Spac deal for stablecoin issuer Circle collapses

Special purpose acquisition company Concord Acquisition Corp. said Monday its deal to buy stablecoin issuer Circle Internet Financial has been terminated. It was originally announced in July 2021 and amended in February. “Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team. 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,” said Jeremy Allaire, co-founder and CEO of Circle, in a statement. Circle said it made a profit of $43 million on revenue of $274 million in the third quarter.

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