{"id":71008,"date":"2022-12-05T17:01:59","date_gmt":"2022-12-05T15:01:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71008"},"modified":"2025-09-08T05:34:56","modified_gmt":"2025-09-08T02:34:56","slug":"circle-abandons-spac-plan-to-go-public","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/circle-abandons-spac-plan-to-go-public\/","title":{"rendered":"Circle abandons SPAC plan to go public"},"content":{"rendered":"<p>The company behind the stablecoin USD Coin (USDC), Circle, terminated its reverse-merger deal with <span data-descr=\\\"special purpose acquisition company\\\" class=\\\"old_tooltip\\\">SPAC<\/span> Concord Acquisition Corp.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">1\/ Some big <a href=\\\"https:\/\/twitter.com\/circle?ref_src=twsrc%5Etfw\\\">@circle<\/a> 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. <a href=\\\"https:\/\/t.co\/R0XYfCFD54\\\">https:\/\/t.co\/R0XYfCFD54<\/a><\/p>\n<p>\u2014 Jeremy Allaire (@jerallaire) <a href=\\\"https:\/\/twitter.com\/jerallaire\/status\/1599755837177667585?ref_src=twsrc%5Etfw\\\">December 5, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;Although we are disappointed that we did not meet SEC requirements for going public in time, we remain focused on building a long-term public company,&#8221; wrote Circle co-founder and CEO Jeremy Allaire.<\/p>\n<\/blockquote>\n<p>According to the press release, the decision was mutual\u2014approved by the boards of directors of the two organisations.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;Concord has been a strong partner and has been beneficial throughout this process, and we will continue to rely on the guidance and support of Concord&#8217;s chairman Bob Diamond and the Concord team,&#8221; said Allaire.<\/p>\n<\/blockquote>\n<p>In July 2021 Circle announced that <a href=\"https:\/\/u1f987.com\/en\/news\/circle-to-go-public-via-spac-merger-valued-at-4-5-billion\">will become a public company<\/a> through a reverse merger with Concord Acquisition Corp. It was reported that its shares would be listed on the New York Stock Exchange under the ticker CRCL.<\/p>\n<p>The valuation of the firm prior to the merger was $4.5 billion, but in February 2022 the amount <a href=\"https:\/\/u1f987.com\/en\/news\/circle-valued-at-9bn-in-updated-spac-merger-agreement\">rose to $9 billion<\/a>. The boards of the two companies also approved a new agreement. The deal was planned to close by December 8, with the possibility to extend the period to January 31, 2023.<\/p>\n<p>In November, Circle disclosed equity investments in the bankrupt <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX Group<\/a> <a href=\"https:\/\/u1f987.com\/en\/news\/circle-reveals-investment-in-ftx\">for about $10.6 million<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Circle, the company behind the stablecoin USD Coin (USDC), terminated its reverse merger with SPAC Concord Acquisition Corp.<\/p>\n","protected":false},"author":1,"featured_media":71009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1220,910],"class_list":["post-71008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-circle","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71008"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71008\/revisions"}],"predecessor-version":[{"id":71010,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71008\/revisions\/71010"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71009"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}