USDC issuer Circle seeks SPAC listing in Q4, NYSE ticker CRCL

Circle, the primary operator of the blockchain-based US dollar stablecoin USDC, which has become the world's fastest-growing, regulated, fully-reserved digital dollar, announced today that it will go public on the US stock market through a special purpose acquisition company (SPAC).

• Circle will go public through a business combination with Concord Acquisition Corp, trading on the New York Stock Exchange under the symbol CND. Concord Acquisition Corp is a publicly traded special purpose acquisition company (SPAC) with $276 million in trust funds.
• Circle is valued at $4.5 billion. Following the completion of the transaction, existing Circle shareholders will retain approximately 86% ownership of the public entity.
• Post-merger, investors have committed to provide $415 million in private investment in public equity (PIPE) financing, along with trust cash and Circle's recent convertible note financing, providing Circle with over $1.1 billion in total proceeds post-merger.
• Key institutional investors in the private investment in public equity include Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, and accounts advised by ARK Investment and Third Point.
• Circle's co-founder Jeremy Allaire will continue to serve as the company's CEO.
• Concord Acquisition Corp Chairman and CEO of Atlas Merchant Capital Bob Diamond will join the board.
• The transaction is expected to close in the fourth quarter of 2021.