Crypto payments company Circle has said its $9 billion plans to go public didn’t go through because the Securities & Exchange Commission (SEC) did not sign off on it, according to the Financial Times (FT).
In a twitter post in early December Circle CEO Jeremy Allaire said his firm didn’t complete the U.S. Securities and Exchange Commission’s “qualification in time.”
The company behind USDC, the world’s second-largest stablecoin, had announced plans to go public in July 2021, with a valuation of $4.5 billion which doubled in February 2022 when the company negotiated a new deal with special purpose acquisition company (SPAC) Concord Acquisition Corp., reflecting improvements in its financial outlook and competitive position.
Source: SEC Derailed Circle’s Plans to Go Public via SPAC Deal: Report
