Circle and Concord Acquisition Corp Mutually Agree to Terminate Proposed Business Combination

BOSTON, Dec. 5, 2022 /PRNewswire/ — Circle Net Economic (Circle) and Harmony Acquisition Corp (NYSE:CND), a publicly traded unique goal acquisition enterprise, right now announced the mutual termination of their proposed enterprise mix at first declared in July 2021 and amended in February 2022.

Underneath the conditions of Concord’s amended and restated certification of incorporation, Harmony has until finally December 10, 2022 to consummate a enterprise mixture. The transaction arrangement also states that Concord can find a shareholder vote to lengthen that day to January 31, 2023 if the Securities and Exchange Commission (SEC) has declared the S-4 registration assertion for the company combination successful. To day, the S-4 registration assertion has not been declared effective.

“Circle plays a important position in the blockchain’s disruption of economical solutions,” stated Bob Diamond, Chairman of Concord Acquisition Corp. “I stay self-confident in Circle’s regulatory-initial approach to creating believe in and transparency in the money industry, which has never been a lot more important, and I will continue currently being an advocate for the enterprise as it carries on to improve.”

Termination of the proposed small business mixture has been accredited by the Board of Directors of each Harmony and Circle.

Concord has been a solid companion and has added benefit in the course of this procedure, and we will proceed to reward from the guidance and help of Bob Diamond and the broader Concord staff. We are upset the proposed transaction timed out, having said that, turning into a community enterprise continues to be part of Circle’s core approach to boost have confidence in and transparency, which has in no way been a lot more vital,” reported Jeremy Allaire, Co-Founder and CEO of Circle.

Circle carries on to develop on its results and became successful in the 3rd quarter of 2022, with whole revenue and reserve desire revenue of $274 million and web revenue of $43 million. Circle also ended the quarter with shut to $400 million in unrestricted money.

More information concerning the termination of the transaction agreement for the proposed company mixture is delivered in a Present Report on Type 8-K filed by Harmony with the SEC. It is accessible at www.sec.gov

About Circle
Circle is a world fiscal technological know-how firm that allows enterprises of all sizes to harness the electricity of electronic currencies and community blockchains for payments, commerce and economical purposes around the globe. Circle is powering usually-on net-indigenous commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Today, Circle’s transactional providers, organization accounts, and system APIs are offering rise to a new era of financial providers and commerce programs that maintain the assure of boosting world-wide economic prosperity for all by the frictionless exchange of price. Master far more at https://circle.com.

About Harmony Acquisition Corp
Harmony Acquisition Corp is a specific function acquisition business formed for the reason of moving into into a merger, capital inventory trade, asset acquisition, inventory obtain, reorganization or very similar business combination with one particular or much more businesses in the fiscal providers or fiscal know-how industries. It is sponsored by Concord Sponsor Team LLC, an entity affiliated with Atlas Service provider Capital LLC, an investment business that offers debt and fairness financial commitment approaches, searching for very long-time period benefit through differentiated abilities in fiscal companies and credit rating marketplaces.

Harmony lifted $276 million in its first general public offering in December 2020 and is outlined on the NYSE under the image “CND”.

 

 

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