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SPAC Concord Acquisition gains on plan to take crypto startup Circle public

SPAC Concord Acquisition gains on plan to take crypto startup Circle public


Seeking Alpha
2021-07-08 11:57:16
SPAC Concord Acquisition gains on plan to take crypto startup Circle public

da-kuk/E+ via Getty Images SPAC Concord Acquisition (CND) rose 6.4% in premarket trading after agreeing to take crypto startup Circle public in a deal that will value the company at $4.5B. Circle, the company behind USD Coin ("USDC-US"), will receive over $1.1B in gross proceeds upon close of the deal. The transaction includes $415M in PIPE financing, including Cathie Wood's ARK Investment, Marshall Wace, Fidelity Management, Adage Capital and hedge funder Dan Loeb's Third Point. Upon close of the deal, existing Circle holders will maintain about 86% ownership of the public entity, according to a statement. Circle's co-founder Jeremy Allaire will remain CEO of the company and Bob Diamond, chairman of Concord Acquisition will join the board. The deal is expected to close in Q4 and Circle will trade on the NYSE under the symbol "CRCL." Goldman Sachs Is serving as the exclusive financial advisor to Concord. Goldman Sachs and Citi acted as

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