The SECGov did not sign off on our plans to go public says Circle in new revelations, according to a Financial Times report. By amitoj.
) Concord Acquisition Corp., reflecting improvements in its financial outlook and competitive position.
According to the FT, Circle said that neither turbulent markets nor fearful investors were a factor in the abandonment of its SPAC deal. “The business combination could not be consummated before the expiration of the transaction agreement because the SEC had not yet declared our S-4 registration ‘effective’,” the group said. An S-4 registration is a registration document that companies have to file with the SEC seeking permission to offer new shares, the report added.
Circle also said that they never expected the SEC registration process to be quick, and that it's"necessary, appropriate and reasonable for the SEC to have a thorough, rigorous review process."
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