A spokesperson for USD Coin (USDC) issuer Circle has denied studies that it blames the USA Securities and Change Fee (SEC) over its failed $9 billion plan to go public in December.
The stablecoin issuer consultant was responding to a Jan. 25 Monetary Occasions article that characterized Circle as having “blamed” the securities regulator for its “derailed” itemizing by dragging its toes on the approval of a merger settlement
Nevertheless, a Circle spokesperson clarified to Cointelegraph that was not the case and that it doesn’t maintain any blame over the SEC for the termination of its merger settlement.
“Circle has not and doesn’t blame the SEC for something associated to the mutual termination of our SPAC merger settlement with Harmony, and any statements on the contrary are inaccurate.”
Circle’s itemizing on the New York Inventory Change (NYSE) was pegged on them having the ability to mix with Harmony, an organization arrange by banker Bob Diamond through a Particular Goal Acquisition Firm association, also referred to as a SPAC deal.
Nevertheless, in keeping with the FT, Circle stated the merger didn’t be consummated because of the SEC not declaring the associated S-4 registration efficient in time, which might trigger the settlement to lapse on Dec. 10.
Circle’s spokesperson, nonetheless, referred to earlier statements made by the corporate in December, noting that “the deal merely termed out.”
Harmony had not publicly disclosed a cause for the failed enterprise mixture, however filed an 8-Okay kind with the SEC on Dec. 5 — the identical day the deal was introduced as terminated — which revealed that it was being delisted by the NYSE resulting from “abnormally low buying and selling value ranges.”
Associated: Court docket to listen to oral arguments in Grayscale’s lawsuit towards the SEC in March
Certainly, in a Dec. 5 tweet, Circle co-founder and CEO Jeremy Allaire had nothing however optimistic phrases concerning the SEC and famous that whereas it was disappointing that they had been unable to finish {qualifications} in time it was nonetheless planning on changing into a publicly listed firm.
2/ From my perspective, I imagine that the SEC has been rigorous and thorough in understanding our enterprise and lots of novel points of this business. This sort of evaluation is important to finally present belief, transparency and accountability for main firms in crypto.
— Jeremy Allaire (@jerallaire) December 5, 2022
As Cointelegraph had beforehand reported, the deal was first introduced in July 2021 at a valuation of $4.5 billion, earlier than doubling final February, when it was revised as much as $9 billion.
