Altimeter Capital's second SPAC is closing shop without a merger deal.
Another Silicon Valley blank-check company — this one sponsored by Altimeter Capital — is closing up shop, unable to find a company to merge with before its self-imposed deadline.
"The Company anticipates that the Company cannot consummate an initial business combination within the time period required," it said in its filing. The SPAC's IPO came at the height of the blank-check boom, when record numbers of such entities were going public in IPOs and taking private companies public in mergers. But interest in SPACs cooled in the second half of last year as the vast majority of companies that went public in such mergers saw their share prices plunge by at least half after their combinations.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Spac deal for stablecoin issuer Circle collapsesSpecial purpose acquisition company Concord Acquisition Corp. undefined said Monday its deal to buy stablecoin issuer Circle Internet Financial has been...
Read more »
Circle and SPAC Concord mutually terminate business combinationCircle and Concord Acquisition Corp mutually ended their proposed business combination after the deal 'timed out.'
Read more »
USDC issuer Circle terminates SPAC merger with ConcordBoth crypto business valuations and SPAC mergers have performed poorly this year.
Read more »
Circle Nixes SPAC Deal With Concord, Still Nurses Public Listing AmbitionHowever, the USDC issuer still wants to go public at some point.
Read more »
Stablecoin Firm Circle Ends SPAC DealCircle Internet Financial, the company that operates the USD Coin stablecoin, is ending its current attempt to go public though a special purpose-acquisition merger.
Read more »
Breakingviews - Circle’s SPAC flop does the public market a favorStablecoins are marketed as a kind of cryptocurrency that offers a steady, predictable value. For the companies that create them, the opposite turns out to be true. Circle Internet Financial’s plan to merge with a listed blank-check firm called Concord Acquisition fell apart by mutual consent on Monday. Since Circle is effectively impossible to value right now, it has probably done the market a favor.
Read more »