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As filed with the Securities and Exchange Commission on August 6, 2021.

Registration No. 333-

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form S-4

REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

CIRCLE ACQUISITION PUBLIC LIMITED COMPANY

(Exact Name of Registrant as Specified in Its Charter)

Ireland

(Jurisdiction of
Incorporation or Organization)

7389

(Primary Standard Industrial
Classification Code Number)

Not applicable

(I.R.S. Employer
Identification Number)

Circle Acquisition Public Limited Company

Address Not Applicable1

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

The Corporation Trust Company
1209 Orange Street
Wilmington, Delaware 19801
(302) 777-0200

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

Gregg L. Katz, Esq.
John Mutkoski, Esq.
William Schnoor, Esq.
Goodwin Procter LLP
100 Northern Avenue
Boston, MA 02210
(617)-570-1000

Alan I. Annex, Esq.
Jason Simon, Esq.
Greenberg Traurig, LLP
333 S.E. 2nd Avenue
Miami, FL 33131
(305) 579-0500

Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective and on completion of the business combination described in the enclosed proxy statement/prospectus.

If the securities being registered on this Form are to be offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ☐			Accelerated filer ☐
	Non-accelerated filer ☒			Smaller reporting company ☒
	Emerging growth company ☒

In June 2021, we became a remote-first company. Accordingly, we do not maintain a headquarters.

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ☐

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

☐

CALCULATION OF REGISTRATION FEE


Title of Each Class of Securities to be Registered	Amount to be Registered(1)		Proposed Maximum Offering Price per Share(2)			Proposed Maximum Aggregate Offering Price(2)			Amount of Registration Fee
Ordinary Shares, par value $0.001 per share(3)(4)		35,252,000			10.16		$	358,160,320		$	39,075.30
Warrants(5)(4)		14,176,000			1.76		$	25,019,931		$	2,729.70
Ordinary Shares issuable on exercise of Warrants(6)(4)		14,176,000		$	11.50		$	163,024,000		$	17,785.90
Total							$	546,204,251		$	59,590.90

(1)

All securities registered will be issued by Circle Acquisition Public Limited Company, a public company limited by shares incorporated in Ireland (“Topco”). In connection with the business combination described in this registration statement and the proxy statement/prospectus included herein, (a) Topco (Ireland) Merger Sub, Inc., a Delaware corporation (“Merger Sub”) and direct wholly-owned subsidiary of Topco, will merge with and into Concord Acquisition Corp, a publicly traded Delaware corporation (“Concord”) (the “Merger”), with Concord surviving the Merger as a wholly-owned subsidiary of Topco, and (b) Topco will acquire all of the issued and outstanding share capital of Circle Internet Financial Limited, a private company limited by shares incorporated in Ireland ( “Circle”), such that Circle will be a direct wholly owned subsidiary of Topco. As a result of the foregoing transactions, Topco will become the public company, and the current security holders of Concord and the current security holders of Circle will become security holders of Topco.

(2)

Estimated solely for the purpose of calculating the registration fee, based on the average of the high and low prices of Concord’s Class A common stock and Concord’s warrants on August 2, 2021. This calculation is in accordance with Rule 457(c) and 457(f)(1) of the Securities Act.

(3)

Consists of Topco ordinary shares issuable in exchange for outstanding Concord common stock, including (i) 27,600,000 shares of Concord Class A common stock included in Concord units (with each Concord unit consisting of one share of Concord Class A common stock and one-half of one redeemable Concord warrant) sold to the public in Concord’s initial public offering, (ii) 6,900,000 shares of Concord Class B common stock issued to Concord’s initial stockholders as founder shares and (iii) 752,000 private shares of Concord Class A common stock included in private placement units (with each Concord private placement unit consisting of one private share of Concord Class A common stock and one-half of one private placement warrant. In connection with the business combination described in this registration statement and the proxy statement/prospectus included herein, all Concord public and private placement units will be separated into their component securities.

(4)

Pursuant to Rule 416(a), an indeterminable number of additional securities are also being registered to prevent dilution resulting from stock splits, stock dividends or similar transactions.

(5)

Consists of Topco warrants issuable in exchange for outstanding Concord warrants, including (i) 13,800,000 Concord warrants included in Concord units sold to the public in Concord’s initial public offering and (ii) 376,000 Concord private placement warrants included in the private placement units sold to Concord’s sponsors in a private placement in connection with Concord’s initial public offering.

(6)

Consists of Topco ordinary shares issuable upon exercise of Topco warrants. Each Topco warrant will entitle the warrant holder to purchase one Topco ordinary share at a price of $11.50 per share (subject to adjustment).

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

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The information in this preliminary proxy statement/prospectus is not complete and may be changed. These securities described herein may not be sold until the registration statement filed with the U.S. Securities and Exchange Commission is declared effective. This preliminary proxy statement/prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

PRELIMINARY PROXY STATEMENT AND PROSPECTUS
SUBJECT TO COMPLETION, DATED AUGUST 6, 2021

CONCORD ACQUISITION CORP

477 Madison Avenue, 22nd Floor
New York, NY 10022

Dear Concord Acquisition Corp Stockholders:

Concord Acquisition Corp, a Delaware corporation (“Concord”), Circle Acquisition Public Limited Company, a public company limited by shares incorporated in Ireland (“Topco”), Topco (Ireland) Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Circle Internet Financial Limited, a private company limited by shares incorporated in Ireland (“Circle”) have entered into a Business Combination Agreement dated as of July 7, 2021, as may be amended from time to time (the “Business Combination Agreement”) pursuant to which, among other things, (i) pursuant to an Irish law court-approved scheme of arrangement, Circle’s shareholders will transfer their holdings of shares in the capital of Circle to Topco in exchange for the issuance of new shares in Topco, such that Circle will become a wholly-owned subsidiary of Topco, and (ii) Merger Sub will merge with and into Concord (the “Merger”), with Concord surviving the Merger as a wholly-owned subsidiary of Topco (collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”). See the section entitled “The Business Combination” on page 116 of the attached proxy statement/prospectus for further information on the consideration being paid to the shareholders of Circle.

Concord’s units, Class A common stock and warrants are currently listed on the New York Stock Exchange (“NYSE”) under the symbols “CND.U,” “CND,” and “CND WS,” respectively. We intend to apply to list Topco’s ordinary shares and warrants on the NYSE under the symbols “CRCL” and “CRCL WS”, respectively, upon the closing of the Business Combination. We cannot assure you that Topco’s ordinary shares and warrants will be approved for listing on the NYSE.

Concord is holding a special meeting of its stockholders in lieu of the 2021 annual meeting in order to obtain the stockholder approvals necessary to complete the Business Combination. At the Concord special meeting, which will be held on [•], 2021, at [•] a.m., Eastern time, at [•], unless postponed or adjourned to a later date, Concord will ask its stockholders to adopt the Business Combination Agreement thereby approving the Business Combination and approve the other proposals described in this proxy statement/prospectus.

As described in this proxy statement/prospectus, certain shareholders of Circle are parties to a transaction support agreement with Concord whereby such stockholders agreed to vote all of their shares of Circle in favor of the Business Combination Agreement and other proposed transactions (together, the “Proposed Transactions”) contemplated by the Business Combination Agreement. In addition, Jeremy Allaire, Circle’s Chief Executive Officer, entered into a transaction support agreement with Concord pursuant to which Mr. Allaire further agreed not to vote in favor of any Alternative Transaction (as defined in the Business Combination Agreement) (excluding for such purpose an initial public offering of Circle) for a period of six months following the termination of the Business Combination Agreement under certain circumstances.

After careful consideration, the respective Concord and Circle boards of directors have unanimously approved the Business Combination Agreement and the board of directors of Concord has approved the other proposals described in this proxy statement/prospectus, and each of the Concord and Circle board of directors has determined that it is advisable to consummate the Business Combination. The board of directors of Concord recommends that its stockholders vote “FOR” the proposals described in this proxy statement/prospectus.

More information about Concord, Circle and the Proposed Transactions is contained in this proxy statement/prospectus. Concord and Circle urge you to read the accompanying proxy statement/prospectus, including the financial statements and annexes and other documents referred to herein, carefully and in their entirety. IN PARTICULAR, YOU SHOULD CAREFULLY CONSIDER THE MATTERS DISCUSSED UNDER “RISK FACTORS” BEGINNING ON PAGE 32 OF THIS PROXY STATEMENT/PROSPECTUS.

On behalf of our board of directors, I thank you for your support and look forward to the successful completion of the Business Combination.

Sincerely,

[•], 2021

Jeff Tuder
Chief Executive Officer

This proxy statement/prospectus is dated [•], 2021 and is first being mailed to the stockholders of Concord on or about that date.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PROXY STATEMENT/PROSPECTUS OR ANY OF THE SECURITIES TO BE ISSUED IN THE BUSINESS COMBINATION, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PROXY STATEMENT/PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

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CONCORD ACQUISITION CORP
477 Madison Avenue, 22nd Floor
New York, NY 10022

NOTICE OF SPECIAL MEETING IN LIEU OF 2021 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON [•], 2021

To the Stockholders of Concord Acquisition Corp:

NOTICE IS HEREBY GIVEN that a special meeting in lieu of the 2021 annual meeting of stockholders (the “special meeting”) of Concord Acquisition Corp, a Delaware corporation (“Concord,” “we,” “our” or “us”), will be held on [•], 2021, at [•] a.m., Eastern time, at [•]. You are cordially invited to attend the special meeting for the following purposes:

The “Business Combination Proposal” — to approve and adopt the Business Combination Agreement, dated as of July 7, 2021 (as may be amended from time to time, the “Business Combination Agreement”), by and among Concord, Circle Internet Financial Limited, a private company limited by shares incorporated in Ireland (“Circle”), Circle Acquisition Public Limited Company, a public company limited by shares incorporated in Ireland (“Topco”) and Topco (Ireland) Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and the transactions contemplated thereby, pursuant to which, among other things, (i) pursuant to an Irish law court-approved scheme of arrangement, Circle’s shareholders will transfer their holdings of shares in the capital of Circle to Topco in exchange for the issuance of new shares in Topco, such that Circle will become a wholly-owned subsidiary of Topco, and (ii) Merger Sub will merge with and into Concord (the “Merger”), with Concord surviving the Merger as a wholly-owned subsidiary of Topco (collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”).

The “NYSE Proposal” — to approve, for purposes of complying with the applicable provisions of Section 312.03 of the New York Stock Exchange’s (“NYSE”) Listed Company Manual, (1) the issuance of shares of Concord Class A common stock to the PIPE Investors and (2) the issuance of Topco ordinary shares to Circle shareholders in the Scheme pursuant to the Business Combination Agreement and Topco ordinary shares and warrants to subscribe for Topco ordinary shares to the Concord stockholders and warrant holders in the Merger pursuant to the Business Combination Agreement.

The “Adjournment Proposal” — to approve a proposal to adjourn the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the special meeting, there are not sufficient votes to approve one or more proposals presented to stockholders for vote.

Your attention is directed to the proxy statement/prospectus accompanying this notice (including the financial statements and annexes attached thereto) for a more complete description of the proposed Business Combination and related transactions and each of our proposals. We encourage you to read this proxy statement/prospectus carefully. If you have any questions or need assistance voting your shares, please call our proxy solicitor, [•], at [•]; banks and brokers may reach [•] at [•].

				By Order of the Board of Directors,
	[•], 2021			Jeff Tuder
				Chief Executive Officer

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ABOUT THIS PROXY STATEMENT/PROSPECTUS

This document, which forms part of a registration statement on Form S-4 filed with the SEC, by Concord (File No. 333-[•]), constitutes a prospectus of Concord under Section 5 of the Securities Act, with respect to the shares of Topco Ordinary Shares to be issued if the Business Combination described below is consummated. This document also constitutes a notice of meeting and a proxy statement under Section 14(a) of the Exchange Act with respect to the special meeting of Concord stockholders at which Concord stockholders will be asked to consider and vote upon a proposal to approve the Business Combination by the approval and adoption of the Business Combination Agreement, among other matters.

TRADEMARKS

This document contains references to trademarks, trade names and service marks belonging to other entities. Solely for convenience, trademarks, trade names and service marks referred to in this proxy statement/prospectus may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

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FREQUENTLY USED TERMS

In this document:

“Acquisition” means the proposed acquisition by Topco of the entire issued and to be issued shares in the capital of the Company, by means of the Scheme, pursuant to which, at the Scheme Effective Time, the Scheme Shareholders will transfer their Scheme Shares to Topco in exchange for their portion of the Aggregate Company Consideration.

“Adjournment Proposal” means a proposal to adjourn the special meeting of the stockholders of Concord to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the special meeting, there are not sufficient votes to approve one or more proposals presented to stockholders for vote at such special meeting.

“Aggregate Company Consideration” means an amount of Topco Ordinary Shares equal to the Circle Equity Value divided by ten dollars ($10.00) and rounded down to the nearest whole number of Topco Ordinary Shares.

“broker non-vote” means the failure of a Concord stockholder, who holds his, her or its shares in “street name” through a broker or other nominee, to give voting instructions to such broker or other nominee.

“Business Combination” or “Proposed Transactions” means pursuant to the Business Combination Agreement, Topco will combine with Concord in a business combination that will result in each of the Company and Concord becoming a wholly-owned subsidiary of Topco.

“Business Combination Agreement” means the Business Combination Agreement, dated as of July 7, 2021, as may be amended from time to time, by and among Concord, Topco, Merger Sub and Circle.

“Business Combination Proposal” means the proposal to approve the adoption of the Business Combination Agreement and the Business Combination.

“CA Co-Investment” means CA Co-Investment, LLC (an affiliate of one of the underwriters of the IPO).

“Circle” means Circle Internet Financial Limited, a private company limited by shares incorporated in Ireland.

“Circle Convertible Notes” means the convertible unsecured promissory notes issued by Circle in accordance with the Circle Convertible Note Purchase Agreements.

“Circle Convertible Note Purchase Agreements” means the convertible note purchase agreement dated March 6, 2021, as amended, entered into between Circle and the Circle Convertible Note holders together with the Second Amended and Restated Side Letter entered into between Circle and the Circle Convertible Note holders dated May 7, 2021.

“Circle Equity Value” means $4,500,000,000 plus (i) the aggregate amount of the net proceeds of any equity or convertible debt issued by Circle after March 6, 2021, minus (ii) any indebtedness of Circle that will not convert into equity in connection with the Proposed Transactions.

“Circle Holders” means the holders of Circle Shares in issue from time to time.

“Circle Shares” means issued and to be issued shares of any class in the capital of Circle.

“Closing” means the consummation of the Business Combination.

“Closing Date” means the date on which the Closing occurs.

“Code” means the Internal Revenue Code of 1986, as amended.

“Concord” means Concord Acquisition Corp, a Delaware corporation.

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“Concord Class A common stock” means Concord’s Class A common stock, par value $0.0001 per share.

“Concord Class B common stock” means Concord’s Class B common stock, par value $0.0001 per share.

“Concord common stock” means Concord’s Class A common stock and Class B common stock.

“Concord Units” means one share of Concord Class A common stock and one Concord Warrant.

“Concord Warrant Agreement” means the warrant agreement, dated as of December 7, 2020, by and between Concord and Continental Stock Transfer & Trust Company, governing Concord’s outstanding warrants.

“Concord Warrants” means warrants to purchase shares of Concord Class A common stock as contemplated under the Concord Warrant Agreement, with each whole warrant exercisable for one share of Concord Class A common stock at an exercise price of $11.50.

“Continental” means Continental Stock Transfer & Trust Company.

“COVID-19” means the novel coronavirus pandemic.

“DGCL” means the General Corporation Law of the State of Delaware.

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

“Founders” means the Sponsor and CA Co-Investment.

“Founder Shares” means the 6,900,000 shares of Concord Class B common stock initially purchased by the Founders in a private placement in connection with the IPO.

“GAAP” means United States generally accepted accounting principles.

“Investment Company Act” means the Investment Company Act of 1940, as amended.

“IPO” means Concord’s initial public offering of units, consummated on December 10, 2020.

“Irish Companies Act” means the Companies Act 2014 of Ireland, as amended.

“Irish Takeover Rules” means the Irish Takeover Panel Act 1997, Takeover Rules 2013.

“IRS” means Internal Revenue Service.

“JOBS Act” means the Jumpstart Our Business Startups Act of 2012, as amended.

“Merger” means the merging of Merger Sub with and into Concord, with Concord surviving the Merger as a wholly-owned subsidiary of Topco.

“Merger Effective Time” means the time the Merger becomes effective.

“Merger Sub” means Topco (Ireland) Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Topco.

“NYSE” means the New York Stock Exchange.

“PCAOB” means the Public Company Accounting Oversight Board.

“PIPE” or “PIPE Investment” means the sale by Concord of PIPE Shares to the PIPE Investors, for a purchase price of $10.00 per share and an aggregate purchase price of $415,000,000, in a private placement.

“PIPE Investors” means the investors who are party to the Subscription Agreements.

“PIPE Shares” means an aggregate of 41,500,000 shares of Concord Class A common stock to be issued to PIPE Investors in the PIPE.

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“Private Shares” means the shares of Concord Class A common stock included in the Private Units.

“Private Units” means the Concord Units purchased in a private placement in connection with the IPO.

“Private Warrants” means the warrants to purchase shares of Concord Class A common stock included in the Private Units.

“Proposed Transactions” means the Business Combination and other proposed transactions contemplated by the Business Combination Agreement.

“prospectus” means the prospectus included in the Registration Statement on Form S-4 (Registration No. 333- ) filed with the SEC.

“Public Shares” means shares of Concord Class A common stock issued as part of the units sold in the IPO.

“Public Stockholders” means the holders of shares of Concord Class A common stock.

“Public Warrants” means 13,800,000 redeemable warrants included in the units sold in the IPO, each of which is exercisable for one-half share of Concord Class A common stock, in accordance with its terms.

“Scheme” means the proposed scheme of arrangement under Chapter 1 of Part 9 of the Irish Companies Act to effect the Acquisition pursuant to the Business Combination Agreement, including any revision thereof as may be agreed between the parties to the Business Combination Agreement in writing, with or subject to any modifications, additions or conditions approved or imposed by the High Court of Ireland.

“Scheme Effective Date” means the date on which the Scheme becomes effective in accordance with its terms.

“Scheme Effective Time” means the time on the Scheme Effective Date at which the Court Order is delivered to the Irish Registrar of Companies.

“Scheme Record Time” means 11:59 p.m. Eastern Time on the second last Business Day before the Scheme Effective Date.

“Scheme Shareholders” means the holders of Scheme Shares.

“Scheme Shares” means the Circle Shares in issue at the Scheme Record Time.

“Scheme Voting Record Time” means the voting record time for the Scheme, as approved or directed by the High Court of Ireland.

“SEC” means the U.S. Securities and Exchange Commission.

“Securities Act” means the U.S. Securities Act of 1933, as amended.

“Sponsor” means Concord Sponsor Group LLC, a Delaware limited liability company.

“sponsors” means the Sponsor and CA Co-Investment.

“Surviving Corporation” means the entity surviving the Merger as a wholly-owned subsidiary of Topco.

“Topco” means Circle Acquisition Public Limited Company, a public company limited by shares incorporated in Ireland.

“Topco Board” means the board of directors, from time to time, of Topco.

“Topco Constitution” means the constitution of Topco to be adopted prior to the Scheme Effective Time in the form, or substantially the form, contained in Exhibit 3.2.

“Topco Ordinary Shareholder” means a registered holder from time of Topco Ordinary Shares.

“Topco Ordinary Shares” means ordinary shares of $0.001 each (nominal value) in the capital of Topco, having the rights and being subject to the restrictions set out in the Topco Constitution.

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QUESTIONS AND ANSWERS ABOUT THE BUSINESS COMBINATION

The following questions and answers briefly address some commonly asked questions about the proposals to be presented at the special meeting of stockholders, including with respect to the proposed Business Combination. The following questions and answers may not include all the information that is important to Concord stockholders. Stockholders are urged to read carefully this entire proxy statement/prospectus, including the financial statements and annexes attached hereto and the other documents referred to herein.

Questions and Answers About the Special Meeting of Concord’s Stockholders and the Related Proposals

Why am I receiving this proxy statement/prospectus?

Concord has entered into the Business Combination Agreement with Circle and the other parties thereto pursuant to which Merger Sub will merge with and into Concord, with Concord surviving the Merger as a wholly-owned subsidiary of Topco. A copy of the Business Combination Agreement is attached to this proxy statement/prospectus as Annex A.

As a result of the Proposed Transactions, a) each share of Concord Class A common stock and each share of Concord Class B common stock (other than shares held by Concord as treasury stock or owned by Concord immediately prior to the Merger Effective Time) issued and outstanding immediately prior to the Merger Effective Time will be cancelled and automatically converted into and become the right to receive one Topco Ordinary Share (the “Merger Consideration”) and b) each Concord Warrant that is outstanding immediately prior to the Merger Effective Time will be converted in accordance with the terms of the Concord Warrant Agreement into a Topco Warrant on substantially the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the Concord Warrant Agreement. See “Summary — Ownership of Topco Upon Completion of the Business Combination” and “Unaudited Condensed Combined Pro Forma Financial Information” for further information.

Concord stockholders are being asked to consider and vote upon the Business Combination Proposal to approve the adoption of the Business Combination Agreement and the Business Combination, among other proposals.

The Concord Class A common stock, Concord Warrants and Concord Units are currently listed on the NYSE under the symbols “CND,” “CND WS” and “CND.U,” respectively. Topco intends to apply to list the Topco Ordinary Shares and Topco Warrants on the NYSE under the symbols “CRCL” and “CRCL WS” in connection with the Closing. All outstanding Concord Units will be separated into their underlying securities immediately prior to the Merger Effective Time. Accordingly, Topco will not have any units following consummation of the Proposed Transactions.

This proxy statement/prospectus and its annexes contain important information about the proposed Business Combination and the proposals to be acted upon at the special meeting. You should read this proxy statement/prospectus and its annexes carefully and in their entirety. This document also constitutes a prospectus of Topco with respect to the Topco Ordinary Shares and Topco Warrants issuable in connection with the Business Combination.

What matters will stockholders consider at the special meeting?

At the Concord special meeting of stockholders, Concord will ask its stockholders to vote in favor of the following proposals (the “Concord Proposals”):

•

The Business Combination Proposal — a proposal to approve and adopt the Business Combination Agreement and the Business Combination.

•

The NYSE Proposal — a proposal to approve, for purposes of complying with the applicable provisions of Section 312.03 of NYSE Listed Company Manual, (1) the issuance of shares of Concord Class A common stock to the PIPE Investors and (2) the issuance of Topco Ordinary Shares to Circle Holders in the Scheme pursuant to the Business Combination Agreement and Topco Ordinary Shares and Topco Warrants to the Public Stockholders and the investors in the Merger pursuant to the Business Combination Agreement.

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•

The Adjournment Proposal — a proposal to adjourn the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the special meeting, there are not sufficient votes to approve one or more proposals presented to stockholders for vote.

Are any of the proposals conditioned on one another?

The NYSE Proposal is conditioned on the approval of the Business Combination Proposal. The Adjournment Proposal does not require the approval of the Business Combination Proposal and Business Combination to be effective. It is important for you to note that in the event that the Business Combination Proposal is not approved, then Concord will not consummate the Business Combination. If Concord does not consummate the Business Combination and fails to complete an initial business combination by June 10, 2022 (or December 10, 2022, as applicable) or obtain the approval of Concord stockholders to extend the deadline for Concord to consummate an initial business combination, then Concord will be required to dissolve and liquidate.

What will happen upon the consummation of the Business Combination?

On the Closing Date, Merger Sub will merge with and into Concord, with Concord surviving the Merger as a wholly-owned subsidiary of Topco. As consideration for the Business Combination, each share of Concord Class A common stock and each share of Concord Class B common stock (other than Concord treasury shares or shares owned by Concord) issued and outstanding immediately prior to the Merger Effective Time, and all rights in respect thereof, shall be cancelled and automatically converted into and become the right to receive one Topco Ordinary Share.

Why is Concord proposing the Business Combination Proposal?

Concord was organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Concord is not limited to any particular industry or sector.

Concord received $276,000,000 from its IPO (including net proceeds from the exercise by the underwriters of their over-allotment option) and sale of the Private Units, which was placed into the Trust Account immediately following the IPO. In accordance with Concord’s amended and restated certificate of incorporation, the funds held in the Trust Account will be released upon the consummation of the Business Combination. See the question entitled “What happens to the funds held in the Trust Account upon consummation of the Business Combination?”

There currently are 28,352,000 shares of Concord Class A common stock, including 752,000 Private Shares, issued and outstanding, and 6,900,000 Founder Shares issued and outstanding. In addition, there currently are 14,176,000 Concord Warrants issued and outstanding, consisting of 13,800,000 Public Warrants and 376,000 Private Warrants. Each whole Concord Warrant entitles the holder thereof to purchase one share of Concord Class A common stock at a price of $11.50 per share. The Concord Warrants will become exercisable 30 days after the completion of a business combination, and expire at 5:00 p.m., New York City time, five years after the completion of a business combination or earlier upon redemption or liquidation. The Private Warrants, however, are non-redeemable so long as they are held by their initial purchasers or their permitted transferees. At the Merger Effective Time, each Concord Warrant that is outstanding immediately prior to the Merger Effective Time will cease to represent a right to acquire one share of Concord Class A common stock and will be converted in accordance with the terms of the Concord Warrant Agreement, at the Merger Effective Time, into a Topco Warrant on substantially the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the Concord Warrant Agreement.

Under Concord’s amended and restated certificate of incorporation, Concord must provide all holders of Public Shares with the opportunity to have their Public Shares redeemed upon the consummation of Concord’s initial business combination in conjunction with a stockholder vote.

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Who is Circle?

Circle is a global financial technology firm that provides internet-native payments and treasury infrastructure. Circle’s mission of raising global economic prosperity through the frictionless exchange of financial value is being met through a series of transaction and treasury services that help businesses and financial institutions globally take advantage of the shift to a digital asset and blockchain powered global financial system. Circle is the principal operator of one of the fastest growing dollar digital assets, USD Coin (USDC).

What equity stake will current Concord stockholders and Circle stockholders have in Topco after the Closing?

It is anticipated that, upon the completion of the Business Combination, the ownership of Topco will be as follows:

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the Circle Holders will own 454,915,712 Topco Ordinary Shares (of which 37,500,000 are escrow shares), representing approximately 75.4% of the total shares outstanding;

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the holders unexercised equity units (both vested and unvested) will, assuming exercise in full of such equity units as assumed by Topco, own 71,519,292 Topco Ordinary shares, representing approximately 11.9% of the total shares outstanding;

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the PIPE Investors will own 41,500,000 Topco Ordinary Shares, representing approximately 6.9% of the total shares outstanding;

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the Public Stockholders will own 27,600,000 Topco Ordinary Shares, representing approximately 4.6% of the total shares outstanding; and

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the holders of Founder Shares will own 7,652,000 Topco Ordinary Shares, representing approximately 1.3% of the total shares outstanding.

The numbers of shares and percentage interests set forth above are based on a number of assumptions, including that none of the Public Stockholders exercise their redemption rights and that Circle does not issue any additional equity securities prior to the Merger other than Circle Shares issued on conversion of the Circle Convertible Notes. If the actual facts differ from our assumptions, the numbers of shares and percentage interests set forth above will be different.

Who will be the officers and directors of Topco if the Business Combination is consummated?

The Business Combination Agreement provides that, immediately following the consummation of the Business Combination, the Topco’s Board will be comprised of Jeremy Allaire, M. Michele Burns, Raj Date, P. Sean Neville, [•], [•] and Bob Diamond (designated by Concord). Immediately following the consummation of the Business Combination, we expect that the following will be the officers of Topco: Jeremy Allaire, Jeremy Fox-Geen, Elisabeth Carpenter, Flavia Naves and Dante Disparte.

What conditions must be satisfied to complete the Business Combination?

There are a number of closing conditions in the Business Combination Agreement, including that Concord’s stockholders have approved and adopted the Business Combination Agreement. For a summary of the conditions that must be satisfied or waived prior to completion of the Business Combination, see the section entitled “The Business Combination Proposal — The Business Combination Agreement — Conditions to Closing.”

What happens if I sell my shares of Concord Class A common stock before the special meeting of stockholders?

The record date for the special meeting of stockholders will be earlier than the date that the Business Combination is expected to be completed. If you transfer your shares of Concord Class A common stock after the record date, but before the special meeting of stockholders, unless the transferee obtains from you a proxy to vote those shares, you will retain your right to vote at the special meeting of stockholders. However, you will not be entitled to receive any Topco Ordinary Shares following the Closing because

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only Concord’s stockholders on the date of the Closing will be entitled to receive Topco Ordinary Shares in connection with the Closing.

What vote is required to approve the proposals presented at the special meeting of stockholders?

The approval of the Business Combination Proposal requires the affirmative vote (in person or by proxy) of the holders of a majority of all then outstanding shares of Concord common stock entitled to vote thereon at the special meeting. Accordingly, a Concord stockholder’s failure to vote by proxy or to vote in person at the special meeting of stockholders, an abstention from voting or a broker non-vote will have the same effect as a vote against this proposal.

The approval of the NYSE Proposal and Adjournment Proposal require the affirmative vote (in person or by proxy) of the holders of a majority of the shares of Concord common stock that are voted at the special meeting of stockholders. Accordingly, a Concord stockholder’s failure to vote by proxy or to vote in person at the special meeting of stockholders, an abstention from voting, or a broker non-vote will have no effect on the outcome of any vote on these proposals.

Do Circle’s shareholders need to approve the Business Combination?

Yes. The Scheme must be approved by a majority in number of shareholders of each class of Circle Holders and the holders of Circle Convertible Notes as at the Scheme Record Time present and voting (either in person or by proxy) at each class meeting representing, at the Scheme Voting Record Time, at least 75% of the Circle Shares of that class or 75% in value of the Circle Convertible Notes held by Circle Holders or Circle Convertible Note holders (as the case may be) present and voting at each such meeting. In addition to the approvals required at the class meetings (also referred to as court meetings), certain resolutions are to be put to an extraordinary general meeting of Circle Holders for the purposes of approving and implementing the Scheme. At that extraordinary general meeting certain resolutions will be proposed as ordinary resolutions, requiring the approval of at least a majority of the votes cast by Circle Holders present and voting, either in person or by proxy, while certain other resolutions will be proposed as special resolutions, requiring the approval of at least 75% of the votes cast by Circle Holders present and voting, either in person or by proxy.

Concurrently with the execution of the Business Combination Agreement, on July 7, 2021, certain of Circle’s securityholders entered into a Transaction Support Agreement with Concord, pursuant to which, among other things, such securityholders agreed to vote their Circle Shares in favor of the Business Combination Agreement, the Scheme and the Transaction Documents to which Circle is or will be a party. In addition, Jeremy Allaire, Circle’s Chief Executive Officer, entered into a Transaction Support Agreement with Concord pursuant to which Mr. Allaire further agreed not to vote in favor of any Alternative Transaction (as defined in the Business Combination Agreement) (excluding for such purpose an initial public offering of Circle) for a period of six months following the termination of the Business Combination Agreement under certain circumstances. Collectively, as of [•], 2021, such securityholders held approximately [•]% of Circle’s issued shares. For further information, please see the section entitled “Certain Agreements Related to The Business Combination — Transaction Support Agreement.”

May Concord or Concord’s directors, officers or advisors, or their affiliates, purchase shares in connection with the Business Combination?

In connection with the stockholder vote to approve the proposed Business Combination, Concord may privately negotiate transactions to purchase shares prior to the Closing from stockholders who would have otherwise elected to have their shares redeemed in conjunction with a proxy solicitation pursuant to the proxy rules for a per share pro rata portion of the Trust Account without the prior written consent of Circle. None of the Sponsor, directors, officers or advisors, or their respective affiliates, will make any such purchases when they are in possession of any material non-public information not disclosed to the seller of such shares. Such a purchase would include a contractual acknowledgement that such stockholder, although still the record holder of such shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that the Sponsor, directors, officers or advisors, or their affiliates, purchase shares in privately negotiated transactions from Public Stockholders who have already elected to exercise their redemption rights, such selling stockholders would

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be required to revoke their prior elections to redeem their shares. Any such privately negotiated purchases may be effected at purchase prices that are in excess of the per share pro rata portion of the Trust Account. The purpose of these purchases would be to increase the amount of cash available to Concord for use in the Business Combination.

Will Concord issue additional equity securities in connection with the consummation of the Business Combination?

Concord may enter into an equity financing in connection with the proposed Business Combination with their respective affiliates or any third parties if Concord determines that the issuance of additional equity is necessary or desirable in connection with the consummation of the Business Combination. The purposes of any such financings may include increasing the likelihood of Concord meeting the minimum available cash condition to consummation of the Business Combination. Any equity issuances could result in dilution of the relative ownership interest of the non-redeeming Public Stockholders or the former equity holders of Circle. As the amount of any such equity issuances is currently not known, if any, Concord cannot provide specific information as to percentage ownership that may result therefrom. If Concord enters into a binding commitment in respect of any such additional equity financing, Concord will file a Current Report on Form 8-K with the SEC to disclose details of any such equity financing.

How many votes do I have at the special meeting of stockholders?

Concord’s stockholders are entitled to one vote at the special meeting for each share of Concord common stock held of record as of the record date. As of the close of business on the record date, there were [•] outstanding shares of Concord common stock.

What interests do Concord’s current officers and directors have in the Business Combination?

Concord’s board of directors and executive officers may have interests in the Business Combination that are different from, in addition to or in conflict with, yours. These interests include:

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the beneficial ownership of the Sponsor and certain of Concord’s board of directors and officers of an aggregate of 5,520,000 shares of Concord Class B common stock, 510,289 shares of Concord Class A common stock and 255,144 Concord Warrants, which shares and warrants would become worthless if Concord does not complete a business combination within the applicable time period, as Concord’s initial stockholders have waived any right to redemption with respect to these shares. Such shares and warrants have an aggregate market value of approximately $[•] million and $[•] million, respectively, based on the closing price of Concord Class A common stock of $[•] on the NYSE on [•], 2021, the record date for the special meeting of stockholders;

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Concord’s board of directors will not receive reimbursement for any out-of-pocket expenses incurred by them on Concord’s behalf incident to identifying, investigating and consummating a business combination to the extent such expenses exceed the amount not required to be retained in the Trust Account, unless a business combination is consummated; and

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the anticipated continuation of Bob Diamond, Concord’s Chairman of the board of directors, as a director of Topco following the Closing.

These interests may influence Concord’s board of directors in making their recommendation that you vote in favor of the approval of the Business Combination Proposal. You should also read the section entitled “The Business Combination — Interests of Concord’s Directors and Officers in the Business Combination.”

Did Concord’s board of directors obtain a third-party valuation or fairness opinion in determining whether or not to proceed with the Business Combination?

Yes. On July 7, 2021, Cassel Salpeter & Co., LLC (“Cassel Salpeter”) rendered its oral opinion to Concord’s board of directors (which was confirmed in writing by delivery of Cassel Salpeter’s written opinion dated such date) as to, as of July 7, 2021, the fairness, from a financial point of view, to the holders of Concord Class A common stock, other than the Sponsor, CA Co-Investment, holders of

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Concord Class A common stock issued in private placements, including the PIPE financing, or holders of any shares of Concord common stock issued to Concord’s initial stockholders or to underwriters or, in each case their respective affiliates (collectively, the “Excluded Holders”), of the Merger Consideration to be received by such holders (other than the Excluded Holders) in the Merger pursuant to the Business Combination Agreement, after giving effect to the Scheme. The summary of the opinion in this proxy statement is qualified in its entirety by reference to the full text of the written opinion, which is included as Annex D to this proxy statement and sets forth the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by Cassel Salpeter in preparing its opinion. However, neither Cassel Salpeter’s written opinion nor the summary of its opinion and the related analyses set forth in this proxy statement are intended to be, and do not constitute, advice or a recommendation to any stockholder as to how such stockholder should act or vote with respect to any matter relating to the proposed Merger.

The opinion was addressed to Concord’s board of directors for the use and benefit of the members of Concord’s board of directors (in their capacities as such) in connection with Concord’s board of directors’ evaluation of the Merger. Cassel Salpeter’s opinion was just one of the several factors that Concord’s board of directors took into account in making its determination to approve the Merger, including those described elsewhere in this proxy statement.

What happens if the Business Combination Proposal is not approved?

If the Business Combination Proposal is not approved and Concord does not consummate a business combination by June 22, 2022 (or December 10, 2022, as applicable), or amend its amended and restated certificate of incorporation to extend the date by which Concord must consummate an initial business combination, Concord will be required to dissolve and liquidate the Trust Account.

Do I have redemption rights?

If you are a holder of Public Shares, you may redeem your Public Shares for cash equal to their pro rata share of the aggregate amount on deposit in the Trust Account, which holds the proceeds of the IPO, as of two business days prior to the consummation of the Business Combination, including interest earned on the funds held in the Trust Account and not previously released to Concord to pay its franchise and income taxes and for working capital purposes, upon the consummation of the Business Combination. The per share amount Concord will distribute to holders who properly redeem their shares will not be reduced by the deferred underwriting commissions Concord will pay to the underwriters of its IPO if the Business Combination is consummated. Holders of the outstanding Public Warrants do not have redemption rights with respect to such warrants in connection with the Business Combination. Concord’s initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and any Public Shares that they may have acquired during or after the IPO in connection with the completion of Concord’s initial business combination. The Founder Shares will be excluded from the pro rata calculation used to determine the per share redemption price. For illustrative purposes, based on funds in the Trust Account of approximately $276.0 million on March 31, 2021, the estimated per share redemption price would have been approximately $10.00. Additionally, Public Shares properly tendered for redemption will only be redeemed if the Business Combination is consummated; otherwise, holders of such shares will only be entitled to a pro rata portion of the Trust Account, including interest (which interest shall be net of taxes payable by Concord and up to $100,000 of interest to pay dissolution expenses), in connection with the liquidation of the Trust Account.

Is there a limit on the number of shares I may redeem?

A Public Stockholder, together with any affiliate of his or any other person with whom he is acting in concert or as a “group” (as defined in Section 13(d)(3) of the Exchange Act) will be restricted from seeking redemption rights with respect to 15% or more of the Public Shares. Accordingly, all shares in excess of 15% of the Public Shares owned by a holder will not be redeemed. On the other hand, a Public Stockholder who holds less than 15% of the Public Shares may redeem all of the Public Shares held by him or her for cash.

Will how I vote affect my ability to exercise redemption rights?

No. You may exercise your redemption rights whether you vote your Public Shares for or against the

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Business Combination Proposal or do not vote your shares. As a result, the Business Combination Proposal can be approved by stockholders who will redeem their Public Shares and no longer remain stockholders, leaving stockholders who choose not to redeem their Public Shares holding shares in a company with a less liquid trading market, fewer stockholders, less cash and the potential inability to meet the listing standards of NYSE.

How do I exercise my redemption rights?

In order to exercise your redemption rights, you must, prior to 4:30 p.m. Eastern time on [•], 2021 (two business days before the special meeting), (i) submit a written request to Concord’s transfer agent that Concord redeem your Public Shares for cash, and (ii) deliver your stock to Concord’s transfer agent physically or electronically through the Depository Trust Company (“DTC”). The address of Continental Stock Transfer & Trust Company, Concord’s transfer agent, is listed under the question “Who can help answer my questions?” below. Concord requests that any requests for redemption include the identity as to the beneficial owner making such request. Electronic delivery of your stock generally will be faster than delivery of physical stock certificates.

A physical stock certificate will not be needed if your stock is delivered to Concord’s transfer agent electronically. In order to obtain a physical stock certificate, a stockholder’s broker and/or clearing broker, DTC and Concord’s transfer agent will need to act to facilitate the request. It is Concord’s understanding that stockholders should generally allot at least one week to obtain physical certificates from the transfer agent. However, because Concord does not have any control over this process or over the brokers or DTC, it may take significantly longer than one week to obtain a physical stock certificate. If it takes longer than anticipated to obtain a physical certificate, stockholders who wish to redeem their shares may be unable to obtain physical certificates by the deadline for exercising their redemption rights and thus will be unable to redeem their shares.

Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests and thereafter, with Concord’s consent, until the vote is taken with respect to the Business Combination. If you delivered your shares for redemption to Concord’s transfer agent and decide within the required timeframe not to exercise your redemption rights, you may request that Concord’s transfer agent return the shares (physically or electronically). You may make such request by contacting Concord’s transfer agent at the phone number or address listed under the question “Who can help answer my questions?”

If I hold Concord Warrants, what are the U.S. federal income tax consequences of my Concord Warrants converting to Topco Warrants?

In connection with the Business Combination, each issued and outstanding Concord Warrant will cease to represent a right to acquire shares of Concord Class A common stock and will instead represent the right to acquire the same number of Topco Ordinary Shares, at the same exercise price and on the same terms as in effect immediately prior to the Merger Effective Time.

If the Merger qualifies as a “reorganization” under Section 368 of the Code, subject to Section 367(a) of the Code, a U.S. Holder (as defined in Material U.S. Federal Income Tax Considerations — U.S. Holders) of Concord Warrants generally should not recognize any gain or loss upon the conversion of the Concord Warrants to Topco Warrants; the aggregate tax basis of such U.S. Holder’s basis in the Topco Warrants will be the same as the aggregate tax basis of such U.S. Holder’s Concord Warrants immediately before the closing of the Business Combination; and the holding period of such warrants will continue, provided that the Concord Warrants are held as capital assets on the effective date of the closing of the Business Combination. However, it is unclear whether the requirements of Section 368 of the Code can be satisfied and such qualification is not a condition of the Business Combination.

If the Merger does not qualify as a “reorganization” under Section 368 of the Code, a U.S. Holder of Concord Warrants could be treated as transferring its Concord Warrants to Topco in exchange for Topco Warrants in an exchange governed only by Section 351 of the Code. If so treated, a U.S. Holder should be required to recognize gain (but not loss) in an amount equal to the lesser of (i) the amount of gain realized by such holder (generally, the excess of (x) the sum of the fair market values of the Topco Warrants treated as received by such holder and the Topco Ordinary Shares received by such holder,

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if any, over (y) such holder’s aggregate adjusted tax basis in the Concord Warrants and Concord Class A common stock, if any, exchanged therefor) and (ii) the fair market value of the Topco warrants received by such holder in such exchange.

Greenberg Traurig, LLP (“Greenberg”) is unable to opine with respect to the Merger’s qualification as a reorganization under Section 368 of the Code. For an additional discussion of the U.S. federal income tax treatment of Concord Warrants in connection with the Business Combination, see the section entitled “Material U.S. Federal Income Tax Considerations — U.S. Holders — The Business Combination.”

What are the federal income tax consequences of exercising my redemption rights?

Redemptions will generally be taxable to U.S. Public Stockholders. See “Material U.S. Federal Income Tax Considerations — U.S. Holders — Redemption of Concord Class A Common Stock” for further information.

If I hold Concord Warrants, can I exercise redemption rights with respect to my warrants?

No. There are no redemption rights with respect to the Concord Warrants.

Do I have appraisal rights if I object to the proposed Business Combination?

No. There are no appraisal rights available to holders of shares of Concord Class A common stock in connection with the Business Combination.

What happens to the funds held in the Trust Account upon consummation of the Business Combination?

If the Business Combination is consummated, the funds held in the Trust Account will be released to pay Concord stockholders who properly exercise their redemption rights. Any additional funds available for release from the Trust Account will be used for general corporate purposes of Topco following the Business Combination.

What happens if the Business Combination is not consummated?

There are certain circumstances under which the Business Combination Agreement may be terminated. See the section entitled “The Business Combination Proposal — The Business Combination Agreement — Termination” for information regarding the parties’ specific termination rights.

If, as a result of the termination of the Business Combination Agreement or otherwise, Concord is unable to complete a business combination by June 10, 2022 (or December 10, 2022, as applicable), Concord’s amended and restated certificate of incorporation provides that Concord will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to Concord to pay taxes (less taxes payable and up to $100,000 of such net interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and Concord’s board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. See the sections entitled “Risk Factors — We may not be able to consummate an initial business combination within the required time period, in which case we would cease all operations except for the purpose of winding up and we would redeem our Public Shares and liquidate” and “— Our stockholders may be held liable for claims by third parties against us to the extent of distributions received by them.” Holders of Founder Shares have waived any right to any liquidation distribution with respect to those shares.

