By Sam Boughedda
Circle Internet Financial and special purpose acquisition company Concord Acquisition Corp (NYSE:CND) said Monday that they have agreed to terminate their proposed merger.
The SPAC merger was initially announced in July 2021 with a valuation of $4.5 billion and was then amended in February 2022 as Circle, the issuer of USD Coin, saw its valuation surge.
Under the terms of the SPAC merger agreement, Concord had until December 10 to consummate the deal, or they could seek a shareholder vote to extend the date to January 31, 2023.
"Circle plays a key role in the blockchain's disruption of financial services," commented 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."
Jeremy Allaire, Co-Founder and CEO of Circle, said Concord "has been a strong partner" and added value throughout the process.
"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," he added.