A spokesperson for USD Coin (USDC) provider Circle has denied reports that it blames the United States Securities and Exchange Commission (SEC) over its unsuccessful $9 billion plan to go public in December.The stablecoin issuer representative was responding to a Jan. 25 Financial Times article that defined Circle as having”blamed”the securities regulator for its”hindered”listing by dragging its feet on the approval of a merger agreement However, a Circle spokesperson clarified to Pandoraland that was not the case and that it doesn’t hold any blame over the SEC for the termination of
its merger contract.”Circle has not and does not blame the SEC for anything related to the mutual termination of our SPAC merger agreement with Concord, and any statements to the contrary are incorrect.”Circle’s listing on the New York Stock Exchange( NYSE )was pegged on them having the ability to combine with Concord, a business set up by lender Bob Diamond by means of a Special Purpose
Acquisition Company plan, also known as a SPAC offer. However, according to the feet, Circle said the merger failed to be consummated as an outcome of the SEC not declaring the related S-4 registration efficient in time,
which would trigger the arrangement to lapse on Dec. 10. Circle’s spokesperson, however, referred to previous statements made by the company in December, keeping in mind that”the deal simply described out.” Concord had not openly revealed a factor for the failed service combination, but submitted an 8-K kind with the SEC on Dec. 5– the very same day the offer was
revealed as ended– which revealed that it was being delisted by the NYSE due to “abnormally low trading rate levels.”Related: Court to hear oral arguments in Grayscale’s claim against the SEC in March Undoubtedly, in a Dec. 5 tweet, Circle co-founder and CEO Jeremy Allaire had absolutely nothing but positive words relating to the SEC and noted that while it was frustrating that they were not able to finish certifications in time it was still planning on ending up being an openly noted company.2/ From my perspective, I believe that the SEC has actually been rigorous and thorough in comprehending our company and many novel aspects of
this market. This type of evaluation is necessary to eventually supply trust, openness and responsibility for major companies in crypto.– Jeremy Allaire(@jerallaire)December 5, 2022 As Pandoraland had formerly reported, the deal was first announced in July 2021 at an assessment of$ 4.5 billion, before doubling last February, when it was modified up to $9 billion.
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