The Block: Circle and SPAC Concord mutually terminate business combination

Peer-to-peer payments technology company Circle and publicly traded special purpose acquisition company Concord Acquisition Corp mutually ended their proposed business combination after the deal "timed out."

The business combination was initially proposed in July 2021. It was later amended in February 2022. Both companies' boards of directors have approved its termination, according to a press release .

"Circle plays a key role in the blockchain's disruption of financial services," said Bob Diamond, chairman of Concord Acquisition Corp. "I remain confident in Circle's regulatory-first approach to building trust and transparency in the financial industry, which has never been more important, and I will continue being an advocate for the company as it continues to grow."

Circle cofounder and CEO Jeremy Allaire likewise stated that " Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team." Allaire also noted that Circle remains committed to becoming a public company.

Additionally, Allaire tweeted his belief that "the SEC has been rigorous and thorough in understanding our business and many novel aspects of this industry," despite the regulator's role in the deal timing out.

He also noted that Circle is in a strong and growing financial position "with $274M in revenue, $43M in Net Income, and ~$400M on our balance."

Updated to provide more information and context, and adjusted headline for clarity.

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