NEW
YORK, June 3, 2022 /PRNewswire/ -- Concord
Acquisition Corp (NYSE: CND) (the "Company") today announced that
its board of directors has approved an extension of the period of
time the Company has to consummate its initial business combination
by six months from June 10, 2022 to
December 10, 2022 (the "Extension"),
as permitted under the Company's amended and restated certificate
of incorporation.
In connection therewith, pursuant to the transaction agreement,
dated February 16, 2022, among Circle
Internet Financial Limited, a private company limited by shares
incorporated in Ireland
("Circle"), the Company and others, Circle is expected to deposit
$2,760,000 (the "Extension Payment")
into the trust account of the Company for its public stockholders
by June 8, 2022, representing
$0.10 per public unit sold in the
Company's initial public offering, which will enable the Company to
effectuate the Extension.
About Concord Acquisition Corp
Concord Acquisition Corp is a special purpose acquisition
company formed for the purpose of entering into a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses in the
financial services or financial technology industries. The
Company's sponsor is an affiliate of Atlas Merchant Capital LLC, an
investment firm that offers debt and equity investment strategies,
seeking long-term value through differentiated expertise in
financial services and credit markets. Concord raised $276
million in its initial public offering in December 2020 and is listed on the NYSE under the
symbol "CND".
About Circle
Circle is a global financial technology firm that enables
businesses of all sizes to harness the power of digital currencies
and public blockchains for payments, commerce and financial
applications worldwide. Circle is the issuer of USD Coin (USDC),
one of the fastest growing dollar digital currencies powering
always-on internet-native commerce and payments. Today, Circle's
transactional services, business accounts, and platform APIs are
giving rise to a new generation of financial services and commerce
applications that hold the promise of raising global economic
prosperity for all through the frictionless exchange of financial
value. Additionally, Circle operates SeedInvest, a leading startup
fundraising platform in the U.S.
Important Information and Where to Find It
A full description of the proposed transactions (collectively,
the "Transactions") is provided in the registration statement on
Form S-4 (No. 333-258582) filed with the Securities and Exchange
Commission (the "SEC") by the Circle Internet Finance Public
Limited Company (the "Combined Entity"), as amended, that includes
a proxy statement for the stockholders of the Company that also
constitutes a prospectus of the Combined Entity. The Combined
Entity, Circle and the Company urge investors, stockholders and
other interested persons to read the preliminary proxy
statement/prospectus as well as other documents filed with the SEC
because these documents will contain important information about
the Company, Circle and the Transactions. After the registration
statement is declared effective, the definitive proxy
statement/prospectus to be included in the registration statement
will be mailed to stockholders of the Company as of a record date
to be established for voting on the Transactions. Stockholders will
also be able to obtain a copy of the proxy statement/prospectus,
without charge, by directing a request to: Concord Acquisition
Corp, 477 Madison Avenue, 22nd Floor, New
York, NY 10022. The preliminary and definitive proxy
statement/prospectus to be included in the registration statement
can also be obtained, without charge, at the SEC's website
(www.sec.gov).
Participants in the Solicitation
The Combined Entity, Circle and the Company and their respective
directors and executive officers may be considered participants in
the solicitation of proxies with respect to the proposed
transactions under the rules of the SEC. Information about the
directors and executive officers of the Company is set forth in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, which was filed
with the SEC on March 4, 2022 (the
"2021 Annual Report"). Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the
solicitation of the stockholders in connection with the proposed
transactions is set forth in the proxy statement/prospectus filed
with the SEC. These documents can be obtained free of charge from
the sources indicated above.
Non-Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or a solicitation of an offer to buy
any securities nor shall there be any sale of securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements", including with respect to the
Extension and the Company's expectation that Circle will make the
Extension Payment. Forward-looking statements are subject to
numerous risks and conditions, many of which are beyond the control
of the Company, including Circle's inability to make the Extension
Payment to enable the Company to effectuate the Extension, as well
as those set forth in the Risk Factors section of the 2021 Annual
Report and in other documents of the Company filed, or to be filed,
with the SEC. Copies of these documents are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contact:
Concord Acquisition Corp
Jeff Tuder
jeff@tremsoncapital.com
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SOURCE Concord Acquisition Corp