Circle, the issuer of the USDC stablecoin, has announced a merger with Concord Acquisition Corp, which will allow it to enter the US stock market later this year.
Circle receives funding from US investment bank Goldman Sachs. This bank acts as the exclusive financial advisor to Concord. With the help of a specialized targeted mergers and acquisitions company (SPAC), Circle plans to list its securities on the New York Stock Exchange (NYSE) under the ticker CRCL.
An additional $ 415 million was invested in the new venture. Institutional investors included major companies such as Marshall Wace, Fidelity Management and research firm Adage Capital Management. The merger was unanimously approved by the board of directors of Concord and Circle. It is expected to be completed in the 4th quarter of 2021, if the shareholders of both companies give their consent and the necessary conditions are met.
Following the completion of the deal, which is tentatively valued at $ 4.5 billion, Circle’s current shareholders will own approximately 86% of the public company’s shares. Circle co-founder and CEO Jeremy Allaire will remain in office, and Concord chairman Bob Diamond will serve on the board of directors.
“When we look at the results of our work, we see unlimited opportunities for further growth. We intend to grow rapidly around the world, ”Ellair said.
A few months ago, the Kraken cryptocurrency exchange also announced its readiness to enter the stock market next year. In April, Coinbase was listed on the NASDAQ and sold for $ 5 billion on the first day of trading.