USDC Stablecoin Backer Circle Doubles in Value to $9B in New Deal With SPAC
Circle was valued at $4.5 billion in its initial agreement with Concord Acquisition Corp. in July 2021.
Circle, the backer of the USDC stablecoin, said it plans to go public in a deal that values it at $9 billion, twice the level it originally agreed to in July.
- The company negotiated a new deal with special purpose acquisition company (SPAC) Concord Acquisition Corp., reflecting improvements in its financial outlook and competitive position, Circle said in an announcement Thursday.
- The figure represents a doubling of the company's value since July, when the initial agreement valued it at $4.5 billion.
- The holding company set up in the original pact will acquire both Concord and Circle to form a new publicly traded business listed on the New York Stock Exchange under "CRCL."
- The prior agreement was terminated as the two parties did not feel it would be possible to complete it by the April 3 deadline. The new agreement has an initial outside date of Dec. 8 this year, meaning either side can walk away if it's not complete by then.
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