SEC was not at fault for the termination of Circle’s agreement with Concord Acquisition as part of the SPAC-merger; any claims to the contrary are inaccurate. This was reported by the issuer of the stablecoin USDC to Decrypt.
“We never expected the SEC registration process to be fast and easy,” they explained.
The company decided to respond to a publication in The Financial Times, from which it followed that the Commission’s stance was the main reason for abandoning plans to go public.
The firm failed to win regulator approval 15 months after filing the application.
In July 2021, Circle announced that will become a public company through a reverse merger with Concord Acquisition. It was reported that its shares would be listed on the New York Stock Exchange under the ticker CRCL.
The value of the firm prior to the merger was estimated at $4.5 billion, but in February 2022 the amount rose to $9 billion.
At the same time, the boards approved a new agreement. The deal was planned to close by December 8, with the possibility of extending the deadline to January 31, 2023.
On December 5, 2022 it became knownthat the plan was abandoned. This was preceded bythe collapse of FTX, which worsened sentiment in the cryptocurrency market and weakened Wall Street’s interest in crypto firms.
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