Circle Internet Financial Ltd., the crypto-focused firm that manages USD Coin, the second-largest stablecoin, pushed back the timetable for an initial public offering following its planned merger with a special-purpose acquisition company, or SPAC.
The firm renegotiated its July 2021 agreement with Concord Acquisition Corp. , extending its “termination date” for a public offering to Dec. 8, 2022, from April 3, according to a filing with the Securities and Exchange Commission. The company said the new date was necessary “for a variety of reasons outside the parties’ control.” While it has filed an S-4 form with the SEC, the commission hasn’t yet declared the prospectus effective.