In the event of liquidation, there will be no distribution with respect to outstanding Concord Warrants. Accordingly, the Concord Warrants will expire worthless.

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When is the Business Combination expected to be completed?

As of the date of this registration statement, the closing of the Business Combination is currently expected to be in the fourth quarter of 2021 and the parties intend to close the transaction as soon as reasonably practicable (subject to the satisfaction (or, to the extent applicable and lawful, waiver) of the conditions to the completion of the Business Combination. However, no assurance can be provided as to when or if the Business Combination will be completed. The required votes of Concord and Circle security holders to adopt the required proposals at the security holder meetings must be obtained and the other conditions to the Business Combination must be satisfied or, to the extent applicable and lawful, waived.

For a description of the conditions to the completion of the Business Combination, see the section entitled “The Business Combination Proposal — The Business Combination Agreement — Conditions to Closing.”

What do I need to do now?

You are urged to carefully read and consider the information contained in this proxy statement/prospectus, including the financial statements and annexes attached hereto, and to consider how the Business Combination will affect you as a stockholder. You should then vote as soon as possible in accordance with the instructions provided in this proxy statement/prospectus on the enclosed proxy card or, if you hold your shares through a brokerage firm, bank or other nominee, on the voting instruction form provided by the broker, bank or nominee.

How do I vote?

If you were a holder of record of Concord Class A common stock on [•], 2021, the record date for the special meeting of stockholders, you may vote with respect to the applicable proposals in person at the special meeting of stockholders or by completing, signing, dating and returning the enclosed proxy card in the postage-paid envelope provided. If you hold your shares in “street name,” which means your shares are held of record by a broker, bank or other nominee, you should contact your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard, you must provide the record holder of your shares with instructions on how to vote your shares or, if you wish to attend the special meeting of stockholders and vote in person, obtain a proxy from your broker, bank or nominee.

What will happen if I abstain from voting or fail to vote at the special meeting?

At the special meeting of stockholders, Concord will count a properly executed proxy marked “ABSTAIN” with respect to a particular proposal as present for purposes of determining whether a quorum is present. For purposes of approval, an abstention or failure to vote will have the same effect as a vote against the Business Combination Proposal and will have no effect on any of the other Proposals.

What will happen if I sign and return my proxy card without indicating how I wish to vote?

Signed and dated proxies received by Concord without an indication of how the stockholder intends to vote on a proposal will be voted in favor of each proposal presented to the stockholders.

Do I need to attend the special meeting of stockholders to vote my shares?

No. You are invited to attend the special meeting to vote on the proposals described in this proxy statement/prospectus. However, you do not need to attend the special meeting of stockholders to vote your shares. Instead, you may submit your proxy by signing, dating and returning the applicable enclosed proxy card(s) in the pre-addressed postage-paid envelope. Your vote is important. Concord encourages you to vote as soon as possible after carefully reading this proxy statement/prospectus.

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If I am not going to attend the special meeting of stockholders in person, should I return my proxy card instead?

Yes. After carefully reading and considering the information contained in this proxy statement/prospectus, please submit your proxy, as applicable, by completing, signing, dating and returning the enclosed proxy card in the postage-paid envelope provided.

How will the COVID-19 pandemic impact in-person voting at the special meeting?

We intend to hold the special meeting in person. However, we are sensitive to the public health and travel concerns our stockholders may have and recommendations that public health officials may issue in light of the evolving coronavirus pandemic situation. As a result, we may impose additional procedures or limitations on meeting attendees. We plan to announce any such updates in a press release filed with the SEC and on our proxy website at [•], and we encourage you to check this website prior to the meeting if you plan to attend.

What impact will the COVID-19 pandemic have on the Business Combination?

Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the impact of COVID-19 on the business of Concord and Circle, and there is no guarantee that efforts by Concord and Circle to address the adverse impacts of COVID-19 will be effective. The extent of such impact will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and actions taken to contain the coronavirus or its impact, among others. If Concord or Circle is unable to recover from a business disruption on a timely basis, the Business Combination and Circle’s business, financial condition and results of operations following the completion of the Business Combination would be adversely affected. The Business Combination may also be delayed and adversely affected by COVID-19 and become more costly. Each of Concord and Circle may also incur additional costs to remedy damages caused by any such disruptions, which could adversely affect its financial condition and results of operations.

If my shares are held in “street name,” will my broker, bank or nominee automatically vote my shares for me?

No. If your broker holds your shares in its name and you do not give the broker voting instructions, under the applicable stock exchange rules, your broker may not vote your shares on any of the Concord Proposals. If you do not give your broker voting instructions and the broker does not vote your shares, this is referred to as a “broker non-vote.” Broker non-votes will be counted for purposes of determining the presence of a quorum at the special meeting of stockholders. Your bank, broker, or other nominee can vote your shares only if you provide instructions on how to vote. You should instruct your broker to vote your shares in accordance with directions you provide. However, in no event will a broker non-vote have the effect of exercising your redemption rights for a pro rata portion of the Trust Account, and therefore no shares as to which a broker non-vote occurs will be redeemed in connection with the proposed Business Combination.

May I change my vote after I have mailed my signed proxy card?

Yes. You may change your vote by sending a later-dated, signed proxy card to Concord’s secretary at the address listed below prior to the vote at the special meeting of stockholders, or attend the special meeting and vote in person. You also may revoke your proxy by sending a notice of revocation to Concord’s secretary, provided such revocation is received prior to the vote at the special meeting. If your shares are held in street name by a broker or other nominee, you must contact the broker or nominee to change your vote.

What should I do if I receive more than one set of voting materials?

You may receive more than one set of voting materials, including multiple copies of this proxy statement/prospectus and multiple proxy cards or voting instruction cards. For example, if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage

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account in which you hold shares. If you are a holder of record and your shares are registered in more than one name, you will receive more than one proxy card. Please complete, sign, date and return each proxy card and voting instruction card that you receive in order to cast your vote with respect to all of your shares.

What is the quorum requirement for the special meeting of stockholders?

A quorum will be present at the special meeting of stockholders if a majority of the Concord common stock outstanding and entitled to vote at the meeting is represented in person or by proxy. In the absence of a quorum, a majority of Concord’s stockholders, present in person or represented by proxy, and voting thereon will have the power to adjourn the special meeting.

As of the record date for the special meeting, [•] shares of Concord common stock would be required to achieve a quorum.

Your shares will be counted towards the quorum only if you submit a valid proxy (or your broker, bank or other nominee submits one on your behalf) or if you vote in person at the special meeting of stockholders. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, a majority of the shares represented by stockholders present at the special meeting or by proxy may authorize adjournment of the special meeting to another date.

What happens to the Concord Warrants I hold if I vote my shares of Concord Class A common stock against approval of the Business Combination Proposal and validly exercise my redemption rights?

Properly exercising your redemption rights as a Concord stockholder does not result in either a vote “FOR” or “AGAINST” the Business Combination Proposal. If the Business Combination is not completed, you will continue to hold your Concord Warrants, and if Concord does not otherwise consummate an initial business combination by June 10, 2022 (or December 10, 2022, as applicable), or obtain the approval of Concord stockholders to extend the deadline for Concord to consummate an initial business combination, Concord will be required to dissolve and liquidate, and your Concord Warrants will expire worthless.

Who will solicit and pay the cost of soliciting proxies?

Concord will pay the cost of soliciting proxies for the special meeting. Concord has engaged [•] to assist in the solicitation of proxies for the special meeting. Concord has agreed to pay [•] a fee of $[•]. Concord will reimburse [•] for reasonable out-of-pocket expenses and will indemnify [•] and its affiliates against certain claims, liabilities, losses, damages and expenses. Concord also will reimburse banks, brokers and other custodians, nominees and fiduciaries representing beneficial owners of shares of Concord Class A common stock for their expenses in forwarding soliciting materials to beneficial owners of Concord Class A common stock and in obtaining voting instructions from those owners. Concord’s directors, officers and employees may also solicit proxies by telephone, by facsimile, by mail, on the Internet or in person. They will not be paid any additional amounts for soliciting proxies.

Who can help answer my questions?

If you have questions about the stockholder proposals, or if you need additional copies of this proxy statement/prospectus, the proxy card or the consent card you should contact our proxy solicitor at:

You may also contact Concord at:

Concord Acquisition Corp
477 Madison Avenue, 22nd Floor
New York, NY 10022
Telephone: (212) 883-4330
Attention: Secretary

To obtain timely delivery, Concord’s stockholders and warrant holders must request the materials no later than five business days prior to the special meeting.

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SUMMARY OF THE PROXY STATEMENT/PROSPECTUS

This summary highlights selected information from this proxy statement/prospectus and does not contain all of the information that is important to you. To better understand the Business Combination and the proposals to be considered at the special meeting, you should read this entire proxy statement/prospectus carefully, including the annexes. The Business Combination Agreement is the primary legal document that governs the Business Combination and the other transactions that will be undertaken in connection with the Business Combination. See also the section entitled “Where You Can Find Additional Information.”

Parties to the Business Combination

Concord

Concord is a Delaware corporation formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, referred to throughout this proxy statement/prospectus as its initial business combination. While Concord may pursue a merger opportunity in any industry or sector, Concord has capitalized on the ability of our management team and Sponsor to identity, acquire and manage a business in the financial services and financial technology sectors, including payments, enterprise software, and data analytics, that can benefit from its differentiated deal flow and global network. Concord seeks to acquire established and growing businesses that it believes are fundamentally sound with an attractive financial profile and poised for continued and accelerating growth, but potentially in need of some form of financial, operational, strategic or managerial guidance to maximize value.

Concord Class A common stock, Concord Warrants and Concord Units, consisting of one share of Concord Class A Common Stock and one Concord Warrant, are traded on the NYSE under the ticker symbols “CND,” “CND WS” and “CND.U,” respectively. Concord Units will automatically separate into the component securities upon consummation of the Business Combination and, as a result, will no longer trade as a separate security.

The mailing address of Concord’s principal executive office is 477 Madison Avenue, 22nd Floor, New York, New York, 10022, and its telephone number is (212) 883-4330.

For more information about Concord, see the sections entitled “Information About Concord” and “Concord’s Management’s Discussion and Analysis of Financial Condition and Results of Operation.”

Circle

Circle, a private company limited by shares incorporated in Ireland, is a global financial technology firm that provides internet-native payments and treasury infrastructure. Circle’s mission of raising global economic prosperity through the frictionless exchange of financial value is being met through a series of transaction and treasury services that help businesses and financial institutions globally to take advantage of the shift to a digital asset and blockchain powered global financial system. Circle is the principal operator of one of the fastest growing dollar digital assets, USD Coin (USDC).

For more information about Circle, see the sections entitled “Information About Circle” and “Circle’s Management’s Discussion and Analysis of Financial Condition and Results of Operation.”

Topco

Topco is a public company limited by shares incorporated in Ireland formed for the purpose of effecting the Business Combination. Topco does not own any material business assets or operate any business. Upon consummation of the Business Combination, both Concord and Circle will become wholly-owned subsidiaries of Topco, and Topco will be the publicly-listed entity whose shares are listed on NYSE.

Merger Sub

Merger Sub is a Delaware corporation and a wholly owned subsidiary of Topco formed for the purpose of effecting the Business Combination. Merger Sub does not own any material business assets or operate any business.

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The Business Combination

The Business Combination Agreement

Structure of the Proposed Transactions

The Business Combination is comprised of two separate transactions (collectively, the “Proposed Transactions”):

Pursuant to the Scheme, Circle’s shareholders will transfer their holdings of shares in the capital of Circle to Topco in exchange for the issuance of Topco Ordinary Shares, with the result that, at the Scheme Effective Time, Circle will become a wholly-owned subsidiary of Topco; and

On the first business day following the Scheme Effective Time, subject to the conditions of the Business Combination Agreement and in accordance with the DGCL, Merger Sub will merge with and into Concord, with Concord surviving the Merger as a wholly-owned subsidiary of Topco.

Consideration

Pursuant to the Scheme, at the Scheme Effective Time, each holder of Scheme Shares will transfer all of his, her or its Scheme Shares to Topco in exchange for the allotment and issuance by Topco of that number of Topco Ordinary Shares comprising that Scheme shareholder’s pro rata portion of the Aggregate Company Consideration to which the Scheme shareholders will become entitled pursuant to the Scheme (the “Scheme Consideration”).

At the Merger Effective Time:

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Each share of Concord Class A common stock and each share of Concord Class B common stock (other than shares held by Concord as treasury stock or owned by Concord immediately prior to the Merger Effective Time) issued and outstanding immediately prior to the Merger Effective Time will be cancelled and automatically converted into and become the right to receive one Topco Ordinary Share (the “Merger Consideration”); and

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Each Concord Warrant that is outstanding immediately prior to the Merger Effective Time will be converted in accordance with the terms of the Concord Warrant Agreement into a Topco Warrant on substantially the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the Concord Warrant Agreement.

Earnout

Following the Closing, Topco will issue up to an aggregate number of Topco Ordinary Shares equal to 20% of the Topco Ordinary Shares in issue (on a fully diluted basis) immediately following the Closing (the “Earnout Shares”) to certain of Circle’s existing equity holders, as follows:

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25% of the Earnout Shares, in the aggregate, if the volume weighted average trading price of the Topco Ordinary Shares is $12.00 or greater for any 20 trading days within a period of 30 consecutive trading days prior to the first anniversary of the Closing;

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25% of the Earnout Shares, in the aggregate, if the volume weighted average trading price of the Topco Ordinary Shares is $14.00 or greater for any 20 trading days within a period of 30 consecutive trading days prior to the third anniversary of the Closing;

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25% of the Earnout Shares, in the aggregate, if the volume weighted average trading price of the Topco Ordinary Shares is $16.00 or greater for any 20 trading days within a period of 30 consecutive trading days prior to the fifth anniversary of the Closing; and

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25% of the Earnout Shares, in the aggregate, if the volume weighted average trading price of the Topco Ordinary Shares is $100.00 or greater for any 20 trading days within a period of 30 consecutive trading days prior to the tenth anniversary of the Closing.

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Such Earnout Shares will also become issuable under certain circumstances if a “change of control” of Topco occurs prior to the applicable earnout expiration date and the price per share in the change of control equals or exceeds the applicable price target.

Escrow

Following the Closing, Topco and certain Topco shareholders will enter into an escrow agreement, pursuant to which an aggregate of 37,500,000 Topco Ordinary Shares (the “Escrow Shares”) included in the Scheme Consideration will be deposited with an escrow agent to serve as security for certain specified potential post-Closing liabilities of Circle. The key terms for this proposed escrow agreement are set out in Exhibit H to the Business Combination Agreement.

Closing

The Closing will occur on a date to be agreed by the parties, but in no event later than three business days, following the satisfaction or waiver of all of the closing conditions, with the exception of those conditions that can only be satisfied at the Closing.

Representations, Warranties and Covenants

The Business Combination Agreement contains customary representations and warranties of (a) Circle, (b) Topco and Merger Sub and (c) Concord relating to, among other things, their ability to enter into the Business Combination Agreement and their outstanding capitalization. The Business Combination Agreement also contains covenants by Circle, Topco, Merger Sub and Concord to conduct their businesses in the ordinary course and consistent with past practice during the period between the execution of the Business Combination Agreement and consummation of the Proposed Transactions and to refrain from taking certain actions specified in the Business Combination Agreement. Circle has agreed to customary “no shop” obligations.

Pursuant to the Business Combination Agreement, prior to the Closing, the shareholders of Topco will pass a resolution adopting the Topco Constitution as a revised constitution. In addition to provisions that are customary for the constitution of an Irish-incorporated company that is listed on the NYSE, the Topco Constitution will contain a six-month lock-up provision applicable to certain of the Topco Ordinary Shares to be issued to Circle’s shareholders at the Closing, subject to customary exceptions. For more information about the lock-up provisions in the Topco Constitution, see the section entitled “Description of Topco’s Securities — Lock-Up”.

For more information about the Business Combination Agreement and the Business Combination and other transactions contemplated thereby, see the sections entitled “Proposal No. 1 — The Business Combination Proposal” and “The Business Combination Agreement.”

Conditions to Closing

General Conditions

The obligations of the parties to consummate the Proposed Transactions are subject to the satisfaction or waiver (where permissible and by the party for whose benefit such condition exists) at or prior to the Scheme Effective Time, of the following conditions:

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The Concord Proposals will have been approved and adopted by the requisite affirmative vote of the stockholders of Concord in accordance with this proxy statement/prospectus, the DGCL, the Concord organizational documents and the rules and regulations of the NYSE;

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No governmental authority will have enacted, issued, promulgated, enforced or entered any law, rule, regulation, judgment, decree, executive order or award which is then in effect and has the effect of making the Proposed Transactions illegal or otherwise prohibiting consummation of the Proposed Transactions;

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waiting period (and any extension thereof) applicable to the consummation of the Proposed Transactions under the applicable antitrust laws will have expired or been terminated; and (iii) any pre-Closing approvals or clearances reasonably required thereunder will have been obtained;

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The Topco initial listing application with the NYSE in connection with the Proposed Transactions will have been approved and, immediately following the Merger Effective Time, Topco will satisfy any applicable initial and continuing listing requirements of the NYSE, and Topco will not have received any notice of non-compliance therewith that has not been cured or would not be cured at or immediately following the Merger Effective Time, and the Topco Ordinary Shares will have been approved for listing on the NYSE, or another national securities exchange mutually agreed to by the parties, as of the Closing Date (subject to the satisfaction of certain other requirements set forth in the Business Combination Agreement);

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The registration statement will have been declared effective under the Securities Act. No stop order suspending the effectiveness of the registration statement will be in effect, and no proceedings for purposes of suspending the effectiveness of the registration statement will have been initiated or be threatened in writing by the SEC; and

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All required parties to the Registration Rights Agreement will have delivered, or cause to be delivered, copies of the Registration Rights Agreement duly executed by all such parties.

Concord Conditions to Closing

The obligations of Concord to consummate the Proposed Transactions are subject to the satisfaction or waiver (where permissible and by the party for whose benefit such condition exists) at or prior to the Scheme Effective Time, of the following additional conditions:

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The representations and warranties of Circle, Topco and Merger Sub contained in the Business Combination Agreement will each be true and correct in all material respects as of the date of the Business Combination Agreement and the Scheme Effective Time (except to the extent that any such representation or warranty expressly is made as of an earlier date, in which case such representation and warranty must be true and correct as of such specified date), subject to certain exceptions where the failures of any such representations and warranties, individually or in the aggregate, to be true and correct would not reasonably be expected to have a material adverse effect on Circle or Topco;

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Circle, Topco and Merger Sub will have performed or complied in all material respects with all agreements and covenants required by the Business Combination Agreement; provided, that Topco will have performed or complied in all respects with certain specified agreements and covenants set forth in the Business Combination Agreement;

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Circle will have delivered to Concord a certificate, dated the date of the Closing, signed by an officer of Circle, certifying as to the satisfaction of certain conditions contained in the Business Combination Agreement;

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No Company Material Adverse Effect (as defined herein) will have occurred;

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All required parties to the Shareholders Agreement (as defined herein) will have delivered, or caused to be delivered, to Concord copies of the Shareholders Agreement duly executed by all such parties;

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Circle will have delivered to Concord all Circle permits and any additional notice, consent, approval, orders or authorization of, or registration, declaration or filing with, any governmental authority or other person;

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Topco will have adopted the Topco Constitution; and

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Topco will have entered into a composition agreement with the Irish Revenue Commissioners and a special eligibility agreement for securities with a depository trust company in respect of the Topco Ordinary Shares and Topco Warrants, both of which are in full force and effect.

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Circle Conditions to Closing

The obligations of Circle to consummate the Proposed Transactions are subject to the satisfaction or waiver (where permissible and by the party for whose benefit such condition exists) at or prior to the Scheme Effective Time, of the following additional conditions:

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The representations and warranties of Concord contained in the Business Combination Agreement will each be true and correct in all material respects as of the date of the Business Combination Agreement and the Scheme Effective Time (except to the extent that any such representation or warranty expressly is made as of an earlier date, in which case such representation and warranty must be true and correct as of such specified date), subject to certain exceptions where the failures of any such representations and warranties to be so true and correct, individually or in the aggregate, would not reasonably be expected to have a material adverse effect on Concord;

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Concord will have performed or complied in all material respects with all other agreements and covenants required by the Business Combination Agreement to be performed or complied with by it on or prior to the Merger Effective Time;

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Concord will have delivered to Circle a certificate, dated the date of the Closing, signed by an executive officer of Concord, certifying as to the satisfaction of certain conditions contained in the Business Combination Agreement; and

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The amount of cash held by Concord, either held inside or outside Concord’s trust account (net of any redemptions), plus the amount of proceeds from the PIPE will not be less than $340,000,000, net of any unpaid expenses of the Proposed Transactions.

Scheme Conditions

The obligations of Circle, Concord, Topco and Merger Sub to consummate the Proposed Transactions are subject to the satisfaction of each of the following conditions:

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The Scheme having been approved by a majority in number of members of each class of Circle Holders and Circle Convertible Note holders as at the Scheme Voting Record Time, including as may be directed by the High Court of Ireland pursuant to Section 450(5) of the Irish Companies Act, present and voting either in person or by proxy at each of the court meetings (or at any adjournment or postponement of any such meetings) representing, at the Scheme Voting Record Time, at least 75% in value of Circle Shares of that class or Circle Convertible Note holders (as the case may be) held by such Circle Holders or Circle Convertible Note holders (as the case may be) present and voting at that court meeting;

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Each of the resolutions to be proposed at the extraordinary general meeting of Circle Holders for the purposes of approving and implementing the Scheme, having been duly passed by the requisite majority of Circle Holders at the extraordinary general meeting;

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The High Court of Ireland having sanctioned (without material modification) the Scheme pursuant to Sections 449 to 455 of the Irish Companies Act; and

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A copy of the court order sanctioning the Scheme pursuant to Irish law having been delivered to the Irish Registrar of Companies.

Termination

The Business Combination Agreement may be terminated and the Merger and the other Proposed Transactions may be abandoned at any time prior to the Scheme Effective Time, as follows:

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By mutual written consent of Concord and Circle;

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through its affiliates is in breach or violation of any representation, warranty, covenant, agreement or obligation contained in the Business Combination Agreement and such breach or violation will have proximately caused the failure to consummate the Proposed Transactions on or prior to the Outside Date;

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By either Concord or Circle if any governmental authority in the United States has enacted, issued, promulgated, enforced or entered any injunction, order, decree or ruling (whether temporary, preliminary or permanent) that has become final and non-appealable and has the effect of making consummation of the Proposed Transactions illegal or otherwise preventing or prohibiting consummation of the Proposed Transactions;

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By either Concord or Circle if any of the Concord Proposals fail to receive the required Concord stockholder approval at the Concord stockholders’ meeting;

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By either Concord or Circle if: (i) the court meetings or the extraordinary general meeting of Circle Holders have been completed and the court meeting resolution or the extraordinary general meeting of Circle Holders resolutions, as applicable, have not been approved by the requisite majorities in each case; or (ii) if the High Court of Ireland declines or refuses to sanction the Scheme, unless Circle and Concord agree that the decision of the High Court of Ireland will be appealed;

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By either Concord or Circle if any law or injunction enacted, issued, promulgated, enforced or entered by a relevant governmental authority has been entered permanently restraining, enjoining or otherwise prohibiting the consummation of the Proposed Transactions and such law or injunction has become final and non-appealable, provided that the right to terminate the Business Combination Agreement will not be available to a party whose breach of any provision of the Business Combination Agreement has caused such injunction;

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By Concord if any of Circle’s representations or warranties contained in the Business Combination Agreement are not true and correct or if Circle, Topco or Merger Sub has failed to perform any covenant or agreement such that the conditions of the Business Combination Agreement would not be satisfied (“Terminating Company Breach”) (as defined herein); provided Concord is not then in breach of its representations, warranties, covenants or agreements in the Business Combination Agreement so as to prevent the condition to closing from being satisfied; provided further that, if such Terminating Company Breach is curable by Circle, Topco or Merger Sub, Concord may not terminate the Business Combination Agreement for so long as Circle, Topco and Merger Sub continue to exercise their reasonable efforts to cure such breach, unless such breach is not cured by the earlier of (x) 30 days after written notice of such breach is provided by Concord to Circle and (y) the Outside Date;

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By Circle if any of Concord’s representations or warranties contained in the Business Combination Agreement are not true and correct or if Concord has failed to perform any covenant or agreement such that the conditions of the Business Combination Agreement would not be satisfied (“Terminating Concord Breach”); provided that none of Circle, Topco or Merger Sub is then in breach of its respective representations, warranties, covenants or agreements in the Business Combination Agreement so as to prevent the condition to closing of the Business Combination Agreement from being satisfied; provided, however, that, if such Terminating Concord Breach is curable by Concord, Circle may not terminate the Business Combination Agreement for so long as Concord continues to exercise its reasonable efforts to cure such breach, unless such breach is not cured by the earlier of (x) 30 days after written notice of such breach is provided by Circle to Concord and (y) the Outside Date; and

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By Concord, if Circle does not deliver, or cause to be delivered to Concord, the audited consolidated balance sheet of Circle and Circle subsidiaries as of December 31, 2019 and December 31, 2020, and the related audited consolidated statements of operations, cash flows and changes in equityholders’ equity of Circle and Circle subsidiaries for the periods ended December 31, 2019 and December 31, 2020, prepared in accordance with GAAP and audited in accordance with the auditing standards of the Public Company Accounting Oversight Board by the date that is 30 days following the date of the Business Combination Agreement.

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Effect of Termination; Termination Fee

If the Business Combination Agreement is terminated, it will become void, and there will be no liability or obligation under the Business Combination Agreement on the part of any party thereto, except as set forth in the Business Combination Agreement or in the case of termination subsequent to a willful material breach of the Business Combination Agreement or fraud by a party thereto.

Circle will be required to pay to Concord an amount equal to $112,500,000, in the event that (i) the Business Combination Agreement is validly terminated as a result of the failure of the Scheme to receive the requisite approval of Circle’s equity holders or as a result of a breach by Circle, Topco or Merger Sub of certain of their covenants under the Business Combination Agreement where such breach occurs as a result of the vote of Circle’s equity holders regarding the Scheme not occurring; and (ii) at the time of such termination, Concord has not committed a breach of the Business Combination Agreement giving Circle the right to terminate the Business Combination Agreement. In no event will Circle be required to pay such a termination fee on more than one occasion.

For more information, see the section entitled “The Business Combination Agreement — Termination,” “— Effect of Termination” and “— Termination Fee.”

Other Agreements Related to the Business Combination Agreement

Transaction Support Agreement

For more information about the Transaction Support Agreement, see the section entitled “Certain Agreements Related to the Business Combination — Transaction Support Agreement.”

Shareholders Agreement

In connection with the Proposed Transactions, Topco, Concord, the Sponsor, Mr. Allaire and certain other shareholders of Topco as of the Closing will enter into a shareholders agreement (the “Shareholders Agreement”) , pursuant to which, among other things, at the Closing, the Topco Board will consist of seven directors, one of whom will be designated by Mr. Allaire, one of whom will be designated by the Sponsor, and five of whom will be mutually agreed upon by the Mr. Allaire and the Sponsor. In addition, following the Closing, Mr. Allaire and the Sponsor will each be entitled to designate one director (subject to adjustment under certain circumstances), for election to the Topco Board in each case for so long as such shareholder continues to hold not less than a minimum percentage of Topco’s outstanding share capital.

For more information about the Shareholders Agreement, see the section entitled “Certain Agreements Related to the Business Combination — Shareholders Agreement.”

Registration Rights Agreement

In connection with the Proposed Transactions, Topco, certain Circle Holders and certain equityholders of Concord will enter into a Registration Rights Agreement, pursuant to which, among other things, Topco will be required to file, promptly after the Closing, a registration statement to register the resale of certain securities of Topco held by such Circle Holders and Concord equityholders, who will also have customary demand and “piggyback” registration rights, subject to certain requirements and customary conditions.

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For more information about the Registration Rights Agreement, see the section entitled “Certain Agreements Related to the Business Combination — Registration Rights Agreement.”

Warrant Amendment

At the Merger Effective Time, the Concord Warrants will, by virtue of the Merger and without any action on the part of the parties or any of their respective shareholders, cease to represent a right to acquire one share of Concord Class A Common Stock and will automatically be converted in accordance with the terms of the existing Concord Warrant Agreement, at the Merger Effective Time, into a Topco Warrant on substantially the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the existing Concord Warrant Agreement. In connection with the Proposed Transactions, Concord, Topco and Continental, as warrant agent, will enter into the Warrant Amendment in connection with the Closing, pursuant to which, Topco will assume, and agree to pay, perform, satisfy and discharge in full, all of Concord’s liabilities and obligations under the existing Concord Warrant Agreement arising from and after the Merger Effective Time.

Private Placement and Subscription Agreements

In connection with the execution of the Business Combination Agreement, effective as of July 7, 2021, Concord and Topco entered into separate subscription agreements (each, a “Subscription Agreement”) with a number of investors (each a “PIPE Investor”), pursuant to which the PIPE Investors agreed to subscribe for and purchase from, and Concord agreed to sell and issue to the PIPE Investors, 41,500,000 shares of Concord’s Class A common stock, which will subsequently be cancelled and automatically converted into and become the right to receive Topco Ordinary Shares pursuant to the Merger (collectively, the “PIPE Shares”), for a purchase price of $10.00 per share, in a private placement (the “PIPE”). In the aggregate, the PIPE Investors have committed to subscribe for and purchase $415 million of PIPE Shares. At Circle’s option, a portion of the PIPE Investors’ obligations to subscribe for PIPE Shares, not to exceed $40 million in the aggregate, may be replaced with agreements of the PIPE Investors to purchase an equivalent number of Topco Ordinary Shares from holders of Topco Ordinary Shares identified by Circle, to be consummated as soon as practicable following the Closing. The closing of the sale of the PIPE Shares pursuant to the Subscription Agreements is contingent upon customary closing conditions, and is to close two business days immediately prior to the closing of the Merger. The purpose of the sale of the PIPE Shares is to raise additional capital for use in connection with the Proposed Transactions and to meet the minimum cash requirements provided in the Business Combination Agreement.

Pursuant to the Subscription Agreements, Concord and Topco agreed that, within 30 calendar days after the Closing, Topco will file with the SEC (at Topco’s sole cost and expense) a registration statement registering the resale of the PIPE Shares, and Topco will use its commercially reasonable efforts to have the resale registration statement declared effective as soon as practicable after the filing thereof, subject to certain conditions. Each Subscription Agreement will terminate upon the earlier to occur of (i) such date and time as the Business Combination Agreement is terminated in accordance with its terms, (ii) upon the mutual written agreement of each of the parties to the Subscription Agreement, (iii) if any of the conditions to the closing set forth in the Subscription Agreement are not satisfied or waived upon or prior to the Closing and, as a result thereof, the transactions contemplated by the Subscription Agreement are not consummated at the Closing or (iv) at the election of the PIPE Investor, if the Closing has not occurred by the date that is 270 days after the date of the Business Combination Agreement (or 30 days thereafter if the Outside Date is extended).

For more information about the Subscription Agreements, see the section entitled “Proposal No. 1 — The Business Combination Proposal — Certain Agreements Related to the Business Combination — Private Placement and Subscription Agreements.”

Waiver Agreement

On July 7, 2021, concurrently with the execution of the Business Combination Agreement, the Sponsor, Topco and Circle executed a waiver agreement (the “Waiver Agreement”), pursuant to which, among other things, the Sponsor agreed to waive the receipt of certain Concord shares otherwise issuable in

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connection with the Proposed Transactions as a result of relevant anti-dilution provisions in the Concord’s amended and restated certificate of incorporation.

For more information about the Waiver Agreement, see the section entitled “Proposal No. 1 — The Business Combination Proposal — Certain Agreements Related to the Business Combination — Waiver Agreement.”

Proposals to be Put to the Stockholders of Concord at the Special Meeting

The following is a summary of the proposals to be put to the special meeting of Concord and certain transactions contemplated by the Business Combination Agreement. Each of the proposals below, except the Adjournment Proposal, is cross-conditioned on the approval of each other. The Adjournment Proposal is not conditioned upon the approval of any other proposal set forth in this proxy statement/prospectus.

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The Business Combination Proposal — a proposal to approve and adopt the Business Combination Agreement and the Business Combination.

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Interest of Certain Persons in the Business Combination

When you consider the recommendation of Concord’s board of directors in favor of approval of the Business Combination Proposal, you should keep in mind that certain of Concord’s board of directors and officers have interests in the Business Combination that are different from, or in addition to, your interests as a stockholder or warrant holder. These interests include, among other things:

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the beneficial ownership of the Sponsor and certain of Concord’s board of directors and officers of an aggregate of 5,520,000 shares of Concord Class B common stock, 510,289 shares of Concord Class A common stock and 255,144 Concord Warrants, which shares and warrants would become worthless if Concord does not complete a business combination within the applicable time period, as Concord’s initial stockholders have waived any right to redemption with respect to these shares. Such shares and warrants have an aggregate market value of approximately $[•] million and $[•] million, respectively, based on the closing price of Concord Class A common stock of $[•] on NYSE on [•], 2021, the record date for the special meeting of stockholders;

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the anticipated continuation of Bob Diamond, Concord’s Chairman of the board of directors, as a director of Topco following the Closing.

These interests may influence Concord’s board of directors in making their recommendation that you vote in favor of the approval of the Business Combination Proposal.

Reasons for the Approval of the Business Combination

After careful consideration, our board of directors recommends that Concord stockholders vote “FOR” each Proposal being submitted to a vote of the Concord stockholders at the Concord special meeting.

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For a description of Concord’s reasons for the approval of the Business Combination and the recommendation of our board of directors, see the section entitled “Proposal No. 1 — The Business Combination Proposal — Recommendation of the Concord Board of Directors and Reasons for the Combination.”

Redemption Rights

Pursuant to Concord’s amended and restated certificate of incorporation, any holders of Public Shares may demand that such shares be redeemed in exchange for a pro rata share of the aggregate amount on deposit in the Trust Account. If demand is properly made and the Business Combination is consummated, these shares, immediately prior to the Business Combination, will cease to be outstanding and will represent only the right to receive a pro rata share of the aggregate amount on deposit in the Trust Account which holds the proceeds of the IPO as of two business days prior to the consummation of the Business Combination, net of any taxes payable, upon the consummation of the Business Combination. For illustrative purposes, based on funds in the Trust Account of approximately $276.0 million on March 31, 2021, the estimated per share redemption price would have been approximately $10.00. Under Concord’s amended and restated certificate of incorporation, in connection with an initial business combination, a Public Stockholder, together with any affiliate or any other person with whom such stockholder is acting in concert of as a “group” (as defined under Section 13(d)(3) of the Exchange Act), is restricted from seeking redemption rights with respect to more than 15% of the Public Shares.

If a holder exercises its redemption rights, then such holder will be exchanging its shares of Class A common stock for cash and will no longer own shares of Concord Class A common stock and will not participate in the future growth of Topco, if any. Such a holder will be entitled to receive cash for its Public Shares only if it properly demands redemption and delivers its shares (either physically or electronically) to Concord’s transfer agent in accordance with the procedures described herein. See the section entitled “Special Meeting of Concord Stockholders — Redemption Rights” for the procedures to be followed if you wish to redeem your shares for cash.

Ownership of Topco After the Closing

It is anticipated that, upon the completion of the Business Combination, the ownership of Topco will be as follows:

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the Circle Holders will own 454,915,712 Topco Ordinary Shares (of which 37,500,000 are escrow shares), representing approximately 75.4% of the total shares outstanding;

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the PIPE Investors will own 41,500,000 Topco Ordinary Shares, representing approximately 6.9% of the total shares outstanding;

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the Public Stockholders will own 27,600,000 Topco Ordinary Shares, representing approximately 4.6% of the total shares outstanding; and

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the holders of Founder Shares will own 7,652,000 Topco Ordinary Shares, representing approximately 1.3% of the total shares outstanding.

Please see the section entitled “Unaudited Pro Forma Condensed Combined Financial Information” for further information.

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Summary of Risk Factors

In evaluating the proposals set forth in this proxy statement/prospectus, you should carefully read this proxy statement/prospectus, including the annexes, and especially consider the factors discussed in the section entitled “Risk Factors.” These risks include, but are not limited to, the following:

Concord

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There can be no assurance that Topco Ordinary Shares will be approved for listing on the NYSE or that the combined company will be able to comply with the continued listing standards of the NYSE.

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Subsequent to the consummation of the Business Combination, the combined company may be required to take write-downs or write-offs, or the combined company may be subject to restructuring and impairment or other charges that could have a significant negative effect on the combined company’s financial condition, results of operations and the price of Topco Ordinary Shares, which could cause you to lose some or all of your investment.

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If the Business Combination’s benefits do not meet the expectations of investors or securities analysts, the market price of Concord’s securities or, following the Closing, the combined company’s securities, may decline.

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Following the consummation of the Business Combination, the combined company will incur significant increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations.

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The combined company’s failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act that will be applicable to it after the Business Combination is consummated could have a material adverse effect on its business.

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The unaudited pro forma financial information included herein may not be indicative of what the combined company’s actual financial position or results of operations would have been.

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Circle’s management has limited experience in operating a public company.

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Concord’s Founders, executive officers and directors have agreed to vote in favor of the Business Combination, regardless of how the Public Stockholders vote.

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Concord may not be able to consummate an initial business combination within the required time period, in which case it would cease all operations except for the purpose of winding up and it would redeem the Public Shares and liquidate.

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Concord’s Founders, directors, executive officers, advisors or their affiliates may elect to purchase shares from Public Stockholders, which may influence the vote on the Business Combination and reduce the public “float” of our Concord Class A common stock.

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Concord’s ability to successfully effect the Business Combination and the combined company’s ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain key personnel of Circle, all of whom we expect to stay with the combined company following the Business Combination. The loss of such key personnel could negatively impact the operations and financial results of the combined business.

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Public Stockholders will not have any rights or interests in funds from the Trust Account, except under certain limited circumstances. To liquidate their investment, therefore, Public Stockholders may be forced to sell their securities, potentially at a loss.

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If a stockholder or a “group” of stockholders are deemed to hold in excess of 15% of the issued and outstanding shares of Concord Class A common stock, such stockholder or group will lose the ability to redeem all such shares in excess of 15% of the issued and outstanding shares of Concord Class A common stock.

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If third parties bring claims against Concord, the proceeds held in the Trust Account could be reduced and the per share redemption amount received by stockholders may be less than $10.00 per share.

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Concord’s directors may decide not to enforce indemnification obligations against the Sponsor, resulting in a reduction in the amount of funds in the Trust Account available for distribution to the Public Stockholders.

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Concord’s stockholders may be held liable for claims by third parties against Concord to the extent of distributions received by them.

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Concord’s Founders, executive officers and directors have potential conflicts of interest in recommending that stockholders vote in favor of approval of the Business Combination Proposal and approval of the other proposals described in this proxy statement/prospectus.

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Concord may amend the terms of the Concord Warrants in a manner that may be adverse to holders with the approval by the holders of at least 65% of the then outstanding Public Warrants.

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The combined company may redeem your unexpired Concord Warrants prior to their exercise at a time that is disadvantageous to you, thereby making your Concord Warrants worthless.

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Concord may issue additional shares of Class A common stock or preferred shares to complete the Business Combination or under an employee incentive plan upon or after consummation of the Business Combination, which would dilute the interest of Concord stockholders and likely present other risks.

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Because Concord has no current plans to pay cash dividends on Concord Class A common stock for the foreseeable future, you may not receive any return on investment unless you sell Concord Class A common stock for a price greater than that which you paid for it.

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Concord’s warrants are accounted for as liabilities and the changes in value of its warrants could have a material effect on our financial results.

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Concord, and following the initial business combination, the combined company, may face litigation and other risks as a result of the material weakness in our internal control over financial reporting.

Circle

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We have a limited operating history in an evolving and highly volatile industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

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We have experienced rapid growth recently, and if we do not effectively manage our growth and the associated demands on our operational, risk management, sales and marketing, technology, compliance, and finance and accounting resources, our business may be adversely impacted.

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Our growth may not be sustainable and depends on our ability to retain existing customers, attract new customers, expand product offerings, and increase processed volumes and revenue from both new and existing customers.

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We face intense and increasing competition and, if we do not compete effectively, our competitive positioning and our operating results will be harmed.

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Our operating results from our new yield service product may fluctuate due to market forces out of our control that impact demand to borrow cryptocurrency or stablecoins.

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Cyberattacks and security breaches of our systems, or those impacting our customers or third parties, could adversely impact our brand and reputation and our business, operating results and financial condition.

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We may incur significant liability as a result of several ongoing disputes and investigations. The ultimate resolution of these matters may require substantial cash payments, materially and adversely affect our business, financial condition and results of operation, and may cause dilution to our shareholders.

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Any significant disruption in our technology could result in a loss of customers or funds and adversely impact our brand and reputation and our business, operating results, and financial condition.

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Our sponsorship relationships for transaction processing are concentrated in a small number of partners. Should our relationships with such sponsors deteriorate, we may be limited in our ability to offer the payment processing services that are core to our offerings.

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Certain large customers provide a significant share of our revenue and the termination of such agreements or reduction in business with such customers could harm our business. If we lose or are unable to renew these and other marketplace and enterprise client contracts at favorable terms, or if an exchange, digital asset platform or USDC compatible app provider were to terminate affiliation with us or USDC, our results of operations and financial condition may be adversely affected.

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Concerns about the environmental impacts of blockchain technology could adversely impact usage and perceptions of USDC and Circle.

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We have a history of losses, and there is no assurance that we will maintain profitability or that our revenue and business models will be successful.

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We might require additional capital to support business growth, and this capital might not be available or may require shareholder approval to obtain.

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The prices of digital currencies are extremely volatile, and price fluctuations may adversely impact the value of digital currencies that we hold.

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The future development and growth of USDC is subject to a variety of factors that are difficult to predict and evaluate and may be in the hands of third parties to a substantial extent. If USDC does not grow as we expect, our business, operating results, and financial condition could be adversely affected.

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There is regulatory uncertainty regarding the classification of USDC. Any classification of USDC as a security in the United States or in other jurisdictions likely would impose additional regulation and materially impact its adoption.

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We incur certain risks as a result of our membership in the Centre Consortium, and our inability to continue to participate in the Centre Consortium could be materially detrimental to our ongoing financial performance and continued viability.

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Due to unfamiliarity and some negative publicity associated with cryptocurrency and blockchain technology, our customer base may lose confidence in products and services that utilize cryptocurrency or blockchain technology.

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Our yield service product is an innovative product which is difficult to analyze vis-à-vis existing financial services laws and regulations around the world. The product involves certain risks, including reliance on third parties, which could limit or restrict our ability to offer the product in certain jurisdictions.

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If SeedInvest is not able to expand to add additional assets such as tokenized securities in a regulatory compliant way or to continue to attract high-quality companies for its investment platform, it may be unable to attract or retain customers and its synergy and integration with our business may be limited.

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We are subject to an extensive and highly-evolving regulatory landscape, and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results, and financial condition.

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Our intellectual property rights are valuable, and any inability to protect them could adversely impact our business, operating results, and financial condition.

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The transaction throughput performance on existing and potentially future public blockchains remains as yet unproven for high-volume payments use cases involving large scale merchant acceptance or retail transactions. This may pose performance, operational and technological risks hindering USDC adoption as a major internet-native payment instrument.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this proxy statement/prospectus may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this proxy statement/prospectus may include, for example, statements about:

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our ability to consummate the Business Combination;

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the benefits of the Business Combination;

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Topco’s financial performance following the Business Combination;

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Circle’s business strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;

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expansion plans and opportunities; and

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the outcome of any known and unknown litigation and regulatory proceedings.

