REUTERS: Circle, a global financial startup, announced on Thursday that it will go public through a merger with a blank-check company, valued at US$4.5 billion. According to Circle, the combined business is expected to generate US$691 million in profits from the Concord Acquisition Corp deal.
SPACs are shell corporations that raise money through initial public offerings (IPOs) in order to take private companies public through mergers at a later date.
According to Circle, institutional investors Marshall Wace, Fidelity Management & Research Co, and accounts advised by ARK Investment Management have agreed to invest in a PIPE (private investment in public equity) fundraising worth US$415 million.
Circle will be listed on the New York Stock Exchange under the symbol “CRCL” following the merger.
(Bengaluru-based reporter Niket Nishant contributed to this report; Vinay Dwivedi edited it.)
Reuters is the source of this information./n
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