A spokesperson for USD Coin (USDC) issuer Circle has denied reviews that it blames the US Securities and Alternate 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 characterised Circle as having “blamed” the securities regulator for its “derailed” itemizing by dragging its ft 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 Alternate (NYSE) was pegged on them with the ability to mix with Harmony, an organization arrange by banker Bob Diamond by way of a Particular Objective Acquisition Firm association, also called a SPAC deal.
Nevertheless, in response to the FT, Circle mentioned the merger did not be consummated on account 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, nevertheless, referred to earlier statements made by the corporate in December, noting that “the deal merely termed out.”
Harmony had not publicly disclosed a motive 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 because of “abnormally low buying and selling value ranges.”
Associated: Court docket to listen to oral arguments in Grayscale’s lawsuit in opposition to 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 have been unable to finish {qualifications} in time it was nonetheless planning on changing into a publicly listed firm.
2/ From my perspective, I consider that the SEC has been rigorous and thorough in understanding our enterprise and lots of novel points of this business. This type of evaluation is critical 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.