These forward-looking statements are based on information available as of the date of this proxy statement/prospectus, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

You should not place undue reliance on these forward-looking statements in deciding how to vote your proxy or instruct how your vote should be cast on the proposals set forth in this proxy statement/prospectus. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:

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the occurrence of any event, change or other circumstances that could delay the Business Combination or give rise to the termination of the Business Combination Agreement;

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the outcome of any legal proceedings that may be instituted against Concord following announcement of the proposed Business Combination and transactions contemplated thereby;

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the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Concord or to satisfy other conditions to the Closing in the Business Combination Agreement;

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the ability to obtain or maintain the listing of Topco Ordinary Shares and Topco Warrants on the NYSE following the Business Combination;

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the risk that the proposed Business Combination disrupts current plans and operations of Circle as a result of the announcement and consummation of the transactions described herein;

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our ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and the ability of Circle to grow and manage growth profitably following the Business Combination;

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costs related to the Business Combination;

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changes in applicable laws or regulations;

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the possibility that Concord or Circle may be adversely affected by other economic, business, and/or competitive factors; and

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other risks and uncertainties described in this proxy statement/prospectus, including those under the section entitled “Risk Factors.”

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RISK FACTORS

The combined company will be faced with a market environment that cannot be predicted and that involves significant risks, many of which will be beyond its control. In addition to the other information contained in this proxy statement/prospectus, you should carefully consider the material risks described below before deciding how to vote your shares of stock. In addition, you should read and consider the risks associated with the business of Concord because these risks may also affect the combined company — these risks can be found in Concord’s Annual Report on Form 10-K, as amended, and as updated by subsequent Quarterly Reports on Form 10-Q, all of which are filed with the SEC. You should also read and consider the other information in this proxy statement/prospectus and the other documents incorporated by reference into this proxy statement/prospectus. Please see the section entitled “Where You Can Find More Information” in this proxy statement/prospectus.

Unless the context otherwise requires, all references in this section to the “Company,” “Circle,” “we,” “us,” or “our” refer to Circle and its subsidiaries prior to the consummation of the Business Combination, which will be the business of Topco and its subsidiaries following the consummation of the Business Combination.

Risks Related to Circle’s Business and Industry

We have a limited operating history in an evolving and highly volatile industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

We began our operations in 2013 and since then our business model has continued to evolve. In late 2019, we shifted away from certain consumer facing products, including a digital asset trading platform, to focus on the development and commercialization of USDC at the enterprise level. As such, the comparability of our results in prior quarterly or annual periods should not be viewed as indication of future performance.

Because we have a limited history operating our business at its current scale and scope, it is difficult to evaluate our current business and future prospects, including our ability to plan for and model future growth. For example, the recent launch of our yield services product and other recently launched new services require substantial resources and there is no guarantee that such expenditures will result in profit or growth of our business. Our limited operating experience at this scale, combined with the rapidly evolving nature of the crypto asset market in which we operate, substantial uncertainty concerning how these markets may develop, and other economic factors beyond our control, reduces our ability to accurately forecast quarterly or annual revenue. Failure to manage our current and future growth effectively could have an adverse effect on our business, operating results, and financial condition.

We, along with the cryptocurrency ecosystem, have experienced recent rapid growth and we expect this trend to continue for the foreseeable future. Our historical growth has come in waves, mostly driven by innovation in the cryptoeconomy, which requires long-term perspective to evaluate our performance. In particular, our business has grown significantly since the Fall of 2020 as the minting, usage and acceptance of USDC has continued to grow alongside digital assets in general. We have expanded our headcount since January 2021 as we scale to capitalize on the market opportunity, growing from approximately 125 employees as of December 31, 2020 to 233 employees worldwide as of June 30, 2021, including hiring several key executives such as our Chief Financial Officer, Chief Technology Officer, Chief Strategy Officer and Head of Global Policy, and Chief Compliance and Risk Officer.

As we grow, our business becomes increasingly complex. To effectively manage and capitalize on our growth, we must continue to expand our information technology and financial, operating, and administrative systems and controls, and continue to manage headcount, capital, and processes efficiently. Our continued growth could strain our existing resources, and we could experience ongoing operating difficulties in managing our business as it expands across numerous jurisdictions, including difficulties in hiring, training, and managing a diffuse and growing employee base. Failure to scale and preserve our company culture with growth could harm our future success, including our ability to retain and recruit personnel and to effectively focus on and pursue our corporate objectives. If we do not adapt to meet these evolving challenges, or if

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our management team does not effectively scale with our growth, we may experience erosion to our brand, the quality of our products and services may suffer, and our company culture may be harmed. Moreover, the failure of our systems and processes could undermine our ability to provide accurate, timely, and reliable reports on our financial and operating results, including the financial statements provided herein, and could impact the effectiveness of our internal controls over financial reporting. In addition, our systems and processes may not prevent or detect all errors, omissions, or fraud. Any of the foregoing operational failures could lead to noncompliance with laws, loss of operating licenses or other authorizations, or loss of bank relationships that could substantially impair or even suspend company operations.

Successful implementation of our growth strategy may also require significant expenditures before any substantial associated revenue is generated and we cannot guarantee that these increased investments will result in corresponding and offsetting revenue growth.

The future growth of our business depends on its ability to retain existing customers, attract new customers as well as getting existing customers and new customers to increase the volumes processed through our payments platform and therefore grow revenue. Under our standard API services agreement, our customers are not subject to any minimum volume commitments and they have no obligation to continue to use our services, and we cannot assure potential investors that customers will continue to use our services or that we will be able to continue to attract new volumes at the same rate as we have in the past.

A customer’s use of our services may decrease for a variety of reasons, including the customer’s level of satisfaction with our products and services, the expansion of business to offer new products and services, the effectiveness of our support services, the pricing of our products and services, the pricing, range and quality of competing products or services, the effects of global economic conditions, regulatory or financial institution limitations, trust, perception and interest in the cryptocurrency and digital asset industry and in our products and services, or reductions in the customer’s payment activity. Furthermore, the complexity and costs associated with switching to a competitor may not be significant enough to prevent a customer from switching service providers, especially for larger customers who commonly engage more than one payment service provider at any one time.

Any failure by us to retain existing customers, attract new customers, and increase revenue from both new and existing customers could materially and adversely affect our business, financial condition, results of operations and prospects. These efforts may require substantial financial expenditures, commitments of resources, developments of our processes, and other investments and innovations.

We face intense and increasing competition and, if we do not compete effectively, our competitive positioning and our operating results will be harmed.

We operate in a rapidly changing and highly competitive industry, and our results of operations and future prospects depend on, among others:

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the continued growth of our customer base,

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our ability to monetize our customer base,

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our ability to acquire customers at a lower cost, and

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our ability to increase the overall value to us of each of our customers while they use our products and services.

Despite the regulatory barriers to enter the markets we serve, we expect our competition to continue to increase. In addition to established enterprises, we may also face competition from early-stage companies attempting to capitalize on the same, or similar, opportunities as we are. Some of our current and potential competitors have longer operating histories, particularly with respect to our digital financial services products, significantly greater financial, technical, marketing and other resources, and a larger customer base than we do. This allows them, among others, to potentially offer more competitive pricing or other terms or

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features, a broader range of digital financial products, or a more specialized set of specific products or services, as well as respond more quickly than we can to new or emerging technologies and changes in customer preferences.

Our existing or future competitors may develop products or services that are similar to our products and services or that achieve greater market acceptance than our products and services. This could attract new customers away from our services and reduce our market share in the future. Additionally, when new competitors seek to enter our markets, or when existing market participants seek to increase their market share, these competitors sometimes undercut, or otherwise exert pressure on, the pricing terms prevalent in that market, which could adversely affect our market share and/or ability to capitalize on new market opportunities.

We currently compete at multiple levels with a variety of competitors, including:

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payment platforms;

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fiat-backed and algorithmic stablecoins;

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banks and non-bank financial institutions;

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digital wallet providers;

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yield service providers; and

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crowdfunding and other investing and capital raise platforms;

Particularly, we compete with traditional banks for many of the services we offer. Because we do not currently control a bank or a bank holding company, we are subject to regulation by a variety of state and federal regulators across our products and services and we rely on third-party banks to provide banking services to our customers. This regulation by federal, state and local authorities increases our compliance costs, as we navigate multiple regimes with different examination schedules and processes and varying disclosure requirements.

We believe that our ability to compete depends upon many factors, both within and beyond our control, including the following:

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the size, diversity and activity levels of our customer base;

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the timing and market acceptance of products and services, including developments and enhancements to those products and services offered by us and our competitors;

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customer service and support efforts;

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selling and marketing efforts;

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the ease of use, performance, price and reliability of solutions developed either by us or our competitors;

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changes in economic conditions, regulatory and policy developments;

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our ability to successfully execute on our business plans;

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our ability to enter new markets;

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general digital payments, capital markets, blockchain and stablecoin market conditions;

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the ongoing impact of the COVID-19 pandemic; and

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our brand strength relative to our competitors.

Our current and future business prospects demand that we act to meet these competitive challenges but, in doing so, our revenue and results of operations could be adversely affected if we, for example, increase marketing expenditures or make other expenditures. All of the foregoing factors and events could adversely affect our business, financial condition, results of operations, cash flows and future prospects.

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Our operating results from our new yield service product may fluctuate due to market forces out of our control that impact demand to borrow cryptocurrency or stablecoins.

We recently secured a Class F Digital Asset Business license from the Bermuda Monetary Authority to offer yield-generating services as part of the Circle Account product. Customers with funds in USDC can transfer said USDC from their Circle Account into the yield service product, select a term-length, and receive monthly interest payments. Yield is generated through lending USDC out to centralized blockchain based lending markets. Our yield product is collateralized by Bitcoin and the value of that collateral is directly exposed to the high volatility of Bitcoin. We have obligations to safeguard the assets of our customers and any failure to do so could negatively impact our business and result in liabilities, regulatory enforcement and reputational harm.

It is difficult for us to forecast the growth trends of this recent business line accurately, and our business and future prospects are difficult to evaluate, particularly in the short term. Due to the highly volatile nature of the cryptoeconomy and the prices of cryptocurrencies and other blockchain-based assets, our operating results have, and will continue to, fluctuate significantly from quarter to quarter in accordance with unpredictable market sentiments and movements in the broader cryptoeconomy and lending market.

Our business involves the collection, storage, processing and transmission of confidential information, customer, employee, service provider and other personal data, as well as information required to access customer assets. We have built our reputation on the premise that our products and services offer customers a secure way to accept and make payments and store value. As a result, any actual or perceived security breach of us or our third-party partners may:

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harm our reputation and brand;

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result in our systems or services being unavailable and interrupt our operations;

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result in improper disclosure of data and violations of applicable privacy and other laws;

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result in significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory and financial exposure;

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cause us to incur significant remediation costs;

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lead to theft or irretrievable loss of our or our customers’ assets;

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reduce customer confidence in, or decreased use of, our products and services;

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divert the attention of management from the operation of our business;

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result in significant compensation or contractual penalties from us to our customers or third parties as a result of losses to them or claims by them; and

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adversely affect our business and operating results.

Further, any actual or perceived breach or cybersecurity attack directed at other financial institutions or cryptocurrency or blockchain companies, whether or not we are directly impacted, could lead to a general loss of customer confidence in the digital asset economy or in the use of technology to conduct financial transactions, which could negatively impact us including the market perception of the effectiveness of our security measures and technology infrastructure.

An increasing number of organizations, including large businesses, technology companies and financial institutions, as well as government institutions, have disclosed breaches of their information security systems, some of which have involved sophisticated and highly targeted attacks, including on their websites, mobile applications, and infrastructure. Attacks upon systems across a variety of industries, including the cryptocurrency industry, are increasing in their frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded, and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper, or illegal access to systems and

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information (including customers’ personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service providers or partners. Certain types of cyberattacks could harm us even if our systems are left undisturbed. For example, attacks may be designed to deceive employees and service providers into releasing control of our systems to a hacker, while others may aim to introduce computer viruses or malware into our systems with a view to stealing confidential or proprietary data. Additionally, certain threats are designed to remain dormant or undetectable until launched against a target and we may not be able to implement adequate preventative measures.

Although we have developed systems and processes designed to protect the data we manage, prevent data loss and other security breaches, effectively respond to known and potential risks, and expect to continue to expend significant resources to bolster these protections, there can be no assurance that these security measures will provide absolute security or prevent breaches or attacks. We have experienced from time to time, and may experience in the future, breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities, or other irregularities. Unauthorized parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as well as those of our customers, partners, and third-party service providers, through various means, including hacking, social engineering, phishing, and attempting to fraudulently induce individuals (including employees, service providers, and our customers) into disclosing usernames, passwords or other sensitive information, which may in turn be attempted to be used to access our information technology systems and customers’ digital assets. For example, in June 2021, we were subject to a phishing incident in which fraudulent actors obtained $2 million in company-owned funds. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. Certain threat actors may be supported by significant financial and technological resources, making them even more sophisticated and difficult to detect. As a result, our costs and the resources we devote to protecting against these advanced threats and their consequences may continue to increase over time.

Although we maintain insurance coverage that we believe is adequate for our business, it may be insufficient to protect us against all losses and costs stemming from security breaches, cyberattacks, and other types of unlawful activity, or any resulting disruptions from such events. Outages and disruptions of our systems, including any caused by cyberattacks, may harm our reputation and our business, operating results, and financial condition.

We are currently in a dispute with a financial advisor (Financial Technology Partners, or “FT Partners”) regarding advisory fees in connection with consummation of the business combination between the Company, Topco, Merger Sub and Concord. FT Partners believes it is entitled to a fee of approximately nine percent of the value issued to our equity holders based on its interpretation of an engagement letter with us. We strenuously dispute that interpretation and instead assert that the parties are obligated under the engagement letter to negotiate appropriate compensation taking into account, among other things, the custom and practice among investment bankers in similar size and type of transactions. At this time, no litigation has been filed with respect to this matter. We cannot guarantee the ultimate outcome of this dispute. If this dispute is ultimately resolved by a court of competent jurisdiction in a manner adverse to our position, or if we ultimately settle this dispute by mutual agreement, we may be liable to FT Partners for substantial amounts, which we may pay in cash or equity or a combination thereof. Depending on the resolution of this matter, we may also remain obligated to use FT Partners for future capital raises or company sale transactions, with significant advisory fees due upon the consummation of any such transaction.

As described elsewhere in this proxy statement/prospectus, in February 2018, our indirect wholly-owned subsidiary Poloniex, LLC acquired the Poloniex digital asset trading platform, and as part of the acquisition agreed to assume certain potential regulatory liabilities. Shortly after Poloniex, LLC’s purchase of the Poloniex digital asset trading platform, OFAC served Poloniex, LLC with an administrative subpoena dated April 10, 2018 requesting documents and information regarding accounts opened and/or closed on

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the Poloniex digital asset trading platform by persons potentially located in Iran. On December 14, 2018, Poloniex, LLC provided a written response to the April 2018 subpoena and also produced documents and information in response to the subpoena. On September 11, 2019, OFAC served a second administrative subpoena on Poloniex, LLC requesting documents and information regarding accounts opened and/or closed on the Poloniex digital asset trading platform by persons potentially located in Cuba, Syria, North Korea, Crimea, and Sudan. In November 2019, Poloniex, LLC sold the Poloniex digital asset trading platform. On October 7, 2020, Poloniex, LLC provided a written response to the September 2019 subpoena and also produced documents and information in response to the subpoena. Poloniex, LLC is currently in discussions with OFAC regarding a potential resolution of OFAC’s investigation. If Poloniex, LLC is found to have violated U.S. export control laws as a result of the pending OFAC investigation, Poloniex, LLC could be subject to civil or criminal penalties and monetary penalties. For financial accounting purposes, we have determined that potential penalties as a result of the OFAC investigation are probable and reasonably estimable. We have estimated the probable penalty would be between $1.07 million to $2.8 million, with no amount within that range a better estimate than any other amount; accordingly, we have accrued for the minimum range of $1.07 million as a contingent liability with a charge to loss from operations of discontinued Poloniex business on the consolidated balance sheets and consolidated statements of operations included elsewhere in this proxy statement/prospectus, respectively. Although we believe our estimates are reasonable based on the facts and circumstances of the matter, OFAC has broad authority to impose penalties. Due to OFAC’s statutory methodology for determining penalties on the basis of numbers of violations, the number of violations alleged by OFAC could result in penalties to Poloniex, LLC that are substantially greater than the amounts we have accrued in our financial statements and which may materially impact the value of our company. Any adverse finding or settlement of the OFAC investigation may have a material impact on our consolidated business and financial condition.

In connection with the FT Partners fee dispute and the OFAC investigation described above, 37.5 million Topco Ordinary Shares that would otherwise be issued directly to our shareholders will instead be placed into a third-party escrow account, 35.5 million of which will apply to the FT Partners protection as described below, and 2.0 million of which will apply to the OFAC protection as described below. In the event that any payments to FT Partners (whether via issuance of shares or cash payments) arising from the business combination with Concord exceed $45 million, either (i) an amount of shares with a value equal to such excess will be cancelled and forfeited to us, which will have an anti-dilutive effect for all shareholders other than those that escrowed such shares, (ii) cash in the escrow (resulting from the sale of escrowed shares) in the amount of such excess will be reimbursed to us, or (iii) a combination of (i) and (ii). A similar mechanism will apply to the extent any cash penalties paid as a result of the OFAC investigation exceed $1.07 million. These mechanisms are designed to provide some protection for shareholders against dilution (whether by equity or by cash) caused by the above-described matters. However, the ultimate payments to FT Partners or penalties assessed by OFAC may exceed the value of the escrowed shares, and you may suffer dilution of your shareholdings as a result. In addition, any cash payments to FT Partners or to OFAC will be paid by Topco or a subsidiary thereof, and therefore may reduce the consolidated cash on Topco’s balance sheet (if no cash or insufficient cash as a result of the sale of escrowed shares remains in escrow). If we do not have sufficient cash to make such payments or sufficient remaining cash after making such payments to continue to run and grow our business, we may need to borrow money or sell equity or debt securities to the public, and the terms of these financings may be adverse to us. Either or both of the matters described above may cause harm to our reputation and may have an adverse effect on our share price, which could cause investors to lose significant portions of their investment in our company.

Between December 2017 and March 2020, in connection with the SEC’s inquiries into digital assets, the SEC served Poloniex, LLC with several subpoenas in connection with its ownership and operation of the Poloniex digital asset trading platform. In February 2018, one of our indirect wholly-owned subsidiaries acquired Poloniex, LLC. Poloniex, LLC produced documents and information to the SEC in response to the subpoenas on a rolling basis from 2018 through most of 2020. In March 2021, Poloniex, LLC made an offer of settlement and the Division of Enforcement has informed Poloniex that it will recommend that the Commission accept its offer. In making this letter of settlement, Poloniex, LLC has neither admitted nor denied the SEC’s findings and conclusions that the Poloniex Exchange failed to register as a national securities exchange nor operate pursuant to an exemption from registration. If the settlement is approved by the SEC, Poloniex, LLC will agree to cease and desist from committing or causing any violations of Section 5 of the Exchange Act and will pay a civil monetary penalty, disgorgement and prejudgment interest comprising

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approximately $10.4 million in the aggregate. If the settlement is not approved by the Commission, there is a risk that Poloniex, LLC or Circle will have to pay a civil monetary penalty, disgorgement and prejudgment interest greater than $10.4 million in the aggregate.

We are also subject to various legal proceedings, consumer arbitrations, and regulatory investigation matters as further described in “Business — Legal Proceedings”. If any of these matters are resolved unfavorably to us, our business and results of operations may be adversely affected.

Any significant disruption in our technology could result in a loss of customers or funds and adversely impact our brand and reputation and our business, operating results, and financial condition.

Our reputation and ability to attract and retain customers and grow our business depends on our ability to operate our service at high levels of reliability, scalability, and performance, including the ability to process and monitor, on a daily basis, a large number of transactions that occur at high volume and frequencies across multiple systems. The proper functioning of our products and services, the ability of our customers to make and receive payments, and our ability to operate at a high level, are dependent on our ability to access the blockchain networks underlying USDC and other supported crypto assets, for which access is dependent on our systems’ ability to access the internet. Further, the successful and continued operations of such blockchain networks will depend on a network of computers, miners, or validators, and their continued operations, all of which may be impacted by service interruptions.

Our systems, the systems of our third-party service providers and partners, and certain crypto asset and blockchain networks, have experienced from time to time and may experience in the future service interruptions or degradation because of hardware and software defects or malfunctions, distributed denial-of-service and other cyberattacks, insider threats, break-ins, sabotage, human error, vandalism, earthquakes, hurricanes, floods, fires, and other natural disasters, power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks, computer viruses or other malware, or other events. In addition, extraordinary site usage could cause our computer systems to operate at an unacceptably slow speed or even fail. Some of our systems, including systems of companies we have acquired, or the systems of our third-party service providers and partners are not fully redundant, and our or their disaster recovery planning may not be sufficient for all possible outcomes or events.

If any of our systems, or those of our third-party service providers, are disrupted for any reason, our products and services may fail, resulting in unanticipated disruptions, slower response times and delays in our services, including our customers’ payments through their Circle Account, their investments and capital raises through SeedInvest, or their integrated payments and treasury infrastructure through our Circle APIs. This could lead to failed or unauthorized payments, incomplete or inaccurate accounting, loss of customer information, increased demand on limited customer support resources, customer claims, complaints with regulatory organizations, lawsuits, or enforcement actions.

A prolonged interruption in the availability or reduction in the availability, speed, or functionality of our products and services could harm our business. Frequent or persistent interruptions in our services could cause current or potential customers or partners to believe that our systems are unreliable, leading them to switch to our competitors or to avoid or reduce the use of our products and services, and could permanently harm our reputation and brands.

Moreover, to the extent that any system failure or similar event results in damages to our customers or their business partners, these customers or partners could seek significant compensation or contractual penalties from us for their losses, and those claims, even if unsuccessful, would likely be time-consuming and costly for us to address. Problems with the reliability or security of our systems would harm our reputation, and damage to our reputation and the cost of remedying these problems could negatively affect our business, operating results, and financial condition.

In addition, we are continually improving and upgrading our information systems and technologies. Implementation of new systems and technologies is complex, expensive, time-consuming, and may not be successful. If we fail to timely and successfully implement new information systems and technologies, or improvements or upgrades to existing information systems and technologies, or if such systems and

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technologies do not operate as intended, it could have an adverse impact on our business, internal controls (including internal controls over financial reporting), operating results, and financial condition.

Because we are a regulated financial institution in certain jurisdictions, frequent or persistent interruptions could also lead to regulatory scrutiny, significant fines and penalties, and mandatory and costly changes to our business practices, and ultimately could cause us to lose existing licenses or banking relationships that we need to operate, or prevent or delay us from obtaining additional licenses that may be required for our business.

We rely on third parties in critical aspects of our business, which creates additional risk. Our ability to offer our services depends on relationships with other financial services institutions and entities, and our inability to maintain existing relationships or to enter into new such relationships could impact our ability to offer services to customers.

In order to offer our payments, payout, and wallet services to enterprise customers, we depend on various third party partners and payment systems. More specifically, our offering of the payments, payout, and wallet services depends on our ability to offer card transaction processing, Automated Clearing House network (“ACH”) transaction processing, and wire transfer processing services to our customers. In order to provide such transaction processing services, we have established relationships with financial institutions whereby such financial institutions sponsor us into the relevant payment networks (e.g., the card networks and the ACH). Our ability to offer our core API services depends on our ability to maintain existing sponsorship relationships and to seek out and obtain new sponsorship relationships.

Also, critical aspects of our technology rely on third party technologies, including blockchains, such as Ethereum and Algorand. Our regulatory status, the status of USDC and cryptocurrency more generally, may be an impediment to our ability to receive or obtain services, including sponsorship services, from financial institutions, including Mastercard and Visa. Should our sponsorship partners cease providing such sponsorship, we would be at risk of being unable to provide the payment processing services that are core to our enterprise customer offering.

Third parties upon which we rely to process transactions may refuse to process transactions adequately, may breach their agreements with us, refuse to renew agreements on commercially reasonable terms, take actions that degrade the functionality of our services, impose additional costs or requirements on us, or give preferential treatment to competitive services or suffer outages in their systems, any of which could disrupt our operations and materially and adversely affect our business, financial condition, results of operations and prospects.

Some third parties that provide services to us may have or gain market power and be able to increase their prices to us without competitive constraint. In addition, there can be no assurance that third parties that provide services directly to us will continue to do so on acceptable terms, or at all, or will not suffer from outages to their systems. If any third parties were to stop providing services to us on acceptable terms, we may be unable to procure alternatives from other third parties in a timely and efficient manner and on acceptable terms, or at all, which may materially and adversely affect our business, financial condition, results of operations and prospects.

As part of our strategy to reduce our dependence on third parties, we may in the future consider pursuing a U.S. national bank charter or evaluate the acquisition of a national bank. This would allow us to access the Federal Reserve System directly, reducing the costs and time for settling transactions. If we were to acquire a national bank, the acquisition would be subject to approval from the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the Office of the Comptroller of the Currency (the “OCC”) under the Bank Holding Company Act and the National Bank Act, respectively.

Further, if we were to obtain a U.S. national bank charter, we would become subject to regulation, supervision and examination by the Federal Reserve as well as other federal bank regulators. Our efforts to comply with such additional regulation might require substantial time, monetary and human resource commitments. Additionally, certain of our stockholders might need to comply with applicable federal banking statutes and regulations, including the Change in Bank Control Act and the Bank Holding Company Act. Specifically, Topco shareholders holding 10.0% or more of our voting interests might be required to

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provide certain information and/or commitments on a confidential basis to the Federal Reserve, among other regulators. This requirement may deter certain existing or potential shareholders from purchasing Topco Ordinary Shares, which may suppress demand for the stock and cause the price to decline.

We are subject to credit risks in respect of counterparties, including financial institutions.

Due to our treasury function and other services, we are and will continue to be subject to the risk of actual or perceived deterioration of the commercial and financial soundness, or perceived soundness, of other financial institutions, in particular in relation to receivables from financial institutions regarding settled payment transactions, and cash and cash-equivalents held at financial institutions. One institution defaulting, failing a stress test or requiring mail-in by its shareholders and/or creditors and/or bail-out by a government could lead to significant liquidity problems and losses or defaults by other institutions. For example, the bankruptcy of Lehman Brothers in 2008 led to this situation, as the commercial and financial soundness of many financial institutions at the time were closely related due to their credit, trading, clearing or other relationships. Even the perceived lack of creditworthiness of, or questions about, a counterparty or major financial institution may lead to market-wide liquidity problems and losses or defaults by financial institutions on which we have an exposure. This risk resulting from the interdependence on financial institutions is sometimes referred to as “systemic risk” and may adversely affect financial intermediaries, such as industry payment systems and banks, with whom we interact on a daily basis. Systemic risk, particularly within the United States, could have a material adverse effect on our ability to raise new funding and on our business, financial condition, results of operations and prospects.

We currently have two relationships for sponsorship in the payment card networks (i.e., Mastercard and Visa). We currently have a single relationship for sponsorship in the ACH. While we are working to diversify these relationships and on-board additional financial institution sponsors, we have not yet finalized any such sponsorship relationships. As such, should our relationships with our existing sponsor financial institutions deteriorate or if such financial institutions make a decision to cease sponsoring entities in the cryptocurrency space, we could lose our ability to process payment card and/or ACH transactions. In such an event, the value of our services to our enterprise customers would be negatively impacted and our enterprise customers could be forced to process much smaller transaction volume with us or to cease transaction processing through us entirely.

As part of our registration with payment card networks (either directly or indirectly through local sponsors), we are subject to operating rules, including mandatory technology requirements, promulgated by the payment card networks that could subject us to a variety of fines and penalties, which we may not be able to pass on to our enterprise customers. If a violation is sufficiently material, there is a risk of damaging the relationship we have with the payment card networks to such an extent that any willingness the payment card networks may have had to expand their business relationships in markets and sectors with us is restricted.

The rules of each payment card network are set by their board of directors, over which the credit card issuing banks have significant influence. This influence may result in decisions being taken by the payment card networks to alter rules or policies in a manner that may benefit others, including the credit card issuing banks, to our detriment. Moreover, as the payment card networks become more dependent on proprietary technology and seek to provide value added services, there is heightened risk that rules and standards may be governed by the self-interest of the payment card networks, or of those with influence over the payment card networks.

Furthermore, failure to comply with the payment card network rules, or the deterioration in our relationships with the payment card networks for any other reason, could also result in the restriction, suspension or termination of our licenses to acquire payment transactions in various jurisdictions, or to act with sponsoring banks to use their acquiring licenses. The suspension or termination of our member registrations or certifications, or any changes to the association and network rules, that we do not successfully address, or any other action by the payment card networks to restrict our ability to process transactions over such networks, could limit our ability to provide payment services to customers and result in a reduction

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of revenue or increased costs of operation, which, in either case, could have a material adverse effect on our business and results of operations. Our removal from networks’ lists of security standard compliant service providers, for example Mastercard’s Member Alert to Control High-Risk Merchants (“MATCH”) or Visa Merchant Alert System (“VMAS”), could mean that existing customers, partners or other third parties may cease using or referring our services. Also, prospective customers, partners or other third parties may choose not to consider us for their payments needs. In addition, the payment card networks could refuse to allow us to process through their networks. Any of the foregoing could materially adversely impact our business, financial condition or results of operations.

We are exposed to transaction losses due to chargebacks as a result of fraud or uncollectibility that may adversely impact our business, operating results, and financial condition.

Our products and services may be paid for by various methods, including ACH, wire transfers, or by credit and debit cards through payment processors, which exposes us to risks associated with chargebacks and refunds. These claims could arise from fraud, misuse, unintentional use, settlement delay, or other activities. Also, criminals are using increasingly sophisticated methods to engage in illegal activities, such as counterfeiting and fraud. If we are unable to collect such amounts from the customer, or if the customer refuses or is unable, due to bankruptcy or other reasons, to reimburse us, we bear the loss for the amount of the chargeback or refund.

While we have policies to manage and mitigate chargeback and fraud risks, there is no assurance that such policies will be effective. Our failure to limit chargebacks and fraudulent transactions could increase the number of refunds and chargebacks that we have to process. In addition, if the number of refunds and chargebacks increase, our payment processors could require us to increase reserves, impose penalties on us, charge additional fees, or terminate their relationships with us. Failure to effectively manage risk and prevent fraud could increase our chargeback and refund losses or cause us to incur other liabilities. Increases in chargebacks, refunds or other liabilities could have an adverse effect on our operating results, financial condition, and cash flows.

Our ability to process card payment transactions is critical to our business. Our card acquiring sponsors’ good standing with the payment card networks is, therefore, critical to our business. In the event our card acquiring sponsor were to lose its good standing with the payment card networks, we would be unable to process card payment transactions, and the utility of our services to our enterprise customers would deteriorate.

Our existing card acquiring sponsors are located in the United Kingdom and enable us to process card payment transactions globally. If the payment card networks require our acquiring partner to operate solely within its area of use (for example, the United Kingdom), we would lose our ability to offer card transaction processing services in the United States. Such a decision would have a negative impact on the utility of our services to our U.S.-based enterprise customers. In light of the foregoing, we are in the process of onboarding with a merchant acquirer in the United States, which should minimize any area of use risk, but that relationship has not yet been finalized and the associated technology build out is not yet complete.

Some of our largest customers provide significant contributions to our revenue. In particular, for the year ended December 31, 2020, our top 10 customers represent 10.9% of revenue and our top 3 customers represent 10.8% of revenue. Failure to retain these and other customers could negatively impact our business and could lead to significant fluctuations in its performance. Although our contracts with our customers, including our largest customers, are generally for one year, customers may seek price reductions when renewing, expanding or changing their services with us and/or when their need for payment, asset storage, investing or capital raise services experiences significant volume changes.

We may experience customer attrition as a result of several factors, including business closures, transfers of customer accounts to our competitors and account closures that we initiate. We cannot predict

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the level of attrition in the future and our revenues could decline as a result of higher than expected attrition, which could have a material adverse effect on our business, financial condition and results of operations. In addition, our growth to date has been partially driven by the growth of our customers’ businesses. Should the rate of growth of our customers’ business slow or decline, this could have an adverse effect on volumes processed and therefore an adverse effect on our results of operations. Should we not be successful in selling additional solutions, we may fail to achieve our desired rate of growth.

Further, certain customers may seek to lower prices previously agreed due to pricing competition or other economic needs or pressures being experienced by the customer. Customers may also seek more integrated or “bundled” offerings with a simplified pricing structure. In addition, as our large customers typically have arrangements with multiple payment service, asset storage, investing and capital raise providers (primarily in order to mitigate against risks such as downtime, delayed response time, or default), these customers could shift business away at any given time without necessarily terminating the contract. If our contracts are terminated by our large customers or if our large customers shift business away, or if we are unsuccessful in retaining contract terms that are favorable to us, our business, financial condition, results of operations and prospects may be materially and adversely affected.

Our products and services may be exploited to facilitate illegal activity such as fraud, money laundering, gambling, tax evasion, and scams. If any of our customers use our products or services to further such illegal activities, we could be subject to liability and our business could be adversely affected. Our efforts to detect and monitor such transactions for compliance with law may require significant costs, and our failure to effectively deal with bad, fraudulent or fictitious transactions and material internal or external fraud could negatively impact our business.

We have been, and may in the future be, subject to liability for illegal transactions, including fraudulent payments initiated by our customers, money laundering, gambling, tax evasion, and scams. Examples of fraud include when a party knowingly uses a stolen or otherwise illicitly acquired access information to a digital wallet. In addition, we are subject to the risk that our employees, counterparties or third-party service providers commit fraudulent activity against us or our customers. Criminals are using increasingly sophisticated methods to engage in illegal activities such as counterfeiting, account takeover and fraud. It is possible that incidents of fraud could increase in the future. The use of our products or services for illegal or improper purposes could subject us to claims, individual and class action lawsuits, and government and regulatory investigations, prosecutions, enforcement actions, inquiries, or requests that could result in liability and reputational harm for us. In addition, our efforts to detect and monitor such transactions for compliance with law may require significant costs.

Moreover, certain activity that may be legal in one jurisdiction may be illegal in another jurisdiction, and certain activities that are at one time legal may in the future be deemed illegal in the same jurisdiction. As a result, there is significant uncertainty and cost associated with detecting and monitoring transactions for compliance with local laws. In the event that a customer is found responsible for intentionally or inadvertently violating the laws in any jurisdiction, we may be subject to governmental inquiries, enforcement actions, prosecuted, or otherwise held secondarily liable for aiding or facilitating such activities. Changes in law have also increased the penalties for money transmitters, e-money issuers, broker-dealers and alternative trading systems for certain illegal activities, and government authorities may consider increased or additional penalties from time to time. Owners of intellectual property rights or government authorities may seek to bring legal action against us for involvement in the sale of infringing or allegedly infringing items. Any threatened or resulting claims could result in reputational harm, and any resulting liabilities, loss of transaction volume, or increased costs could harm our business.

Moreover, while fiat currencies can be used to facilitate illegal activities, crypto assets are relatively new and, in many jurisdictions, may be lightly regulated or largely unregulated. Many types of crypto assets have characteristics such as the speed with which digital asset transactions can be conducted, the ability to conduct transactions without the involvement of regulated intermediaries, the ability to engage in transactions across multiple jurisdictions, the irreversible nature of certain crypto asset transactions, and encryption technology that anonymizes these transactions, which may make crypto assets susceptible to use in illegal activity.

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U.S. federal and state and foreign regulatory authorities and law enforcement agencies, such as the Department of Justice, the SEC, the Commodity Futures Trading Commission, The Federal Trade Commission, the IRS and various state securities and financial regulators investigate, issue subpoenas and civil investigative demands, and take legal action against persons and entities alleged to be engaged in fraudulent schemes or other illicit activity involving crypto assets.

While we believe that our risk management and compliance framework is designed to detect significant illicit activities conducted by our potential or existing customers, we cannot ensure that we will be able to detect all illegal activity on our systems. If any of our customers use our products and services to further such illegal activities, our business could be adversely affected.

Our compliance and risk management methods might not be effective and may result in outcomes that could adversely affect our reputation, operating results, and financial condition. We rely on third parties for some of our KYC and other compliance obligations.

Our ability to comply with applicable complex and evolving laws, regulations, and rules is largely dependent on the establishment and maintenance of our compliance, audit, and reporting systems, as well as our ability to attract and retain qualified compliance and other risk management personnel. While we have devoted significant resources to develop policies and procedures to identify, monitor, and manage our risks, and expect to continue to do so in the future, we cannot assure that our policies and procedures will always be effective or that we will always be successful in monitoring or evaluating the risks to which we are or may be exposed in all market environments or against all types of risks, including unidentified or unanticipated risks. Our risk management policies and procedures rely on a combination of technical and human controls and supervision that are subject to error and failure.

Some of our methods for managing risk are discretionary by nature and are based on internally developed controls, observed historical market behavior, and standard industry practices. These methods may not adequately prevent losses, particularly as they relate to extreme market movements which may be significantly greater than historical fluctuations in the market. Our risk management policies and procedures also may not adequately prevent losses due to technical errors if our testing and quality control practices are not effective in preventing failures. In addition, we may elect to adjust our risk management policies and procedures to allow for an increased risk tolerance, which could expose us to the risk of greater losses.

Regulators periodically review our compliance with our own policies and procedures and with a variety of laws and regulations. We have received in the past, and may from time to time receive additional, examination reports citing violations of rules and regulations and inadequacies in existing compliance programs, and requiring us to enhance certain practices with respect to our compliance program, including due diligence, training, monitoring, reporting, and recordkeeping. If we fail to comply with these, or do not adequately remediate certain findings, regulators could take a variety of actions that could impair our ability to conduct our business, including delaying, denying, withdrawing, or conditioning approval of our licenses, or certain products and services. In addition, regulators have broad enforcement powers to censure, fine, issue cease-and-desist orders or prohibit us from engaging in some of our business activities. In the case of non-compliance or alleged non-compliance, we could be subject to investigations and proceedings that may result in substantial penalties or civil lawsuits, including by customers, for damages which can be significant. Any of these outcomes would adversely affect our reputation and brand and our business, operating results, and financial condition. Some of these outcomes could adversely affect our ability to conduct our business.

Furthermore, we rely on third parties for some of our KYC and other compliance obligations. If these third parties fail to effectively provide these services, we may be subject to adverse consequences as described above.

We are in the process of establishing connectivity with decentralized finance protocols as part of the suite of offerings we provide to our customers. Such relationships create certain liability risk for Circle should our customers experience losses as a result of accessing such decentralized finance protocols.

Once established and operationalized, our connectivity with numerous decentralized finance protocols will enable our customers to access the decentralized protocols in order to derive the benefit that particular

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decentralized protocol may provide them. We will not be offering or credentialing the decentralized protocols. We intend to simply provide the technology to allow our customers to effectively connect a Circle wallet to certain decentralized finance protocols. Nonetheless, providing such connectivity presents a risk that we may, under derivative theories of liability, be held responsible for the bad acts, failures or violations of law of the decentralized finance protocols. Decentralized protocols implicate consumer protection risks and may implicate a variety of anti-money laundering laws and regulations, including but not limited to the federal Bank Secrecy Act. If the protocols are deemed by the relevant authorities to be operating out of compliance with registration and other requirements under the Bank Secrecy Act or regulations thereunder, there is a risk that Circle could be held secondarily liable for aiding or facilitating such activities by virtue of the connectivity provided to customers.

If we fail to develop, maintain, and enhance our brand and reputation, our business, operating results, and financial condition may be adversely affected. Moreover, unfavorable media coverage could negatively affect our business.

Our brand and reputation are key assets and a competitive advantage. Maintaining, protecting, and enhancing our brand depends largely on the success of our marketing efforts, ability to provide consistent, high-quality, and secure products, services, features, and support, and our ability to successfully secure, maintain, and defend our rights to use the “Circle,” “USDC,” and “SeedInvest” marks and other trademarks important to our brand. We believe that the importance of our brand will increase as competition further intensifies. Our brand and reputation could be harmed if we fail to achieve these objectives or if our public image were to be tarnished by negative publicity, unexpected events, or actions by third parties.

We receive a high degree of media coverage in the cryptoeconomy and around the world. Unfavorable publicity regarding, for example, our product changes, product quality, litigation or regulatory activity, privacy practices, terms of service, employment matters, the use of our products, services, or supported cryptocurrencies for illicit or objectionable ends, the actions of our customers, or the actions of other companies that provide similar services to ours, has in the past, and could in the future, adversely affect our reputation.

In addition, because we are a founder-led company, actions by, or unfavorable publicity about, Jeremy Allaire, our co-founder, Chairman and Chief Executive Officer, may adversely impact our brand and reputation. Such negative publicity also could have an adverse effect on the size and engagement of our customers and could result in decreased revenue, which could have an adverse effect on our business, operating results, and financial condition. Further, we have in the past, and may in the future, be the target of social media campaigns criticizing actual or perceived actions or inactions that are disfavored by our customers, employees, or society at-large, which campaigns could materially impact our customers’ decisions to use our products and services. Any such negative publicity could have an adverse effect on the size, activity, and loyalty of our customers and result in a decrease in net revenue, which could adversely affect our business, operating results, and financial condition.

Our future growth depends significantly on our marketing efforts, and if our marketing efforts are not successful, our business and results of operations will be harmed.

We have dedicated some, and intend to significantly increase, resources to marketing efforts. Our ability to attract and retain customers depends in large part on the success of these marketing efforts and the success of the marketing channels we use to promote our products. Our marketing channels include, but are not limited to, social media, traditional media such as the press, online affiliations, search engine optimization, search engine marketing, and offline partnerships.

While our goal remains to increase the strength, recognition and trust in our brand by increasing our customer base and expanding our products and services, if any of our current marketing channels becomes less effective, if we are unable to continue to use any of these channels, if the cost of using these channels was to significantly increase or if we are not successful in generating new channels, we may not be able to attract new customers in a cost-effective manner or increase the use of our products and services. If we are unable to recover our marketing costs through increases in the size, value or other product selection and utilization, it could have a material adverse effect on our business, financial condition, results of operations, cash flows and future prospects.

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Concerns about the environmental impacts of blockchain technology could adversely impact usage and perceptions of USDC and Circle.

The energy usage and environmental impact of blockchain technology, particularly in relation to proof of work mining, has attracted considerable recent attention. Government scrutiny related to restrictions on cryptocurrency mining facilities and their energy consumption may increase, resulting in additional regulation that could adversely impact usage of USDC and harm our business. The considerable consumption of electricity by mining operators may also have a negative environmental impact, including contribution to climate change, which could create a negative consumer sentiment and perception of cryptocurrencies generally and adversely affect our business, prospects, financial condition, and operating results.

The COVID-19 pandemic could have unpredictable, including adverse, effects on our business, operating results, and financial condition.

The global spread and unprecedented impact of the COVID-19 pandemic continues to create significant volatility, uncertainty and economic disruption. Our operations and financial results have not been materially negatively impacted by COVID-19 in 2020 or the first half of 2021. The future effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic (including any resurgences), impact of the new COVID-19 variants and the rollout of COVID-19 vaccines, and the level of social and economic restrictions imposed in the United States and abroad in an effort to curb the spread of the virus, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. The continued impact of COVID-19 and the imposition of related public health measures have resulted in, and is expected to continue to result in, increased volatility and uncertainty in the cryptoeconomy. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on our business, results of operations, financial condition or liquidity.

As a remote-first company, we are subject to heightened operational and cybersecurity risks.

We are a remote-first company, meaning that for all existing roles our employees work from their homes or other non-company dwellings. However, we are offering our employees opportunities to work from shared office spaces hosted by third parties, like WeWork. This subjects us to heightened operational risks. For example, technologies in our employees’ and service providers’ homes and shared office spaces may not be as robust and could cause the networks, information systems, applications, and other tools available to employees and service providers to be more limited or less reliable. Further, the security systems in place at our employees’ and service providers’ homes and shared office spaces may be less secure than those used in corporate offices, and while we have implemented technical and administrative safeguards to help protect our systems as our employees and service providers work from home, we may be subject to increased cybersecurity risk which could expose us to risks of data or financial loss, and could disrupt our business operations. There is no guarantee that the data security and privacy safeguards we have put in place will be completely effective or that we will not encounter risks associated with employees and service providers accessing company data and systems remotely. We also face challenges due to the need to operate with a remote workforce and are addressing so to minimize the impact on our ability to operate.

