BOSTON, Dec. 5, 2022
/PRNewswire/ -- Circle Internet Financial (Circle) and Concord
Acquisition Corp (NYSE:CND), a publicly traded special purpose
acquisition company, today announced the mutual termination of
their proposed business combination initially announced in
July 2021 and amended in February 2022.
Under the terms of Concord's
amended and restated certificate of incorporation, Concord has until December 10, 2022 to consummate a business
combination. The transaction agreement also states that
Concord can seek a shareholder
vote to extend that date to January 31,
2023 if the Securities and Exchange Commission (SEC) has
declared the S-4 registration statement for the business
combination effective. To date, the S-4 registration statement has
not been declared effective.
"Circle plays a key role in the blockchain's disruption of
financial services," said 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."
Termination of the proposed business combination has been
approved by the Board of Directors of both Concord and Circle.
"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," said Jeremy Allaire, Co-Founder and CEO of
Circle.
Circle continues to build on its success and became profitable
in the third quarter of 2022, with total revenue and reserve
interest income of $274 million and
net income of $43 million. Circle
also ended the quarter with close to $400
million in unrestricted cash.
Additional information regarding the termination of the
transaction agreement for the proposed business combination is
provided in a Current Report on Form 8-K filed by Concord with the SEC. It is available at
www.sec.gov.
About Circle
Circle is a global financial technology firm that enables
businesses of all sizes to harness the power of digital currencies
and public blockchains for payments, commerce and financial
applications worldwide. Circle is powering always-on
internet-native commerce and payments and is the issuer of USD Coin
(USDC) and Euro Coin (EUROC). Today, Circle's transactional
services, business accounts, and platform APIs are giving rise to a
new generation of financial services and commerce applications that
hold the promise of raising global economic prosperity for all
through the frictionless exchange of value. Learn more at
https://circle.com.
About Concord Acquisition Corp
Concord Acquisition
Corp is a special purpose acquisition company formed for the
purpose of entering into a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar
business combination with one or more businesses in the
financial services or financial technology industries. It
is sponsored by Concord Sponsor Group LLC, an entity
affiliated with Atlas Merchant Capital LLC, an investment firm
that offers debt and equity investment strategies, seeking
long-term value through differentiated expertise in financial
services and credit markets.
Concord raised $276 million in its initial public offering in
December 2020 and is listed on the
NYSE under the symbol "CND".
View original content to download
multimedia:https://www.prnewswire.com/news-releases/circle-and-concord-acquisition-corp-mutually-agree-to-terminate-proposed-business-combination-301694560.html
SOURCE Circle Internet Financial, LLC
