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Gungun Bhatia
Dec 6, 2022
by Gungun Bhatia

Circle and SPAC Concord Mutually End Their Commercial Partnership

Circle and SPAC Partnership

Table of contents

  1. Circle and Concord Acquisition Corp Partnership Ends
  2. Conviction to SEC
Circle, a peer-to-peer payments technology startup, and Concord Acquisition Corp, a publicly listed special purpose acquisition company (SPAC), amicably terminated their intended partnership when the agreement expired.

Circle and Concord Acquisition Corp Partnership Ends

In July 2021, a proposal for the corporate merger was made. Furthermore, it was revised in February 2022. According to a press statement, the boards of directors of both firms have accepted its dissolution.

According to Bob Diamond, chairman of Concord Acquisition Corporation, Circle plays a vital role in the dislocation of finance by the blockchain.

Conviction to SEC

Jeremy Allaire, co-founder and CEO of Circle, added that Concord has been a specific collaborator and has specific value during this journey. Additionally, the corporation will profit from the counsel and assistance of Bob Diamond and the larger Concord group. Allaire stated that Circle is still dedicated to going public.

Additionally, despite the regulator's part in the deal's failure, Allaire posted his conviction that the SEC has been diligent and comprehensive in knowing the company and many innovative features of this market. He said that with $274 million in sales, $43 million in net income, and almost $400 million in the bank, Circle is in a sound and expanding financial position.

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Circle and SPAC Concord Mutually End Their Commercial Partnership
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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