Risks Related to Our Financial Condition

We have a history of losses, and there is no assurance that we will maintain profitability or that our revenue and business models will be successful.

We have incurred net losses in our past and there is no assurance that we will not incur net losses in the future. We incurred net losses from continuing operations of $17.3 million and $19.0 million in 2020 and 2019, respectively, and had net losses $2.6 million for the three months ended March 31, 2021. Our ability to achieve and maintain profitability is based on numerous factors, many of which are beyond our control. We may not be able to generate sufficient revenue to maintain profitability in the short or long-term. Our revenue growth may slow, or our revenue may decline for a number of other reasons, including reduced demand for our offerings, increased competition, a decrease in the growth or size of the stablecoin, cryptocurrency and digital asset economy, or any failure to capitalize on growth opportunities.

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We are continually refining our revenue and business model and have recently shifted our focus to the development and commercialization of USDC. There is no assurance that these efforts will be successful or that we will generate revenues commensurate with our efforts and expectations or become or stay profitable. We may be forced to make significant changes to our revenue and business model to compete with our competitors’ offerings, and even if such changes are undertaken, there is no guarantee that they will be successful or profitable. Additionally, we will need to hire, train, and integrate qualified personnel to meet and further such changes to our business objectives at potentially significant additional expense. Failure to successfully implement revenue and business models or manage related expenses could cause us to be unprofitable and have an adverse effect on our business, operating results and financial condition.

We may experience fluctuations in our quarterly operating results.

We could experience significant fluctuations in our quarterly operating results due to a number of factors, many of which are beyond our control. You should not rely on period-to-period comparisons of our operating results as an indication of our future performance. Factors that may cause fluctuations in our quarterly operating results include, but are not limited to, the following:

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a change in the payment volume and market cap of USDC;

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the level of our expenses;

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the degree to which we encounter competition in our markets;

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general economic conditions;

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the amount of capital available for investing in the market;

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legal or regulatory developments;

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legislative or policy changes;

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changes in the prospects of the economy generally, which could alter current or perspective customers’ priorities, or could increase the time it takes us to launch new offerings; and

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and the ongoing impact of the COVID-19 pandemic.

Our operating results may fall below the expectations of market analysts and investors in some future periods, which could cause the market price of our common stock to decline substantially.

Our financial forecasts, which were presented to Concord’s board of directors and are included in this proxy statement/prospectus, may not prove accurate.

In connection with the Proposed Transactions, Concord’s management presented certain forecasted financial information for Circle to its board of directors, which information was internally prepared and provided by us. The forecasts were based on numerous variables and assumptions known to us at the time of preparation. Such variables and assumptions are inherently uncertain and many are beyond our control or the control of Concord. Important factors that may affect actual results and cause the forecasts to not be achieved include, but are not limited to, risks and uncertainties relating to our business, industry performance, the competitive environment, changes in technology, and general business and economic conditions. Various assumptions underlying the forecasts may prove to not have been, or may no longer be, accurate. The forecasts may not be realized, and actual results may be significantly higher or lower than projected in the forecasts. The forecasts also reflect assumptions as to certain business strategies or plans that are subject to change. As a result, the inclusion of such forecasts in this proxy statement/prospectus should not be relied on as “guidance” or otherwise predictive of actual future events, and actual results may differ materially from the forecasts.

Changes in U.S. and foreign tax laws, as well as the application of such laws, could adversely impact our financial position and operating results.

We are subject to complex income and non-income tax laws and regulations in the United States and a variety of foreign jurisdictions. Both the United States and foreign jurisdictions may revise corporate income tax and other non-income tax laws which could impact the amount of tax due in such jurisdiction.

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Our determination of our corporate income tax liability is subject to review and may be challenged by applicable U.S. and foreign tax authorities. Any adverse outcome of such challenge could harm our operating results and financial condition. The determination of our worldwide provision for income taxes and other tax liabilities requires significant judgment and, in the ordinary course of business, there are many transactions and calculations where the ultimate tax determination is complex and uncertain. Moreover, as a multinational business, we have subsidiaries that engage in many intercompany transactions in a variety of tax jurisdictions where the ultimate tax determination is complex and uncertain. Our existing corporate structure and intercompany arrangements have been implemented in a manner we believe is in compliance with current prevailing tax laws. Furthermore, as we operate in multiple taxing jurisdictions, the application of tax laws can be subject to diverging and sometimes conflicting interpretations by tax authorities of these jurisdictions. It is not uncommon for taxing authorities in different countries to have conflicting views with respect to, among other things, the characterization and source of income or other tax items, the manner in which the arm’s-length standard is applied for transfer pricing purposes, or with respect to the valuation of intellectual property. The taxing authorities of the jurisdictions in which we operate may challenge our tax treatment of certain items or the methodologies we use for valuing developed technology or intercompany arrangements, which could impact our worldwide effective tax rate and harm our financial position and operating results.

We are also subject to non-income taxes, such as payroll, sales, use, value-added, net worth, property, and goods and services taxes in the United States and various foreign jurisdictions. A change in the tax law could impact tax positions which could result in an increased exposure related to such tax liabilities. Such changes could have an adverse effect on our operating results and financial condition.

Our Irish incorporation subjects us to both United States and international tax laws with respect to the structure and operations of our business, which are subject to continued scrutiny and change by governments that could have a material adverse effect on our results of operations and the ability to utilize cash in a tax efficient manner

Although we are incorporated in Ireland, the IRS may assert that we should be treated as a U.S. corporation (and, therefore, a U.S. tax resident) for U.S. federal tax purposes pursuant to Section 7874 of the Code. For U.S. federal tax purposes, a corporation generally is considered a tax resident in the jurisdiction of its organization or incorporation. Because we are an Irish incorporated entity, we would generally be classified as a foreign corporation (and, therefore, a non-U.S. tax resident) under these rules. Section 7874 of the Code provides an exception under which a foreign incorporated entity may, in certain circumstances, be treated as a U.S. corporation for U.S. federal tax purposes.

Under current law, we expect to be treated as a foreign corporation for U.S. federal tax purposes. However, there is limited guidance regarding the section 7874 provisions. An unfavorable determination on our treatment as a foreign corporation under section 7874 of the Code or changes to the inversion rules in section 7874 of the Code, the IRS Treasury regulations promulgated thereunder, or other IRS guidance and legislative proposals aimed at expanding the scope of U.S. corporate tax residence could adversely affect our status as a foreign corporation for U.S. federal tax purposes, which could have a material impact on our financial statements in future periods.

Our ability to use any current or future net operating loss to offset future taxable income may be subject to certain limitations under U.S. or foreign law.

As of December 31, 2020, we had net operating loss carryforwards (“NOLs”) for U.S. federal, state, and foreign purposes of $142.2 million, $6.1 million (tax affected), and $73.5 million, respectively, which may be available to offset taxable income in the future, and portions of which expire in various years beginning in 2034. A lack of future taxable income would adversely affect our ability to utilize these NOLs before they expire. Under the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), as modified by the CARES Act, federal NOLs incurred in tax years beginning after December 31, 2017, may be carried forward indefinitely, but the deductibility of such federal NOLs in tax years beginning after December 31, 2020, is limited to 80% of taxable income. It is uncertain if and to what extent various states will conform to the Tax Act or the CARES Act.

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In addition, under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), a corporation that undergoes an “ownership change” (as defined under Sections 382 and 383 of the Code and applicable Treasury Regulations) is subject to limitations on its ability to utilize its pre-change NOLs and certain other tax attributes to offset post-change taxable income or taxes.

We may experience a future ownership change under Section 382 of the Code that could affect our ability to utilize our NOLs to offset our income.

If our estimates or judgment relating to our critical accounting policies prove to be incorrect, our operating results could be adversely affected.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as provided in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates.” The results of these estimates form the basis for making judgments about the carrying values of assets, liabilities, and equity, and the amount of revenue and expenses that are not readily apparent from other sources. Significant estimates and judgments involve the identification of performance obligations in revenue recognition, evaluation of tax positions, inter-company transactions, and the valuation of stock-based awards and the fiat reserves and digital assets we hold, among others. Our operating results may be adversely affected if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our operating results to fall below the expectations of analysts and investors, resulting in a decline in the trading price of Topco Ordinary Shares.

The nature of our business requires the application of complex financial accounting rules, and there is limited guidance from accounting standard setting bodies. If financial accounting standards undergo significant changes, our operating results could be adversely affected.

The accounting rules and regulations that we must comply with are complex and subject to interpretation by the Financial Accounting Standards Board, or the FASB, the SEC, and various bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported financial results and may even affect the reporting of transactions completed before the announcement or effectiveness of a change. Recent actions and public comments from the FASB and the SEC have focused on the integrity of financial reporting and internal controls. In addition, many companies’ accounting policies are being subject to heightened scrutiny by regulators and the public. Further, there has been limited precedents for the financial accounting of stablecoins, cryptocurrencies and other digital assets and related valuation and revenue recognition considerations.

As such, there remains significant uncertainty on how companies can account for stablecoin, cryptocurrency and other digital asset transactions, value, and related revenue. Uncertainties in or changes to in regulatory or financial accounting standards could result in the need to changing our accounting methods and restate our financial statements and impair our ability to provide timely and accurate financial information, which could adversely affect our financial statements, result in a loss of investor confidence, and more generally impact our business, operating results, and financial condition.

Key business metrics and other estimates are subject to inherent challenges in measurement, and our business, operating results, and financial condition could be adversely affected by real or perceived inaccuracies in those metrics.

We regularly review key business metrics including USDC in Circulation, Total Transaction Volume, Total Circle Accounts, Transacting Circle API Customers, Closed Investment Volume, Adjusted EBIDTA, and other measures to evaluate growth trends, measure our performance, and make strategic decisions. These key metrics are calculated using internal company data and have not been validated by an independent third party. While these numbers are based on what we currently believe to be reasonable estimates for the

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applicable period of measurement, there are inherent challenges in such measurements. If we fail to maintain an effective analytics platform, our key metrics calculations may be inaccurate, and we may not be able to identify those inaccuracies.

Our key business metrics may also be impacted by compliance or fraud-related bans, technical incidents, or false or spam accounts in existence on our platform. We regularly deactivate fraudulent and spam accounts that violate our terms of service and exclude these accounts from the calculation of our key business metrics; however, we may not succeed in identifying and removing all such accounts from our platform. Additionally, customers are not prohibited from having more than one account and our metrics may overstate the number of unique customers who have registered an account on our platform as one customer may register for, and use, multiple accounts with different email addresses, phone numbers, or usernames. However, we do have controls in place to identify customers that have multiple accounts and we do not allow multiple customers to sign into the same account. If our metrics provide us with incorrect or incomplete information about customers and their behavior, we may make inaccurate conclusions about our business.

We are subject to changes in financial reporting standards or policies, including as a result of choices made by us, which could materially adversely affect our reported results of operations and financial condition and may have a corresponding material adverse impact on capital ratios.

Our consolidated financial statements are prepared in accordance with GAAP, which are periodically revised or expanded. Accordingly, from time to time we are required to adopt new or revised accounting standards issued by recognized bodies. It is possible that future accounting standards and financial reporting standards or policies, including as a result of choices made by us, which we are required to adopt, could change the current accounting treatment that applies to our consolidated financial statements and that such changes could have a material adverse effect on our reported results of operations and financial condition, and may have a corresponding material adverse effect on capital ratios.

As a result of being a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our stock.

We are required to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting. This assessment includes disclosure of any material weaknesses identified by our management in our internal control over financial reporting. During the evaluation and testing process of our internal controls, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to certify that our internal control over financial reporting is effective. We cannot assure that there will not be material weaknesses or significant deficiencies in our internal control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or results of operations. If we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness or significant deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our stock could decline, and we could be subject to sanctions or investigations by the exchange on which shares of our stock are listed, the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

We might require additional capital to support business growth, and this capital might not be available or may require shareholder approval to obtain.

We have funded our operations since inception primarily through equity financings, convertible notes, and revenue generated by our products and services. We intend to continue to make investments in our business to respond to business challenges, including developing new products and services, enhancing our operating infrastructure, expanding our international operations, and acquiring complementary businesses and technologies, all of which may require us to secure additional funds.

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Additional financing may not be available on terms favorable to us, if at all. If we incur additional debt, the debt holders would have rights senior to holders of Topco’s shares to make claims on our assets, and the terms of any debt could restrict our operations, including our ability to pay dividends on Topco’s shares.

Furthermore, Topco is an Irish incorporated public limited company, and following consummation of the Business Combination, certain capital structure decisions regarding Topco will require the approval of Topco’s shareholders, which may limit our flexibility to manage our capital structure. Under Irish law, the directors of a company may only allot and issue “relevant securities” (comprising, subject to certain exceptions, new shares and rights to subscribe for, or convert any security into, new shares) once generally or specifically authorized to do so by its constitution or by a resolution approved by a simple majority of the votes cast at a general meeting of its shareholders at which a quorum is present, referred to under Irish law as an “ordinary resolution”. A general authorization may be granted in respect of up to the entirety of a company’s authorized but unissued share capital and for a maximum period of five years, at which point it must be renewed by another ordinary resolution. The current constitution of Topco, adopted on July 7, 2021, authorizes Topco’s directors to allot and issue new shares and rights to subscribe for, or convert any security into, new shares in the capital of Topco up to the maximum of Topco’s authorized but unissued share capital for a period of five years from July 7, 2021. From Closing, the Topco Constitution will provide a similar authorization to Topco’s directors for a period of five years from its date of adoption. This authorization will need to be renewed by ordinary resolution upon its expiration and at periodic intervals thereafter. While an allotment authority may be given for up to five years at each renewal, governance considerations may result in renewals for shorter periods or in respect of less than the maximum permitted number of relevant securities being sought or approved. Any increase in Topco authorized share capital also requires to be approved by an ordinary resolution.

Subject to certain exceptions, Irish law also provides shareholders with statutory pre-emption rights when “equity securities” (comprising, subject to certain exceptions, new shares and rights to subscribe for, or convert any securities into, new shares) are issued for cash. However, it is possible for such statutory pre-emption rights to be generally or specifically dis-applied in a company’s constitution or by a resolution approved by not less than 75% of the votes cast at a general meeting of its shareholders at which a quorum is present, referred to under Irish law as a “special resolution”. A general dis-application of pre-emption rights may be given in respect of up to the entirety of a company’s authorized but unissued share capital and for a maximum period of five years, at which point it must be renewed by another special resolution. The current constitution of Topco, adopted on July 7, 2021, dis-applies statutory pre-emption rights up to the maximum of the authorized but unissued share capital for a period of five years from July 7, 2021. From Closing, the Topco Constitution will dis-apply statutory pre-emption rights up to the maximum of the authorized but unissued share capital for a period of five years from its date of adoption. This dis-application will need to be renewed by special resolution upon its expiration and at periodic intervals thereafter. While a dis-application of statutory pre-emption rights may be given for up to five years at each renewal, governance considerations may result in renewals for shorter periods or in respect of less than the maximum permitted number of equity securities being sought or approved.

If Topco issues additional shares, holders of Topco Ordinary Shares will experience dilution and the new shares could have rights senior to those of Topco Ordinary Shares. The trading prices for Topco Ordinary Shares may be highly volatile, which may reduce our ability to access capital on favorable terms or at all. In addition, a slowdown or other sustained adverse downturn in the general economic or cryptocurrency and digital asset markets could adversely affect our business and the value of Topco Ordinary Shares. Because our decision to raise capital in the future will depend on numerous considerations, including factors beyond our control, we cannot predict or estimate the amount, timing, or nature of any future issuances of shares. As a result, holders of Topco Ordinary Shares bear the risk of future issuances of debt or shares reducing the value of Topco Ordinary Shares and diluting their interests. Our inability to obtain adequate financing or financing on terms satisfactory to us, when we require it, could significantly limit our ability to continue supporting our business growth and responding to business challenges.

The prices of digital assets are extremely volatile, and price fluctuations may adversely impact the value of digital assets that we hold.

Digital assets have historically experienced high levels of volatility far in excess of that experienced in fiat currencies. A number of factors contribute to changes in digital asset prices and volatility, including

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changes in the supply and demand for a particular digital asset, market sentiment, macroeconomic factors, utility of a particular digital asset, and idiosyncratic events such as exchange outages or commentary on social media. We are exposed to price volatility with respect to the corporate digital assets we hold. Though our fundamental business and growth strategy does not include acquiring digital assets for the purpose of value appreciation, we have exposure to digital assets at the corporate level because, for certain services we perform, our customers may pay us in digital assets. To the extent customers compensate us in the form of digital assets, and we continue to hold these digital assets, we may be subject to the high degree of price volatility associated with these digital assets. A decline in price may require us to take an impairment charge on our digital assets, and a decline in the value of the digital assets we hold in higher concentrations may have a larger adverse impact on our operating results in any given period. Volatility in the value of digital assets or other market factors may limit our ability to convert digital assets into fiat currency at attractive prices or at all.

Risks Related to USDC and Related Products

Our ecosystem and all API product offerings are as of today centered on USDC, a cryptographic token backed by at least an equivalent amount of U.S. dollar denominated assets held in segregated accounts with U.S. regulated financial institutions in accordance with state money transmitter laws. The regulatory landscape as it relates to stablecoins, including USDC, continues to evolve. Such evolution may create additional regulatory burden and expense and could materially impact the issuance, use and adoption of USDC.

The entirety of our API product offering is today built on the ability of our customers to hold and transact in USDC. Stablecoins, including USDC, are a relatively new development in the payments and financial services industry. As such, the regulatory status of USDC and other stablecoins remains somewhat uncertain in the United States and other jurisdictions. As regulatory interpretations develop throughout the world, we may be required to obtain registrations and/or licenses in various jurisdictions that we do not currently hold. We may also be required to take on new and additional compliance obligations in certain jurisdictions, or we could be directed to cease operations involving USDC in one or more jurisdictions. Any of these scenarios could have a detrimental impact on our business given that USDC is central to the entirety of our API operations.

The regulatory treatment of stablecoins like USDC is highly uncertain and has drawn significant attention from legislative and regulatory bodies around the world. The issuance and resale of stablecoins may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, anti-money laundering, commodities, securities, sanctions, and other laws and regulations in the United States and in other jurisdictions. If USDC is classified as a security in the United States or in other jurisdictions, we would likely be subject to additional regulation that could materially impact the adoption of USDC and adversely affect our business, prospects and results of operations. See also “Risks Related to Government Regulation.”

Further, our business model relies on our ability to market and sell the utility of USDC to existing and potential enterprise customers. Our core API services involve offering certain payment functionality, payout or disbursement functionality, and wallet services to our customers utilizing USDC. The use of such API services by our enterprise customers, as well as the integration of such API services into the product offerings that our enterprise customers make available to their end customers, raises numerous regulatory questions. Financial services regulators in the United States or in other jurisdictions around the world may not agree with our legal positions. In addition, should financial services regulators make changes to or alter interpretations of applicable laws and regulations as they relate to USDC, we may be unable to continue offering our payment, payout, and wallet services to enterprise customers in certain jurisdictions or we may have to alter the services in a manner that may be materially detrimental to our financial performance.

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Stablecoins built on blockchain technology were only introduced in 2014 and remain in the early stages of development. We are a founding member of the Centre Consortium and the sole minter of USDC, one of the largest stablecoins by market cap globally. The further growth and development of any stablecoin and their underlying networks and other cryptographic and algorithmic protocols governing the creation, transfer, and usage of such stablecoin represent a new and evolving paradigm that is subject to a variety of factors that are difficult to evaluate, including:

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Any stablecoin project, like USDC, relies on third parties, like financial institutions and counterparties, to hold funds, cash equivalents, and other assets to back the stablecoins that are issued, outstanding and freely circulating. These parties have their own policies and may change their view and acceptance of any stablecoin at any time. This may result in delays and other barriers to redemption and sale of USDC. Additionally, the fiat-reserves backing USDC held at or through financial institutions or intermediaries may be subject to the risk of loss, theft, insolvency, and governmental and regulatory freezes and seizures.

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The markets for stablecoins have varying degrees of liquidity. There is no assurance that there will continue to be an active market for one to sell or buy USDC, or use our other products and services.

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Many blockchains where stablecoins are built, such as USDC in Ethereum, Algorand, Solana and Stellar, have limited operating histories, have not been validated in production, and are still in the process of developing and making significant decisions that will affect the underlying blockchain, any of which could adversely affect the stablecoins whose protocols are built on top of such blockchains.

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The development of new technologies for mining, such as improved application-specific integrated circuits (commonly referred to as ASICs), or changes in industry patterns, such as the consolidation of mining power in a small number of large mining farms, could reduce the security of the blockchain networks where the USDC protocol operates.

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The successful launch and adoption of central bank digital assets, including those already underway, could directly and adversely impact the demand for USDC.

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If rewards and transaction fees for miners or validators on any particular blockchain network where the USDC protocol operates are not sufficiently high to attract and retain miners, the blockchain network’s security and speed may be adversely affected, increasing the likelihood of a malicious attack.

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The governance of many decentralized blockchain networks is by voluntary consensus and open competition, and many developers are not directly compensated for their contributions. As a result, there may be a lack of consensus or clarity on the governance of any particular crypto network, a lack of incentives for developers to maintain or develop the network, and other unforeseen issues, any of which could result in unexpected or undesirable errors, bugs, or changes, or stymie such network’s utility and ability to respond to challenges and grow.

These risks are fundamentally beyond our control and could materially and adversely affect USDC and our business, financial condition and operating results.

Centre Consortium is the standard setting body with respect to the minting and burning of USDC. The Centre Consortium’s decisions, reputation and actions are integral to the future development and growth of USDC, and while we are a founding member, we are not able to unilaterally govern the Centre Consortium or the decisions that affect USDC. If the Centre Consortium deems certain of our activities or our financial viability to be potentially detrimental to Centre, Centre has certain rights that it can exercise vis-à-vis us that could limit our ability to continue our existing operations, impacting our financial performance and continued viability.

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Products and services that are based on cryptocurrency and other digital assets are relatively new. Many of our competitors are unlicensed, unregulated, operate without supervision by any governmental authorities, and do not provide the public with significant information regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. As a result, customers and the general public may lose confidence in crypto asset and blockchain technology, including regulated products and services like ours.

Since the inception of the cryptoeconomy, numerous cryptocurrency and digital asset businesses and platforms have been sued, investigated, or shut down due to fraud, illegal activities, the sale or issuance of unregistered securities, manipulative practices, business failure, and security breaches. In many of these instances, customers of these platforms, products and services were not compensated or made whole for their losses. Mid-sized companies like us are more appealing targets for hackers and malware and may also be more likely to be targets of regulatory enforcement actions.

In addition, there have been reports that a significant amount of cryptocurrency trading volume is fabricated and false in nature, with a specific focus on unregulated platforms, products and services located outside the United States. Such reports may indicate that the market for products and services utilizing cryptocurrencies and other digital assets is significantly smaller than otherwise understood.

Negative perception, a lack of stability and standardized regulation in the cryptoeconomy, and the closure or temporary shutdown of platforms utilizing cryptocurrencies due to fraud, business failure, hackers or malware, or government mandated regulation, and associated losses suffered by customers may reduce confidence in the cryptoeconomy and result in greater volatility of the prices of assets, including significant depreciation in value. Any of these events could have a material and adverse impact on our business.

Issuing and redeeming USDC from our platform involves risks, which could result in loss of customer assets, customer disputes and other liabilities, which could adversely impact our business.

To receive USDC a customer must deposit, via credit or debit card, ACH or wire transfer, to a Circle bank account, U.S. dollars corresponding to the amount of desired USDC tokens. Once the credit is made to the Circle bank account, USDC tokens are minted and issued to the customer’s digital wallet (the “Circle Account”), effectively increasing the USDC in circulation. Likewise, customers with USDC in their Circle Account can redeem USDC so that the system burns the USDC tokens and transfers U.S. dollar funds out of reserve and into a customer’s linked bank account, effectively reducing the USDC in circulation.

If a customer incorrectly enters bank account credentials or other information when depositing and withdrawing funds, there is a risk that a portion or all of the customer’s assets will be permanently and irretrievably lost with no means of recovery. Alternatively, a customer may transfer USDC or other supported assets to an external wallet address that he, she or it does not own, control or hold the private keys to. Such incidents could result in customer disputes, damage to our brand and reputation, legal claims against us, and financial liabilities, any of which could adversely affect our business.

Future developments regarding the treatment of USDC and other stablecoins for U.S. federal income, state and foreign tax purposes could adversely impact our business.

Due to the new and evolving nature of stablecoins and other digital assets, there is an absence of law and judicial precedent for such transactions as it relates to U.S. federal and state income tax purposes as well as foreign tax treatment. We do not know with any certainty when or if additional guidance will be provided. Changes to the tax law could lead to adverse tax consequences in the future.

In 2014, the IRS released a notice, or IRS Notice, discussing certain aspects of “convertible virtual currency” (that is, a digital asset that has an equivalent value in fiat currency or that acts as a substitute for fiat currency) for U.S. federal income tax purposes and, in particular, stating that such digital asset (i) is “property” (ii) is not “currency” for purposes of the rules relating to foreign currency gain or loss and

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(iii) may be held as a capital asset. In 2019, the IRS released a revenue ruling and a set of “Frequently Asked Questions”, or the Ruling & FAQs, that provide some additional guidance, including guidance to the effect that, under certain circumstances, hard forks of digital assets are taxable events giving rise to ordinary income and guidance with respect to the determination of the tax basis of digital asset. However, the IRS Notice and the Ruling & FAQs do not address other significant aspects of the U.S. federal income tax treatment of stablecoins and states that no inference should be drawn with respect to virtual currencies not described in the Notice.

The types of virtual currencies addressed in the Notice and their features are significantly different from USDC and stablecoins in general. Whereas the value of the types of virtual currencies addressed in the Notice reflect a variety of factors, such as perceived utility, they are not subject to a requirement by the issuer to redeem them based on a one to one basis. Although we believe our treatment of digital asset transactions is consistent with existing guidance provided by the IRS, because of the rapidly evolving nature of digital asset innovations and the increasing variety and complexity of digital asset products, it is possible the IRS may disagree with our treatment of certain of our digital asset events for U.S. federal income tax purposes, which could adversely affect our customers and the vitality of our business. Similar uncertainties exist in the foreign markets in which we operate, affecting our non-U.S. customer base, and these uncertainties and potential adverse interpretations of tax law could affect our non-U.S. customers and the vitality of our products and services outside of the United States.

There can be no assurance that the IRS or other foreign tax authority will not alter or clarify its position with respect to digital assets and stablecoins specifically in the future. It is also unclear what additional guidance may be issued in the future on the treatment of existing cryptocurrency and other digital asset transactions and future innovations for purposes of U.S. federal income tax or other foreign tax regulations. Any such alteration of existing IRS and foreign tax authority positions or additional guidance regarding digital asset products and transactions could result in adverse tax consequences for holders and issuers of digital assets and could have an adverse effect on the value of digital assets and the broader digital assets markets. Future technological and operational developments that may arise with respect to digital assets may increase the uncertainty with respect to the treatment of digital asserts for U.S. federal income and foreign tax purposes. The uncertainty regarding tax treatment of stablecoin, cryptocurrency and other digital asset transactions impacts our customers, and could impact our business, both domestically and abroad.

We believe we are compliant with U.S. federal income tax reporting and withholding requirements with respect to USDC and other operational transactions. The exact scope and application of such reporting and withholding requirements, including but not limited to U.S. onboarding requirements through Form W, backup withholding, and Form 1099 reporting obligations, is not specifically addressed for our business transactions. The IRS could introduce new rules related to tax reporting and withholding obligations. Changes to the tax law surrounding this issue may require revisions to our current compliance protocols. The IRS may issue additional regulations related to tax reporting and withholding obligations. We will refine compliance procedures surrounding withholding and reporting for U.S. federal income tax reporting purposes as needed to ensure compliance.

We recently secured a Class F Digital Asset Business license from the Bermuda Monetary Authority to offer yield-generating services as part of the Circle Account product. Such approval was accompanied by specific conditions that we must meet with respect to offering the product. There is a risk that we may not be able to meet all such conditions, which could lead to the approval being revoked. In the event this approval is revoked, we may need to permanently cease offering this product, or may need to make material changes to the product that could significantly increase our expenses and that may not result in a viable product offering. Further, our ability to offer our proposed yield service product in jurisdictions around the world is unclear from a regulatory perspective, including but not limited to questions about whether certain aspects of the offering constitute securities. If our yield service product is classified as a security in the United States or in other jurisdictions, we would likely be subject to additional regulation that could

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materially impact the adoption of this product and adversely affect our business, prospects and results of operations. See also “Risks Related to Government Regulation.” Further, in offering the yield service product, we are dependent on certain partners who will provide liquidity and the regulatory requirements with respect to those partners are uncertain. Our dependency on the performance of those partners raises risk that turns upon their performance. Moreover, we use Genesis as the custodian of the collateral, and consequently we and our yield service product customers are exposed to the credit risk of Genesis. If our partners fail to perform, both we and our customers could be subject to losses, and we may be required to cease offering the product.

Risks Related to SeedInvest

SeedInvest offers a digital platform for companies to raise capital through equity offerings directly on the internet and seeks to capitalize on interest in the digitization of early-stage investing. We believe that continued adoption of digital technologies as part of investment tools will continue to grow, but it is possible that investor interest in these types of offerings will be limited or that we may be unable to comply with existing regulations of broker-dealers or FINRA compliance requirements in a way that is effective to promote additional adoption and utilization of SeedInvest and growth of the SeedInvest business. Further, if we are unsuccessful in attracting exciting and interesting small business to the platform, or if the companies that use SeedInvest services are unsuccessful and customers experience losses, the value of the platform’s accessibility and its pre-vetted opportunities may not be realized and customers may perceive the equity offered on SeedInvest to be bad investments, which could cause us lose customers and to experience significant losses.

If favorable regulations regarding digital assets including digital securities and trading, clearance and settlement rules for digital securities are not adopted or if such regulations create significant compliance burdens for broker-dealers and equity crowdfunding platforms, SeedInvest may be unable to expand its business and we may not be able to realize synergies. SeedInvest intends to develop tokenized securities to continue to democratize capital raising for startup companies while we provide digital payment, marketplace and custody services to enable the future acquisition, sale and storage of the tokens at scale. To date, neither the SEC nor FINRA have provided clear guidance or regulations regarding broker-dealer activities associated with tokenized securities and digital assets, and if no such guidance or regulations are promulgated, SeedInvest may not be able to support the continued growth of our business and expansion into new or novel digital assets.

SeedInvest is subject to regulatory oversight and may from time to time be involved in regulatory requests, exams, inquiries and actions which if resolved unfavorably could result in fines or penalties, modifications to its business or reputational harm.

SeedInvest is a regulated broker-dealer entity and operates within a regulated environment. As a result, SeedInvest is subject to regulatory oversight and may from time to time be involved in regulatory requests, exams, inquiries and actions which if resolved unfavorably could result in fines or penalties, modifications to its business or reputational harm. See also “Risks Related to Government Regulation.”

Risks Related to Our Employees and Other Service Providers

In the event of employee or service provider misconduct or error, our business may be adversely impacted.

Employee or service provider misconduct or error could subject us to legal liability, financial losses, and regulatory sanctions, and could seriously harm our reputation and negatively affect our business. Such misconduct could include engaging in improper or unauthorized transactions or activities, misappropriation of customer funds, and misappropriation of information, failing to supervise other employees or service providers, or improperly using confidential information.

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Employee or service provider errors, including mistakes in executing, recording, or processing transactions for customers, could expose us to the risk of material losses even if the errors are detected. Although we have implemented processes and procedures and provide trainings to our employees and service providers to reduce the likelihood of misconduct and error, these efforts may not be successful. Moreover, the risk of employee or service provider error or misconduct may be even greater for novel products and services, and is compounded by the fact that many of our employees and service providers are accustomed to working at tech companies which generally do not maintain the same compliance customs and rules as financial services firms.

This can lead to high risk of confusion among employees and service providers, particularly in a fast growth company like ours, with respect to compliance obligations particularly including confidentiality, data access, trading, and conflicts. It is not always possible to deter misconduct and the precautions we take to prevent and detect this activity may not be effective in all cases. If we were found to have not met our regulatory oversight and compliance and other obligations, we could be subject to regulatory sanctions, financial penalties, restrictions on our activities for failure to properly identify, monitor and respond to potentially problematic activity, and seriously damage our reputation. Our employees, contractors, and agents could also commit errors that subject us to financial claims for negligence, as well as regulatory actions, or result in financial liability. Further, allegations by regulatory or criminal authorities of improper trading activities could affect our brand and reputation.

The loss of one or more of our key personnel, or our failure to attract and retain other highly qualified personnel in the future, could adversely impact our business, operating results, and financial condition.

We operate in a relatively new industry that is not widely understood and requires highly skilled and technical personnel. We believe that our future success is highly dependent on the talents and contributions of our senior management team, including Jeremy Allaire, our co-founder, Chairman and Chief Executive Officer, members of our executive leadership team, and other key employees across product, engineering, risk management, finance, compliance, legal, talent and marketing.

Our future success depends on our ability to attract, develop, motivate, and retain highly qualified and skilled employees. Due to the nascent nature of the cryptoeconomy, the pool of qualified talent is extremely limited, particularly with respect to executive talent, engineering, risk management, and financial regulatory expertise. We face intense competition for qualified individuals from numerous software and other technology companies. To attract and retain key personnel, we incur significant costs, including salaries and benefits and equity incentives. Even so, these measures may not be enough to attract and retain the personnel we require to operate our business effectively. The loss of even a few qualified employees, or an inability to attract, retain and motivate additional highly skilled employees required for the planned expansion of our business, could adversely impact our operating results and impair our ability to grow.

Our culture emphasizes innovation, and if we cannot maintain this culture as we grow, our business and operating results could be adversely impacted.

We believe that our entrepreneurial and innovative corporate culture has been a key contributor to our success. We encourage and empower our employees to develop and launch new and innovative products and services, which we believe is essential to attracting high quality talent, partners, and developers, as well as serving the best, long-term interests of our company. If we cannot maintain this culture as we grow, we could lose the innovation, creativity and teamwork that has been integral to our business, in which case our products and services may suffer and our business, operating results, and financial condition could be adversely impacted.

Our officers, directors, employees, and large stockholders may encounter potential conflicts of interests with respect to their positions or interests in certain entities, and other initiatives, which could adversely affect our business and reputation.

We frequently engage with a wide variety of crypto and blockchain industry participants, as well as startups and growth companies, and maintain relationships with a significant number of crypto projects, their developers, members of their ecosystem, and investors. These transactions and relationships could create potential conflicts of interests in management decisions that we make. For instance, certain of our officers,

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directors, and employees are active investors in crypto projects and other growth companies themselves, and may make investment decisions that favor projects that they have personally invested in. Many of our large stockholders also make investments in these crypto projects. For more information, see the section titled “Certain Circle Relationships and Related Party Transactions.” In addition, our co-founder, Chairman and Chief Executive Officer, Jeremy Allaire, is involved in a number of initiatives related to the cryptoeconomy and more broadly, which could divert Mr. Allaire’s time and attention from overseeing our business operations and have a negative impact on our business.

Risks Related to Government Regulation

Our business is subject to extensive laws, rules, regulations, policies, orders, determinations, directives, treaties, and legal and regulatory interpretations and guidance in the markets in which we operate, including those governing financial services and banking, securities, broker-dealers, commodities, credit, cross-border and domestic money and crypto asset transmission, commercial lending, usury, foreign currency exchange, privacy, data governance, data protection, cybersecurity, fraud detection, payment services, escheatment, antitrust and competition, bankruptcy, tax, anti-bribery, economic and trade sanctions, anti-money laundering, and counter-terrorist financing.

Many of these legal and regulatory regimes were adopted prior to the advent of the internet, mobile technologies, digital assets, and related technologies. As a result, they do not contemplate or address unique issues associated with the cryptoeconomy, are subject to significant uncertainty, and vary widely across U.S. federal, state, and local and international jurisdictions. These legal and regulatory regimes, including the laws, rules, and regulations thereunder, evolve frequently and may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another.

Moreover, the complexity and evolving nature of our business and the significant uncertainty surrounding the regulation of the cryptoeconomy requires us to exercise our judgement as to whether certain laws, rules, and regulations apply to us, and it is possible that governmental bodies and regulators may disagree with our conclusions. To the extent we have not complied with such laws, rules, and regulations, we could be subject to significant fines, revocation of licenses, limitations on our products and services, reputational harm, and other regulatory consequences, each of which may be significant and could adversely affect our business, operating results, and financial condition.

In addition to existing laws and regulations, various governmental and regulatory bodies, including legislative and executive bodies in the United States and in other countries, may adopt new laws and regulations, or new interpretations of existing laws and regulations may be issued by such bodies or the judiciary, which may adversely impact the development of the cryptoeconomy as a whole and our legal and regulatory status in particular by changing how we operate our business, how our products and services are regulated, and what products or services we and our competitors can offer, requiring changes to our compliance and risk mitigation measures, imposing new licensing requirements, or imposing a total ban on certain crypto asset transactions, as has occurred in certain jurisdictions in the past.

We may be further subject to administrative sanctions for technical violations or customer attrition if the user experience suffers as a result. As another example, the recent extension of anti-money laundering requirements to certain crypto-related activities by the E.U. Fifth Money Laundering Directive has increased the regulatory compliance burden for our business in Europe and, as a result of the fragmented approach to the implementation of its provisions, resulted in distinct and divergent national licensing and registration regimes for us in different E.U. member states. Further E.U.-level legislation imposing additional regulatory requirements in relation to crypto-related activities is also expected in the intermediate term which, among other things, may impose new or additional regulatory requirements on both digital asset service providers and issuers of certain digital assets, which may impact our operations in the E.U.

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Legislative and regulatory actions taken now or in the future may increase our costs and impact our business, governance structure, financial condition or results of operations.

Federal, state and international regulatory agencies frequently adopt changes to their regulations or change the way existing regulations are applied. Regulatory or legislative changes to laws applicable to the financial industry, if enacted or adopted, may impact the profitability of our business activities, require more oversight or change certain of our business practices, including the ability to offer new products and to continue offering our current products, and could expose us to additional costs, including increased compliance costs. These changes also may require us to invest significant management attention and resources to make any necessary changes to operations to comply and could have a material adverse effect on our business, financial condition and results of operations.

The cryptoeconomy is novel and has little to no access to policymakers or lobbying organizations, which may harm our ability to effectively react to proposed legislation and regulation of stablecoins as well as related payment products and services adverse to our business.

As stablecoins, cryptocurrencies and other digital assets have grown in both popularity and market size, various U.S. federal, state, and local and foreign governmental organizations and public advocacy groups have been examining the operations of crypto networks, users and platforms, with a focus on how crypto assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist enterprises, and the safety and soundness of platforms and other service providers that hold crypto assets for users.

Many of these entities have called for heightened regulatory oversight and have issued advisories describing the risks posed by cryptocurrencies to users and investors. The cryptoeconomy is novel and has little to no access to policymakers and lobbying organizations in many jurisdictions. Competitors from other, more established industries, including traditional financial services, may have greater access to lobbyists or governmental officials, and regulators that are concerned about the potential for stablecoins and cryptocurrencies for illicit usage may affect statutory and regulatory changes with minimal or discounted inputs from the cryptoeconomy. As a result, new laws and regulations may be proposed and adopted in the United States and internationally, or existing laws and regulations may be interpreted in new ways, that harm the stablecoin, cryptocurrency and digital asset industry, which could adversely impact our business.

The regulatory environment to which we are subject gives rise to various licensing requirements, significant legal and financial compliance costs and management time, and non-compliance could result in monetary and reputational damages, all of which could have a material adverse effect on our business, financial position and results of operations.

In the United States, we have obtained licenses to operate as a money transmitter or its equivalent in the states where such licenses are required, as well as in the District of Columbia and Puerto Rico. In addition, we have obtained a BitLicense from the NYDFS and are registered as a “Money Services Business” with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”). These licenses and registrations subject us to, among other things, record-keeping, reporting and bonding requirements, limitations on the investment of customer funds, and examination by state and federal regulatory agencies.

In addition, we currently hold an Electronic Money Issuer authorization with the U.K. Financial Conduct Authority and a Class F Digital Asset Business license with the Bermuda Monetary Authority. SeedInvest is a FINRA registered broker dealer (CRD# 170937) and a member of the Securities Investor Protection Corporation.

There can be no assurance that we will be able to maintain our existing, or obtain additional, required regulatory licenses, certifications and regulatory approvals in the countries where we provide services or want to expand to. Furthermore, where we have obtained such regulatory licenses, certifications and regulatory approvals, there are substantial costs and potential product changes involved in maintaining such regulatory licenses, certifications, and approvals, and we could be subject to fines or other enforcement action if we are found to violate disclosure, reporting, anti-money laundering, capitalization, corporate governance or other requirements of such licenses. These factors could impose substantial additional costs and involve considerable delay to the development or provision of our products or services, or could require significant and costly operational changes or prevent us from providing any products or services in a given market.

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These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity or unclear application to the business of non-traditional financial services. As a result, their application in practice may evolve over time as new guidance is provided by supervisory authorities and the interpretation of requirements by supervisory authorities and courts may be further clarified over time. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory bodies or supervisory authorities due to ambiguities related to their interpretation, application and practice, supervisory authorities may initiate legal and regulatory proceedings against us and our business, reputation, financial condition, results of operations and cash flow could be materially and adversely affected.

In certain countries, it may not be clear whether we are required to be licensed as a money transmitter, payment services provider, bank, financial institution, custodian, broker-dealer, exchange, or otherwise. Local regulators may use their power to slow or halt payments or otherwise prohibit us from doing business in a country. We and our local businesses do not only need to comply with the local laws and regulations, but also with certain laws and regulations with worldwide application. Further, because our services are accessible worldwide and we facilitate USDC transfers worldwide, one or more jurisdictions may claim that we or our customers or partners are required to comply with their laws. Laws regulating the internet, mobile and related technologies outside of U.S. may impose different, more specific, or even conflicting obligations on us, as well as broader liability.

If we are unable to commit sufficient resources for regulatory compliance, this could lead to delays and errors and may force it to choose between prioritizing compliance matters over administrative support for business activities, or may ultimately force us to cease the offering of certain products or services globally or in certain jurisdictions. Any delays or errors in implementing regulatory compliance could lead to substantial monetary damages and fines, public reprimands, a material adverse effect on our reputation, regulatory measures in the form of cease and desists orders, increased regulatory compliance requirements or other potential regulatory restrictions on our business, enforced suspension of operations and in extreme cases, withdrawal of regulatory licenses or authorizations to operate particular businesses, or criminal prosecution in certain circumstances.

In addition to non-compliance by us ourselves, we may in the future suffer negative consequences of non-compliance by third parties that use our payments and treasury infrastructure through APIs that have direct access to our systems. We may also suffer negative consequences of customers operating businesses or schemes in violation of applicable rules and regulations whose activities we could be held responsible to monitor and, where applicable, to denounce or to interrupt its extension of services to such customers and, if necessary, terminate the relationship with such party. We may be required to make greater expenditures and devote additional resources and management time to addressing these liabilities and requirements, which could have an adverse effect on our business, financial position and results of operations.

The financial services industry is subject to intensive regulation. Major changes in laws and regulations, as well as enforcement actions, could adversely affect our business, financial position, results of operations and prospects.

In pursuit of a broad reform and restructuring of financial services regulation, national and supra-national legislatures and supervisory authorities, predominantly in the United States and Europe but also elsewhere, continue to introduce and implement a wide range of proposals that could result in major changes to the way our global operations are regulated and could have adverse consequences for our business, business model, financial position, results of operations, reputation and prospects. These changes could materially impact the profitability of our businesses or the value of its assets, require changes to business practices or force us to discontinue businesses and expose us to additional costs, taxes, liabilities, enforcement actions and reputational risk and are likely to have a material impact on us.

