Concord Acquisition Board Extends Merger Deadline by 6 Months on $9B Circle Deal

Circle

Concord Acquisition’s board approved a deadline extension on the SPAC’s proposed merger with Circle Internet Financial Limited. The new deadline is Dec. 10, pushed back from June 10.

In connection with the SPAC’s transaction agreement, Circle Internet Financial is expected to deposit $2.76 million (10 cents a unit) into Concord’s trust account for the deadline extension.

Circle Internet Financial in February announced that it agreed to new transaction terms with Concord Acquisition, increasing the implied valuation of thre combined company to $9 billion — up from the previous $4.5 billion when the deal was announced last July.

Circle is a global internet finance firm that provides internet-based payments and financial infrastructure and is the issuer of USD Coin. Read more.

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