Circle Internet Financial, the company that operates the USD Coin stablecoin, is ending its current attempt to go public though a special purpose-acquisition merger
At their peak, SPACs accounted for 70% of all IPOs, with $95 billion raised. But now, the market has dried up and shares of companies that did SPAC deals have crashed. WSJ explains the decline of the IPO vehicle. Illustration: Ali LarkinCircle Internet Financial, the company that operates the USD Coin stablecoin, is ending its current attempt to go public though, the company said Monday. Circle still plans to pursue a public stock offering, it said.
Circle and Concord Acquisition , a so-called blank-check company, had a deadline of Dec. 10 to close their deal to go public through a SPAC. The investment firm Atlas Merchant Capital raised $276 million for Concord Acquisition’s December 2020 initial public offering.
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