USDC stablecoin developer Circle terminates its plan to go public via a SPAC merger with Concord Acquisition Corp., announced in July 2021, by mutual agreement
The firm had announced plans to go public in July of 2021. — Circle, the company behind stablecoin USDC …
2/ From my perspective, I believe that the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry. This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto.
1/ Some big @circle 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. https://www.circle.com/...
3/ We also today shared our high-level Q3 financial results, with $274M in revenue, $43M in Net Income, and ~$400M on our balance. We are strong, growing, profitable and in the best financial position we've ever been in.
End of Circle SPAC is no surprise—no way SEC was going to approve in this environment. Ironically, this is probably a good thing for Circle given high interest rate environment. But curious to see how the earlier $9B valuation holds up https://fortune.com/...