The timing and full impact of new laws and regulations cannot be determined yet and are beyond our control. The introduction of these and other new rules and requirements could significantly impact the manner in which we operate, particularly in situations where regulatory legislation can interfere with or even set aside national private law. New requirements may adversely affect our business, capital and risk management strategies and may result in us deciding to modify our legal entity structure, capital and

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funding structures and business mix or exit certain business activities altogether, or determine not to expand in certain business areas despite their otherwise attractive potential.

The large number of legislative initiatives, in particular with respect to the financial services industry, requires constant attention from our senior management and consumes significant levels of resources to identify and analyze the implications of these initiatives. We may have to adapt our strategy, operations and businesses, including policies, procedures and documentation, to comply with these new legal requirements. Based on the volume of existing initiatives, it cannot be excluded that certain new requirements will not be implemented in a timely fashion or implemented without errors, or in a manner satisfactory to the applicable supervisory authority, resulting in non-compliance and possible associated negative consequences such as administrative fine or public reprimands. Additionally, we may be forced to cease to serve certain types of customers or cease to offer certain services or products as a result of new requirements. Any of the other above factors, events or developments may materially adversely affect our businesses, financial position and results of operations and prospects.

We are subject to laws, regulations, and executive orders regarding economic and trade sanctions, anti-bribery, anti-money laundering, and counter-terror financing that could impair our ability to compete in international markets or subject us to criminal or civil liability if we violate them. As we continue to expand and localize our international activities, our obligations to comply with the laws, rules, regulations, and policies of a variety of jurisdictions will increase and we may be subject to investigations and enforcement actions by U.S. and non-U.S. regulators and governmental authorities.

As we expand and localize our international activities, we have and will become increasingly obligated to comply with the laws, rules, regulations, policies, and legal interpretations both of the jurisdictions in which we operate and those into which we offer services on a cross-border basis. Laws regulating financial services, the internet, mobile technologies, cryptocurrencies, and related technologies outside of the United States often impose different, more specific, or even conflicting obligations on us, as well as broader liability.

We are required to comply with U.S. economic and trade sanctions administered by OFAC, and we have processes in place to comply with OFAC regulations and requirements as well as similar requirements in other jurisdictions. The OFAC regulations and requirements generally restrict dealings by persons subject to U.S. jurisdiction with certain governments, countries, or territories that are the target of comprehensive sanctions, currently the Crimea Region of Ukraine, Cuba, Iran, North Korea, Syria, and Venezuela as well as with persons identified on certain prohibited lists. We are also subject to various anti-money laundering and counter-terrorist financing laws and regulations around the world that prohibit, among other things, our involvement in transferring the proceeds of criminal activities. In the United States, most of our services are subject to anti-money laundering laws and regulations, including the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA”) and other similar laws and regulations.

The BSA, among other things, requires money transmitters to develop and implement risk-based anti-money laundering programs, to report large cash transactions and suspicious activity, and, in some cases, to collect and maintain information about customers who use their services and maintain other transaction records. Regulators in the United States and globally continue to increase their scrutiny of compliance with these obligations, which may require us to further revise or expand our compliance program including the procedures we use to verify the identity of our customers and to monitor transactions on our system, including payments to persons outside of the United States. Regulators regularly re-examine the transaction volume thresholds at which we must obtain and keep applicable records or verify identities of customers, and any change in such thresholds could result in greater costs for compliance. We could be subject to potentially significant fines, penalties, inquiries, audits, investigations, enforcement actions, and criminal and civil liability if regulators or third-party auditors identify gaps in our anti-money laundering program and such gaps are not sufficiently remediated, or if our anti-money laundering program is found to violate the BSA by a regulator.

Despite our efforts to comply with the applicable laws, rules, and regulations, there can be no guarantee that these measures will be viewed as compliant. If we were to be found to have violated sanctions, or become involved in government investigations, that could result in negative consequences for us, including costs

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related to government investigations, financial penalties, and harm to our reputation. The impact on us related to these matters could be substantial. Although we have implemented controls and screening tools designed to prevent similar activity, there is no guarantee that we will not inadvertently provide our products and services to individuals, entities, or governments prohibited by U.S. sanctions.

Regulators worldwide frequently study each other’s approaches to the regulation of the cryptoeconomy. Consequently, developments in any jurisdiction may influence other jurisdictions. New developments in one jurisdiction may be extended to additional services and other jurisdictions. The European Commission, for example, has proposed revisions to the Anti-Money Laundering Directives, which could make compliance more costly and operationally difficult to manage. As a result, the risks created by any new law or regulation in one jurisdiction are magnified by the potential that they may be replicated, affecting our business in another place or involving another service. Conversely, if regulations diverge worldwide, we may face difficulty adjusting our products, services, and other aspects of our business with the same effect. These risks are heightened as we face increased competitive pressure from other similarly situated businesses that engage in regulatory arbitrage to avoid the compliance costs associated with regulatory changes.

We may operate our business in foreign countries where companies often engage in business practices that are prohibited by United States and other regulations applicable to us. We are subject to anti-corruption laws and regulations, including the FCPA, Irish Criminal Justice (Corruption Offenses) Act 2018, and other laws that prohibit the making or offering of improper payments to foreign government officials and political figures, including anti-bribery provisions enforced by the Department of Justice. These laws prohibit improper payments or offers of payments to foreign governments and their officials and political parties by the United States and other business entities for the purpose of obtaining or retaining business. We have implemented policies, procedures, systems, and controls designed to identify and address potentially impermissible transactions under such laws and regulations; however, there can be no assurance that all of our employees, consultants and agents, including those that may be based in or from countries where practices that violate U.S. or other laws may be customary, will not take actions in violation of our policies, for which we may be ultimately responsible.

The complexity of U.S. federal and state and international regulatory and enforcement regimes, coupled with the global scope of our operations and the evolving global regulatory environment, could result in a single event prompting a large number of overlapping investigations and legal and regulatory proceedings by multiple government authorities in different jurisdictions. Any of the foregoing could, individually or in the aggregate, harm our reputation, damage our brands and business, and adversely affect our operating results and financial condition. Due to the uncertain application of existing laws and regulations, it may be that, despite our regulatory and legal analysis concluding that certain products and services are currently unregulated, such products or services may indeed be subject to financial regulation, licensing, or authorization obligations that we have not obtained or with which we have not complied. As a result, we are at a heightened risk of enforcement action, litigation, regulatory, and legal scrutiny which could lead to sanctions, cease, and desist orders, or other penalties and censures which could significantly and adversely affect our continued operations and financial condition.

Our consolidated balance sheets may not contain sufficient amounts or types of regulatory capital to meet the changing requirements of our various regulators worldwide, which could adversely affect our business, operating results, and financial condition.

Effective management of our capital and liquidity is critical to our ability to operate our businesses, to grow organically and to pursue our strategy. As a regulated and licensed entity in various jurisdictions, we are required to possess sufficient financial soundness and strength to adequately support our regulated affiliate entities. The maintenance of adequate capital and liquidity is also necessary for our financial flexibility in the face of turbulence and uncertainty in the global economy. We may from time to time incur indebtedness and other obligations which could make it more difficult to meet these capitalization requirements or any additional regulatory requirements.

In addition, although we are not a bank holding company for purposes of United States law or the law of any other jurisdiction, as a global provider of financial services and in light of the changing regulatory environment in various jurisdictions, we could become subject to new capital requirements introduced or imposed by U.S. federal, state or international regulators. The changes to applicable current or future capital

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and liquidity requirements may require us to raise additional regulatory capital or hold additional liquidity buffers, for example because of different interpretations of or methods for calculating risk exposure amounts or liquidity outflows or inflows, or because we do not comply with ratios and levels, or instruments and collateral requirements that currently qualify as capital or capital risk mitigating techniques no longer do so in the future because of changes to the requirements or interpretations thereof. Any change or increase in these regulatory requirements could have an adverse effect on our business, operating results, and financial condition.

If we are unable to raise the requisite regulatory capital, we may be required to reduce the amount of our risk exposure amount or business levels, restrict certain activities or engage in the disposition of core and other non-core businesses, which may not occur on a timely basis or at prices which would otherwise be attractive to us, and such inability to raise sufficient regulatory capital could have an adverse effect on the market’s trust in respect of the long-term viability of our products and services, which could, for example, result in customers transferring to use our competitors’ platforms for the provision of stablecoins, payment infrastructure, and/or crowdfunding and investment opportunities. As a result of stricter liquidity requirements or higher liquidity buffers, we may be required to optimize our funding composition which may result in higher funding costs for us, and in having to maintain buffers of liquid assets which may result in lower returns than less liquid assets. Furthermore, if we are unable to adequately manage our liquidity position, this may prevent us from meeting our short-term financial obligations.

We maintain complex treasury operations to manage and move customer asset across our platform and to comply with regulatory requirements. However, it is possible we may experience errors in fiat currency and digital asset handling, accounting, and regulatory reporting that leads us to be out of compliance with these requirements.

In addition, regulators may increase the amount of fiat currency reserves that we are required to maintain for our operations, as has happened in the past. For instance, in 2017, the Hawaii Division of Financial Institutions imposed a new policy whereby digital asset businesses are required to maintain cash reserves in an amount equal to the aggregate face value of digital asset funds held on behalf of customers. Any similar events can complicate our operations and increase our expenses. Any noncompliance may lead to sanctions, penalties, changes to our business operations, or the revocation of licenses.

The above changes and any other changes that limit our ability to manage effectively our balance sheet, liquidity position and capital resources going forward, or to access funding sources, could have a material adverse impact on our financial position, regulatory capital position and liquidity provision.

We obtain and process a large amount of sensitive customer data. Any real or perceived improper use of, disclosure of, or access to such data could harm our reputation, as well as have an adverse effect on our business.

Our operations involve the storage and/or transmission of sensitive information, including highly personal data of our customers. Consequently, we are subject to complex and evolving U.S., U.K., European, and other jurisdictions’ laws, rules, regulations, orders and directives (referred to as “privacy laws”) relating to the collection, use, retention, security, processing and transfer (referred to as “process”) of personally identifiable information (referred to as “personal data”) in the countries where we operate. Much of the personal data that we process, especially financial information, is regulated by multiple privacy laws and, in some cases, the privacy laws of multiple jurisdictions. In many cases, these laws apply not only to third-party transactions, but also to transfers of information between or among us and our subsidiaries.

Any failure, or perceived failure, by us to comply with our privacy policies or with any applicable privacy laws in one or more jurisdictions could result in proceedings or actions against us by governmental entities or others, including class action privacy litigation in certain jurisdictions, significant fines, penalties, judgments and reputational damages to us, requiring us to change our business practices, increasing the costs and complexity of compliance, any of which could materially and adversely affect its business, financial condition, results of operations and prospects.

Data protection, privacy and information security have become the subject of increasing public, media and legislative concern. If our customers were to reduce their use of our products and services as a result of these concerns, our business could be materially harmed. In addition, we are also subject to the possibility

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of security breaches, which themselves may result in a violation of these privacy laws. Any failure of us or our partners or others who use our services to adequately protect sensitive data could have a material and adverse effect on its reputation, business, financial condition, results of operations and prospects.

We are subject to complex and evolving laws, regulations, and industry requirements related to data privacy, data protection and information security across different markets where we conduct our business, including in the United States and EEA such laws, regulations, and industry requirements are constantly evolving and changing. Our actual or perceived failure to comply with such laws, regulations, and industry requirements, or our privacy policies/notices could harm our business by impairing customer trust and could subject us to fines and reputational harm.

Various local, state, federal, and international laws, directives, and regulations apply to our collection, use, retention, protection, disclosure, transfer, and any other processing of personal data. There is uncertainty and inconsistency in how these data protection and privacy laws and regulations are interpreted and applied , and they continue to evolve in ways that could adversely impact our business. These laws have a substantial impact on our operations both outside and in the United States, directly as a data controller/business and as a data processor/service provider and handler for various offshore entities.

In the United States, state and federal lawmakers and regulatory authorities have increased their attention on the collection and use of consumer data. While our current product offering does not target retail consumers, some of our prior products have been offered to retail consumers. In the United States, non-sensitive consumer data generally may be used under current rules and regulations, subject to certain restrictions, so long as the consumer does not affirmatively “opt-out” of the collection or use of such data. If an “opt-in” model or additional required “opt-outs,” were to be adopted in the United States, less data could be available, and the cost of data would be higher.

California has enacted the California Consumer Privacy Act, or the CCPA, along with related regulations, in 2020 and the California Privacy Rights Act, or the CPRA, which has been passed and will become effective on January 1, 2023. The CCPA gives California residents new rights to access and request deletion of their personal data, opt out of the sale of personal data, and receive detailed information about how their personal data is processed. The CCPA provides for civil penalties for violations, as well as a private right of action for data breaches that involving the loss of personal data. This private right of action may increase the likelihood of, and risks associated with, data breach litigation. The CPRA significantly modifies the CCPA, including by expanding consumers’ rights with respect to certain personal data and creating a new state agency to oversee implementation and enforcement efforts. While the CCPA currently has exemptions for business-to-business and human resources data, these exemptions are set to expire on January 1, 2023. It is unclear if they will be extended. The CCPA and CPRA may increase our compliance costs and potential liability, particularly in the event of a data breach, and could have a material adverse effect on our business, including how we use personal data, our financial condition, and our operating results.

Additionally, the CCPA has prompted a number of proposals for new federal and state-level privacy legislation, such as in Nevada, Virginia, Colorado, and others. Virginia’s legislation, the Consumer Data Protection Act, or CDPA, passed and becomes effective January 1, 2023. On June 8, 2021, the state of Colorado passed its bill, which is pending signature by the state governor. As of June 11, 2021, five states have proposed legislation under consideration in the local legislatures. As each new state law is passed, it could add increasing complexity to and significantly expand the scope of our compliance efforts, impact our business strategies, increase our potential liability, increase our compliance costs, and adversely affect our business.

As a result of our presence in Europe and our service offering in the European Union, or the E.U., we are subject to the European General Data Protection Regulation, or the GDPR, which imposes stringent E.U. data protection requirements, and could increase the risk of non-compliance and the costs of providing our products and services in a compliant manner. A breach of the GDPR could result in regulatory investigations, reputational damage, fines and sanctions, orders to cease or change our processing of our data, enforcement notices, or assessment notices (for a compulsory audit). We may also face civil claims including representative actions and other class action type litigation (where individuals have suffered harm), potentially amounting to significant compensation or damages liabilities, as well as associated costs, diversion of internal resources, and reputational harm.

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Additionally, in the United Kingdom, or the U.K., the Data Protection Act contains provisions, including its own derogations, for how GDPR is applied in the U.K. We have to continue to comply with the GDPR and also the U.K.’s Data Protection Act, with each regime having the ability to fine up to the greater of €20 million (£17 million) or 4% of annual global turnover. The relationship between the U.K. and the E.U. remains uncertain, for example how data transfers between the U.K. and the E.U. and other jurisdictions will be treated and the role of the U.K.’s supervisory authority.

On June 28, 2021, the European Commission issued the U.K. with an “adequacy decision” to facilitate the continued free flow of personal data from E.U. member states to the U.K. However, this adequacy decision has a limited duration of four years in case there is a future divergence between EU and UK data protection laws. In the event that the UK maintains an equivalent standard.at the end of the four year period, it is open to the European Commission to renew its finding. In the event that the adequacy decisions is not renewed after this time, the adjustments required to facilitate data transfers from E.U. member states to the U.K. will lead to additional costs as we try to ensure compliance with new privacy legislation and will increase our overall risk exposure.

In addition, the GDPR imposes strict rules on the transfer of personal data out of the E.U. to a “third country” including the United States. These obligations may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another and may conflict with other requirements or our practices. On July 16, 2020, the Court of Justice of the European Union, or CJEU, invalidated the European Union United States, or E.U.-U.S., “Privacy Shield” (under which personal data could be transferred from the E.U. to U.S. entities that had self-certified under the Privacy Shield scheme) on the grounds that the Privacy Shield failed to offer adequate protections to E.U. personal data transferred to the United States. In addition, while the CJEU upheld the adequacy of the standard contractual clauses (a standard form of contract approved by the European Commission as an adequate personal data transfer mechanism, and potential alternative to the Privacy Shield), it made clear that reliance on them alone may not necessarily be sufficient in all circumstances.

Use of the standard contractual clauses must now be assessed on a case by case basis taking into account the legal regime applicable in the destination country, in particular applicable surveillance laws and rights of individuals. The use of standard contractual clauses for the transfer of personal data specifically to the United States remains under review by a number of European data protection supervisory authorities, along with those of some other E.U. member states. German and Irish supervisory authorities have indicated, and enforced in recent rulings, that the standard contractual clauses alone provide inadequate protection for E.U.-U.S. data transfers. On August 10, 2020, the U.S. Department of Commerce and the European Commission announced new discussions to evaluate the potential for an enhanced E.U.-U.S. Privacy Shield framework to comply with the July 16, 2020 judgment of the CJEU.

Further, on June 7, 2021, the European Commission published new versions of the standard contractual clauses, or the “SCCs”, for comment. The new SCCs repeal the old versions within three months of the publication date. This will create an additional compliance obligation on our business, as new contracts will need to incorporate the new SCCs and existing contracts using the old SCCs will need to be amended to incorporate the new SCCs within the 18-month time period designated by the European Commission.

The CJEU’s decision, along with the subsequent guidance issued by the European Data Protection Board on November 11, 2020, and adopted on June 21, 2021, and recent statements by E.U. supervisory authorities, and the new versions of the SCCs, have led to uncertainty regarding the legality of E.U.-U.S. data flows in general and those conducted under the Privacy Shield in particular.

While we maintain a Privacy Shield certification, we rely on the SCC for intercompany data transfers from the E.U. to the United States and have reviewed and amended any existing vendor agreements that rely only on Privacy Shield as the data transfer mechanism. As supervisory authorities continue to issue further guidance on personal data, we could suffer additional costs, complaints, or regulatory investigations or fines, and if we are otherwise unable to transfer personal data between and among countries and regions in which we operate, it could affect the manner in which we provide our services, the geographical location or segregation of our relevant systems and operations, and could adversely affect our financial results.

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We are also subject to evolving E.U. privacy laws on cookies and e-marketing. In the E.U., regulators are increasingly focusing on compliance with requirements in the online behavioral advertising ecosystem, and a E.U. regulation known as the ePrivacy Regulation will significantly increase fines for non-compliance once in effect. In the E.U., informed consent, including a prohibition on pre-checked consents and a requirement to ensure separate consents for each cookie, is required for the placement of a cookie or similar technologies on a user’s device and for direct electronic marketing. As regulators start to enforce the strict approach in recent guidance, this could lead to substantial costs, require significant systems changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, negatively impact our efforts to understand customers, adversely affect our margins, increase costs, and subject us to additional liabilities.

As these and other laws and regulations may continue to evolve and be enacted, or new interpretations of existing laws and regulations apply, it may require us to modify our data processing practices, agreements and policies and to incur substantial costs in order to comply with this ever evolving regulatory landscape. Restrictions on the collection, use, sharing or disclosure of personal information or additional requirements and liability for security and data integrity could require us to modify our solutions and features, possibly in a material manner, could limit our ability to develop new services and features and could subject us to increased compliance obligations and regulatory scrutiny. We use a variety of technical and organizational security measures and other measures to protect the data we process, in particular personal data pertaining to our customers, employees and business partners. Despite measures we put in place, we may be unable to anticipate or prevent unauthorized access to such personal data.

There is a risk that as we expand, we may assume liabilities for breaches experienced by the companies we acquire. Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection, and information security, it is possible that our practices or technology could fail, or be alleged to fail to meet applicable requirements. For instance, the overall regulatory framework governing the application of privacy laws to blockchain technology is still highly undeveloped and likely to evolve. Despite our efforts to choose vendors that meet applicable laws, regulations and other obligations relating to privacy, data protection, and information security and maintain robust security controls, it is possible that a vendor could fail to comply or experience a data breach impacting our data and our business. Our failure, or the failure by our third-party providers or partners, to comply with applicable laws or regulations and to prevent unauthorized access to, or use or release of personal data, or the perception that any of the foregoing types of failure has occurred, could damage our reputation or result in fines or proceedings by governmental agencies and private claims and litigation, any of which could adversely affect our business, operating results, and financial condition.

We are and may continue to be subject to litigation, including individual and class action lawsuits, as well as regulatory audits, disputes, inquiries, investigations and enforcement actions by regulators and governmental authorities.

We have been and may from time to time become subject to material claims, arbitrations, individual and class action lawsuits, government and regulatory investigations, inquiries, actions or requests and other proceedings alleging violations of laws, rules, and regulations, both foreign and domestic, involving competition and antitrust law, intellectual property, privacy, data protection, information security, anti-money laundering, counter terrorist financing, sanctions, anti-corruption, accessibility claims, securities, tax, labor and employment, payment network rules, commercial disputes, services, and other matters. The number and significance of our actual disputes and inquiries have increased as we have grown larger, our business has expanded in scope and geographic reach, and our products and services have increased in complexity.

In addition, our prior business lines may continue to expose us to claims, arbitrations and lawsuits by former or existing clients. For example, we are and, from time to time, we may become, subject to various legal proceedings, consumer arbitrations, and regulatory investigation matters that arise from our previous ownership of the Poloniex digital asset trading platform. For example, see the risk factor titled “We may incur significant liability as a result of several ongoing disputes and investigations. The ultimate resolution of these matters may require substantial cash payments, materially and adversely affect our business, financial condition and results of operation, and may cause dilution to our shareholders.”

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Moreover, the laws, rules and regulations affecting our business, including those pertaining to stablecoins, cryptocurrencies, digital assets, internet and mobile services, as well as payment, crowdfunding and other financial services, are subject to ongoing interpretation by the courts and governmental and supervisory authorities, and the resulting uncertainty in the scope and application of these laws, rules and regulations increases the risk that we will be subject to private claims, governmental and regulatory actions alleging violations of those laws, rules, and regulations.

The scope, determination, and impact of claims, lawsuits, government and regulatory investigations, enforcement actions, disputes, and proceedings to which we are subject cannot be predicted with certainty, and may result in:

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substantial payments to satisfy judgments, fines, or penalties;

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substantial outside counsel legal fees and costs;

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additional compliance and licensure requirements;

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loss or non-renewal of existing licenses or authorizations, or prohibition from or delays in obtaining additional licenses or authorizations, required for our business;

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loss of productivity and high demands on employee time;

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civil or criminal sanctions or consent decrees;

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termination of certain employees, including members of our executive team;

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barring of certain employees from participating in our business in whole or in part;

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orders that restrict our business or prevent us from offering certain products or services;

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changes to our business model and practices;

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delays to planned transactions, product launches or improvements; and

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damage to our brand and reputation.

Because of our large customer base, actions against us may claim large monetary damages, even if the alleged per-customer harm is small or non-existent. Regardless of the outcome, any such matters can have an adverse impact, which may be material, on our business, operating results, or financial condition because of legal costs, diversion of management resources, reputational damage, and other factors.

Treatment of Circle as a foreign corporation for U.S. federal income tax purposes.

Circle expects to be treated as a foreign corporation for U.S. federal tax purposes. However, there is limited guidance regarding the provisions under Section 7874 of the Code. For general information regarding the inversion rules of Section 7874 of the Code, see the discussion below under “— Material U.S. Federal Income Tax Considerations — U.S. Federal Income Tax Treatment of Topco — Tax Residence of Topco for U.S. Federal Income Tax Purposes.”

Risks Related to Intellectual Property

Our intellectual property rights are valuable, and any inability to protect them could adversely impact our business, operating results, and financial condition.

Our business depends in large part on our proprietary technology and our brand. We rely on, and expect to continue to rely on, a combination of trademark, trade dress, domain name, copyright, and trade secret and laws, as well as confidentiality and license agreements with our employees, contractors, consultants, and third parties with whom we have relationships, to establish and protect our brand and other intellectual property rights. As of April 15, 2021, we held 7 registered trademarks in the United States, including “Circle,” and also held 29 registered trademarks in foreign jurisdictions. We also had 2 pending trademark applications in the United States, as well as 8 pending trademark applications in foreign jurisdictions.

Our efforts to protect our intellectual property rights may not be sufficient or effective. Our proprietary technology and trade secrets could be lost through misappropriation or breach of our confidentiality and

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license agreements, and any of our intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. There can be no assurance that our intellectual property rights will be sufficient to protect against others offering products, services, or technologies that are substantially similar to ours and that compete with our business.

As we have grown, we have sought to obtain and protect our intellectual property rights in an increasing number of countries, a process that can be expensive and may not always be successful. For example, the U.S. Patent and Trademark Office and various foreign governmental intellectual property agencies require compliance with a number of procedural requirements to complete the trademark application process and to maintain issued trademarks, and noncompliance or non-payment could result in abandonment or lapse of a trademark or trademark application, resulting in partial or complete loss of trademark rights in a relevant jurisdiction. Further, intellectual property protection may not be available to us in every country in which our products and services are available. We may also agree to license our intellectual property to third parties as part of various agreements. Those licenses may diminish our ability, though, to counter-assert our intellectual property rights against certain parties that may bring claims against us.

In the future we may be sued by third parties for alleged infringement of their proprietary rights.

In recent years, there has been considerable patent, copyright, trademark, domain name, trade secret and other intellectual property development activity in the cryptoeconomy, as well as litigation, based on allegations of infringement or other violations of intellectual property, including by large financial institutions. Furthermore, individuals and groups can purchase patents and other intellectual property assets for the purpose of making claims of infringement to extract settlements from companies like ours. Our use of third-party intellectual property rights also may be subject to claims of infringement or misappropriation.

We cannot guarantee that our internally developed or acquired technologies and content do not or will not infringe the intellectual property rights of others. From time to time, our competitors or other third parties may claim that we are infringing upon or misappropriating their intellectual property rights, and we may be found to be infringing upon such rights. Any claims or litigation could cause us to incur significant expenses and, if successfully asserted against us, could require that we pay substantial damages or ongoing royalty payments, prevent us from offering our products or services or using certain technologies, force us to implement expensive work-arounds, or impose other unfavorable terms.

We expect that the occurrence of infringement claims is likely to grow as the digital asset market grows and matures. Accordingly, our exposure to damages resulting from infringement claims could increase and this could further exhaust our financial and management resources. Further, during the course of any litigation, we may make announcements regarding the results of hearings and motions, and other interim developments. If securities analysts and investors regard these announcements as negative, the market price of Topco Ordinary Shares may decline. Even if intellectual property claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and require significant expenditures. Any of the foregoing could prevent us from competing effectively and could have an adverse effect on our business, operating results, and financial condition.

Our and our ecosystem partners’ products and services, including the blockchains where the USDC protocol is built on, contain third-party open source software components, and failure to comply with the terms of the underlying open source software licenses could harm our business.

Our products and services contains software modules licensed to us by third-party authors under “open source” licenses. Also, the blockchains on which the USDC protocol is built and our other ecosystem partners materially rely on open source licenses to operate. We also make certain of our own software available to customers for free under various open source licenses. Use and distribution of open source software may entail greater risks than use of third-party commercial software, as open source licensors generally do not provide support, warranties, indemnification or other contractual protections regarding infringement claims or the quality of the code. In addition, the public availability of such software may make it easier for others to compromise our products and services.

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Some open source licenses contain requirements that we make available source code for modifications or derivative works we create based upon the type of open source software we use, or grant other licenses to our intellectual property. If we combine our proprietary software with open source software in a certain manner, we could, under certain open source licenses, be required to release the source code of our proprietary software to the public. This would allow our competitors to create similar offerings with lower development effort and time and ultimately could result in a loss of our competitive advantages. Alternatively, to avoid the public release of the affected portions of our source code, we could be required to expend substantial time and resources to re-engineer some or all of our software.

Although we monitor our use of open source software to avoid subjecting our products and services to conditions we do not intend, we have not recently conducted an extensive audit of our use of open source software and, as a result, we cannot assure you that our processes for controlling our use of open source software in our products and services are, or will be, effective. If we are held to have breached or failed to fully comply with all the terms and conditions of an open source software license, we could face litigation, infringement or other liability, or be required to seek costly licenses from third parties to continue providing our offerings on terms that are not economically feasible, to re-engineer our products or services, to discontinue or delay the provision of our offerings if re-engineering could not be accomplished on a timely basis or to make generally available, in source code form, our proprietary code, any of which could adversely affect our business, operating results, and financial condition.

Moreover, the terms of many open source licenses have not been interpreted by U.S. or foreign courts. As a result, there is a risk that these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide or distribute our products and services. From time to time, there have been claims challenging the ownership of open source software against companies that incorporate open source software into their solutions. As a result, we could be subject to lawsuits by parties claiming ownership of what we believe to be open source software.

Risks Relating to Operating as a Public Company

The requirements of being a public company, including maintaining adequate internal control over our financial and management systems, may strain our resources, divert management’s attention, make us incur increased costs, and affect our ability to attract and retain executive management and qualified board members.

As a public company we will incur significant legal, accounting, and other expenses that we did not incur as a private company. We will be subject to reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the rules subsequently implemented by the SEC, the rules and regulations of the listing standards of the NYSE, the Irish Companies Act and other applicable securities rules and regulations. Stockholder activism, the current political and social environment, and the current high level of government intervention and regulatory reform, may lead to substantial new regulations and disclosure obligations, which will likely result in additional compliance costs and could impact the manner in which we operate our business in ways we cannot currently anticipate.

Our management team has limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, operating results, and financial condition. Although we have already hired additional employees to assist us in complying with these requirements, our finance team is small and we may need to hire more employees in the future, or engage outside consultants, which will increase our operating expenses. We also expect that being a public company and complying with applicable rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to incur substantially higher costs to obtain and maintain the same or similar coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors and qualified executive officers.

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Compliance with these rules and regulations may strain our financial and management systems, internal controls, and employees. The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results. Moreover, the Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures, and internal control, over financial reporting. In order to maintain and, if required, improve our disclosure controls and procedures, and internal control over, financial reporting to meet this standard, significant resources and management oversight may be required. If we encounter material weaknesses or deficiencies in our internal control over financial reporting, we may not detect errors on a timely basis and our consolidated financial statements may be materially misstated. Effective internal control is necessary for us to produce reliable financial reports and is important to prevent fraud.

As a public company listed in the United States, we will incur significant additional legal, accounting and other costs. These additional costs could negatively affect our financial results. In addition, changing laws, regulations and standards relating to corporate governance and public disclosure, including regulations implemented by the SEC and the NYSE, may increase legal and financial compliance costs and make some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management’s time and attention from revenue-generating activities to compliance activities. If, notwithstanding our efforts to comply with new laws, regulations and standards, we fail to comply, regulatory authorities may initiate legal proceedings against us and our business may be harmed.

We expect our independent registered public accounting firm will be required to formally attest to the effectiveness of our internal control over financial reporting commencing with our second annual report on Form 10-K. We expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. Despite our efforts, there is a risk that we will not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective as required by Section 404. If we identify one or more material weaknesses, it could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our financial statements. As a result, the market price of Topco Ordinary Shares could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial and management resources.

Failure to comply with these rules might also make it more difficult for us to obtain some types of insurance, including director and officer liability insurance, and we might be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. The impact of these events could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, on committees of our board of directors or as members of senior management.

The trading price of Topco Ordinary Shares may be volatile, and purchasers of Topco Ordinary Shares could incur substantial losses.

Our stock price may be volatile. The stock market in general and the market for technology companies and cryptocurrency technology companies in particular have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this volatility, investors may not be able to sell their Topco Ordinary Shares at or above the price paid for the shares. The market price for Topco Ordinary Shares may be influenced by many factors, including:

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actual or anticipated variations in our operating results;

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changes in financial estimates by us or by any securities analysts who might cover our stock;

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conditions or trends in our industry;

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changes as a result of the COVID-19 pandemic, or similar macroeconomic events;

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stock market price and volume fluctuations of comparable companies and in particular those that operate in the cryptocurrency and digital asset industry;

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announcements by us or our competitors of new product or service offerings, significant acquisitions, strategic partnerships, or divestitures;

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announcements of investigations or regulatory scrutiny of our operations or lawsuits filed against us;

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capital commitments;

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investors’ general perception of our company and our business;

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recruitment or departure of key personnel; and

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sales of Topco Ordinary Shares, including sales by our directors and officers or specific stockholders.

In addition, in the past, stockholders have initiated class action lawsuits against technology companies following periods of volatility in the market prices of these companies’ stock. Such litigation, if instituted against us, could cause us to incur substantial costs and divert management’s attention and resources from our business.

The price of Topco Ordinary Shares could decline if securities analysts do not publish research or if securities analysts or other third parties publish inaccurate or unfavorable research about us.

The trading market for Topco Ordinary Shares will be influenced by the research and reports that industry or securities analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If no or few securities or industry analysts commence coverage of us, the trading price for Topco Ordinary Shares could be negatively impacted. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us issue an adverse or misleading opinion regarding us, our business model or our stock performance, or if our results of operations fail to meet the expectations of analysts, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline.

Future sales of Topco Ordinary Shares, or the perception that such sales may occur, could depress our stock price.

Following completion of this transaction, there will be approximately [•] Topco Ordinary Shares outstanding. Sales by us or our shareholders, particularly our executives, of a substantial number of Topco Ordinary Shares in the public market, or the perception that these sales might occur, could cause the market price of Topco Ordinary Shares to decline or could impair our ability to raise capital through a future sale of, or pay for acquisitions using, our equity securities. Following the 180-day lock-up restriction implemented pursuant to the terms of the Topco Constitution, as described in the section entitled “Description of Topco’s Securities — Lock-Up”, all of the Topco Ordinary Shares issued in connection with this transaction will be freely transferable, except for any shares held by our “affiliates,” without restriction or further registration under the Securities Act.

We are an “emerging growth company” and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, Topco Ordinary Shares may be less attractive to investors.

We are an “emerging growth company,” as defined in the JOBS Act, and we may take advantage of certain exemptions and relief from various reporting requirements that are applicable to other public companies that are not “emerging growth companies.” In particular, while we are an “emerging growth company,” we will not be required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act; we will be exempt from any rules that could be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotations or a supplement to the auditor’s report on financial statements; we will be subject to reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and we will not be required to hold non-binding advisory votes on executive compensation or stockholder approval of any golden parachute payments not previously approved.

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging

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growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that we either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth company.

We may be an “emerging growth company” until the fiscal year-end following the fifth anniversary of the completion of Concord’s initial public offering, though we may cease to be an “emerging growth company” earlier under certain circumstances, including if (i) we have more than $1 billion in annual revenue in any fiscal year, (ii) the market value of Topco Ordinary Shares that is held by non-affiliates exceeds $700 million as of any June 30, or (iii) we issue more than $1.0 billion of non-convertible debt over a three-year period.

The exact implications of the JOBS Act are subject to interpretation and guidance by the SEC and other regulatory agencies, and we cannot assure that we will be able to take advantage of all of the benefits of the JOBS Act. In addition, investors may find Topco Ordinary Shares less attractive to the extent we rely on the exemptions and relief granted by the JOBS Act. If some investors find Topco Ordinary Shares less attractive as a result, there may be a less active trading market for Topco Ordinary Shares and our stock price may decline or become more volatile.

Topco is incorporated in Ireland; Irish law differs from the laws in effect in the United States and may afford less protection to our shareholders.

Topco is an Irish incorporated public limited company. There is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts obtained against us or our directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against us or those persons based on those laws. The U.S. and Ireland do not currently have a treaty providing for the reciprocal recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters, and, accordingly, common law rules apply in determining whether a judgment of obtained in a U.S. court is enforceable in Ireland. Although there are processes under Irish law for enforcing a judgment of a U.S. court, including by seeking summary judgment in a new action in Ireland, those processes are subject to certain established principles and conditions, and there can be no assurance that an Irish court would enforce a judgment of a U.S. court in this way and thereby impose civil liberty on us or our directors or officers.

As an Irish company, we are governed by the Irish Companies Act, which differs in some material respects from laws generally applicable to U.S. corporations and shareholders, including, among others, differences relating to interested director and officer transactions and shareholder lawsuits. Likewise, the duties of directors and officers of an Irish company generally are owed to the company only. Shareholders of Irish companies generally do not have a personal right of action against directors or officers of the company and may exercise such rights of action on behalf of the company only in limited circumstances. Accordingly, holders of our securities may have more difficulty protecting their interests than would holders of securities of a corporation incorporated in a jurisdiction of the U.S.

We summarize your rights as a Topco Ordinary Shareholder in the section “Description of Topco’s Securities” and provide a summary comparing your rights as a Public Stockholder and a Topco Ordinary Shareholder in the section “Comparison of Corporate Governance and Shareholders Rights”.

Irish law requires Topco to have available “distributable profits” to pay dividends to shareholders and generally to make share repurchases and redemptions.

Under Irish law, Topco may only pay dividends and make other distributions (and, generally, make share repurchases and redemptions) only out of “distributable profits” shown on its unconsolidated financial statements prepared in accordance with the Irish Companies Act and filed with the Irish Companies Registration Office. Distributable profits are the accumulated realized profits of Topco that have not previously been utilized in a distribution or capitalization less accumulated realized losses that have not previously been written off in a reduction or reorganization of capital, and include reserves created by way

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of a reduction of capital. In addition, no dividend may be paid or other distribution, share repurchase or redemption made by Topco unless the net assets of Topco are equal to, or exceed, the aggregate of Topco’s called up share capital plus its un-distributable reserves and the dividend or other distribution, share repurchase or redemption does not reduce Topco’s net assets below such aggregate. Un-distributable reserves include the un-denominated capital, the capital redemption reserve fund and the amount by which Topco accumulated unrealized profits that have not previously been utilized by any capitalization exceed Topco’s accumulated unrealized losses that have not previously been written off in a reduction or reorganization of capital.

Following consummation of the Business Combination, Topco, as a new parent company with no operational history, will have no distributable profits of its own. Accordingly, in order to pay dividends or make other distributions, share repurchases or redemptions, Topco will need to generate distributable profits from its business activities or otherwise create distributable profits by alternative means, including a reduction of capital.

Topco anticipates that it will be able to create a pool of distributable reserves by capitalizing certain merger reserves arising on the consummation of the Business Combination and subsequently reducing the capital created. Such reduction of capital will require the approval of Topco shareholders by special resolution passed at a general meeting of shareholders, together with the sanction of the High Court of Ireland. Although the creation of distributable profits in this manner is an established mechanism, the sanction of the High Court of Ireland is discretionary and there is no guarantee it will be granted.

In the event that distributable profits of Topco are not, for whatever reason, generated from its business activities or created by alternative means, no dividends may be paid or other distributions, share repurchases or redemptions made by Topco.

Following consummation of the Business Combination, attempted takeovers of Topco will be subject to the Irish Takeover Rules and will be under the supervisory jurisdiction of the Irish Takeover Panel.

Following consummation of the Business Combination, Topco will be subject to the Irish Takeover Rules, which regulate the conduct of takeovers of, and certain other relevant transactions affecting, Irish incorporated public limited companies listed on certain stock exchanges, including the NYSE. The Irish Takeover Rules are administered by the Irish Takeover Panel, which has supervisory jurisdiction over such transactions. Among other matters, the Irish Takeover Rules operate to ensure that no offer is frustrated or unfairly prejudiced and, in situations involving multiple bidders, that there is a level playing field. For example, pursuant to the Irish Takeover Rules, the Topco board will not be permitted, without shareholder approval, to take certain actions which might frustrate an offer for Topco shares once the Topco board has received an approach that might lead to an offer or has reason to believe that an offer is, or may be, imminent. Please see the section “Description of Topco’s Securities” under the heading “Irish Takeover Rules and the Substantial Acquisition Rules” for a more detailed description of those rules.

Following consummation of the Business Combination, under the Irish Takeover Rules, a person, or persons acting in concert, who acquire(s), or consolidate(s), control of Topco may be required to make a mandatory cash offer for the remaining shares of Topco.

Under the Irish Takeover Rules, in certain circumstances, a person, or persons acting in concert, who acquire(s), or consolidate(s), control of Topco may be required to make a mandatory cash offer for the remaining shares of Topco at a price not less than the highest price paid for the shares by that person or its concert parties during the previous 12 months. Save with the consent of the Irish Takeover Panel, this mandatory offer requirement is triggered: (i) if an acquisition of shares would result in a person or persons acting in concert holding shares representing 30% or more of the voting rights of Topco and (ii) where a person, or persons acting in concert, already hold(s) shares representing 30% or more of the voting rights of Topco, if an acquisition of shares would result in the percentage of the voting rights of Topco held by such person, or persons acting in concert, increasing by more than 0.05% within a 12-month period. In the case of an issuance of new shares, the Irish Takeover Panel will typically waive the mandatory offer requirement in circumstances where the issuance has been approved in advance by simple majority vote given at a general meeting of independent Topco shareholders convened in accordance with the requirements (including as to

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disclosure) of the Irish Takeover Rules. The mandatory offer requirements do not apply to a single holder, holding shares representing more than 50% of the voting rights of Topco.

Anti-takeover provisions in the Topco constitution could make an acquisition of Topco Ordinary Shares more difficult.

The Topco constitution contains provisions that may delay or prevent a change of control, discourage bids at a premium over the market price of Topco Ordinary Shares, adversely affect the market price of Topco Ordinary Shares, and adversely affect the voting and other rights of holders of Topco Ordinary Shares. These provisions include: (i) permitting the Topco Board to issue preference shares without the approval of holders of Topco Ordinary Shares, with such rights, preferences and privileges as they may designate and (ii) allowing the Topco board to adopt a shareholder rights’ plan upon such terms and conditions as it deems expedient in the interests of Topco.

If the Topco Ordinary Shares and Topco Warrants are not eligible for deposit and clearing within the facilities of DTC, then transactions in those shares and warrants may be disrupted.

The facilities of DTC are a widely-used mechanism that allow for rapid electronic transfers of securities between the participants in the DTC system, which include many large banks and brokerage firms.

Upon the consummation of the Business Combination, the Topco Ordinary Shares and Topco Warrants will be eligible for deposit and clearing within the DTC system. We expect to enter into arrangements with DTC whereby we will agree to indemnify DTC for any Irish stamp duty that may be assessed upon it as a result of its service as a depository and clearing agency for Topco Ordinary Shares and Topco Warrants. We expect these actions, among others, will result in DTC agreeing to accept the Topco Ordinary Shares and Topco Warrants for deposit and clearing within its facilities upon consummation of the Business Combination.

DTC is not obligated to accept the Topco Ordinary Shares and Topco Warrants for deposit and clearing within its facilities at the closing and, even if DTC does initially accept the shares, it will generally have discretion to cease to act as a depository and clearing agency for the shares. If DTC determined prior to consummation of the Business Combination that the Topco Ordinary Shares and Topco Warrants are not eligible for clearance within the DTC system, then we would not expect to complete the transactions contemplated by this proxy statement/prospectus in their current form. However, if DTC determined at any time after the consummation of the Business Combination that the Topco Ordinary Shares and Topco Warrants were not eligible for continued deposit and clearance within its facilities, then we believe the Topco Ordinary Shares and Topco Warrants would not be eligible for continued listing on a national U.S. securities exchange and trading in Topco Ordinary Shares and Topco Warrants would be disrupted. While we would pursue alternative arrangements to preserve our listing and maintain trading, any such disruption could have a material adverse effect on the trading price of the Topco Ordinary Shares and Topco Warrants.

Shareholders or warrant holders who are resident or ordinarily resident for tax purposes in Ireland may be subject to Irish capital gains tax or corporation tax on taxable gains (as applicable) (“Irish CGT”) on the disposal of their shares or warrants.

Topco shareholders or warrant holders that are resident or ordinarily resident for tax purposes in Ireland, or Topco shareholders or warrant holders that use, hold or acquire their Topco Ordinary Shares or Topco Warrants for the purposes of a trade carried on by that person in Ireland through a branch or agency, or otherwise for the purposes of a branch or agency in Ireland will, subject to the availability of any exemptions and reliefs, generally be subject to Irish CGT on a gain arising on the disposal of those shares or warrants.

