Circle and Concord terminate proposed business combination


Circle Internet Financial (Circle) and Concord Acquisition Corp (NYSE:CND) have announced the mutual termination of their proposed business combination. The termination of the proposed deal was approved by the boards of both companies.

Circle CEO, Jeremy Allaire, said that becoming a public company remained part of Circle’s core strategy.

“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.”

The deal, which was announced in July 2021 and amended in Feb 2022, is set to expire on 10 Dec unless the Securities and Exchange Commission (SEC) declares the S-4 registration statement effective, which it has not.

Concord can call a shareholder vote to extend the deadline to 31 Jan, 2023.

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