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Lionheart Acquisition Announces (LCAP) $32 6B SPAC Deal with MSP Recovery
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Fintech company Circle to go public in business combination
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USD Coin’s Circle Going Public via SPAC
Circle, the company behind cryptocurrency USD Coin (USDC) is planning on going public via a SPAC.
SPACs (special purpose acquisition company) are companies startups merge with to go public. Merging with a SPAC is a popular alternative to an IPO, as there is less regulatory scrutiny and more control over valuation.
Circle is planning on going public by merging with a SPAC, according to a blog post by Jeremy Allaire, Co-Founder, Chairman and CEO.
I am writing to share with you an exciting and significant milestone in our journey as a company. Today we announced that we have entered into a definitive agreement that will result in Circle becoming a publicly traded company on the New York Stock Exchange (NYSE). We have accomplished this through a combination with Concord Acquisition Corp (“Concord”) (NYSE: CND.U), a publicly traded special purpose acquisition company.
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Cryptocurrency and blockchain services provider Circle Internet Financial Inc. is the latest to jump on the SPAC bandwagon as the company announced today that it plans to go public through a special-purpose acquisition company merger.
The deal will see Circle merge with Concord Acquisition Corp., a SPAC currently listed on the New York Stock Exchange and values the company at $4.5 billion. The merger will provide Circle with more than $1.1 billion in gross proceeds, including $415 million in private investment in public equity. PIPE participants include Marshall Wave, Fidelity Management, Adage Capital, accounts advised by ARK Investment and Third Point.
Founded in 2013, Circle initially started as a consumer finance company utilizing blockchain technology but has since evolved into cryptocurrency investment, exchange and payments service.