The disposal of Circle Shares in exchange for the receipt of Topco Ordinary Shares by Circle Holders should be treated as a reorganization for Irish CGT purposes, which is effected for bona fide commercial reasons and does not form part of any arrangement or scheme of which the main purpose or one of the main purposes is the avoidance of liability to tax, and which satisfies certain other conditions so that the provisions of section 586 of the Taxes Consolidation Act 1997 of Ireland (as amended) apply. Accordingly,

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such shareholders in Circle should not be treated as having made a disposal of their Circle Shares for the purposes of Irish CGT to the extent that they receive Topco Ordinary Shares in exchange for those shares.

For additional discussion of certain Irish tax consequences of the Scheme, see the section entitled “Material Irish Tax Considerations” beginning on page 145.

It is expected that the Merger will be treated as part of a ‘scheme of reconstruction or amalgamation’ for Irish CGT purposes, being a scheme for the amalgamation of any two or more companies, which is effected for bona fide commercial reasons and does not form part of any arrangement or scheme of which the main purpose or one of the main purposes is the avoidance of liability to tax, and which satisfies certain other conditions so that the provisions of section 587 of the Taxes Consolidation Act 1997 of Ireland (as amended) apply. As a result, the following treatment should apply:

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The receipt by a Concord stockholder of Topco Ordinary Shares on the Merger should not be treated as a disposal of his or her shares of Concord common stock for Irish CGT purposes.

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The Topco Ordinary Shares received on the Merger should be treated as the same asset as the Concord common stock and as acquired at the same time and for the same consideration as those Concord common stock which were disposed of in the context of the Merger, with the same historic base cost for Irish CGT purposes.

For additional discussion of certain Irish tax consequences of the Merger, see the section entitled “Material Irish Tax Considerations” beginning on page 145.

Irish stamp duty in the context of the Business Combination.

The Scheme should be treated as part of a scheme for the ‘reconstruction of any company or the amalgamation of any companies’ for Irish stamp duty purposes and, subject to certain conditions being met, relief from Irish stamp duty is expected to be available in respect of the Scheme pursuant to section 80 of the Stamp Duties Consolidation Act 1999 of Ireland (as amended).

No Irish stamp duty should be payable in respect of the Merger.

For additional discussion of certain Irish tax consequences of the Business Combination, see the section entitled “Material Irish Tax Considerations” beginning on page 145.

Transfers of Topco Ordinary Shares or Topco Warrants, other than by means of the transfer of book-entry interests through DTC, may be subject to Irish stamp duty.

It is expected that certain confirmations related to Irish stamp duty will be sought from the Irish Revenue Commissioners in advance of the Business Combination. These confirmations should provide that transfers of Topco Ordinary Shares and Topco Warrants effected by means of the transfer of book-entry interests through DTC should not be subject to Irish stamp duty.

However, if you hold your Topco Ordinary Shares and/or Topco Warrants directly rather than beneficially through DTC, any transfer of your Topco Ordinary Shares and/or Topco Warrants could be subject to Irish stamp duty (currently at the rate of 1% of the higher of the price paid or the market value of the shares acquired).

A Topco shareholder or warrant holder who directly holds Topco Ordinary Shares or Topco Warrants may, subject to confirmation by the Irish Revenue Commissioners in advance of the Business Combination, transfer such Topco Ordinary Shares or Topco Warrants into his or her own broker account to be held through DTC (or vice versa) without giving rise to Irish stamp duty, provided that there is no change in the ultimate beneficial ownership of the Topco Ordinary Shares or Topco Warrants as a result of the transfer, and the transfer is not in contemplation of a sale of Topco Ordinary Shares or Topco Warrants by a beneficial owner to a third party.

Payment of Irish stamp duty is generally a legal obligation of the transferee. The potential for stamp duty could adversely affect the price of your Topco Ordinary Shares or Topco Warrants.

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For additional discussion of certain Irish tax consequences of the Business Combination, see the section entitled “Material Irish Tax Considerations” beginning on page 145.

In certain limited circumstances, dividends paid by Topco may be subject to Irish dividend withholding tax.

In certain limited circumstances, Irish dividend withholding tax (“DWT”), may arise in respect of dividends, if any, paid on Topco Ordinary Shares. The current rate of DWT is 25%. A number of exemptions from DWT exist, including exemptions pursuant to which shareholders resident in the U.S., U.K. and in the countries listed in Annex F attached to this proxy statement/prospectus, which are collectively referred to as Relevant Territories and individually as a Relevant Territory, may be entitled to exemptions from DWT. It should be noted that the comments below regarding Topco Ordinary Shares held through DTC are subject to confirmation by the Irish Revenue Commissioners.

See the section entitled “Material Irish Tax Considerations” beginning on page 145 for further information on the operation of DWT generally and the relevant exemptions — in particular, please note the requirement to complete certain relevant Irish Revenue Commissioners DWT forms, which are referred to as DWT Forms, in order to qualify for many of the exemptions.

Subject to confirmation by the Irish Revenue Commissioners in advance of the Business Combination, dividends paid in respect of Topco Ordinary Shares that are owned by a U.S. resident and held through DTC should not be subject to DWT provided that the address of the beneficial owner of such Topco Ordinary Shares in the records of the broker holding such Topco Ordinary Shares is recorded as being in the United States (and such broker has further transmitted the relevant information to a qualifying intermediary appointed by Topco).

Dividends paid in respect of Topco Ordinary Shares that are held outside of DTC by a person who is a resident of the U.S. should not be subject to DWT if such shareholder in Topco has provided a completed IRS Form 6166 (in the case of an individual) and a valid DWT Form to Topco’s transfer agent to confirm its U.S. residence and claim an exemption.

Shareholders of Topco resident in other Relevant Territories may also be eligible for exemption from DWT on dividends paid in respect of their Topco Ordinary Shares provided that they satisfy the conditions of one of the exemptions including the requirement to furnish valid DWT Forms to their brokers (in respect of shares held through DTC) (and such broker has further transmitted the relevant information to a qualifying intermediary appointed by Topco) or to Topco’s transfer agent (in respect of shares held outside of DTC).

However, other shareholders of Topco may be subject to DWT, which if you are such a shareholder of Topco could adversely affect the price of your Topco Ordinary Shares. For additional discussion of certain Irish tax consequences of the Business Combination, see the section entitled “Material Irish Tax Considerations” beginning on page 145.

Dividends received from Topco by Irish resident and certain other shareholders of Topco may be subject to Irish income tax.

Shareholders of Topco that are entitled to an exemption from DWT on dividends received from Topco should not be subject to Irish income tax in respect of those dividends, unless they have some connection with Ireland other than their shareholding in Topco (for example, they are resident in Ireland or they hold their Topco Ordinary Shares in connection with a branch or agency they operate in Ireland). Topco Ordinary Shareholders who are not resident nor ordinarily resident in Ireland, and do not hold their Topco Ordinary Shares in connection with a branch or agency they operate in Ireland, who receive dividends subject to Irish DWT will generally have no further liability to Irish income tax on those dividends.

For additional discussion of certain Irish tax consequences of the Business Combination, see the section entitled “Material Irish Tax Considerations” beginning on page 145.

Topco Ordinary Shares or Topco Warrants received by means of a gift or inheritance could be subject to Irish capital acquisitions tax.

Irish capital acquisitions tax (“CAT”) (currently levied at a rate of 33%), could apply to a gift or inheritance of Topco Ordinary Shares or Topco Warrants irrespective of the place of residence, ordinary

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residence or domicile of the parties. This is because Topco Ordinary Shares and Topco Warrants will be regarded as property situated in Ireland. Gifts and inheritances passing between spouses are exempt from CAT. Children have a tax-free threshold which Irish Revenue typically updates annually in respect of taxable gifts or inheritances received from their parents (currently at €335,000). The person who receives the gift or inheritance has primary liability for CAT.

For additional discussion of certain Irish tax consequences of the Business Combination, see the section entitled “Material Irish Tax Considerations” beginning on page 145.

It is recommended that each shareholder and warrant holder consults his or her own tax advisor as to the tax consequences of acquiring, holding, and disposing of Topco Ordinary Shares and Topco Warrants in, and receiving distributions from, Topco.

General Risk Factors

Adverse economic conditions may adversely affect our business.

Our performance is subject to general economic conditions, and their impact on the cryptocurrency, digital assets, payments and capital raise markets as well as our customers. The United States and other key international economies have experienced cyclical downturns from time to time in which economic activity declined resulting in lower consumption rates, restricted credit, reduced profitability, weaknesses in financial markets, bankruptcies, and overall uncertainty with respect to the economy. The impact of general economic conditions on the cryptoeconomy is highly uncertain and dependent on a variety of factors, including market adoption of stablecoins, cryptocurrencies and other digital assets, global trends in the crypto and blockchain economy, central bank monetary policies, and other events beyond our control. Geopolitical developments, such as trade wars and foreign exchange limitations can also increase the severity and levels of unpredictability globally and increase the volatility of global financial and crypto asset markets. To the extent that conditions in the general economic and digital asset markets materially deteriorate, our ability to attract and retain customers may suffer.

We may be adversely affected by natural disasters, pandemics, and other catastrophic events, and by man-made problems such as terrorism, that could disrupt our business operations, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.

Natural disasters or other catastrophic events may also cause damage or disruption to our operations, international commerce, and the global economy, and could have an adverse effect on our business, operating results, and financial condition. Our business operations are subject to interruption by natural disasters, fire, power shortages, and other events beyond our control.

In addition, our global operations expose us to risks associated with public health crises, such as pandemics and epidemics, which could harm our business and cause our operating results to suffer. For example, the ongoing effects of the COVID-19 pandemic and/or the precautionary measures that we have adopted have resulted, and could continue to result, in difficulties or changes to our customer support, or create operational or other challenges, any of which could adversely impact our business and operating results.

Further, acts of terrorism, labor activism or unrest, and other geo-political unrest could cause disruptions in our business or the businesses of our partners or the economy as a whole. In the event of a natural disaster, including a major earthquake, blizzard, or hurricane, or a catastrophic event such as a fire, power loss, or telecommunications failure, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in development of our products and services, lengthy interruptions in service, breaches of data security, and loss of critical data, all of which could have an adverse effect on our future operating results.

We do not maintain insurance sufficient to compensate us for the potentially significant losses that could result from disruptions to our services. Additionally, all the aforementioned risks may be further increased if we do not implement a disaster recovery plan or our business partners’ disaster recovery plans prove to be inadequate. To the extent natural disasters or other catastrophic events concurrently impact data

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centers we rely on in connection with private key restoration, customers will experience significant delays in withdrawing funds, or in the extreme we may suffer loss of customer funds.

Acquisitions, joint ventures or other strategic transactions create certain risks and may adversely affect our business, financial condition or results of operations.

Acquisitions, partnerships and joint ventures are part of our growth strategy. We evaluate and expect in the future to evaluate potential strategic acquisitions of, and partnerships or joint ventures with, complementary businesses, services or technologies. We may not be successful in identifying acquisition, partnership and joint venture targets. In addition, we may not be able to successfully finance or integrate any businesses, services or technologies that we acquire or with which we form a partnership or joint venture.

We may not be able to identify suitable acquisition candidates or complete acquisitions in the future, which could adversely affect our future growth; or businesses that we acquire may not perform as well as expected or may be more difficult or expensive to integrate and manage than expected, which could adversely affect our business and results of operations. In addition, the process of integrating these acquisitions may disrupt our business and divert our resources.

In addition, acquisitions outside of the United States often involve additional or increased risks including, for example:

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managing geographically separated organizations, systems and facilities;

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integrating personnel with diverse business backgrounds and organizational cultures;

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complying with foreign regulatory requirements;

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fluctuations in fiat and cryptocurrency exchange rates;

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enforcement and protection of intellectual property in some foreign countries;

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difficulty entering new foreign markets due to, among other things, customer acceptance and business knowledge of these new markets; and

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general economic and political conditions.

These risks may arise for a number of reasons: we may not be able to find suitable businesses to acquire at affordable valuations or on other acceptable terms; we may face competition for acquisitions from other potential acquirers; we may need to borrow money or sell equity or debt securities to the public to finance acquisitions and the terms of these financings may be adverse to us; changes in accounting, tax, securities or other regulations could increase the difficulty or cost for us to complete acquisitions; we may incur unforeseen obligations or liabilities in connection with acquisitions; we may need to devote unanticipated financial and management resources to an acquired business; we may not realize expected operating efficiencies or product integration benefits from an acquisition; we could enter markets where we have minimal prior experience; and we may experience decreases in earnings as a result of non-cash impairment charges.

We cannot ensure that any acquisition, partnership or joint venture we make will not have a material adverse effect on our business, financial condition and results of operations.

Risks Related to Concord

Unless the context otherwise requires, all references in this section to “we,” “us,” or “our” refer to Concord.

Risks Related to Concord’s Business and the Business Combination

There can be no assurance that the combined company’s securities will be approved for listing on the NYSE or that the combined company will be able to comply with the continued listing standards of the NYSE.

In connection with the closing of the Business Combination, we intend to list the Topco Ordinary Shares and Topco Warrants on the NYSE under the symbols “CRCL” and “CRCL WS”, respectively. The combined

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company’s continued eligibility for listing may depend on the number of our shares that are redeemed. If, after the Business Combination, NYSE delists the combined company’s shares from trading on its exchange for failure to meet the listing standards, the combined company and its stockholders could face significant material adverse consequences including:

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a limited availability of market quotations for the combined company’s securities;

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reduced liquidity for the combined company’s securities;

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a determination that Topco Ordinary Shares is a “penny stock” which will require brokers trading in the Topco Ordinary Shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for the combined company’s securities;

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a limited amount of news and analyst coverage; and

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a decreased ability to issue additional securities or obtain additional financing in the future.

Although Concord has conducted due diligence on Circle, this diligence may not surface all material issues that may be present with Circle’s business. Factors outside of Circle’s and outside of Concord’s control may, at any time, arise. As a result of these factors, the combined company may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or other charges that could result in the combined company reporting losses. Even if Concord’s due diligence successfully identified certain risks, unexpected risks may arise, and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on the combined company’s liquidity, the fact that the combined company reports charges of this nature could contribute to negative market perceptions about the combined company or its securities. In addition, charges of this nature may cause the combined company to violate net worth or other covenants to which the combined company may be subject as a result of assuming pre-existing debt held by Circle or by virtue of the combined company obtaining post-combination debt financing. Accordingly, any stockholders or warrant holders who choose to remain a stockholder or warrant holder following the Business Combination could suffer a reduction in the value of their securities. Such stockholders or warrant holders are unlikely to have a remedy for such reduction in value unless they are able to successfully claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary duty owed to them, or if they are able to successfully bring a private claim under securities laws that the registration statement or proxy statement/prospectus relating to the Business Combination contained an actionable material misstatement or material omission.

If the perceived benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of Concord’s securities prior to the Closing may decline. The market values of the combined company’s securities at the time of the Business Combination may vary significantly from their prices on the date the Business Combination Agreement was executed, the date of this proxy statement/prospectus, or the date on which Concord’s stockholders vote on the Business Combination.

In addition, following the Business Combination, fluctuations in the price of the combined company’s securities could contribute to the loss of all or part of your investment. Prior to the Business Combination, there has not been a public market for Circle’s capital stock. Accordingly, the valuation ascribed to Circle may not be indicative of the price that will prevail in the trading market following the Business Combination. If an active market for the combined company’s securities develops and continues, the trading price of the combined company’s securities following the Business Combination could be volatile and subject to wide fluctuations in response to various factors, some of which are beyond the combined company’s control. Any

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of the factors listed below could have a material adverse effect on your investment in the combined company’s securities and the combined company’s securities may trade at prices significantly below the price you paid for them. In such circumstances, the trading price of the combined company’s securities may not recover and may experience a further decline.

Factors affecting the trading price of the combined company’s securities may include:

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actual or anticipated fluctuations in the combined company’s quarterly financial results or the quarterly financial results of companies perceived to be similar to it;

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changes in the market’s expectations about the combined company’s operating results;

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success of competitors;

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the combined company’s operating results failing to meet the expectation of securities analysts or investors in a particular period;

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changes in financial estimates and recommendations by securities analysts concerning the combined company or the fintech industry in general;

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operating and share price performance of other companies that investors deem comparable to the combined company;

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the combined company’s ability to market new and enhanced products and technologies on a timely basis;

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changes in laws and regulations affecting the combined company’s business;

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the combined company’s ability to meet compliance requirements;

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commencement of, or involvement in, litigation involving the combined company;

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changes in the combined company’s capital structure, such as future issuances of securities or the incurrence of additional debt;

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the volume of Topco Ordinary Shares available for public sale;

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any major change in the combined company’s board of directors or management;

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sales of substantial amounts of Topco Ordinary Shares by the combined company’s directors, executive officers or significant stockholders or the perception that such sales could occur; and

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general economic and political conditions such as recessions, interest rates, fuel prices, international currency fluctuations and acts of war or terrorism.

Broad market and industry factors may materially harm the market price of the combined company’s securities irrespective of the combined company’s operating performance. The stock market in general, and NYSE in particular, have experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of the combined company’s securities, may not be predictable. A loss of investor confidence in the market for retail stocks or the stocks of other companies which investors perceive to be similar to the combined company could depress the combined company’s share price regardless of the combined company’s business, prospects, financial conditions or results of operations. A decline in the market price of the combined company’s securities also could adversely affect the combined company’s ability to issue additional securities and the combined company’s ability to obtain additional financing in the future.

A significant portion of Topco’s total outstanding shares will be restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of Topco Ordinary Shares to drop significantly, even if the combined company’s business is doing well.

Sales of a substantial number of shares of Topco Ordinary Shares in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of Topco Ordinary Shares.

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Although a majority of Topco Ordinary Shares will be subject to certain restrictions on their transfer immediately following Closing, these shares may be sold after the expiration of these lock-up restrictions. We intend to file one or more registration statements shortly after the closing of the Business Combination to provide for the resale of such shares from time to time. As restrictions on resale end and the registration statements are available for use, the market price of Topco Ordinary Shares could decline if the holders of restricted shares sell them or are perceived by the market as intending to sell them.

For more information about the lock-up provisions in the Topco Constitution, see the section entitled “Description of Topco’s Securities — Lock-Up”.

The Public Stockholders will experience immediate dilution as a consequence of the issuance of Topco Ordinary Shares as consideration in the Business Combination and the PIPE Investment, upon the issuance of the Earnout Shares and due to future issuances pursuant to the 2021 Equity Incentive Plan. Having a minority share position may reduce the influence that our current stockholders have on the management of Circle.

It is anticipated that, immediately following the Business Combination and related transactions on a fully diluted basis, (1) the Public Stockholders will own approximately [4.6]% of the outstanding Topco Ordinary Shares, (2) the holders of unexercised equity units (both vested and unvested) will own approximately [11.9]% of the outstanding Topco Ordinary Shares, (3) Circle Holders (as defined below) will own approximately 75.4% of the outstanding Topco Ordinary Shares, (4) the Sponsor and related parties will collectively own approximately [1.3]% of the outstanding Topco Ordinary Shares, and (5) the PIPE Investors will own approximately [6.9]% of the outstanding Topco Ordinary Shares. These percentages assume (i) that no Public Stockholders exercise their redemption rights in connection with the Business Combination, (ii) that Topco issues an aggregate of [603,190,004] Topco Ordinary Shares pursuant to the Business Combination, (iii) that no Earnout Shares are issued and (iv) that Concord issues 41,500,000 Concord Class A common stock to the PIPE Investors pursuant to the PIPE Investment.

Our Public Stockholders will experience additional dilution to the extent that (1) any Earnout Shares are issued, (2) any Public Warrants are exercised, (3) the 376,000 private placement warrants held by the sponsors are exercised, (4) upon the vesting or settlement of equity awards under the 2021 Equity Incentive Plan, pursuant to which [•] shares will initially be reserved for issuance and (5) upon the exercise of existing rights to subscribe for Circle Shares that will be assumed by Topco at closing and converted into equivalent rights to subscribe for Topco Ordinary Shares. Such issuances could significantly dilute the equity interests of existing holders of Concord securities and may adversely affect prevailing market prices for Topco securities.

Concord Warrants will become exercisable for Topco Ordinary Shares, which would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.

If the Business Combination is completed, outstanding warrants to purchase an aggregate of 376,000 Topco Ordinary Shares will become exercisable in accordance with the terms of the Warrant Amendment governing those securities. These warrants will become exercisable 30 days after completion of the Business Combination or December 7, 2021. The exercise price of these warrants will be $11.50 per share. To the extent such warrants are exercised, additional shares of Topco Ordinary Shares will be issued, which will result in dilution to the holders of Topco Ordinary Shares and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market or the fact that such warrants may be exercised could adversely affect the market price of Topco Ordinary Shares. However, there is no guarantee that the Public Warrants will ever be in the money prior to their expiration, and as such, the warrants may expire worthless. See “— Even if the Business Combination is consummated, the Public Warrants may never be in the money, and they may expire worthless and the terms of the warrants may be amended in a manner adverse to a holder if holders of at least 50% of the then outstanding Public Warrants approve of such amendment.”

Even if the Business Combination is consummated, the Public Warrants may never be in the money, and they may expire worthless and the terms of the warrants may be amended in a manner adverse to a holder if holders of at least 50% of the then outstanding Public Warrants approve of such amendment.

The Concord Warrants are issued in registered form under the Concord Warrant Agreement. The Concord Warrant Agreement provides that the terms of the warrants may be amended without the consent

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of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding warrants, voting as a single class, to make any change that adversely affects the interests of the registered holders of warrants and, solely with respect to any amendment to the terms of the private placement warrants or working capital warrants or any provision of the Concord Warrant Agreement with respect to the private placement warrants or working capital warrants, 50% of the then outstanding private placement warrants or working capital warrants, as applicable, voting together as a single class. Accordingly, we may amend the terms of the warrants in a manner adverse to a holder if holders of at least 50% of the then outstanding warrants voting as a single class, approve of such amendment. Our ability to amend the terms of such warrants with the consent of at least 50% of the then outstanding warrants includes, but is not limited to amendments to increase the exercise price, convert such warrants into cash or shares, shorten the exercise period or decrease the number of Topco Ordinary Shares purchasable upon exercise of such warrant.

The combined company may redeem your unexpired warrants prior to their exercise at a time that is disadvantageous to the holders, thereby making the warrants worthless.

The combined company has the ability to redeem outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, provided that the last reported sales price of Topco Ordinary Shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading day period ending on the third trading day prior to the date Topco sends the notice of such redemption to the warrant holders. If and when the warrants become redeemable by Topco, Topco may not exercise their redemption right if the issuance of the ordinary shares upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws, or Topco is unable to effect such registration or qualification. Topco will use commercially reasonable efforts to register or qualify such ordinary shares under the blue sky laws of the state of such residence in those states in which the warrants were offered in this offering. Redemption of the outstanding warrants could force the holders to: (i) to exercise the warrants and pay the exercise price therefor at a time when it may be disadvantageous to do so, (ii) to sell the warrants at the then-current market price when they might otherwise wish to hold the warrants or (iii) to accept the nominal redemption price that, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market value of the warrants.

In addition, the combined company has the ability to redeem the outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.10 per warrant if, among other things, the last reported sale price of Topco Ordinary Shares equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like). In such a case, the holders will be able to exercise their warrants prior to redemption for a number of Topco Ordinary Shares determined based on the redemption date and the fair market value of Topco Ordinary Shares. The value received upon exercise of the warrants (1) may be less than the value the holders would have received if they had exercised their warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the warrants, including because the number of shares received is capped at 0.361 Topco Ordinary Shares per whole warrant (subject to adjustment) irrespective of the remaining life of the warrants. None of the private placement warrants will be redeemable, subject to certain circumstances, so long as they are held by Concord’s sponsors or their permitted transferees.

Following the consummation of the business combination, the combined company will face increased legal, accounting, administrative and other costs and expenses as a public company that Circle does not incur as a private company. The Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), including the requirements of Section 404, as well as rules and regulations subsequently implemented by the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the rules and regulations promulgated and to be promulgated thereunder, the PCAOB and the securities exchanges, impose additional reporting and other obligations on public companies. Compliance with public company requirements will

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increase costs and make certain activities more time-consuming. A number of those requirements will require the combined company to carry out activities Circle has not done previously. For example, the combined company will create new board committees and adopt new internal controls and disclosure controls and procedures. In addition, additional expenses associated with SEC reporting requirements will be incurred. Furthermore, if any issues in complying with those requirements are identified (for example, if the auditors identify a material weakness or significant deficiency in the internal control over financial reporting), the combined company could incur additional costs rectifying those issues, and the existence of those issues could adversely affect the combined company’s reputation or investor perceptions of it. It may also be more expensive to obtain director and officer liability insurance. Risks associated with the combined company’s status as a public company may make it more difficult to attract and retain qualified persons to serve on the combined company’s board of directors or as executive officers. The additional reporting and other obligations imposed by these rules and regulations will increase legal and financial compliance costs and the costs of related legal, accounting and administrative activities. These increased costs will require the combined company to divert a significant amount of money that could otherwise be used to expand the business and achieve strategic objectives. Advocacy efforts by stockholders and third parties may also prompt additional changes in governance and reporting requirements, which could further increase costs.

The Business Combination may be materially adversely affected by world health events, including the COVID-19 pandemic.

In December 2019, COVID-19 was reported to have surfaced in Wuhan, China, which has and is continuing to spread throughout China and other parts of the world, including the United States. On January 30, 2020, the World Health Organization declared the outbreak of COVID-19 a “Public Health Emergency of International Concern.” On January 31, 2020, U.S. Health and Human Services Secretary Alex M. Azar II declared a public health emergency for the United States to aid the U.S. healthcare community in responding to COVID-19, and on March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic.” The COVID-19 pandemic has resulted, and a significant outbreak of other infectious diseases could result in a widespread health crisis that could adversely affect the economies and financial markets worldwide. Additionally, our ability to consummate the Business Combination may be materially adversely affected due to significant governmental measures being implemented to contain the outbreak of COVID-19 or its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit our ability to have meetings with potential investors or affect the ability of Concord’s personnel, vendors and service providers to negotiate and consummate the Business Combination in a timely manner. The extent to which COVID-19 impacts the Business Combination will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time, our ability to consummate the Business Combination may be materially adversely affected. Each of Concord and Circle may also incur additional costs in consummating the Business Combination due to delays caused by COVID-19, which could adversely affect Concord’s financial condition and results of operations.

Circle is currently not subject to Section 404 of the Sarbanes-Oxley Act. However, following the consummation of the Business Combination, the combined company will be required to provide management’s attestation on internal controls. The standards required for a public company under Section 404(a) of the Sarbanes-Oxley Act are significantly more stringent than those required of Circle as a privately-held company. Management may not be able to effectively and timely implement controls and procedures that adequately respond to the increased regulatory compliance and reporting requirements that will be applicable after the Business Combination. If the combined company is not able to implement the additional requirements of Section 404(a) in a timely manner or with adequate compliance, it may not be able to assess whether its internal controls over financial reporting are effective, which may subject it to adverse regulatory consequences and could harm investor confidence and the market price of its securities.

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The combined company will qualify as an “emerging growth company” within the meaning of the Securities Act, and if it takes advantage of certain exemptions from disclosure requirements available to emerging growth companies, which could make the combined company’s securities less attractive to investors and may make it more difficult to compare the combined company’s performance to the performance of other public companies.

The combined company will qualify as an “emerging growth company” as defined in Section 2(a)(19) of the Securities Act, as modified by the JOBS Act. As such, the combined company will be eligible for and intends to take advantage of certain exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies for as long as it continues to be an emerging growth company, including (i) the exemption from the auditor attestation requirements with respect to internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act, (ii) the exemptions from say-on-pay, say-on-frequency and say-on-golden parachute voting requirements and (iii) reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements. The combined company will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which the market value of Topco Ordinary Shares that are held by non-affiliates exceeds $700 million as of June 30 of that fiscal year, (ii) the last day of the fiscal year in which it has total annual gross revenue of $1.07 billion or more during such fiscal year (as indexed for inflation), (iii) the date on which it has issued more than $1 billion in non-convertible debt in the prior three-year period or (iv) the last day of the fiscal year following the fifth anniversary of the date of the first sale of Concord Class A common stock in the IPO. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the exemption from complying with new or revised accounting standards provided in Section 7(a)(2)(B) of the Securities Act as long as the combined company is an emerging growth company. An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected not to opt out of such extended transition period and, therefore, the combined company may not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Investors may find Topco Ordinary Shares less attractive because the combined company will rely on these exemptions, which may result in a less active trading market for the Topco Ordinary Shares and their price may be more volatile.

The unaudited pro forma financial information included herein may not be indicative of what the combined company’s actual financial position or results of operations would have been.

The unaudited pro forma financial information included herein is presented for illustrative purposes only and is not necessarily indicative of what the combined company’s actual financial position or results of operations would have been had the Business Combination been completed on the dates indicated.

There may be U.S. federal income tax consequences of the Business Combination that may adversely affect holders of Concord Class A common stock or Concord Warrants.

Although we expect the exchange of Concord Class A common stock for Topco Ordinary Shares pursuant to the Merger to qualify as a tax-free exchange for U.S. federal income tax purposes, the requirements for tax-free treatment are complex and qualification for such treatment could be adversely affected by events or actions that occur following the Business Combination that are beyond Concord’s control. To the extent the Merger does not so qualify, it could result in the imposition of substantial taxes on Concord’s stockholders.

The appropriate U.S. federal income tax treatment of the Concord Warrants in connection with the Business Combination is uncertain and depends on whether the Merger, in addition to qualifying as an exchange described in Section 351(a) of the Code, will also qualify as a “reorganization” under Section 368 of the Code. It is possible that a U.S. Holder (as defined in “Material U.S. Federal Income Tax Considerations — U.S. Holders”) of Concord Warrants could be treated as exchanging such Concord Warrants and Concord Class A common stock, if any, for “new” Topco Warrants and Topco Ordinary Shares, if any, in a transaction that qualifies as a “reorganization” under Section 368 of the Code, subject to potential gain recognition which may be required under Section 367(a) of the Code. Alternatively, it is also possible that a U.S. Holder of Concord Warrants could be treated as transferring its Concord Warrants and Concord Class A common stock, if any, to Topco in an exchange governed only by Section 351 of the Code (and not by Section 368 of the Code), in which case such U.S. Holder would recognize gain (but not

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loss) in an amount equal to the lesser of (i) the amount of gain realized by such holder (generally, the excess of (x) the sum of the fair market values of the Topco Warrants treated as received by such U.S. Holder and the Topco Ordinary Shares received by such holder, if any, over (y) such U.S. Holder’s aggregate adjusted tax basis in the Concord Warrants and Concord Class A common stock, if any, exchanged therefor) and (ii) the fair market value of the Topco Warrants received by such holder in such exchange.

There are many requirements that must be satisfied in order for the Merger to qualify as a “reorganization” under Section 368 of the Code, some of which are based upon factual determinations and others are fundamental to corporate reorganizations. For example, to qualify as a reorganization, the acquiring corporation must either continue the acquired corporation’s historical business or use a significant portion of the acquired corporation’s historical business assets in a business. Because Concord is a blank check company, it is unclear whether its historic business would satisfy this requirement. In addition, reorganization treatment could be adversely affected by events or actions that occur prior to or at the time of the Merger, some of which are outside the control of Concord. Accordingly, due to the factual uncertainty and the lack of authority, Greenberg is unable to opine with respect to the Merger’s qualification as a reorganization under Section 368 of the Code.

In addition, Section 367(a) of the Code generally requires a U.S. Holder of stock in a U.S. corporation to recognize gain (but not loss) when such stock is exchanged for stock of a non-U.S. corporation in an exchange that would otherwise qualify for nonrecognition treatment unless certain conditions are met. Although it is currently expected that these conditions will be met, U.S. Holders are cautioned that the potential application of Section 367(a) of the Code to the Merger is complex and depends on factors that cannot be determined until the closing of the Merger and the interpretation of legal authorities and facts relating to the Business Combination. Accordingly, there can be no assurance that the IRS will not take the position that Section 367(a) of the Code applies to cause U.S. Holders to recognize gain as a result of the Merger or that a court will not agree with such a position of the IRS in the event of litigation.

The requirements for tax-free treatment, including Section 367(a) of the Code, are discussed in more detail under the section titled “Material U.S. Federal Income Tax Considerations — U.S. Holders — The Business Combination.” If you are a U.S. Holder exchanging Concord Class A common stock in the Merger or holding Concord Warrants at the time of the consummation of the Merger, you are urged to consult your tax advisor to determine the tax consequences thereof.

The IRS may not agree that Topco should be treated as a non-U.S. corporation for U.S. federal income tax purposes.

A corporation is generally considered for U.S. federal income tax purposes to be a tax resident in the jurisdiction of its organization or incorporation. Accordingly, under the generally applicable U.S. federal income tax rules, Topco, which is incorporated under the laws of Ireland, would be classified as a non-U.S. corporation (and, therefore, not a U.S. tax resident) for U.S. federal income tax purposes. Section 7874 of the Code provides an exception to this general rule under which a non-U.S. incorporated entity may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax purposes. If Topco were to be treated as a U.S. corporation for U.S. federal income tax purposes, it could be subject to substantial liability for additional U.S. income taxes, and the gross amount of any dividend payments to its Non-U.S. Holders (as defined in Material U.S. Federal Income Tax Considerations — Non-U.S. Holders) could be subject to U.S. withholding tax.

As more fully described in the section titled “Material U.S. Federal Income Tax Considerations — U.S. Federal Income Tax Treatment of Topco — Tax Residence of Topco for U.S. Federal Income Tax Purposes,” Topco is not currently expected to be treated as a U.S. corporation for U.S. federal income tax purposes. However, whether the requirements for such treatment have been satisfied must be finally determined at completion of the Merger, by which time there could be adverse changes to the relevant facts and circumstances. Further, the rules for determining ownership under Section 7874 of the Code are complex, unclear and the subject of ongoing regulatory change. In addition, the U.S. Treasury Department recently published a legislative proposal that, if adopted in its current form, would broaden the circumstances under which a non-U.S. incorporated entity may be treated as a U.S. corporation for U.S. federal income tax purposes. Accordingly, there can be no assurance that the IRS would not assert a contrary position to those described above or that such an assertion would not be sustained by a court in the event of litigation,

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which could have a material impact on the U.S. federal income tax treatment described in “— Material U.S. Federal Income Tax Considerations”.

Topco’s U.S. shareholders may be subject to materially different U.S. federal income tax consequences if Topco is characterized as a PFIC.

The passive foreign investment company (“PFIC”) rules can have adverse effects on U.S. Holders of Topco Ordinary Shares for U.S. federal income tax purposes. A foreign (i.e., non-U.S.) corporation will be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. Following the Business Combination, Topco believes it will be classified as a PFIC during the 2021 taxable year, however Topco cannot provide any assurance regarding its PFIC status for any current or future taxable years.

If Topco is a PFIC, a U.S. Holder of Topco Ordinary Shares would be subject to adverse U.S. federal income tax consequences, such as ineligibility for certain preferred tax rates on capital gains or on actual or deemed dividends, interest charges on certain taxes treated as deferred, and additional reporting requirements under U.S. federal income tax laws and regulations. A U.S. Holder of Topco Ordinary Shares may in certain circumstances mitigate some of the adverse tax consequences of the PFIC rules by filing an election to treat the PFIC as a qualified electing fund, (“QEF”), or, if shares of the PFIC are “marketable stock” for purposes of the PFIC rules, by making a mark-to-market election with respect to the shares of the PFIC. Topco intends to determine its PFIC status at the end of each taxable year and intends to satisfy any applicable record keeping and reporting requirements that apply to a QEF, including providing to you, for each taxable year that it determines it is a PFIC, a PFIC Annual Information Statement containing information necessary for you to make a QEF Election with respect to Topco. Topco may elect to provide such information on its website. For additional information, see the discussion below under “Material U.S. Federal Income Tax Considerations — U.S. Holders — Ownership and Disposition of Topco Ordinary Shares and Topco Warrants — Passive Foreign Investment Company Rules”. You are urged to consult your tax advisors regarding the potential consequences to you as a consequence of Topco being a PFIC, including the availability, and advisability, of, and procedure for making, a QEF election.

If Topco or a non-U.S. subsidiary is a controlled foreign corporation there could be materially different U.S. federal income tax consequences to certain U.S. Holders of Topco Ordinary Shares.

Each “Ten Percent Shareholder” (as defined below) in a non-U.S. corporation that is classified as a controlled foreign corporation (“CFC”) for U.S. federal income tax purposes generally is required to include in income for U.S. federal tax purposes such Ten Percent Shareholder’s pro rata share of the CFC’s “Subpart F income,” global intangible low-taxed income, and investment of earnings in U.S. property, even if the CFC has made no distributions to its shareholders. Subpart F income generally includes dividends, interest, rents, royalties, gains from the sale of securities and income from certain transactions with related parties and global intangible low-taxed income generally includes most of the remainder of a CFC’s income over a deemed return on its tangible assets. In addition, a Ten Percent Shareholder that realizes gain from the sale or exchange of shares in a CFC may be required to reclassify a portion of such gain as dividend income rather than capital gain. An individual that is a Ten Percent Shareholder with respect to a CFC generally would not be allowed to claim certain tax deductions or foreign tax credits that would be allowed to a Ten Percent Shareholder that is a U.S. corporation. Failure to comply with certain reporting obligations may subject a Ten Percent Shareholder to significant monetary penalties and may prevent the statute of limitations with respect to such Ten Percent Shareholder’s U.S. federal income tax return for the year for which reporting was due from starting.

A non-U.S. corporation generally will be classified as a CFC for U.S. federal income tax purposes if Ten Percent Shareholders own, directly or indirectly, more than 50% of either the total combined voting

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power of all classes of stock of such corporation entitled to vote or of the total value of the stock of such corporation. A “Ten Percent Shareholder” is a “United States person” (as defined by the Code) who owns, or is considered to own, 10% or more of the total combined voting power of all classes of stock entitled to vote or 10% or more of the total value of all classes of stock of such corporation.

Topco believes that it is a CFC in the 2021 taxable year, however, it is possible that Topco may cease to be a CFC in a subsequent taxable year. The determination of CFC status is complex and includes attribution rules, the application of which is not entirely certain. Changes to the attribution rules relating to the determination of CFC status may make it difficult to determine Topco’s CFC status for any taxable year. In addition, those changes to the attribution rules may result in ownership of the stock of our non-U.S. subsidiary being attributed to our U.S. subsidiary, which could result in Topco’s non-U.S. subsidiary being treated as a CFC and certain U.S. Holders of Topco Ordinary Shares being treated as Ten Percent Shareholders of such non-U.S. subsidiary CFC. In addition, it is possible that, following this offering, a shareholder treated as a U.S. person for U.S. federal income tax purposes will acquire, directly or indirectly, enough Topco Ordinary Shares to be treated as a Ten Percent Shareholder.

U.S. Holders should consult their tax advisors with respect to the potential adverse U.S. tax consequences of becoming a Ten Percent Shareholder in a CFC, including the possibility and consequences of becoming a Ten Percent Shareholder in a non-U.S. subsidiary that may be treated as a CFC due to the changes to the attribution rules. If Topco is classified as both a CFC and a PFIC, Topco generally will not be treated as a PFIC with respect to those U.S. Holders that meet the definition of a Ten Percent Shareholder during the period in which it is a CFC.

If a United States person is treated as owning at least 10% of Topco Ordinary Shares, such person may be subject to adverse U.S. federal income tax consequences.

If a United States person is treated as owning (directly, indirectly or constructively) at least 10% of the value or voting power of Topco Ordinary Shares, such person may be treated as a “United States shareholder” with respect to each of Topco and its direct and indirect subsidiaries (“Topco Group”) that is a “controlled foreign corporation,” or CFC, for U.S. federal income tax purposes. If the Topco Group includes one or more U.S. subsidiaries, certain of Topco’s non-U.S. subsidiaries could be treated as CFCs regardless of whether Topco is treated as a controlled foreign corporation. Immediately following the Business Combination, the Topco Group will include a U.S. subsidiary.

A United States shareholder of a CFC may be required to report annually and include in its U.S. taxable income its pro rata share of the CFC’s “subpart F income” and “tested income” (for purposes of computing “global intangible low-taxed income”) and earnings invested in U.S. property by the CFC, regardless of whether such CFC makes any distributions. Failure to comply with these reporting obligations (or related tax payment obligations) may subject such United States shareholder to significant monetary penalties and may prevent the statute of limitations with respect to such United States shareholder’s U.S. federal income tax return for the year for which reporting (or payment of tax) was due from starting. An individual that is a United States shareholder with respect to a controlled foreign corporation generally would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a U.S. corporation. Topco cannot provide any assurances that it will assist holders in determining whether any of its non-U.S. subsidiaries is treated as a CFC or whether any holder is treated as a United States shareholder with respect to any of such CFCs or furnish to any holder information that may be necessary to comply with reporting and tax paying obligations.

Circle’s management has limited experience in operating a public company.

Circle’s executive officers have limited experience in the management of a publicly traded company. Circle’s management team may not successfully or effectively manage its transition to a public company following the Business Combination that will be subject to significant regulatory oversight and reporting obligations under federal securities laws. Their limited experience in dealing with the increasingly complex laws pertaining to public companies could be a significant disadvantage in that it is likely that an increasing amount of their time may be devoted to these activities which will result in less time being devoted to the management and growth of the combined company. Circle may not have adequate personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal

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controls over financial reporting required of public companies in the United States. The development and implementation of the standards and controls necessary for the combined company to achieve the level of accounting standards required of a public company in the United States may require costs greater than expected. It is possible that the combined company will be required to expand its employee base and hire additional employees to support its operations as a public company which will increase its operating costs in future periods.

Concord’s sponsors, executive officers and directors have agreed to vote in favor of the Business Combination, regardless of how the Public Stockholders vote.

Unlike many other blank check companies in which the sponsors, executive officers, directors and director nominees agree to vote their founder shares in accordance with the majority of the votes cast by the public stockholders in connection with an initial business combination, Concord’s sponsors, executive officers and directors have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with Concord, to vote any shares of Concord common stock held by them in favor of the Business Combination. We expect that Concord’s sponsors, executive officers and directors, and their permitted transferees will own at least approximately 20% of the issued and outstanding shares of Concord Class A common stock at the time of any such stockholder vote. Accordingly, it is more likely that the necessary stockholder approval will be received than would be the case if such persons agreed to vote their Founder Shares in accordance with the majority of the votes cast by the Public Stockholders.

Concord’s sponsors, executive officers and directors have agreed that Concord must complete its initial business combination within 18 months from the closing of our IPO, or June 10, 2022. However, if Concord anticipates that it may not be able to consummate its initial Business Combination within 18 months, Concord may, by resolution of its board of directors if requested by the Sponsor, extend the period of time to consummate a Business Combination one time, by an additional six months (for a total of up to 24 months to complete a Business Combination), subject to the Sponsor depositing additional funds of $2,760,000 ($0.10 per unit sold in the IPO) into the Trust Account on or prior to the date of the applicable deadline. Concord may not be able to consummate an initial business combination within such time period. Concord’s ability to complete its initial business combination may be negatively impacted by general market conditions, volatility in the capital and debt markets and the other risks described herein.

If Concord is unable to consummate its initial business combination within the required time period, it will, as promptly as reasonably possible but not more than five business days thereafter, distribute the aggregate amount then on deposit in the Trust Account (net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses), pro rata to the Public Stockholders by way of redemption and cease all operations except for the purposes of winding up of its affairs, as further described herein. This redemption of Public Stockholders from the Trust Account shall be effected as required by function of Concord’s amended and restated certificate of incorporation and prior to any voluntary winding up.

For illustrative purposes, based on funds in the Trust Account of approximately $276.0 million on March 31, 2021, the estimated per share redemption price would have been approximately $10.00.

Concord’s sponsors, directors, executive officers, advisors or their affiliates may elect to purchase shares from Public Stockholders, which may influence the vote on the Business Combination and reduce the public “float” of our Concord Class A common stock.

