- Circle to become public via a business combination with Concord Acquisition Corp (NYSE: CND), a publicly-traded special purpose acquisition corporation with $276 million in trust.
- The transaction values Circle at $4.5 billion. Upon completion of the transaction, existing Circle shareholders will maintain approximately 86% ownership of the public entity.
- In conjunction with the transaction, investors have committed $415 million in PIPE financing, which when combined with cash in trust and Circle's recently closed convertible note financing will provide Circle with over $1.1 billion in gross proceeds upon the close of the transaction.
- The PIPE was supported by leading institutional investors including Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, accounts advised by ARK Investment Management LLC ("ARK") and Third Point.
- Circle is the principal operator of blockchain-based USD Coin (USDC), which has become the fastest growing, regulated, fully reserved dollar digital currency in the world.
- Circle's co-founder, Jeremy Allaire, will remain CEO of the company.
- Bob Diamond, Chairman of Concord Acquisition Corp and CEO of Atlas Merchant Capital will join the board.
- The transaction is anticipated to close in Q4 2021.
PR Newswire
BOSTON, July 8, 2021
