The firm behind the second largest stablecoin by market cap is backing out of a multi-billion dollar deal to go public.
According to an official announcement, Circle and Concord Acquisition Corp are mutually terminating a proposed business deal between the two groups.
Concord Acquisition Corp is a publicly traded special purpose acquisition company.
Says Concord Acquisition Corp chairman Bob Diamond of Circle,
“Circle plays a key role in the blockchain’s disruption of financial services.
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.”
The proposed deal to go public between the two corporations was reportedly worth $9 billion.
The Boards of Directors from both companies reportedly approved the termination of the proposed agreement.
Says Circle co-founder and CEO Jeremy Allaire of Concord,
“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.”
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