Concord’s sponsors, directors, executive officers, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following the completion of the Business Combination, although they are under no obligation to do so. Such a purchase may include a contractual acknowledgement that such stockholder, although still the record holder of Concord’s shares is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that Concord’s sponsors, directors, executive officers, advisors or their affiliates purchase shares in privately negotiated transactions from Public Stockholders who have already elected to exercise their

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redemption rights, such selling stockholders would be required to revoke their prior elections to redeem their shares. The purpose of such purchases could be to vote such shares in favor of the Business Combination and thereby increase the likelihood of obtaining stockholder approval of the Business Combination, where it appears that such requirement would otherwise not be met. This may result in the completion of the Business Combination that may not otherwise have been possible.

In addition, if such purchases are made, the public “float” of Concord Class A common stock and the number of beneficial holders of our securities may be reduced, possibly making it difficult to maintain the quotation, listing or trading of Concord’s securities on a national securities exchange.

Concord’s ability to successfully effect the Business Combination and the combined company’s ability to successfully operate the business following the Closing is dependent upon the efforts of certain key personnel of Circle. Although we expect key personnel to remain with the combined company following the Business Combination, there can be no assurance that they will do so. It is possible that Circle will lose some key personnel, the loss of which could negatively impact the operations and profitability of the combined company. Furthermore, following the Closing, certain of the key personnel of Circle may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause the combined company to have to expend time and resources helping them become familiar with such requirements.

Unlike many blank check companies, Concord does not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it easier for Concord to consummate the Business Combination even if a substantial majority of Concord’s stockholders do not agree.

Since Concord has no specified percentage threshold for redemption contained in its amended and restated certificate of incorporation, its structure is different in this respect from the structure that has been used by many blank check companies. Historically, blank check companies would not be able to consummate an initial business combination if the holders of such company’s Public Shares voted against a proposed business combination and elected to redeem more than a specified maximum percentage of the shares sold in such company’s IPO, which percentage threshold was typically between 19.99% and 39.99%. As a result, many blank check companies were unable to complete a business combination because the amount of shares voted by their public stockholders electing redemption exceeded the maximum redemption threshold pursuant to which such company could proceed with its initial business combination. As a result, Concord may be able to consummate the Business Combination even though a substantial majority of the Public Stockholders do not agree with the Business Combination and have redeemed their shares. However, in no event will Concord redeem Public Shares in an amount that would cause its net tangible assets to be less than $5,000,001 upon the consummation of the Business Combination. If too many Public Stockholders exercise their redemption rights so that Concord cannot satisfy the net tangible asset requirement, Concord would not proceed with the redemption of our Public Shares and the Business Combination, and instead may search for an alternate business combination.

Public Stockholders shall be entitled to receive funds from the Trust Account only (i) in the event of a redemption to Public Stockholders prior to any winding up in the event Concord does not consummate its initial business combination or its liquidation, (ii) if they redeem their shares in connection with an initial business combination that Concord consummates or, (iii) if they redeem their shares in connection with a stockholder vote to amend Concord’s amended and restated certificate of incorporation (A) to modify the substance or timing of Concord’s obligation to redeem 100% of the Public Shares if Concord does not

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complete its initial business combination within 18 months (or 24 months, as applicable) from the closing of the IPO or (B) with respect to any other provision relating to Concord’s pre-business combination activity and related stockholders’ rights. In no other circumstances will a stockholder have any right or interest of any kind to the funds in the Trust Account. Accordingly, to liquidate their investment, the Public Stockholders may be forced to sell their securities, potentially at a loss.

Concord’s amended and restated certificate of incorporation provides that a public stockholder, individually or together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to an aggregate of more than 15% of the shares of Class A common stock sold in the IPO without Concord’s prior written consent. The inability of a stockholder to redeem an aggregate of more than 15% of the shares of Class A common stock sold in the IPO will reduce its influence over Concord’s ability to consummate its initial business combination and such stockholder could suffer a material loss on its investment in Concord if it sells such excess shares in open market transactions. As a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose of such shares, would be required to sell its shares in open market transaction, potentially at a loss.

If third parties bring claims against Concord, the proceeds held in the Trust Account could be reduced and the per share redemption amount received by stockholders may be less than 10.00 per share.

Concord’s placing of funds in the Trust Account may not protect those funds from third-party claims against Concord. Although Concord has sought to have all vendors, service providers (other than its independent registered public accounting firm), prospective target businesses or other entities with which it does business execute agreements with Concord waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of the Public Stockholders, such parties may not execute such agreements, or even if they execute such agreements they may not be prevented from bringing claims against the Trust Account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against Concord’s assets, including the funds held in the Trust Account. If any third party refuses to execute an agreement waiving such claims to the monies held in the Trust Account, Concord’s management will perform an analysis of the alternatives available to it and will only enter into an agreement with a third party that has not executed a waiver if management believes that such third party’s engagement would be significantly more beneficial to Concord’s than any alternative.

Examples of possible instances where Concord may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where Concord is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the Trust Account for any reason. Upon redemption of our Public Shares, if Concord is unable to complete its initial business combination within the prescribed timeframe, or upon the exercise of a redemption right in connection with its initial business combination, Concord will be required to provide for payment of claims of creditors that were not waived that may be brought against Concord within the 10 years following redemption. Accordingly, the per share redemption amount received by Public Stockholders could be less than the $10.00 per share initially held in the Trust Account, due to claims of such creditors.

The Sponsor has agreed that it will be liable to Concord if and to the extent any claims by a third party (other than Concord’s independent registered public accounting firm) for services rendered or products sold to us, or a prospective target business with which Concord has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.00 per Public Share or (2) such

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lesser amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay Concord’s franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under Concord’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. Concord has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of Concord and, therefore, the Sponsor may not be able to satisfy those obligations. Concord has not asked the Sponsor to reserve for such obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for Concord’s initial business combination and redemptions could be reduced to less than $10.00 per public share. In such event, Concord may not be able to complete its initial business combination, and its stockholders would receive such lesser amount per share in connection with any redemption of their Public Shares. None of Concord’s officers or directors will indemnify Concord for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

If, after Concord distributes the proceeds in the trust account to our Public Stockholders, Concord files a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, a bankruptcy court may seek to recover such proceeds, and we and our board of directors may be exposed to claims of punitive damages.

If, after Concord distributes the proceeds in the trust account to our Public Stockholders, they file a bankruptcy petition or an involuntary bankruptcy petition is filed against Concord that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a “preferential transfer” or a “fraudulent conveyance.” As a result, a bankruptcy court could seek to recover all amounts received by Public Stockholders. In addition, the Concord board of directors may be viewed as having breached its fiduciary duty to Concord’s creditors and/or having acted in bad faith, thereby exposing it and Concord to claims of punitive damages, by paying Public Stockholders from the trust account prior to addressing the claims of creditors. Concord cannot assure you that claims will not be brought against us for these reasons.

If, before distributing the proceeds in the trust account to our Public Stockholders, Concord files a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of our shareholders and the per share amount that would otherwise be received by Public Stockholders in connection with our liquidation may be reduced.

If, before distributing the proceeds in the trust account to Public Stockholders, Concord files a bankruptcy petition or an involuntary bankruptcy petition is filed against Concord that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of Public Stockholders. To the extent any bankruptcy claims deplete the trust account, the per share amount that would otherwise be received by Public Stockholders in connection with our liquidation may be reduced.

In the event that the proceeds in the Trust Account are reduced below (1) $10.00 per public share or (2) such lesser amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses) and the Sponsor asserts that it is unable to satisfy obligations or that it has no indemnification obligations related to a particular claim, Concord’s independent directors would determine on Concord’s behalf whether to take legal action against the Sponsor to enforce its indemnification obligations. While Concord currently expects that its independent directors would take legal action on Concord’s behalf against the Sponsor to enforce its indemnification obligations to Concord, it is possible that Concord’s independent

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directors in exercising their business judgment may choose not to do so in any particular instance. If Concord’s independent directors choose not to enforce these indemnification obligations on Concord’s behalf, the amount of funds in the Trust Account available for distribution to the Public Stockholders may be reduced below $10.00 per share.

Concord’s stockholders may be held liable for claims by third parties against Concord to the extent of distributions received by them.

Concord’s amended and restated certificate of incorporation provides that Concord will continue in existence only until 18 months (or 24 months, as applicable) from the closing of the IPO. As promptly as reasonably possible following the redemptions Concord is required to make to the Public Stockholders in such event, subject to the approval of Concord’s remaining stockholders and board of directors, Concord would dissolve and liquidate, subject to its obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Concord cannot assure you that it will properly assess all claims that may be potentially brought against us. As such, Concord’s stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of Concord’s stockholders may extend well beyond the third anniversary of the date of distribution. Accordingly, Concord cannot assure you that third parties will not seek to recover from our stockholders’ amounts owed to them by Concord. Furthermore, if Concord is forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, Concord was unable to pay debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover all amounts received by Public Stockholders.

Concord’s sponsors, executive officers and directors have potential conflicts of interest in recommending that stockholders vote in favor of approval of the Business Combination Proposal and approval of the other proposals described in this proxy statement/prospectus.

When considering Concord’s board of directors’ recommendation that our stockholders vote in favor of the approval of the Business Combination Proposal, Concord’s stockholders should be aware that certain of Concord’s sponsors, executive officers and directors have interests in the Business Combination that may be different from, or in addition to, the interests of Concord’s stockholders. These interests include:

•

the beneficial ownership of the Sponsor and certain of Concord’s board of directors and officers of an aggregate of 5,520,000 shares of Concord Class B common stock, 510,289 shares of Concord Class A common stock and 255,144 Concord Warrants, which shares and warrants would become worthless if Concord does not complete a business combination within the applicable time period, as Concord’s initial stockholders have waived any right to redemption with respect to these shares. Such shares and warrants have an aggregate market value of approximately $[•] million and $[•] million, respectively, based on the closing price of Concord Class A common stock of $[•] on NYSE on [•], 2021, the record date for the special meeting of stockholders;

•

the anticipated continuation of Bob Diamond, Concord’s Chairman of the board of directors, as a director of Topco following the Closing.

These interests may influence Concord’s directors in making their recommendation that you vote in favor of the Business Combination Proposal, and the transactions contemplated thereby.

We will require Public Stockholders who wish to redeem their shares of Concord Class A common stock in connection with the Business Combination to comply with specific requirements for redemption that may make it more difficult for them to exercise their redemption rights prior to the deadline for exercising their rights.

We will require the Public Stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in “street name,” to either tender their certificates to our transfer agent

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prior to the expiration date set forth in the tender offer documents mailed to such holders, or in the event we distribute proxy materials, up to two business days prior to the vote on the proposal to approve the Business Combination, or to deliver their shares to the transfer agent electronically using DTC’s DWAC (Deposit/Withdrawal At Custodian) System, at the holder’s option. In order to obtain a physical stock certificate, a stockholder’s broker and/or clearing broker, DTC and our transfer agent will need to act to facilitate this request. It is our understanding that stockholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However, because we do not have any control over this process or over the brokers or DTC, it may take significantly longer than two weeks to obtain a physical stock certificate. While we have been advised that it takes a short time to deliver shares through the DWAC System, this may not be the case. Under our bylaws, we are required to provide at least 10 days advance notice of any stockholder meeting, which would be the minimum amount of time a stockholder would have to determine whether to exercise redemption rights. Accordingly, if it takes longer than we anticipate for stockholders to deliver their shares, stockholders who wish to redeem may be unable to meet the deadline for exercising their redemption rights and thus may be unable to redeem their shares. In the event that a stockholder fails to comply with the various procedures that must be complied with in order to validly tender or redeem Public Shares, its shares may not be redeemed.

Additionally, despite our compliance with the proxy rules, stockholders may not become aware of the opportunity to redeem their shares.

We may issue additional shares of Class A common stock or preferred shares to complete the Business Combination or under an employee incentive plan upon or after consummation of the Business Combination, which would dilute the interest of our stockholders and likely present other risks.

Our amended and restated certificate of incorporation authorizes the issuance of 200,000,000 shares of Class A common stock, 20,000,000 shares of Class B common stock and 1,000,000 shares of preferred stock, par value $0.0001 per share. We may issue a substantial number of additional shares of Class A common stock or shares of preferred stock, par value $0.0001 per share, to complete the Business Combination or under an employee incentive plan upon or after consummation of the Business Combination. However, our amended and restated certificate of incorporation provides that we may not issue any additional shares of capital stock that would entitle the holders thereof to receive funds from the Trust Account or vote as a class with our Public Shares on an initial business combination. Although no such issuance will affect the per share amount available for redemption from the Trust Account, the issuance of additional Class A common stock or preferred shares:

•

may significantly dilute the equity interest of investors from the IPO, who will not have preemption rights in respect of such an issuance;

•

may subordinate the rights of holders of shares of Class A common stock if one or more classes of preferred stock are created, and such preferred shares are issued, with rights senior to those afforded to Concord Class A common stock;

•

could cause a change in control if a substantial number of shares of Class A common stock are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; and

•

may adversely affect prevailing market prices for our Concord Units, Concord Class A common stock and/or Concord Warrants.

Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with Concord or Concord’s directors, officers or other employees.

Our amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (1) derivative action or proceeding brought on behalf of Concord, (2) action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or agent of Concord to Concord or our stockholders, or any claim for aiding and abetting

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any such alleged breach, (3) action asserting a claim against Concord or any director or officer of Concord arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or our bylaws, or (4) action asserting a claim against us or any director or officer of Concord governed by the internal affairs doctrine except for, as to each of (1) through (4) above, any claim (a) as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (b) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (c) for which the Court of Chancery does not have subject matter jurisdiction or (d) arising under the Securities Act, as to which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction. Notwithstanding the foregoing, our amended and restated certificate of incorporation provides that the exclusive forum provision will not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Any person or entity purchasing or otherwise acquiring any interest in any shares of our capital stock shall be deemed to have notice of and to have consented to the forum provisions in our amended and restated certificate of incorporation. If any action the subject matter of which is within the scope the forum provisions is filed in a court other than a court located within the State of Delaware (a “foreign action”) in the name of any stockholder, such stockholder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such stockholder in any such enforcement action by service upon such stockholder’s counsel in the foreign action as agent for such stockholder.

This forum selection clause may discourage claims or limit stockholders’ ability to submit claims in a judicial forum that they find favorable and may result in additional costs for a stockholder seeking to bring a claim. While we believe the risk of a court declining to enforce this forum selection clause is low, if a court were to determine the forum selection clause to be inapplicable or unenforceable in an action, we may incur additional costs in conjunction with our efforts to resolve the dispute in an alternative jurisdiction, which could have a negative impact on our results of operations and financial condition and result in a diversion of the time and resources of our management and board of directors.

If, following the Business Combination, securities or industry analysts do not publish or cease publishing research or reports about the combined company, its business, or its market, or if they change their recommendations regarding the combined company’s securities adversely, the price and trading volume of the combined company’s securities could decline.

The trading market for the combined company’s securities will be influenced by the research and reports that industry or securities analysts may publish about the combined company, its business, market or competitors. Securities and industry analysts do not currently, and may never, publish research on the combined company. If no securities or industry analysts commence coverage of the combined company, the combined company’s share price and trading volume would likely be negatively impacted. If any of the analysts who may cover the combined company change their recommendation regarding the combined company’s ordinary shares adversely, or provide more favorable relative recommendations about the combined company’s competitors, the price of the combined company’s ordinary shares would likely decline. If any analyst who may cover the combined company were to cease coverage of the combined company or fail to regularly publish reports on it, the combined company could lose visibility in the financial markets, which in turn could cause its share price or trading volume to decline.

Our warrants are accounted for as liabilities and the changes in value of our warrants could have a material effect on our financial results.

On April 12, 2021, the Staff of the SEC issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). In light of the SEC Statement, we reevaluated the accounting treatment of our warrants, and pursuant to the guidance in ASC 815, Derivatives and Hedging (“ASC 815”),

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determined the warrants should be classified as derivative liabilities measured at fair value on our balance sheet, with any changes in fair value to be reported each period in earnings on our statement of operations. As a result of the recurring fair value measurement, our financial statements may fluctuate quarterly, based on factors, which are outside of our control. Due to the recurring fair value measurement, we expect that we will recognize non-cash gains or losses on our warrants each reporting period and that the amount of such gains or losses could be material.

We have identified a material weakness in our internal control over financial reporting as of December 31, 2020 and March 31, 2021. If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.

Following the issuance of the SEC Statement, our management and our audit committee concluded that, in light of the SEC Statement, it was appropriate to restate our previously issued audited financial statements as of and for the period ended December 31, 2020 (the “Restatement”). See “— Our warrants are accounted for as liabilities and the changes in value of our warrants could have a material effect on our financial results.” As part of such process, we identified a material weakness in our internal controls over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented, or detected and corrected on a timely basis.

Effective internal controls are necessary for us to provide reliable financial reports and prevent fraud. To respond to the material weakness we identified, we plan to incorporate enhanced communication and documentation procedures between our operations team and the individuals responsible for preparation of financial statements. We continue to evaluate steps to remediate the material weakness. These remediation measures may be time consuming and costly and there is no assurance that these initiatives will ultimately have the intended effects.

If we identify any new material weaknesses in the future, any such newly identified material weakness could limit our ability to prevent or detect a misstatement of our accounts or disclosures that could result in a material misstatement of our annual or interim financial statements. In such case, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable stock exchange listing requirements, investors may lose confidence in our financial reporting and our stock price may decline as a result. We cannot assure you that the measures we have taken to date, or any measures we may take in the future, will be sufficient to avoid potential future material weaknesses.

We, and following our initial business combination, the combined company, may face litigation and other risks as a result of the material weakness in our internal control over financial reporting.

As part of the restatement of our financial statements in our annual report on Form 10-K for the year ended December 31, 2020, we identified a material weakness in our internal controls over financial reporting. As a result of such material weakness, the restatement, the change in accounting for our warrants, and other matters raised or that may in the future be raised by the SEC, we, and the combined company, face the potential for litigation or other disputes which may include, among others, claims invoking the federal and state securities laws, contractual claims or other claims arising from the restatement and material weaknesses in our internal control over financial reporting and the preparation of our financial statements. As of the date of this proxy statement/prospectus, we have no knowledge of any such litigation or dispute. However, we can provide no assurance that such litigation or dispute will not arise in the future. Any such litigation or dispute, whether successful or not, could have a material adverse effect on our, or the combined company’s, business, results of operations and financial condition or our ability to complete a business combination.

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UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Introduction

On July 7, 2021, Concord entered into the Business Combination Agreement with Circle, Topco and Merger Sub. Pursuant to the Business Combination Agreement, the Business Combination of Concord and Circle will be effected through Topco and Merger Sub. The unaudited pro forma condensed combined financial information is prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses” to give effect to the Business Combination and the related proposed financing transactions.

The following unaudited pro forma condensed combined financial information is based on the historical financial statements (as restated) of Concord and historical financial statements of Circle as adjusted to give effect to the Business Combination and the related proposed financing transactions. The unaudited pro forma condensed combined balance sheet as of March 31, 2021 assumes that the Business Combination and the related proposed financing transactions were completed on March 31, 2021. The unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2021 and for year ended December 31, 2020 give effect to the Business Combination and the related proposed financing transactions as if they had occurred on January 1, 2020.

The assumptions and estimates underlying the transaction accounting adjustments to the unaudited pro forma condensed combined financial information are described in the accompanying notes, which should be read in conjunction with the following:

•

Concord’s unaudited condensed financial statements and related notes as of and for the three months ended March 31, 2021 included elsewhere in this proxy statement/prospectus.

•

Concord’s audited financial statements (as restated) and related notes as of and for the year ended December 31, 2020 included elsewhere in this proxy statement/prospectus.

•

Circle’s unaudited condensed consolidated financial statements and related notes as of and for the three months ended March 31, 2021 included elsewhere in this proxy statement/prospectus.

•

Circle’s audited consolidated financial statements and related notes as of and for the year ended December 31, 2020 included elsewhere in this proxy statement/prospectus.

•

Concord Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this proxy statement/prospectus.

•

Circle Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this proxy statement/prospectus.

The unaudited pro forma condensed combined financial information is not necessarily indicative of what the combined company’s balance sheet or statement of operations actually would have been had the Business Combination and the related proposed financing transactions been completed as of the dates indicated, nor do they purport to project the future financial position or operating results of the combined company. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and does not reflect the costs of any integration activities or cost savings or synergies that may be achieved as a result of the Business Combination.

The transaction accounting adjustments reflecting the consummation of the Business Combination and related proposed financing transactions are based on certain currently available information and certain assumptions and methodologies that Concord believes are reasonable under the circumstances. The transaction accounting adjustments, which are described in the accompanying notes, may be revised as additional information becomes available. Therefore, it is likely that the actual adjustments will differ from the transaction accounting adjustments, and it is possible that the difference may be material. Concord believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Business Combination and the related proposed financing transactions based on information available to management at this time.

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Concord

Concord is a Delaware blank check company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The registration statement for Concord’s IPO was declared effective on December 8, 2020. On December 10, 2020, Concord consummated its IPO of 27,600,000 Units, including the issuance of 3,600,000 Units as a result of the underwriter’s exercise in full of its over-allotment option, at $10.00 per Unit, generating gross proceeds of $276.0 million. Simultaneously with the closing of the IPO, Concord consummated the private placement of 752,000 Private Units, at a price of $10.00 per Private Unit to the sponsors, generating proceeds of $7.5 million. Each Private Unit consists of one share of Class A common stock and one-half of one warrant to purchase one share of Class A common stock at $11.50 per share. As of March 31, 2021, there was approximately $276.0 million held in the Trust Account.

Circle

Circle operates as a global financial service company utilizing open protocols on public blockchains. Circle envisions significant growth in the adoption of their platforms, products and services as more and more businesses and financial institutions move to leverage digital asset and blockchain technology for payments, treasury management and financial applications. Circle offers a range of products to its customers, including USD Coin (“USDC”) market infrastructure, Circle Transaction and Treasury Services (“TTS”), and SeedInvest. Circle operates the core market infrastructure for USDC, including the underlying issuance and redemption infrastructure, treasury and liquidity management, and managing the dollar-denominated reserve assets that back USDC in circulation. Transaction and Treasury Services include (1) Circle Account, (2) Circle Yield, and (3) Circle API Services. All three of the services are components of a comprehensive suite of Transaction and Treasury Services to corporations and financial institutions seeking to integrate a dollar digital asset into their commercial and financial needs. Additionally, SeedInvest provides businesses with a platform to raise capital through equity offerings directly on the internet and is one of the largest equity crowdfunding platforms in the U.S.

Description of the Business Combination

Pursuant to the Business Combination Agreement, Merger Sub will merge with and into Concord, with Concord surviving the Merger as a wholly-owned subsidiary of Topco. In connection with the Business Combination, and pursuant to a Scheme, Circle Holders will transfer their holdings of shares in the capital of Circle to Topco in exchange for the issuance of new shares in Topco, with the result that, at the Scheme Effective Time, Circle will become a wholly-owned subsidiary of Topco. The aggregate consideration (“Total Consideration”) will consist of i) the issuance of shares of Topco Ordinary Shares and ii) rollover of Circle’s outstanding vested options, warrants, and certain SeedInvest convertible notes, upon the consummation of the Business Combination.

Concurrently with the signing of the Business Combination Agreement, Concord entered into a subscription agreement to sell 41.5 million Topco Ordinary Shares to investors, for an aggregate of $415.0 million of proceeds, referred to as the “PIPE Financing”. For additional information regarding the consideration payable in the Business Consideration, see the section in this proxy statement/prospectus entitled “Proposal No. 1 — The Business Combination Proposal.”

•

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•

The contingently issuable Earnout Shares to the holders of Company Vested and Unvested Equity Units are treated as post-Closing stock-based compensation expenses. The contingently issuable Earnout Shares to the Company Holders are accounted for as a liability classified derivative due to the reallocation of forfeited Earnout Shares to the holders of Company Vested and Unvested Equity Units triggered by the future termination of employment (if any), which is not considered to be indexed to the combined company’s stock, resulting in the derivative to be fair-valued upon Closing and subsequent to the Business Combination. Refer to Business Combination Agreement included as Exhibit 2 of the registration statement of which this proxy statement/prospectus forms for additional details.

There is no specified maximum redemptions threshold stipulated under the Business Combination Agreement. However, the consummation of the Business Combination is conditioned upon, among other things, minimum cash of $340.0 million (“Minimum Cash”) from Concord’s trust account, the PIPE financing and any other cash or cash equivalent holdings of Concord after giving effect to cash used to pay the redemption price for any properly redeemed shares of Concord’s Class A common stock and net of any unpaid expenses of the Business Combination and the related proposed financing transactions.

Two scenarios are considered in the unaudited pro forma condensed combined financial information presentation herein:

•

Assuming No Redemptions — This scenario assumes that none of the Concord’s Public Stockholders will elect to redeem their Class A common stock for a pro rata portion of cash in the trust account, and thus the full amount of $276.0 million held in the trust account is available for the Business Combination.

•

Assuming Maximum Redemptions — This scenario assumes that Concord’s Public Stockholders will redeem approximately 25.0 million shares of Class A common stock for an aggregate redemption payment of $250.3 million. The aggregate redemption payment of $250.3 million was calculated as the difference between (i) available trust cash of $276.0 million, plus cash held outside the trust of $1.0 million, plus PIPE financing of $415.0 million, and less estimated unpaid transaction expense of $101.7 million, collectively $590.3 million and (ii) minimum cash of $340.0 million. The number of public redemption shares of approximately 25.0 million Class A common stock was calculated based on the estimated per share redemption value of approximately $10.00 ($276.0 million in trust account divided by 27.6 million outstanding Class A common stock held by Concord’s Public Stockholders).

The following represents the aggregate consideration, exclusive of Earnout Shares ($ in thousands):

	Assuming No Redemptions			Assuming Maximum Redemptions
Rollover of Circle’s vested options, warrants and certain SeedInvest convertible notes(1)		$	276,443		$	276,443
Topco Ordinary Shares to be issued at Closing			5,316,677			5,066,385
Total Consideration			5,593,120			5,342,828

(1)

The rollover of Circle’s vested options, warrants, and certain SeedInvest convertible notes were not included in the “Total Topco Ordinary Shares to be issued at Closing” below, however, they were considered as part of the diluted EPS calculation.

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The following table summarizes the pro forma common stock outstanding under both the No Redemptions scenario and the Maximum Redemptions scenario:

	Assuming No Redemptions				Assuming Maximum Redemptions
In thousands	Shares		Ownership, %		Shares		Ownership, %
Existing Circle Holders and convertible notes holders(1)		454,916		85.6%		454,916		89.9%
Concord Public Stockholders(2)		27,600		5.2%		2,571		0.5%
Sponsors and related parties		7,652		1.4%		7,652		1.5%
PIPE shareholders		41,500		7.8%		41,500		8.1%
Total Topco Ordinary Shares to be issued at Closing(3)		531,668		100.0%		506,639		100.0%

(1)

Includes Escrow Share holders.

(2)

Under the Maximum Redemptions scenario, Topco Ordinary Shares issued to Concord Public Stockholders was calculated as the difference between 27.6 million shares outstanding as of March 31, 2021 and the potential maximum redemption of 25.0 million shares. Refer to “Assuming Maximum Redemptions” for details of maximum redemption calculation.

(3)

Topco Ordinary Shares issued as set forth in the Business Combination Agreement at a price of $10.00 per share.

The Business Combination will be accounted for as a reverse recapitalization because Circle has been determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances taking into consideration both the No Redemptions and Maximum Redemptions scenarios:

•

Circle Holders will hold the majority of voting rights in Topco under both the No Redemptions and the Maximums Redemptions scenarios;

•

Topco’s senior management will comprise all key management of Circle;

•

Operations of Circle prior to the Business Combination will comprise the only ongoing operations of Topco;

•

The post-combination company will assume a Circle branded name; and

•

Circle is significantly larger in relative size based on total assets and total revenue.

Given the Proposed Transaction is treated as a reverse recapitalization, the Business Combination will be treated as the equivalent of Topco issuing stock for the net assets of Concord, accompanied by a recapitalization. The financial statements of Topco will represent a continuation of the financial statements of Circle. The net assets of Circle and Concord will be stated at historical cost. No goodwill or intangible assets will be recorded in connection with the Business Combination.

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UNAUDITED PRO FORMA CONDENSED

COMBINED BALANCE SHEET

March 31, 2021

							Assuming No Redemptions							Assuming Maximum Redemptions
($ in thousands, except share and per share amounts)	Concord Historical			Circle Historical			Transaction Accounting Adjustments			Note	Pro Forma			Additional Transaction Accounting Adjustments			Note	Pro Forma
Assets
Current assets
Cash and cash equivalents		$	952		$	61,987		$	276,030	3a		$	1,029,611		$	—			$	779,289
									415,000	3b						—
									(40,000)	3c						—
									(1,544)	3d						—
									(41,036)	3e						—
									(14,080)	3f						—
									372,302	3g						—
									—							(250,322)	3m
Securities held in trust account			276,030			—			(276,030)	3a			—			—				—
Cash segregated for benefit of customers and USDC holders			—			11,167,155			—				11,167,155			—				11,167,155
Equity securities, at fair value (Cost of $1,130 at March 31, 2021)			—			1,244			—				1,244			—				1,244
Accounts receivable			—			2,352			—				2,352			—				2,352
Divestment consideration receivable (current)			—			3,000			—				3,000			—				3,000
Prepaid expenses and other current assets			402			7,791			(1,544)	3d			6,649			—				6,649
Total current assets			277,384			11,243,529			689,098				12,210,011			(250,322)				11,959,689
Restricted cash for operations			—			20,967			—				20,967			—				20,967
Divestment consideration receivable, non-current			—			2,000			—				2,000			—				2,000
Fixed assets, net			—			462			—				462			—				462
Digital assets, net						4,363							4,363							4,363
Intangible assets, net			—			3,297			—				3,297			—				3,297
Goodwill			—			24,014			—				24,014			—				24,014
Investment in affiliate, equity method			—			1,003			—				1,003			—				1,003
Total assets			277,384			11,299,635			689,098				12,266,117			(250,322)				12,015,795
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses			88			38,948			43,456	3d, 3e			82,492			—				82,492
Deferred revenue			—			845			—				845			—				845
Deposits from customers and USDC holders			—			11,159,589			—				11,159,589			—				11,159,589
Total current liabilities			88			11,199,382			43,456				11,242,926			—				11,242,926
Long-term liabilities
Deferred rent			—			390			—				390			—				390
Acquisition payables, non-current			—			6,062			—				6,062			—				6,062
Convertible debt, net of debt discount			—			83,489			(51,000)	3g			32,489			—				32,489
Loans payable, net of debt discount			—			24,829			—				24,829			—				24,829

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					Assuming No Redemptions					Assuming Maximum Redemptions
($ in thousands, except share and per share amounts)	Concord Historical		Circle Historical		Transaction Accounting Adjustments		Note	Pro Forma		Additional Transaction Accounting Adjustments		Note	Pro Forma
Warrant liability		12,766		282		—			13,048		—			13,048
Earnout shares liability		—		—		705,063	3h		705,063		—			705,063
Total long-term liabilities		12,766		115,052		654,063			781,881		—			781,881
Total liabilities		12,854		11,314,434		697,519			12,024,807		—			12,024,807
Commitments
Common stock subject to possible redemption 25,952,962 shares at redemption value		259,530		—		(259,530)	3i		—		—			—
Redeemable preferred stock
Series A redeemable convertible preferred stock ($0.0001 par value; 33,620,690 issued and outstanding at March 31,2021)				9,000		(9,000)	3j
Series B redeemable convertible preferred stock ($0.0001 par value; 17,586,205 issued and outstanding at March 31,2021)				17,000		(17,000)	3j
Series C redeemable convertible preferred stock ($0.0001 par value; 18,445,443 issued and outstanding at March 31,2021)				40,050		(40,050)	3j
Series D redeemable convertible preferred stock ($0.0001 par value; 23,202,679 issued and outstanding at March 31,2021)				64,061		(64,061)	3j
Series E redeemable convertible preferred stock ($0.0001 par value; 9,077,030 issued and outstanding at March 31,2021)				148,891		(148,891)	3j
Stockholders’ equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		—		—		—			—		—			—
Ordinary Shares		—		—		4	3b		53		—			50
		—		—		45	3c		—		—			—
		—		—		3	3i		—		—			—
		—		—		1	3k		—		—			—
		—		—		—			—		(3)	3m		—
Class B common stock, $0.0001 par value; 20,000,000 shares authorized; 6,900,000 shares issued and outstanding		1		—		(1)	3k		—		—			—
Common stock ($0.0001 par value; 255,000,000 authorized; 44,008,122 issued and outstanding at March 31, 2021)		—		4		(4)	3j		—		—			—
Treasury stock, at cost (4,960,362 shares held at March 31, 2021)		—		(2,877)		—			(2,877)		—			(2,877)
Additional paid-in capital		6,241		92,878		414,996	3b		514,115		—			514,115
		—		—		(40,045)	3c		(40,045)		—			(40,045)
		—		—		(1,544)	3d		(1,544)		—			(1,544)
		—		—		(86,036)	3e		(86,036)		—			(86,036)
		—		—		(14,080)	3f		(14,080)		—			(14,080)
		—		—		423,302	3g		423,302		—			423,302

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UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED

MARCH 31, 2021

							Assuming No Redemptions						Assuming Maximum Redemptions
($ in thousands, except share and per share amounts)	Concord Historical			Circle Historical			Transaction Accounting Adjustments		Note	Pro Forma			Additional Transaction Accounting Adjustments			Note	Pro Forma
Revenue and USDC interest income
Transaction and Treasury services			—			11,465		—				11,465			—			11,465
USDC interest income			—			3,168		—				3,168			—			3,168
SeedInvest revenue			—			2,641		—				2,641			—			2,641
Total revenue and USDC interest income from continuing operations			—			17,274		—				17,274			—			17,274
Third-party transaction costs
Transaction and Treasury services costs			—			6,951		—				6,951			—			6,951
USDC income sharing and transaction costs			—			2,024		—				2,024			—			2,024
Total third-party transaction costs			—			8,975		—				8,975			—			8,975
Operating expenses
Compensation expenses			—			7,015		1,350	4a			8,365			—			8,365
General and administrative expenses			—			5,466		—				5,466			—			5,466
Depreciation and amortization expense			—			934		—				934			—			934
IT infrastructure costs			—			933						933			—			933
Marketing and advertising expenses			—			229		—				229			—			229
Digital assets impairment			—			9		—				9			—			9
Operating costs			181			—		—				181			—			181
Total operating expenses			181			14,586		1,350				16,117			—			16,117
Operating loss from continuing operations			(181)			(6,287)		(1,350)				(7,818)			—			(7,818)
Other income/(expense)
Change in fair value of warrants liability			(853)			—		—				(853)			—			(853)
Interest income			23			—		(23)	4c			—			—			—
Other income, net			—			684		61	4d			745			—			745
Total other income/(expense)			(830)			684		38				(108)			—			(108)
Net loss before income taxes			(1,011)			(5,603)		(1,312)				(7,926)			—			(7,926)
Income tax expense/ (benefit for income taxes)			—			3,852		—	4e			3,852			—			3,852
Net loss from continuing operations			(1,011)			(9,455)		(1,312)				(11,778)			—			(11,778)
Net loss			(1,011)			(9,455)		(1,312)				(11,778)			—			(11,778)
Earnings (loss) per share:
Basic earnings (loss) per share		$	(0.11)		$	(0.22)					$	(0.02)		$	(0.02)
Diluted earnings (loss) per share		$	(0.11)		$	(0.22)					$	(0.02)		$	(0.02)
Weighted-average shares used to compute earnings (loss) per share:
Basic			9,194,954			42,732,965						532,382,533			507,353,333
Diluted			9,194,954			42,732,965						532,382,533			507,353,333
Basic and diluted weighted average shares outstanding, Class A common stock subject to possible redemption			26,054,085			n/a						n/a			n/a
Basic and diluted net income per share, Class A common stock subject to possible redemption			0.00			n/a						n/a			n/a

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UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENT OF OPERATIONS FOR THE YEAR ENDED

DECEMBER 31, 2020

							Assuming No Redemptions							Assuming Maximum Redemptions
($ in thousands, except share and per share amounts)	Concord Historical (As Restated)			Circle Historical			Transaction Accounting Adjustments			Note	Pro Forma			Additional Transaction Accounting Adjustments			Note	Pro Forma
Revenue and USDC interest income
Transaction and Treasury Services		$	—		$	2,589		$	—			$	2,589			—			$	2,589
USDC interest income			—			4,435			—				4,435			—				4,435
SeedInvest revenue			—			8,417			—				8,417			—				8,417
Total revenue and USDC interest income from continuing operations			—			15,441			—				15,441			—				15,441
Third-party transaction costs
Transaction and Treasury services costs			—			785			—				785			—				785
USDC income sharing and transaction costs			—			2,826			—				2,826			—				2,826
Total third-party transaction costs			—			3,611			—				3,611			—				3,611
Operating expenses
Compensation expenses			—			18,932			180,469	4a			199,401			—				199,401
General and administrative expenses			—			13,916			—				13,916			—				13,916
Depreciation and amortization expense			—			4,500			—				4,500			—				4,500
IT infrastructure costs			—			3,716							3,716			—				3,716
Digital assets impairment			—			1,256			—				1,256			—				1,256
Marketing and advertising expenses			—			400			—				400			—				400
Goodwill impairment			—			—			—				—			—				—
Formation and operating costs			122			—			—				122			—				122
Total operating expenses			122			42,720			180,469				223,311			—				223,311
Operating loss from continuing operations			(122)			(30,890)			(180,469)				(211,481)			—				(211,481)
Other income/(expense)
Change in fair value of warrant liability			139			—			—				139			—				139
Transaction costs			(254)			—			(14,080)	4b			(14,334)			—				(14,334)
Interest income			6			—			(6)	4c			—			—				—
Other income, net			—			13,692			(1,779)	4d			11,913			—				11,913
Total other income/(expense)			(109)			13,692			(15,865)				(2,282)			—				(2,282)
Net loss before income taxes			(231)			(17,198)			(196,334)				(213,763)			—				(213,763)
Income tax expense/ (benefit for income taxes)			—			115			—	4e			115			—				115
Net loss from continuing operations			(231)			(17,313)			(196,334)				(213,878)			—				(213,878)
Net income (loss)			(231)			(17,313)			(196,334)				(213,878)			—				(213,878)
Earnings (loss) per share:
Basic earnings (loss) per share		$	(0.04)		$	0.00						$	(0.42)		$	(0.44)
Diluted earnings (loss) per share		$	(0.04)		$	0.00						$	(0.42)		$	(0.44)
Weighted-average shares used to compute earnings (loss) per share:
Basic			6,505,401			36,089,496							514,292,990			489,263,790

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NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

(in thousands, except share and per share amounts)

Note 1 — Basis of pro forma presentation

The accompanying unaudited pro forma condensed combined financial information was prepared under the conclusion that the Business Combination is accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with generally accepted accounting principles (“GAAP”). Under this method of accounting, Concord will be treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the reverse recapitalization will be treated as the equivalent of Topco issuing stock for the net assets of Concord, accompanied by a recapitalization. Operations prior to the reverse recapitalization will be those of Circle. The financial statements of Topco will represent a continuation of the financial statements of Circle.

The historical financial statements have been adjusted in the unaudited pro forma condensed combined financial information to reflect transaction accounting adjustments in connection with the Business Combination and related proposed financing transactions. Given that the Business Combination is accounted for as a reverse recapitalization, the direct and incremental transaction costs related to the Business Combination and related proposed financing transactions are deferred and offset against the additional paid-in-capital. For Concord transaction costs that are expected to be incurred and expensed upon Closing, they will be recognized initially as an increase to Concord’s accumulated deficit, which will then be reclassified to additional paid-in-capital as part of the elimination of “acquired” company’s historical accumulated deficit in the reverse recapitalization.

The pro forma basic and diluted loss per share amounts presented in the unaudited pro forma condensed combined statement of operations are using the historical weighted average shares outstanding and the issuance of additional shares in connection with the Business Combination, assuming the transaction occurred on January 1, 2020.

Note 2 — Accounting Policies

During the procedures of the Business Combination, management will perform a comprehensive review of the two entities’ accounting policies. As a result of the review, management may identify differences between the accounting policies of the companies which, when conformed, could have a material impact on the combined financial statements. Based on its initial analysis, management has not identified any material differences in accounting policies that would have an impact on the unaudited pro forma condensed combined financial information.

Note 3 — Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet

The transaction accounting adjustments included in the unaudited pro forma condensed combined balance sheet as of March 31, 2021 are as follows:

Reflects the reclassification of $276.0 million cash held in the trust account that becomes available for transaction consideration, transaction expenses, redemption of public shares and the operating activities following the Business Combination to cash and cash equivalents.

Reflects the gross cash proceeds of $415.0 million generated from the PIPE Financing through the issuance of 41.5 million shares of Topco Ordinary Shares to the PIPE investors. Of the $415.0 million, $4.2 thousand is recorded under Topco Ordinary Shares at par and the remaining is recorded under additional paid-in-capital.

Reflects the payment of $40.0 million of secondary proceeds to Circle Holders in connection with the Business Combination. It also reflects the issuance of 454.9 million shares to the existing Circle Holders and convertible notes holders under both the No Redemptions scenario and the Maximum Redemptions scenario at 0.0001 par value as consideration for the Business Combination.

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Reflects the payment of $1.5 million transaction expense incurred and capitalized by Circle. The entire $1.5 million relates to legal fee accrued on the historical balance sheet of Circle as of March 31, 2021 to be paid upon consummation of the Business Combination. Given that Circle capitalized the $1.5 million under prepaid expenses and other assets, it will be reclassified to additional paid-in-capital upon Closing.

Reflects the transaction expense of $86.0 million that are expected to be incurred and capitalized upon consummation of the Business Combination. The $86.0 million2 will be deferred and charged against additional paid-in-capital because they are legal, third-party advisory, investment banking, and other miscellaneous fees, which are direct and incremental to the Business Combination and related proposed financing transactions. In addition, Circle may incur an additional share payment from the existing Circle Holders in connection with the settlement of its dispute with a financial advisor regarding advisory fees related to the Business Combination as described under the Subsequent events footnote disclosure of Circle’s condensed consolidated financial statements for the three months ended March 31, 2021. The Company does not believe that such costs are probable of payment and therefore has not reflected additional pro forma adjustments at this time.

Reflects the transaction expense of $14.1 million that are expected to be incurred and expensed by Concord upon Closing. These costs will be assumed and paid in connection with the Business Combination and therefore will be recognized against additional paid-in-capital as a reduction of Concord’s net assets recorded in the reverse recapitalization.

Reflects the issuance of new convertible notes of $372.3 million by Circle in May 2021. The adjustment also reflects the conversion of some of Circle’s convertible notes in total of $423.3 million to Topco Ordinary Shares upon Closing. Of the $423.3 million, $51.0 million was related to the existing convertible debt recorded on Circle’s historical balance sheet as of March 31,2021, and the remaining $372.3 million was related to the newly issued convertible notes in connection with the Business Combination in May 2021.

Reflects the preliminary estimated fair value of $705.1 million of Earnout Shares to the Company Holders, contingent upon the price of Topco Ordinary Shares exceeding certain thresholds. The preliminary fair value was determined using the most reliable information currently available. The actual fair values could change materially once the final valuation is determined upon Closing. Refer to Note 6 for more information.

Represents the reclassification of $259.5 million of 26.0 million Concord Class A common stock subject to possible redemption to permanent equity.

Reflects the contractual conversion of Circle’s preferred stock triggered by the Business Combination and the reclassification of Circle Holders’ equity to additional paid-in-capital as part of the recapitalization.

Reflects the reclassification of $1.0 thousand par value of Concord Class B common stock to Topco Ordinary Shares at par value to account for the conversion Class B common stock Topco Ordinary Shares on a one-for-one basis.

Reflects the elimination of $1.2 million of Concord’s historical accumulated deficit.

