Circle, the issuer of the second-largest stablecoin by market capitalization USD Coin (USDC), has canceled its IPO agreement with Concord Acquisition Corp on the grounds of a statute of limitations.
Circle, special purpose purchasing company (SPAC) Concord Acquisition Corp. terminated its agreement with backed out on plan to go public. As the reason for the cancellation of the agreement time out shown. In the statement, it was stated that the decision to cancel the agreement was approved by the boards of directors of both companies.
Circle in July 2021 4.5 billion dollars announced that it plans to go public with a valuation. The valuation price when firms change their terms in February of this year 9 billion dollars output.
Concord Acquisition Corp. head Bob Diamond In his statement on the subject, he made the following statements:
Circle plays a key role in blockchain disrupting 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. I will continue to be an advocate for the company as it continues to grow.
Circle co-founder and CEO Jeremy Allairethe company remains committed to going public. expressed. Allaire continued his speech with these words:
Concord has been a strong partner and added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the wider Concord team.