Concord Acquisition extends merger deal with crypto finance company Circle

The board of Concord Acquisition Corp. approved a six-month extension to the period of time the company has to consummate its business combination with crypto finance company Circle Internet Financial Inc.

Concord, a special purpose acquisition company, has until Dec. 10, from the original June 10, to complete the transaction.

Meanwhile, Circle is expected to deposit $2.8 million into the trust account of Concord for its public stockholders by June 8, representing 10 cents per public unit sold in its IPO, which will enable the company to effectuate the extension.

Concord and Circle initially announced their merger in July 2021 but revised the deal in February, agreeing to new transaction terms that valued Circle at $9 billion. Circle is the issuer of digital currency USD Coin.