Circle Revokes Plans to go Public

December 5, 2022

MCP News Free

Circle Revokes Plans to go Public

The issuer of the second largest stablecoin USDC has canceled plans to go public after a recent termination of its agreement with special-purpose acquisition company Concord Acquisition Corp..

According to Circle’s board, both companies had a mutual agreement to terminate the deal.

Circle, the company behind the second largest stablecoin USDC discloses plans to go public in mid-2021 (July) with a valuation of $4.5 billion, a valuation which was later doubled following the amendment of Circle’s terms in February this year.

As per a statement by Circle CEO Jeremy Allaire on Twitter, Circle didn’t complete the U.S. Securities and Exchange Commission’s “qualification in time.”

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://t.co/R0XYfCFD54
— Jeremy Allaire (@jerallaire) December 5, 2022

“I believe that the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry,” Allaire added. “This kind of review is necessary to ultimately provide trust, transparency and accountability for major companies in crypto.”

The firm also said that it turned profitable in the third quarter of this year and ended the quarter with almost $400 million in unrestricted cash.

This recent Circle move is happening after similar high-profile companies like the Trading platform eToro and Bitcoin miner PrimeBlock revoked their plans to go public through SPAC.

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