The blockchain payment technology provider is set to undergo a $4.5bn reverse takeover having previously secured over $680m from investors including FTX, Baidu, Bitmain, CreditEase and Wanxiang.
Circle, a US-based blockchain payment platform developer backed by several corporate investors, agreed to a reverse merger with special purpose acquisition company Concord Acquisition Corp yesterday.
The combined business will be valued at $4.5bn through the deal and will pick up Concord’s listing on the New York Stock Exchange, which it acquired in a $276m initial public offering in December 2020. Circle’s existing shareholders will retain approximately 86% of the merged company’s shares.
The merger is supported by $415m private…
