Silicon Valley VC Brad Gerstner to liquidate $450M SPAC - San Francisco Business Times

Another Silicon Valley blank-check company — this one sponsored by Altimeter Capital — is closing up shop, unable to find a company to merge with before its self-imposed deadline.

"The Company anticipates that the Company cannot consummate an initial business combination within the time period required," it said in its filing. The SPAC's IPO came at the height of the blank-check boom, when record numbers of such entities were going public in IPOs and taking private companies public in mergers. But interest in SPACs cooled in the second half of last year as the vast majority of companies that went public in such mergers saw their share prices plunge by at least half after their combinations.

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Circle and SPAC Concord mutually terminate business combinationCircle and Concord Acquisition Corp mutually ended their proposed business combination after the deal 'timed out.' ValidGuru
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USDC issuer Circle terminates SPAC merger with ConcordBoth crypto business valuations and SPAC mergers have performed poorly this year. one more reason to use USDT
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Breakingviews - Circle’s SPAC flop does the public market a favorStablecoins are marketed as a kind of cryptocurrency that offers a steady, predictable value. For the companies that create them, the opposite turns out to be true. Circle Internet Financial’s plan to merge with a listed blank-check firm called Concord Acquisition fell apart by mutual consent on Monday. Since Circle is effectively impossible to value right now, it has probably done the market a favor.
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