced the termination of our proposed deSPAC transaction. While disappointing that we did not complete SEC qualification in time, we remain focused on building a long-term public company. https://t.co/R0XYfCFD54
— Jeremy Allaire (@jerallaire) December 5, 2022
Circle CEO, Jeremy Allaire, said that becoming a public company remained part of Circle’s core strategy.
“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 deal, which was announced in July 2021 and amended in Feb 2022, is set to expire on 10 Dec unless the Securities and Exchange Commission (SEC) declares the S-4 registration statement effective, which it has not.
Concord can call a shareholder vote to extend the deadline to 31 Jan, 2023.