Circle Internet Financial (Circle) and Concord Acquisition Corp (NYSE:CND) have announced the mutual termination of their proposed business combination. The proposed closing of the transaction has been approved by the boards of directors of both companies.
1/ big @Circle news. This morning we announced the closing of the proposed deSPAC deal. We regret that we were not able to complete our SEC qualifications in time, but 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 becoming a public company remains part of Circle’s core strategy.
“While we are disappointed that the proposed transaction has expired, becoming a public company remains part of Circle’s core strategy to increase trust and transparency, and this is unprecedented. has become so important.”
Announced in July 2021 and amended in February 2022, the deal is set to expire on December 10 unless the Securities and Exchange Commission (SEC) declares the S-4 registration statement valid. is.
Concord may extend the deadline to January 31, 2023 through a shareholder vote.
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