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Circle and Concord Acquisition Corp Mutually Agree to Terminate Proposed Business Combination

Circle and Concord Acquisition Corp Mutually Agree to Terminate Proposed Business Combination

BOSTON, Dec. 5, 2022 /PRNewswire/ — Circle Web Economic (Circle) and Concord Acquisition Corp (NYSE:CND), a publicly traded exclusive goal acquisition organization, nowadays introduced the mutual termination of their proposed organization mix in the beginning introduced in July 2021 and amended in February 2022.

Under the terms of Concord’s amended and restated certificate of incorporation, Concord has till December 10, 2022 to consummate a business enterprise mixture. The transaction agreement also states that Concord can request a shareholder vote to prolong that date to January 31, 2023 if the Securities and Trade Commission (SEC) has declared the S-4 registration assertion for the business enterprise mixture productive. To day, the S-4 registration assertion has not been declared powerful.

“Circle plays a key purpose in the blockchain’s disruption of economic providers,” mentioned Bob Diamond, Chairman of Concord Acquisition Corp. “I keep on being assured in Circle’s regulatory-first solution to setting up believe in and transparency in the monetary marketplace, which has hardly ever been more essential, and I will proceed becoming an advocate for the organization as it continues to increase.”

Termination of the proposed business mix has been permitted by the Board of Directors of both equally Harmony and Circle.

Concord has been a solid companion and has added price during this approach, and we will carry on to advantage from the assistance and assist of Bob Diamond and the broader Harmony group. We are unhappy the proposed transaction timed out, however, turning into a public organization remains section of Circle’s main method to boost trust and transparency, which has under no circumstances been extra vital,” mentioned Jeremy Allaire, Co-Founder and CEO of Circle.

Circle continues to establish on its good results and turned rewarding in the third quarter of 2022, with total revenue and reserve fascination money of $274 million and internet revenue of $43 million. Circle also ended the quarter with near to $400 million in unrestricted income.

Further data about the termination of the transaction settlement for the proposed business enterprise mixture is offered in a Current Report on Kind 8-K submitted by Concord with the SEC. It is accessible at www.sec.gov

About Circle
Circle is a worldwide monetary technologies organization that enables corporations of all measurements to harness the electrical power of electronic currencies and community blockchains for payments, commerce and financial applications throughout the world. Circle is powering generally-on net-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Nowadays, Circle’s transactional products and services, small business accounts, and system APIs are providing increase to a new era of economic services and commerce purposes that maintain the guarantee of raising world economic prosperity for all by the frictionless exchange of price. Master extra at https://circle.com.

About Harmony Acquisition Corp
Concord Acquisition Corp is a unique objective acquisition organization fashioned for the goal of getting into into a merger, funds inventory trade, asset acquisition, inventory acquire, reorganization or related business combination with one or much more companies in the financial providers or fiscal know-how industries. It is sponsored by Harmony Sponsor Group LLC, an entity affiliated with Atlas Service provider Cash LLC, an investment agency that gives credit card debt and equity investment approaches, in search of very long-expression value through differentiated knowledge in monetary companies and credit score marketplaces.

Harmony lifted $276 million in its preliminary community providing in December 2020 and is mentioned on the NYSE under the symbol “CND”.

 

 

Resource Circle World wide web Fiscal, LLC