US stablecoin startup Circle valued doubled to $9B in revised deal with SPAC

Crypto startup Circle is now valued at $9B, double the level it agreed to in a deal in July, in a revised transaction with SPAC SPAC Concord Acquisition (NYSE:CND). Concord shares fell 3.6% in premarket trading. The new deal replaces the prior business combination agreement, which couldn't ne completed by the termination date of April 3, according to a statement. The increase in value reflects improvements in Circle's financial outlook, particularly the growth and market share of USDC. Under the terms of the new agreement, the holding company that was set up in connection with the original business combination will acquire both Concord and Circle and become a publicly-traded business, expected to trade on the NYSE under the symbol "CRCL. The new agreement has an initial outside date of Dec. 8, with the potential to extend such date to Jan. 31 under certain circumstances Goldman Sachs is serving as the exclusive financial advisor