Concord Acquisition Corp Confirms Financing to Extend Completion Period of Initial Business Combination

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NEW YORK, June 7, 2022 /PRNewswire/ — Concord Acquisition Corp (NYSE: CND) (the “Company”) today announced that Circle Internet Financial Limited, a private limited company incorporated in Ireland (“Circle”) filed $2,760,000 on the Company’s trust account for its public shareholders, representing $0.10 per public unit sold as part of the Company’s IPO, which allows the Company to extend by six months the time it has to complete its initial business combination June 10, 2022 at December 10, 2022 (the “Extension”), as permitted by the Company’s amended and restated certificate of incorporation.

The Extension was financed by the proceeds of a promissory note (the “Note”) issued by the Company to Circle or its registered assigns or assigns. Circle has entered into a settlement agreement with the Company, among others, the February 16, 2022 (the “Transaction Agreement”). The note bears no interest and is payable in cash upon the closing of the Company’s initial business combination. In the event that the transactions contemplated by the Transaction Agreement are not completed for any reason, no payment will be due under the note and the principal balance of the note will be forfeited.

About Concord Acquisition Corp

Concord Acquisition Corp is a special purpose acquisition company formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or several companies in the financial services or fintech sectors. The Company’s sponsor is a subsidiary of Atlas Merchant Capital LLC, an investment firm that provides debt and equity investment strategies, seeking long-term value through differentiated expertise in financial services and credit markets. Concorde raised $276 million during its initial public offering in December 2020 and is listed on the NYSE under the symbol “CND”.

About the Circle

Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications around the world. Circle is the issuer of USD Coin (USDC), one of the fastest growing digital dollar currencies, continuously powering native internet commerce and payments. Today, Circle’s transactional services, business accounts and platform APIs are giving birth to a new generation of financial services and business applications that promise to increase global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, a leading startup fundraising platform in the United States.

Important information and where to find it

A complete description of the proposed transactions (collectively, the “Transactions”) is provided in the registration statement on Form S-4 (No. 333-258582) filed with the Securities and Exchange Commission (the “SEC”) by Circle Internet Finance Public Limited Company (the “Combined Entity”), as amended, which includes a proxy statement for the shareholders of the Company which also constitutes a prospectus of the Combined Entity. The combined entity, Circle and the Company urge investors, shareholders and other interested persons to read the proxy statement/preliminary prospectus and other documents filed with the SEC, as these documents will contain important information about Company, Circle and Transactions. Once the registration statement is declared effective, the definitive proxy statement/prospectus to be included in the registration statement will be mailed to shareholders of the Company on a record date to be determined to vote on the Transactions. . Shareholders may also obtain a copy of the proxy statement/prospectus, free of charge, by sending a request to: Concord Acquisition Corp, 477 Madison Avenue, 22nd Floor, New York, NY 10022. The preliminary and final proxy/prospectus to be included in the registration statement may also be obtained, free of charge, from the SEC’s website (www.sec.gov).

Participants in the solicitation

The Combined Entity, Circle and the Company and their respective directors and officers may be considered participants in the solicitation of proxies with respect to the proposed transactions under SEC rules. Information about the company’s directors and officers is set forth in the company’s annual report on Form 10-K for the year ended December 31, 2021which was filed with the SEC on March 4, 2022 (the “2021 Annual Report”). Information regarding persons who may, under SEC rules, be considered participants in the solicitation of shareholders in connection with the proposed transactions is set forth in the proxy statement/prospectus filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

Non-solicitation

This communication is not a proxy statement or a solicitation of any power of attorney, consent or authorization with respect to securities or with respect to the proposed business combination and does not constitute an offer of sale or a solicitation of an offer to buy securities nor shall be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws on the securities of any such state or jurisdiction. No offer of securities may be made other than by means of a prospectus that meets the requirements of the Securities Act.

Forward-looking statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the 2021 Annual Report and in other Company documents filed or to be filed with the second. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
Concord Acquisition Corporation
Jeff Tuder
[email protected]

SOURCEConcord Acquisition Corp

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