Circle will go public through merger with Concord Acquisition Corp – Bits Media

Circle, stablecoin issuer USDC, announced merger with Concord Acquisition Corp, thanks to which it will be able to enter the US stock market at the end of this year.

Circle receives funding from US investment bank Goldman Sachs. This bank acts in Roles of an exclusive financial consultant Concord. With the help of a specialized company for targeted mergers and acquisitions (SPAC), Circle plans to place its securities on the New York Stock Exchange (NYSE) Under Ticker CrCl.

The new enterprise was additionally invested $415 million. The institutions of institutional investors included such large companies, How Marshall Wace, Fidelity Management and the research company Adage Capital Management. The merger was unanimously approved by the board of directors of Concord and Circle. Expected, that it will be completed in the IV quarter 2021 of the year, If the shareholders of both companies give consent and the necessary conditions will be met.

After the transaction is completed, which is previously evaluated in $4.5 billion, Circle current shareholders will become owners of 86% shares of a public company. Co -founder and general director of Circle Jeremy Ellir (Jeremy allaire) will retain the position held, And the chairman of Concord Bob Diamond (Bob Diamond) will join the board of directors.

“When we look at the results of our work, then we see unlimited opportunities for further growth. We intend to develop rapidly around the world ", – Said Ellir.

A few months ago, the Kraken cryptocurrency exchange also announced her readiness to enter the stock market next year. In April, the Coinbase exchange shares appeared on NASDAQ, And on the first day of trading, they were sold in the amount $5 billion.