A recent press release stated that Circle plans to go public through a collaboration with Concord Acquisition Corp, a special purpose acquisition corp (SPAC).
Circle’s value is $4.5 billion. The company’s shareholders will retain ownership of almost 86% of Circle. Concord Acquisition Corp currently holds $275 million of trust. Other entities will join the company’s success in PIPE financing of $415 million. Fidelity and ARK Investment Management, Third Point and Adage Capital Management are some of these other entities. The move will generate approximately $1.1 billion in net proceeds.
Circle Acquisition Corp and Concord Acquisition Corp also reached an agreement to purchase both companies by a new Irish holding firm. The new company will trade on the New York Stock Exchange under the CRCL ticker.
Circle CEO Jeremy Allaire stated that the company plans to go public in order to increase financial inclusion.
“…Through this strategic deal and final public debut, we take an even greater step forward with capital and relationships required to build a global internet financial services company that can assist businesses all over the world to connect to a more open, inclusive, and effective global economy.
