The Circle’s upper management is dissatisfied with the timing of the deal’s collapse.
Circle planned to list on the Nasdaq as a special purpose acquisition company (SPAC).
On Monday, Circle Internet Financial, the firm behind the stablecoin USDC, made the formal announcement that it was dissolving its special purpose acquisition company (SPAC) with Concord Acquisition. The original proposal for the corporate merger was made public in July 2021.
The firms’ boards of directors, both at Circle and Concord, reportedly gave their consent to the decision to end operations. According to them, the sale fell through because the SEC has not yet approved the company’s registration statement.
Plan of Getting Listed on Nasdaq
The Circle’s upper management is dissatisfied with the timing of the deal’s collapse. However, Jeremy Allaire, Circle’s co-founder, and CEO, has said that going public would continue to be the company’s primary goal. Before announcing the January 2023 postponem
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