Circle announced on December 5 that its proposed merger with special purpose acquisition company (SPAC) Concord Acquisition has been mutually terminated. The deal was announced in July 2021 with a preliminary valuation of 4.5 billion dollars, then changed in February 2022 when Circle’s valuation increased to 9 billion dollars.
USD Coin (USDC) is currently the second largest stablecoin in circulation, with a market cap of 43 billion dollars. Under the terms of the deals, Concord had until December 10 to seek a shareholder vote to complete or extend the transaction, but apparently Concord chose to exceed the time limit instead.
Circle also reiterated that it made a profit in the third quarter of 2022 on net income of 43 million dollars, along with 274 million dollars in total revenue and reserve interest income. The company currently has 400 million dollars in cash. The ongoing crypto winter has led to downward revisions in the valuations of many companies, although neither side has directly stated the reason behind the termination of the deal.
Source: https://tr.tradingview.com/news/cointelegraph:ce23ede28:0/
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