USDC-issuer Circle terminates SPAC merger with Concord By Cointelegraph
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© Reuters. Circle, the issuer of (USDC), announced the mutual termination of its proposed merger with the special purpose acquisition company (SPAC) Concord Acquisition on Dec. 5. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion and was then amended in February 2022 when Circle’s valuation ballooned to $9 billion. USDC is currently the second-largest stablecoin in circulation, with a market capitalization of $43 billion.
Under the terms of the agreements, Concord had until Dec. 10 to consummate the transaction or seek a shareholder vote for an extension. However, it appears that Concord chose to have the time limit lapse instead. As told by Circle CEO Jeremy Allaire:
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© Reuters. Circle, the issuer of (USDC), announced the mutual termination of its proposed merger with the special purpose acquisition company (SPAC) Concord Acquisition on Dec. 5. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion and was then amended in February 2022 when Circle’s valuation ballooned to $9 billion. USDC is currently the second-largest stablecoin in circulation, with a market capitalization of $43 billion.
Under the terms of the agreements, Concord had until Dec. 10 to consummate the transaction or seek a shareholder vote for an extension. However, it appears that Concord chose to have the time limit lapse instead. As told by Circle CEO Jeremy Allaire:
Continue Reading on Coin Telegraph
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