The USDC issuer actually backed out of its plan to go public. Under the terms of the agreement, Concord, the publicly traded shell company, had until Dec. 10 to terminate the deal or request a shareholder vote for an extension. However, it appears that Circle was unable to complete its SEC qualification in time and Concord chose to have the time limit expire rather than extend it. Circle CEO Jeremy Allair said, “Concord has been a strong partner and added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the wider Concord team. We are disappointed that the deadline for the proposed transaction has expired; However, going public remains part of Circle’s core strategy of increasing trust and transparency, which has never been more important.”
