According to a recent press release, Circle has announced its intention to go public by collaborating with a special purpose acquisition corporation (SPAC), Concord Acquisition Corp.
The listing puts Circle’s valuation at $4.5 billion and will allow the company’s current shareholders to maintain ownership of nearly 86% of the company. At the moment, Concord Acquisition Corp holds $275 million in trust. The company’s strength will be joined by other entities committed to PIPE financing worth $415 million. These other entities include Fidelity, ARK Investment Management, Third Point, and Adage Capital Management. In total, the move promises about $1.1 billion in gross proceeds.
Circle and Concord Acquisition Corp have also entered an agreement for both companies to be purchased by a new Irish holding company. The new company is expected to trade with the CRCL ticker on the New York Stock Exchange.
Circle CEO Jeremy Allaire says that going public, the company intends to create more financial inclusion:
“…Through this strategic transaction and ultimate public debut, we are taking an even bigger step forward with the capital and relationships needed to build a global-scale internet financial services company that can help businesses everywhere to connect into a more open, inclusive and effective global economic system.”
Image Credits: Pixabay
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