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<h2 id="header-0">USDC stablecoin issuer, Circle Internet Financial announced on December 5 that it has terminated a Special Purpose Acquisition agreement with Concord Acquisition Group, which would have enabled Circle to become a publicly-traded company.</h2>The business merger proposal was first disclosed in July 2021, when Circle was valued at $4.5 billion. The agreement was later revised in February 2022, when the company&#39;s worth increased to $9 billion, with the <a href="https://www.coingabbar.com/en/crypto-currency/usd-coin-usdc-prices-usd" rel="noopener noreferrer nofollow">USDC issuer</a> aiming to go public by December 2022.Despite the fact that the deal won&#39;t be accomplished, Circle co-founder and CEO Jeremy Allaire stated that the company still intends to go public.SPAC: It is a company that has no actual commercial operations but raises capital through an initial public offering. The SPAC will then purchase or merge with a private company. This will ultimately assist businesses to become publicly traded companies.<h3 id="the-reason-behind-the-deal-s-termination">The reason behind the deal’s termination</h3>Both companies terminated the agreement after the Securities and Exchange Commission rejected an S-4 registration statement they had previously filed with the agency.As part of a merger, acquisition, or stock exchange offer, public firms must file S-4 Forms with the SEC. The form is intended to reduce fraud by reporting share allocations and agreements, as well as any other relevant information to the merger.Previously, Circle proposed a merger with Concord, which is backed by former Barclays CEO Bob Diamond, but the deal was terminated in February 2022 due to valuation concerns.At the time, Cathie Wood&#39;s Ark Invest was reported to have purchased 69,300 shares of the special purchase acquisition company, or SPAC, that is merging with Circle for $70.6 million via the company&#39;s ARK Fintech Innovation exchange-traded fund (<a href="https://www.coingabbar.com/" rel="noopener noreferrer nofollow">ETF</a>).Experts believed that Cathie Wood&#39;s Ark Invest was the reason for the agreement&#39;s termination, but the real reason is that the company&#39;s valuation became more than doubled since the agreement was made.Later, Circle revised the SPAC deal with Concord Acquisition Group at a valuation of $9 billion, which was anticipated to conclude later this month, but Monday&#39;s announcement effectively sealed the door.<h4>Other crypto companies that are seeking public market stamp</h4>Coincheck, a Japanese cryptocurrency exchange, has confirmed plans to pursue a public stock offering in the United States via Nasdaq. In addition, Bitcoin Depot, a prominent <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-are-bitcoin-atms-and-how-to-use-them" rel="noopener noreferrer nofollow">bitcoin ATM</a> service provider in the US, also intends to go public through a merger with a SPAC.Several other cryptocurrency and blockchain firms are also seeking to go public in the coming year. The significance of being declared a public trading company is that the company is not required to publicly disclose its financial results.Experts believe that going public is part of the solution for companies to re-establishing trust in the cryptocurrency sector. Stablecoin explosions and bankruptcy filings in 2022 have eroded users&#39; trust in the crypto industry.What do you think, will the SEC extend the timeframe and make S-4 effective, or will Circle pursue a new SPAC agreement? Share your thoughts in the comment section below.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news/ripple-vs-sec-case-impacts-on-xrp-prices" rel="noopener noreferrer nofollow">Update of Ripple Vs SEC Case | Impacts on the XRP Price</a>

SPAC and Crypto’s Loveless Marriage was Destined to Fail

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