Circle (USDC Issuing Company) will be listed on the stock exchange through a business combination with Concord Acquisition Corp (NYSE:CND), a publicly traded destination acquisition with $276 million in escrow.
- Circle transaction value is $4.5 billion. Upon completion of the transaction, existing Circle shareholders will hold approximately 86% stake in the public institution.
- In connection with the transaction, investors have committed $415 million in PIPE funding, which, together with Circle’s recently completed escrow funds and convertible banknote financing, will bring Circle more than $1.1 billion in post-transaction gross revenue.
- PIPE is backed by leading institutional investors including Marshall Wace LLP, Fidelity Management & Research Company LLC, Adage Capital Management LP, accounts advised by ARK Investment Management LLC (“ARK”), and Third Point.
- Circle is the primary operator of the blockchain-based USD (USDC) coin which has become the fastest growing, regulated and fully regulated digital dollar currency in the world.
- Circle founder Jeremy Aller remains the company’s CEO.
- Bob Diamond, Chairman of Concord Acquisition Corp. and CEO of Atlas Merchant Capital, will join the board.
Under the terms of the agreement, a new Irish holding company will acquire both Concord and Circle and become a publicly traded company that is expected to be listed on the New York Stock Exchange (NYSE) under the ticker “CRCL.” Upon completion of the transaction, existing Circle shareholders will hold around 86% ownership of the public entity.