Circle, the backer of USDC stablecoin, is planning an initial public offering in a deal valued at $9 billion, double the value originally agreed to in July.
- The company has negotiated a new deal with special purpose acquisition company (SPAC) Concord Acquisition Corp. that reflects an improvement in its financial outlook and competitive position, Circle said in an announcement Thursday.
- This doubles the value of the company since July, when it was valued at $4.5 billion in the original agreement.
- The holding company formed under the original agreement will acquire both Concord and Circle to form a new publicly traded company listed on the New York Stock Exchange as "CRCL."
- The previous agreement was terminated because the two parties did not believe it was possible to complete it by the April 3 deadline. The new agreement has an initial exit date of December 8 of this year, which means either side can exit if it is not completed by then.