Circle to go public through SPAC CND – #stocks chatter


Circle to go public through SPAC CND
This is next gen.

## Circle to Go Public in Combination With SPAC Concord Acquisition

7:31 am ET July 8, 2021 (Dow Jones) Print

By Robb M. Stewart

[Concord Acquisition Corp](, a special-purpose acquisition company that was sponsored by an affiliate of Atlas Merchant Capital LLC, plans to combine with Circle through a combination that land the financial-technology company with an enterprise value of $4.5 billion.

Under the terms of the agreement, the companies on Thursday said a new Irish holding company would acquire both Concord and Circle and become a publicly-traded company that is expected to trade on the New York Stock Exchange under the symbol CRCL.

The tie-up between the companies is supported by $415 million in capital commitments from institutional investors including Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, accounts advised by ARK Investment Management LLC and Third Point. The deal is expected to deliver up to $691 million in gross proceeds to the combined company, including as much as 276 million of cash held in [Concord Acquisition Corp]('s trust account.

When the combination is completed, existing Circle shareholders will maintain about 86% ownership of the new public entity, the companies said.

Circle's co-founder, Jeremy Allaire, is set to remain chief executive of the company, while Bob Diamond, chairman of Concord Acquisition and CEO of Atlas Merchant Capital will join the board.

Concord Acquisition raised $276 million in its initial public offering last December and listed on NYSE.

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