The additional pro forma adjustments assuming Maximum Redemptions:

Reflects $250.3 million withdrawal of funds from the trust account to fund the redemption
of 25.0 million shares of Concord Class A common stock at approximately $10.00 per share.

$45.0 million of the $86.0 million deferred costs may not be paid out in cash as of Closing. They are reflected under Accounts payable and accrued expenses.

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Note 4 — Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations

The pro forma adjustments included in the unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2021 and for the year ended December 31, 2020 are as follows:

Reflects additional stock-based compensation expenses of $1.4 million and $180.5 million for the three months ended March 31, 2021 and for the year ended December 31, 2020, respectively, in connection with the Earnout Shares to the holders of Company Vested and Unvested Equity Units.

Reflects $14.1 million transaction expense to be incurred and expensed by Concord upon Closing, which are non-recurring, as if the transaction occurred on January 1, 2021.

Represents the elimination of $23.0 thousand and $6.0 thousand of interest income on Concord’s trust account for the three months ended March 31, 2021 and for the year ended December 31, 2020, respectively.

Reflects elimination of $61.0 thousand and $(1.8) million interest expense (income) and change in fair value of the convertible notes that will be converted upon Closing, for the three months ended March 31, 2021 and for the year ended December 31, 2020, respectively.

The pro forma income statement adjustments do not have an income tax effect because all entities of Circle have loss carryforwards and a full valuation allowance.

Note 5 — Loss per Share Information

The pro forma loss per share calculations have been performed for the three months ended March 31, 2021 and for the year ended December 31, 2020 using the historical weighted average shares outstanding and the issuance of additional shares in connection with the Business Combination, assuming the transaction occurred on January 1, 2020. As the Business Combination is being reflected as if it had occurred at the beginning of the periods presented, the calculation of weighted average shares outstanding for both basic and diluted loss per share assumes that the shares issuable relating to the Business Combination have been outstanding for the entire periods presented. If the maximum number of shares are redeemed, this calculation is retroactively adjusted to eliminate such shares for the entire periods.

The weighted average number of shares underlying the pro form basic loss per share calculation reflects 532.4 million shares of Topco Ordinary Shares outstanding assuming no redemptions and 507.4 million shares of Topco Ordinary Shares outstanding assuming maximum redemptions for the three months ended March 31, 2021. The weighted average number of shares underlying the pro form basic loss per share calculation reflects 514.3 million shares of Topco Ordinary Shares outstanding assuming no redemptions and 489.3 million shares of Topco Ordinary Shares outstanding assuming maximum redemptions for the year ended December 31, 2020. Pro forma diluted loss per share is the same as basic loss per share as potential outstanding securities are concluded to be anti-dilutive.

	For the three months ended March 31, 2021						For the year ended December 31, 2020
(In thousands, except per share data)	Assuming No Redemptions			Assuming Maximum Redemptions			Assuming No Redemptions			Assuming Maximum Redemptions
Numerator:
Pro forma net income (loss) attributable to shareholders – basic		$	(11,778)		$	(11,778)		$	(213,878)		$	(213,878)
Pro forma net income (loss) attributable to shareholder – diluted			(11,778)			(11,778)			(213,878)			(213,878)
Denominator:
Pro forma weighted average shares of common stock outstanding – basic			532,382			507,353			514,293			489,264

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	For the three months ended March 31, 2021					For the year ended December 31, 2020
(In thousands, except per share data)	Assuming No Redemptions			Assuming Maximum Redemptions		Assuming No Redemptions		Assuming Maximum Redemptions
Pro forma weighted average shares of common stock outstanding – diluted			532,382		507,353		514,293		489,264
Pro forma basic earnings (loss) per share		$	(0.02)		(0.02)		(0.42)		(0.44)
Pro forma diluted earnings (loss) per share		$	(0.02)		(0.02)		(0.42)		(0.44)
Pro forma basic weighted average shares
Existing Circle Holders and convertible notes holders			455,630		455,630		437,541		437,541
Concord Public Stockholders			27,600		2,571		27,600		2,571
Sponsors and related parties			7,652		7,652		7,652		7,652
PIPE shareholders			41,500		41,500		41,500		41,500
Total pro forma basic weighted average shares			532,382		507,353		514,293		489,264

The following potential outstanding securities were excluded from the computation of pro forma loss per share, basic and diluted, because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:

	For the three months ended March 31, 2021				For the year ended December 31, 2020
	Assuming No Redemptions		Assuming Maximum Redemptions		Assuming No Redemptions		Assuming Maximum Redemptions
Circle options		47,204,785		47,204,785		53,042,471		53,042,471
Circle warrants		4,179,661		4,179,661		4,179,661		4,179,661
Circle SeedInvest convertible notes		4,275,636		4,275,636		4,275,636		4,275,636
Concord warrants(1)		14,176,000		14,176,000		14,176,000		14,176,000
		69,836,082		69,836,082		75,673,768		75,673,768

(1)

Includes 13,800,000 Public Warrants and 376,000 Private Units outstanding at the Closing, which are all antidilutive, as their exercise price is $11.50.

Note 6 — Earnout Shares

The Earnout Shares granted to the Company Holders are expected to be accounted for as a derivative. These shares will be contingently issuable if the price of Topco Ordinary Shares exceeds certain thresholds or upon certain strategic events, which include events that are not indexed to Topco Ordinary Shares. The preliminary estimated fair value of these Earnout Shares is $705.1 million. The estimated fair value of these Earnout Shares was determined by using a Monte Carlo simulation valuation model using a distribution of potential stock price outcomes on a daily basis over the applicable contingently issuable period. Assumptions used in the preliminary valuation, which are subject to change at the Closing, were as follows:

Current stock price: The current stock price was set at the pro forma value of $10.00 per share for Topco Ordinary Shares.

Expected volatility: The expected volatility of 69.26% was calculated based on the third-quartile leverage adjusted asset volatility calculated using a set of 9 Guideline Public Companies (“GPCs”). The GPCs’ interquartile range of asset volatility was 26.7% to 61.4%. Since smaller companies are typically more volatile than their larger, more diversified peers and given Circle’s smaller size relative to the GPCs, the Company selected the third quartile volatility. Volatility for the GPCs was calculated over a lookback

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THE SPECIAL MEETING OF CONCORD STOCKHOLDERS

The Concord Special Meeting

Concord is furnishing this proxy statement/prospectus to you as part of the solicitation of proxies by its board of directors for use at the special meeting in lieu of the 2021 annual meeting of stockholders to be held on [•], 2021, and at any adjournment or postponement thereof. This proxy statement/prospectus is first being furnished to Concord’s stockholders on or about [•], 2021. Stockholders of record who owned Concord common stock at the close of business on the record date are entitled to receive notice of, attend and vote at the special meeting. On the record date, there were [•] shares of Concord common stock outstanding. This proxy statement/prospectus provides you with information you need to know to be able to vote or instruct your vote to be cast at the special meeting of stockholders.

Date, Time and Place of the Special Meeting

The special meeting of stockholders of Concord will be held at [•] a.m., Eastern time, on [•], 2021, at [•], or such other date, time and place to which such meeting may be adjourned or postponed, for the purpose of considering and voting upon the proposals.

Purpose of the Special Meeting

At the Concord special meeting of stockholders, Concord will ask the Concord stockholders to vote in favor of the following proposals:

•

The Business Combination Proposal — a proposal to approve the adoption of the Business Combination Agreement and the Business Combination.

•

The Adjournment Proposal — a proposal to authorize the adjournment of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based on the tabulated vote at the time of the special meeting, there are not sufficient votes to approve the Business Combination Proposal or Public Stockholders have elected to redeem an amount of Public Shares such that the minimum available cash condition to the obligation to closing of the Business Combination would not be satisfied.

Recommendation of the Concord Board of Directors

Concord’s board of directors believes that each of the Business Combination Proposal and the Adjournment Proposal to be presented at the special meeting of stockholders is in the best interests of Concord and its stockholders and unanimously recommends that its stockholders vote “FOR” each of the proposals.

•

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respectively, based on the closing price of Concord Class A common stock of $[•] on NYSE on [•], 2021, the record date for the special meeting of stockholders;

•

the anticipated continuation of Bob Diamond, Concord’s Chairman of the board of directors, as a director of Topco following the Closing.

Record Date and Voting

You will be entitled to vote or direct votes to be cast at the special meeting of stockholders if you owned shares of Concord Class A common stock at the close of business on [•], 2021, which is the record date for the special meeting of stockholders. You are entitled to one vote for each share of Concord Class A common stock that you owned as of the close of business on the record date. If your shares are held in “street name” or are in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you beneficially own are properly counted. On the record date, there were [•] shares of Concord Class A common stock, including [•] Private Shares, issued and outstanding, and [•] Founder Shares issued and outstanding. In addition, there currently are [•] Concord Warrants issued and outstanding, consisting of [•] Public Warrants and [•] Private Warrants.

Concord’s initial stockholders have agreed to vote all of their Founder Shares and any Public Shares acquired by them in favor of the Business Combination Proposal. Concord’s issued and outstanding Concord Warrants do not have voting rights at the special meeting of stockholders.

Voting Your Shares — Stockholders of Record

Each share of Concord common stock that you own in your name entitles you to one vote on each of the proposals for the special meeting of stockholders. Your one or more proxy cards show the number of shares of Concord common stock that you own.

If you are a holder of record, there are two ways to vote your shares of Concord common stock at the special meeting of stockholders:

•

You can vote by completing, signing and returning the enclosed proxy card in the postage-paid envelope provided. If you hold your shares in “street name” through a bank, broker or other nominee, you will need to follow the instructions provided to you by your bank, broker or other nominee to ensure that your shares are represented and voted at the applicable special meeting(s). If you vote by proxy card, your “proxy,” whose name is listed on the proxy card, will vote your shares as you instruct on the proxy card. If you sign and return the proxy card but do not give instructions on how to vote your shares, your shares of Concord common stock will be voted as recommended by Concord’s board of directors. With respect to proposals for the special meeting of stockholders, that means: “FOR” the Business Combination Proposal, “FOR” the NYSE Proposal and “FOR” the Adjournment Proposal.

•

You can attend the special meeting and vote in person. You will be given a ballot when you arrive. However, if your shares of Concord common stock are held in the name of your broker, bank or other nominee, you must get a proxy from the broker, bank or other nominee. That is the only way we can be sure that the broker, bank or nominee has not already voted your shares of Concord common stock.

Voting Your Shares — Beneficial Owners

If your shares are held in an account at a brokerage firm, bank or other nominee, then you are the beneficial owner of shares held in “street name” and this proxy statement/prospectus is being sent to you by that broker, bank or other nominee. The broker, bank or other nominee holding your account is considered to be the stockholder of record for purposes of voting at the special meeting. As a beneficial owner, you have the right to direct your broker, bank or other nominee regarding how to vote the shares in your account by following the instructions that the broker, bank or other nominee provides you along with this proxy statement/prospectus. As a beneficial owner, if you wish to vote at the special meeting, you will need to bring with you a legal proxy from your broker, bank or other nominee authorizing you to vote those shares.

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Who Can Answer Your Questions About Voting Your Shares

If you have any questions about how to vote or direct a vote in respect of your shares of Concord common stock, you may contact our proxy solicitor at:

[•]

Quorum and Vote Required for the Concord Proposals

A quorum of Concord’s stockholders is necessary to hold a valid meeting. A quorum will be present at the special meeting of stockholders if a majority of the Concord common stock outstanding and entitled to vote at the meeting is represented in person or by proxy. Abstentions will count as present for the purposes of establishing a quorum.

Abstentions and Broker Non-Votes

Under the rules of various national and regional securities exchanges, your broker, bank or nominee cannot vote your shares with respect to non-discretionary matters unless you provide instructions on how to vote in accordance with the information and procedures provided to you by your broker, bank or nominee. Concord believes the proposals presented to its stockholders will be considered non-discretionary and therefore your broker, bank or nominee cannot vote your shares without your instruction. If you do not provide instructions with your proxy, your bank, broker or other nominee may deliver a proxy card expressly indicating that it is NOT voting your shares; this indication that a bank, broker or nominee is not voting your shares is referred to as a “broker non-vote.”

Abstentions and broker non-votes will be counted for purposes of determining the presence of a quorum at the special meeting of Concord stockholders. For purposes of approval, an abstention or failure to vote will have the same effect as a vote against the Business Combination Proposal, and will have no effect on any of the other proposals.

Revocability of Proxies

If you have submitted a proxy to vote your shares and wish to change your vote, you may do so by delivering a later-dated, signed proxy card to Concord’s secretary, at 477 Madison Avenue, 22nd Floor, New York, NY 10022, prior to the date of the special meeting or by voting in person at the special meeting. Attendance at the special meeting alone will not change your vote. You also may revoke your proxy by sending a notice of revocation to Concord’s secretary at the above address.

Redemption Rights

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purposes, based on funds in the Trust Account of approximately $276.0 million on March 31, 2021, the estimated per share redemption price would have been approximately $10.00. Under Concord’s amended and restated certificate of incorporation, in connection with an initial business combination, a Public Stockholder, together with any affiliate or any other person with whom such stockholder is acting in concert of as a “group” (as defined under Section 13(d)(3) of the Exchange Act), is restricted from seeking redemption rights with respect to more than 15% of the Public Shares.

Redemption rights are not available to holders of Concord Warrants in connection with the Business Combination.

In order to exercise your redemption rights, you must, prior to 4:30 p.m., Eastern time, on [•], 2021 (two business days before the special meeting), both:

•

Submit a request in writing that Concord redeem your Public Shares for cash to Continental Stock Transfer & Trust Company, Concord’s transfer agent, at the following address:

Continental Stock Transfer & Trust Company
One State Street Plaza, 30th Floor
New York, New York 10004
Attention: [•]
E-mail: [•]@continentalstock.com

•

Deliver your Public Shares either physically or electronically through DTC to Concord’s transfer agent. Stockholders seeking to exercise their redemption rights and opting to deliver physical certificates should allot sufficient time to obtain physical certificates from the transfer agent. It is Concord’s understanding that stockholders should generally allot at least one week to obtain physical certificates from the transfer agent. However, Concord does not have any control over this process and it may take longer than one week. Public Stockholders who hold their shares in street name will have to coordinate with their bank, broker or other nominee to have the shares certificated or delivered electronically. If you do not submit a written request and deliver your Public Shares as described above, your shares will not be redeemed.

Each redemption of Public Shares by the Public Stockholders will decrease the amount in the Trust Account. In no event, however, will Concord redeem Public Shares in an amount that would cause its net tangible assets to be less than $5,000,000 upon completion of the Business Combination.

Prior to exercising redemption rights, stockholders should verify the market price of their Concord Class A common stock as they may receive higher proceeds from the sale of their Concord Class A common stock in the public market than from exercising their redemption rights if the market price per share is higher than the redemption price. Concord cannot assure you that you will be able to sell your shares of Concord Class A common stock in the open market, even if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in Concord Class A common stock when you wish to sell your shares.

If you exercise your redemption rights, your shares of Concord Class A common stock will cease to be outstanding immediately prior to the Business Combination and will only represent the right to receive a

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pro rata share of the aggregate amount on deposit in the Trust Account. You will no longer own those shares. You will be entitled to receive cash for these shares only if you properly demand redemption.

If the Business Combination Proposal is not approved and Concord does not consummate an initial business combination by June 10, 2022 (or December 10, 2022, as applicable) or obtain the approval of Concord stockholders to extend the deadline for Concord to consummate an initial business combination, it will be required to dissolve and liquidate and the Concord Warrants will expire worthless.

Appraisal or Dissenters’ Rights

No appraisal or dissenters’ rights are available to holders of shares of Concord Class A common stock or Concord Warrants in connection with the Business Combination.

Solicitation of Proxies

Stock Ownership

As of the record date, Concord’s initial stockholders beneficially own an aggregate of approximately [•]% of the outstanding shares of Concord common stock. The initial stockholders have agreed to vote all of their Founder Shares and any Public Shares acquired by them in favor of the Business Combination Proposal. As of the date of this proxy statement/prospectus, none of the initial stockholders have acquired any shares of Concord Class A common stock.

At any time at or prior to the Business Combination, during a period when they are not then aware of any material nonpublic information regarding us or our securities, Concord’s initial stockholders, Circle and/or their directors, officers, advisors or respective affiliates may purchase Public Shares from institutional and other investors who vote, or indicate an intention to vote, against any of the proposals, or execute agreements to purchase such shares from such investors in the future, or they may enter into transactions with such investors and others to provide them with incentives to acquire Public Shares or vote their Public Shares in favor of the proposals. Such a purchase may include a contractual acknowledgement that such stockholder, although still the record or beneficial holder of our shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that Concord’s initial stockholders, Circle and/or their directors, officers, advisors or respective affiliates purchase shares in privately negotiated transactions from Public Stockholders who have already elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to redeem their shares. The purpose of such share purchases and other transactions would be to increase the likelihood of satisfaction of the requirements that the Business Combination Proposal is approved by the affirmative vote of at least a majority of all then outstanding shares of Concord common stock entitled to vote on such matter at the special meeting and that the NYSE Proposal and the Adjournment Proposal are approved by the affirmative vote of at least a majority of the votes cast by the holders of the issued Concord common stock present in person or represented by proxy at the special meeting and entitled to vote on such matter.

Entering into any such arrangements may have a depressive effect on the Concord Class A common stock. For example, as a result of these arrangements, an investor or holder may have the ability to effectively purchase shares at a price lower than market and may therefore be more likely to sell the shares he or she owns, either at or prior to the Business Combination.

If such transactions are effected, the consequence could be to cause the Business Combination to be consummated in circumstances where such consummation could not otherwise occur. Purchases of shares

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PROPOSAL NO. 1 — THE BUSINESS COMBINATION PROPOSAL

THE BUSINESS COMBINATION

The Background of the Business Combination

The terms of the Business Combination Agreement are the result of arms-length negotiations between representatives of Concord and Circle. The following is a brief discussion of the background of these negotiations, the Business Combination Agreement and related transactions.

Concord was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Concord may pursue a merger opportunity in any industry or sector, it initially intended to capitalize on the ability of its management team and Sponsor to identify, acquire and manage a business in the financial services or financial technology sectors, including payments, enterprise software, and data analytics, that can benefit from Concord’s sponsorship and global network of relationships within financial services and financial technology. Concord sought to acquire an established and growing business that it believed was fundamentally sound with an attractive financial profile and poised for continued and accelerating growth, but potentially in need of some form of financial, operational, strategic or managerial guidance to maximize value. The Business Combination with Circle is the result of an extensive search for a potential transaction utilizing Concord management’s relationships with various sources of transaction deal flow, including management teams of public and private companies, investment professionals at private equity firms, venture capital firms, family offices and other financial sponsors, owners of private businesses, investment bankers, consultants and attorneys.

On an ongoing basis, Circle and its board of directors, together with their legal and financial advisors, have reviewed and evaluated strategic opportunities and alternatives with a view to enhancing stockholder value. Such opportunities and alternatives included, among other things, acquisitions and capital markets transactions.

On December 10, 2020, Concord completed its IPO of 27,600,000 units (including 3,600,000 units sold upon the exercise in full of the underwriters’ over-allotment option), each unit consisting of one Class A common stock and one-half of one warrant to purchase one share of Class A common stock, generating gross proceeds of $276 million (before underwriting discounts and commissions and offering expenses). Simultaneously with the closing of the IPO (including the exercise of the underwriters’ over-allotment option), Concord completed the private placement of 510,289 units to the Sponsor and 241,711 units to CA Co-Investment, each at a price of $10.00 per Private Unit, generating total proceeds of $7.52 million. A total of $276 million from the net proceeds from the IPO and the private placement were placed in the Trust Account. In connection with the IPO, Cowen and Company, LLC (“Cowen”) served as sole book-running manager, and Greenberg acted as legal advisor to Concord.

Except for a portion of the interest earned on the funds held in the Trust Account that may be released to us to pay taxes, none of the funds held in the Trust Account will be released until the earlier of the completion of our initial business combination and the redemption of 100% of our Public Shares if we are unable to consummate a business combination by June 10, 2022 (or December 10, 2022, if Concord extends the period of time it has to complete a business combination as described in the prospectus from our IPO).

Prior to the consummation of the IPO, Concord had not selected any potential business combination targets and Concord had not, nor had anyone on its behalf, initiated any substantive discussions, directly or indirectly, with Concord or any other specific business combination targets.

From the date of Concord’s IPO through the signing of the Business Combination Agreement with Circle on July 7, 2021, members of Concord’s management reviewed self-generated ideas, contacted, and were contacted by, a number of individuals and entities with respect to business combination opportunities. As part of this process, representatives of Concord considered and evaluated over 100 potential acquisition targets in a wide variety of industry sectors, and engaged in discussions with owners or management team members of over 50 such potential targets. From the date of Concord’s IPO through March 6, 2021, representatives of Concord submitted non-binding letters of intent to, or engaged in similar substantive

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discussions of potential terms with, five potential acquisition targets (including Circle) following evaluation of, and discussions with, each such potential acquisition target.

Representatives of Concord engaged in detailed discussions and due diligence directly with the senior executives and/or shareholders of each of the five potential business combination targets that received non-binding letters of intent or similar offers from Concord. Concord did not pursue a potential transaction with the other potential acquisition targets for a variety of factors, including Concord’s views of industry, sector and/or business prospects, competitive landscape, the target companies’ preparedness to become publicly listed, and divergent expectations regarding valuation, transaction timing and/or financial projections.

Concord decided to pursue a combination with Circle because it determined that Circle represented a compelling opportunity based upon Circle’s high-caliber executive management team (including the team’s prior public company management experience), large total global addressable market, relationship as co-founding member with Coinbase of the Centre Consortium, persistent growth in USDC in circulation, momentum with existing and new customers and strategic partners, overall market positioning and long-term projected margin and profitability profile at scale.

On January 22, 2021, at the request of Jeremy Allaire, Circle’s Chief Executive Officer, a representative of FT Partners, Circle’s financial advisor, emailed Jeff Tuder, Concord’s Chief Executive Officer, and Pete Ort, one of Concord’s directors, regarding a potential business combination in the crypto/blockchain space.

On January 28, 2021, Mr. Tuder and Mr. Ort had an introductory call with FT Partners to discuss Circle. FT Partners sent a non-confidential presentation about Circle to Mr. Tuder and Mr. Ort later on that same day.

On February 2, 2021, an introductory videoconference was held between Circle’s management team, including Jeremy Allaire, Circle’s Chief Executive Officer, and Mr. Tuder and Mr. Ort to discuss various aspects of Circle’s business and strategy and its desire to become a public company. At the conclusion of that videoconference, Concord expressed its desire to enter into a non-disclosure agreement so that it could receive additional business and financial information.

Concord and Circle entered into a non-disclosure agreement on February 10, 2021, pursuant to which Concord agreed to maintain Circle’s confidential information in confidence, and each party agreed to maintain in confidence the fact that the parties were discussing a potential transaction, for a period of one year (subject to certain exceptions). In addition, various members of Concord’s board of directors, management and advisory committee held videoconference calls with Mr. Allaire during this period to learn more about Circle and its business.

On February 23, 2021, members of Concord’s management team and board of directors, including Bob Diamond, Chairman of the Board, Goldman Sachs & Co LLC (“Goldman Sachs”), Concord’s financial advisor and co-placement agent, and Circle’s executive management team and advisory committee participated in a videoconference to discuss Circle, its business and long-term strategic vision.

On February 25, 2021, Concord received access to Circle’s virtual dataroom, and it and its advisors commenced a review of the materials posted in the dataroom.

On February 28, 2021, a representative of FT Partners provided a template term sheet for a business combination transaction with a special purpose acquisition company to Concord.

On March 2, 2021, Mr. Tuder sent a non-binding, preliminary term sheet to Mr. Allaire and representatives of FT Partners, which proposed, among other things, an equity valuation for Circle of $4.5 billion net of fees and any indebtedness, which representatives of FT Partners indicated was the minimum amount that would be required by Circle to move forward with a transaction with Concord. The term sheet also proposed an earnout for Circle shareholders equal to up to 39% of the combined company’s outstanding equity upon achievement of certain share prices.

Later that day, and over the course of the remainder of that week, Circle and its representatives held discussions with representatives of Concord to discuss the draft term sheet and related matters, such as timing of a potential transaction, a proposed private placement to be signed in conjunction with the signing of a definitive transaction agreement, and Concord’s outstanding due diligence regarding Circle. Between

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March 2, 2021 and March 6, 2021, representatives of Concord and Circle exchanged revised drafts of the term sheet, with input from GT, as counsel to Concord, Goodwin Procter LLP (“Goodwin”), as U.S. counsel to Circle, and FT Partners as financial advisor to Circle. During this period, Mr. Tuder held discussions with Concord’s board of directors and discussed with them the proposed transaction terms. Among other things, Concord and Circle agreed as part of these negotiations on an equity valuation for Circle of $4.5 billion, plus the net proceeds of any equity or convertible debt sold the Circle in the interim, net of fees and any non-convertible indebtedness, an earnout equivalent to 20% of Circle’s outstanding shares in equal tranches of 5% upon achievement of certain share prices, and a targeted concurrent private placement of between $500 and $750 million.

On March 6, 2021, Concord and Circle agreed upon and signed a non-binding term sheet, which included an obligation on the part of Circle and Concord to negotiate exclusively with the other for a period of 30 days ending on April 5, 2021.

Following the execution of the non-binding term sheet, Concord and its advisors continued to conduct business, financial, legal, regulatory, tax and accounting due diligence of Circle, based on materials made available in the virtual dataroom and diligence sessions with Concord’s team.

On April 12, 2021, Concord and Circle entered into a letter agreement which amended and restated the exclusivity provisions contained in the March 6th term sheet such that only Circle was obligated to negotiate on an exclusive basis, for a period ending on May 14, 2021. The letter agreement also included certain expense reimbursement provisions whereby Circle would be required to reimburse Concord for certain transaction-related expenses up to specified capped amounts if the parties had not entered into a definitive agreement with respect to the Proposed Transactions by June 1, 2021.

From March 6, 2021 to June 11, 2021, representatives of Concord, Circle and Goldman Sachs held calls to discuss marketing documents, timeline and investor targeting for the PIPE, identifying a limited number of institutional investors for potential outreach Beginning on March 16, 2021, Citigroup Global Markets Inc. (“Citi”), Concord’s co-placement agent with Goldman Sachs, also began participating in those calls. Goldman Sachs and Citi began to confidentially contact investors on June 14, 2021.

On May 28, 2021, Circle announced a $440 million convertible note financing which included an aggregate investment of $29 million from entities controlled by Atlas Merchant Capital LLC, an entity affiliated with the Sponsor. As a result of this financing, Concord and Circle agreed that the amount of money to be raised in the PIPE financing would be less than the $500 to $750 million originally set forth in the term sheet.

On May 29, 2021, Circle and Concord entered into a letter agreement further extending the exclusivity obligations of Circle contained in the original March 6, 2021 non-binding term sheet, as amended by the April 12, 2021 letter agreement, through July 2, 2021. The letter agreement also expanded the expense reimbursement provisions and conditions under which expense reimbursement would be due to Concord that was originally agreed to in the April 12, 2021 letter agreement.

During the period from June 21, 2021 through July 6, 2021, representatives of Concord and Circle engaged in confidential meetings with potential PIPE investors.

On April 12, 2021, Goodwin provided Greenberg with an initial draft of the Business Combination Agreement. Thereafter, through the signing of the Business Combination Agreement on July 7, 2021, representatives of Concord and Circle and their legal advisors held multiple calls to discuss the terms of the Business Combination and the provisions of the Business Combination Agreement. Goodwin and Greenberg, with input from Arthur Cox LLP (“Arthur Cox”) as Irish counsel to Concord, and Matheson as Irish counsel to Circle, also exchanged updated drafts of the Business Combination Agreement and certain related documents and agreements during this period. The various revised drafts reflected divergent views on, among other things, the scope of the representations and warranties, interim covenants, closing conditions and indemnification obligations. Over the same period of time, the representatives and advisors for Concord and Circle held numerous conference calls and came to agreement on various outstanding business issues, including, among others: (i) calculation of the transaction consideration, and the form such consideration would take, to be received by the Circle equityholders, and the respective post-closing ownership amounts of the Circle equityholders, the Concord shareholders and the PIPE Investors; (ii) the

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scope of the indemnification obligations; and (iii) the overall suite of representations, warranties and covenants to be provided by each party under the Business Combination Agreement. Other issues that were raised and addressed during the negotiations of the definitive transaction documents included the mechanics of the Scheme and the overall structure of the Business Combination given the cross-border implications, approval processes and obligations by both parties prior to closing, obligations of both parties in the event of adverse events for the industry, and required consents for closing. The parties worked through each other’s concerns around these issues and achieved a reasonable balance that respected the needs of both Concord and Circle shareholders.

On June 4, 2021, Greenberg provided Goodwin with an initial draft of the form of subscription agreement for the PIPE. During the week of June 21, 2021, Greenberg and Goodwin exchanged revised drafts of the form of subscription agreement, and on June 27, 2021, the draft was made available to potential investors in the PIPE.

On June 10, 2021, Goldman Sachs entered into an engagement letter with Concord to act as its financial advisor in connection with the Business Combination, and will receive compensation and expense reimbursements in connection therewith. On June 10, 2021, Concord also entered into an engagement letter with Goldman Sachs and Citi to act as co-placement agents on the PIPE. Goldman Sachs and Citi will receive fees and expense reimbursements in connection therewith. In addition, Goldman Sachs and Citi (together with their affiliates) are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investing, hedging, market making, brokerage and other financial and non-financial activities and services. Goldman Sachs, Citi and their respective affiliates may provide investment banking and other commercial dealings to Concord, Circle and their respective affiliates in the future, for which they would expect to receive customary compensation. In addition, in the ordinary course of its business activities, Goldman Sachs, Citi and their respective affiliates, officers, directors and employees may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of Concord or Circle, or their respective affiliates. Goldman Sachs, Citi and their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. In connection with its role as Concord’s financial advisor, Goldman Sachs provided Concord’s board of directors with a disclosure letter describing any material relationships that Goldman Sachs has with Circle and Concord. In addition, Goldman Sachs advised Concord that Michelle Burns serves as a director on the board of directors of both Goldman Sachs and Circle.

During the week of June 28 and early in the week of July 5, 2021, the form of the subscription agreement for the PIPE was finalized through negotiations among Greenberg and Arthur Cox, Goodwin and Matheson, and certain of the investors in the PIPE, and representatives of Concord obtained commitments from the PIPE investors to invest an aggregate of $415 million.

On July 6, 2021, Concord, with representatives of Greenberg, Arthur Cox, Goldman Sachs, and Concord’s placement agents for the PIPE, Goldman Sachs and Citi, in attendance, held a meeting of its board of directors via videoconference, with all board members present. At that meeting, Greenberg summarized key terms of the Proposed Transactions and provided a presentation on fiduciary duties applicable to Concord’s directors under applicable Delaware law, and Goldman Sachs and Citi provided updates to the board of directors on the transaction process and PIPE marketing. In addition, representatives of Cassel Salpeter which had been retained by Concord to provide an opinion to Concord’s board of directors as to the fairness, from a financial point of view, to Public Stockholders (other than the sponsors) of the consideration to be received by such holders (other than the sponsors), in the Business Combination, reviewed its preliminary financial analysis of Circle and answered questions from members of the board. Cassel Salpeter was not requested to, and did not, (a) initiate or participate in any discussions or negotiations with respect to the Business Combination, the securities, assets, businesses or operations of Concord, Circle or any other party, or any alternatives to the Business Combination, (b) negotiate the terms of the Business Combination, or (c) advise Concord’s board of directors or any other party with respect to

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alternatives to the Business Combination. Concord’s board of directors engaged in considerable discussion regarding the Business Combination Agreement, the form of Subscription Agreement, other ancillary transaction documents and materials presented at the meeting.

On July 7, 2021, Concord, with representatives of Greenberg, Arthur Cox, and Cassel Salpeter in attendance, reconvened Concord’s board of directors via videoconference, with all board members present. After an update from Greenberg regarding the status of the Business Combination Agreement and related documents, Cassel Salpeter reviewed its financial analysis of Circle and rendered to the board its oral opinion, which subsequently would be confirmed by delivery of a written opinion dated July 7, 2021, as to, as of that date, (i) the fairness, from a financial point of view, to Public Stockholders (other than the sponsors) of the consideration to be received by such holders (other than the sponsors), in the Business Combination, and (ii) Circle having a fair market value equal to at least 80% of the balance of funds in the Trust Account. After considerable review and discussion, the Business Combination Agreement, the form of Subscription Agreement and related documents and agreements were unanimously approved by Concord’s board of directors and the board recommended the approval of the Business Combination Agreement and the Business Combination. The board also concluded that the fair market value of Circle was equal to at least 80% of the funds held in the Trust Account.

The Business Combination Agreement and related documents and agreements were executed on July 7, 2021. Prior to the market open on July 8, 2021, Concord and Circle issued a joint press release announcing the execution of the Business Combination Agreement and Concord filed with the SEC a Current Report on Form 8-K announcing the execution of the Business Combination Agreement. During the morning of July 8, 2021, representatives of Concord and Circle conducted an investor conference call to announce the Business Combination.

Recommendation of the Concord Board of Directors and Reasons for the Combination

As described under “Background of the Business Combination” above, Concord’s board of directors, in evaluating the Business Combination, consulted with Concord’s management and financial and legal advisors. In reaching its unanimous decision to approve the Business Combination Agreement and the transactions contemplated by the Business Combination Agreement, Concord’s board of directors considered a range of factors, including, but not limited to, the factors discussed below. In light of the number and wide variety of factors considered in connection with its evaluation of the combination, Concord’s board of directors did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors that it considered in reaching its determination and supporting its decision. Concord’s board of directors viewed its decision as being based on all of the information available and the factors presented to and considered by it. In addition, individual directors may have given different weight to different factors.

This explanation of Concord’s reasons for the combination and all other information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under the section titled “Cautionary Note Regarding Forward-Looking Statements.”

Concord’s board of directors considered a number of factors pertaining to the Business Combination as generally supporting its decision to enter into the Business Combination Agreement and the transactions contemplated thereby, including, but not limited to, the following:

•

Circle has a large market opportunity. The total projected long-term global addressable markets for Circle’s offerings are over $165 trillion, comprised of $130 trillion for M2 money supply, $35 trillion for global payments and $2 trillion for cryptocurrency.

•

Circle’s platform is difficult to replicate in an already disruptive ecosystem. Circle offers customers a broad array of capabilities as a result of years of investment and development, and is a trusted provider of the services it provides. Circle’s role as co-founding member along with Coinbase, of Centre, Inc., the consortium created to oversee various aspects of the USDC stablecoin, provides Circle with significant advantages over other potential stablecoin issuers.

•

Circle is led by a strong and experienced management team. Circle’s management team has broad and deep experience across the digital currency, internet technology, fintech and financial services industries, having previously founded, led and grown multiple technology-focused companies.

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•

Circle is supported by multiple avenues for growth. Circle operates one of the fastest growing dollar digital assets in the world. That, combined with Circle’s strong industry position and sustainable business model, is expected to position Circle for rapid growth across a number of areas including creating stablecoins in other currencies as well as further penetration of its Treasury and Transaction Services and SeedInvest businesses within their target markets.

•

Circle is coming to the public markets at an attractive valuation. At announcement, Circle’s pro forma enterprise value of $4.5 billion implied a 5.8x multiple of 2023 projected revenue, based on management’s projections, which compares favorably to publicly-traded peer companies. As a result, Concord’s board believes the transaction’s pro forma valuation represents an attractive entry point into the business.

•

Opinion of Cassel Salpeter, Concord’s financial advisor. The Concord board took into account the financial analyses reviewed by Cassel Salpeter with the Concord board, as well as the oral opinion of Cassel Salpeter (which was subsequently confirmed in writing by delivery of Cassel Salpeter’s written opinion addressed to the Concord board dated July 7, 2021), as to, as of such date, the fairness, from a financial point of view, to Public Stockholders (other than the sponsors) of the consideration to be received by such holders (other than the sponsors), in the Business Combination.

Concord’s board of directors also considered a variety of uncertainties and risk and other potentially negative factors concerning the Business Combination including, but not limited to, the following:

•

Circle’s ability to continue to expand its customer base and mint USDC;

•

The risk of increased competition from new entrants, including other tech-based companies, existing participants and government’s via the introduction of central bank digital currencies, given the large total addressable market importance to the global financial system;

•

The risks associated with potential cybersecurity breaches and ransomware attacks;

•

The potential impact from changes in the political and regulatory environment, particularly in relation to increased regulation of cryptocurrencies generally and stablecoins in particular, as well as other government-sponsored initiatives;

•

Key man risk related to Circle’s Founder and CEO, Jeremy Allaire;

•

The risks related to the development, introduction and adoption of new products created by Circle;

•

The risks related to the relationship with Centre and Circle’s partner in Centre, Coinbase;

•

Risks associated with certain litigation and regulatory matters Circle is subject to;

•

Risks related to negative headlines related to the cryptocurrency and stablecoin industries generally and other stablecoin providers in particular; and

•

Various other risk factors associated with the business of Circle, as described in the section entitled “Risk Factors” appearing elsewhere in this document.

In connection with analyzing the Business Combination, Concord’s management reviewed and compared, using publicly available information, certain current and historical financial information for Circle, as well as the projected financial information of Circle described below under “— Circle Projected Financial Information,” corresponding to current and historical financial information, ratios and public market multiples for certain companies believed by Concord’s management, based on its experience and judgment, to be comparable to Circle. None of the companies considered are identical to or directly comparable with Circle.

Concord’s board of directors also considered the Business Combination in light of the investment criteria set forth in Concord’s final prospectus for its IPO including, without limitation, that based upon Concord’s analyses and due diligence, Circle has the potential to be a market leader in the U.S. and global stablecoin markets and digital currency commercial banking and has substantial future growth opportunities in these and other segments, all of which Concord’s board of directors believed have a strong potential to create meaningful stockholder value following the consummation of the Business Combination.

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The above discussion of the material factors considered by Concord’s board of directors is not intended to be exhaustive but does set forth the principal factors considered by Concord’s board of directors.

Circle Projected Financial Information

Circle does not as a matter of course make public projections as to future revenue, earnings or other results. However, Circle’s senior management prepared and provided to Concord certain internal, unaudited projected financial information in connection with the evaluation of the Business Combination. Circle’s senior management prepared such financial information based on its judgement and assumptions regarding the future financial performance of Circle. The inclusion of the below information should not be regarded as an indication that Circle or any other recipient of this information considered or now considers it to be necessarily predictive of actual future results.

The unaudited projected financial information is subjective in many respects. As a result, there can be no assurance that the projected results will be realized or that actual results will not be significantly higher or lower than estimated. Since the unaudited projected financial information covers multiple years, that information by its nature becomes less predictive with each successive year.

While presented in this proxy statement/prospectus with numeric specificity, the information set forth in the summary below was based on numerous variables and assumptions that are inherently uncertain and may be beyond the control of Circle’s management, including, among other things, the matters described in the sections entitled “Forward-Looking Statements” and “Risk Factors.” Circle believes the assumptions in the projected financial information were reasonable at the time the financial information was prepared, given the information that Circle had at the time. However, important factors that may affect actual results and cause the results reflected in the projected financial information not to be achieved include, among other things, risks and uncertainties relating to Circle’s business, industry performance, the regulatory environment, and general business and economic conditions. The projected financial information also reflects assumptions as to certain business decisions that are subject to change. The unaudited projected financial information was not prepared with a view toward public disclosure or compliance with the published guidelines of the SEC, or the guidelines established by the American Institute of Certified Public Accountants for the preparation and presentation of financial forecasts but, in the view of Circle’s management, was prepared on a reasonable basis, reflected the best available estimates and judgments at the time of preparation, and presented, to the best of Circle management’s knowledge and belief, the expected course of action and the expected future financial performance of Circle. However, this information is not fact and should not be relied upon as being necessarily indicative of future results, and readers of this proxy statement/prospectus are cautioned not to place undue reliance on the projected financial information.

No independent auditors have audited, reviewed, examined, compiled or applied agreed-upon procedures with respect to the accompanying projected financial information and, accordingly, none of Circle, Concord or any of their independent auditors express an opinion or any other form of assurance with respect thereto or the achievability thereof, and assume no responsibility for, and disclaim any association with, the projected financial information. The audit reports included in this proxy statement/prospectus relate to historical financial information. They do not extend to the projected financial information and should not be read to do so.

Except as required by applicable securities laws, Circle does not intend to make publicly available any update or other revision to the projected financial information. The projected financial information does not take into account any circumstances or events occurring after the date that such information was prepared. None of Circle, Concord nor any of their respective affiliates, officers, directors, advisors or other representatives has made or makes any representation to any Concord shareholder or any other person regarding ultimate performance compared to the information contained in the projected financial information or that financial and operating results will be achieved.

Although certain of the measures included in the projected financial information have not been prepared in accordance with GAAP, the projected financial information is being disclosed to comply with the anti-fraud and other liability provisions of the federal securities laws and, as such, the financial measures included therein are excluded from the definition of non-GAAP financial measures under applicable SEC

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rules and are therefore not subject to Item 10(e) of Regulation S-K and Regulation G. Accordingly, we have not provided a reconciliation of the financial measures.

The following table sets forth certain summarized projected financial information for Circle for 2021, 2022 and 2023:

(USD in millions)	2021E			2022E			2023E
Total Revenue and USDC Interest Income		$	115		$	407		$	886
Total Third-Party Transaction Costs		$	52		$	150		$	273
Total Operating Expenses		$	163		$	420		$	684
Adjusted EBITDA(1)		$	(76)		$	(97)		$	76
Adjusted EBITDA Margin(2)			—			—			10%

(1)

Circle defines Adjusted EBITDA as net income or net loss, as applicable, before net interest income (expense), taxes, depreciation and amortization expense, and stock-based compensation expense.

(2)

Circle defines Adjusted EBITDA Margin as Adjusted EBITDA divided by the sum of Total Revenue and USDC Interest Income less USDC Income Sharing and Transaction Costs.

The foregoing projections were prepared using a number of assumptions, including the following assumptions that Circle’s management believed to be material:

•

USDC in Circulation grows to $194 billion by the end of 2023 driven by continued global adoption of digital currency for payments, commerce and treasury needs, under a wide and growing variety of use cases

•

The Number of Circle Accounts grows to 30,084 by the end of 2023

•

Total Fiat Transaction Volume grows to $17 billion for the financial year 2023

•

Total Volume Lent grows to $53 billion for the financial year 2023

•

SeedInvest Total Closed Volume grows to $505 million for the financial year 2023, driven by increased internet-based capital formation activity

•

An assessment of the impact of revenue growth and mix on Total Third-Party Transaction Costs

•

Assessments of fixed and variable operating expenses and headcount requirements, including:

•

Headcount and labor cost from sales and marketing, and product and engineering functions growing in conjunction with the support needed for existing product development and future product launches;

•

Marketing investment being a higher proportion of revenue in early years to support organic growth, new product releases and broader brand recognition, while decreasing over time as a percentage of revenue as the business scales; and

•

General and administrative and IT infrastructure costs increasing more quickly in the near-term to provide infrastructure in support of the business’ overall growth, and then increasing at a more moderate pace in future periods due to operating leverage from fixed overhead costs as the business matures.

Opinion of Financial Advisor to Concord’s Board of Directors

On July 7, 2021, Cassel Salpeter rendered its oral opinion to Concord’s board of directors (which was confirmed in writing by delivery of Cassel Salpeter’s written opinion dated such date), as to whether, as of the date of such opinion, (i) the Merger Consideration to be received by the holders of Concord Class A common stock, other than the Sponsor, CA Co-Investment, holders of Concord Class A common stock issued in private placements, including the PIPE financing, or holders of any shares of Concord common stock issued to Concord’s initial stockholders or to underwriters or, in each case their respective affiliates (collectively, the “Excluded Holders”) in the Merger pursuant to the Business Combination Agreement, after

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giving effect to the Scheme, was fair, from a financial point of view, to such holders (other than the Excluded Holders) and (ii) Circle had a fair market value equal to at least 80% of the balance of funds in the Trust Account. The summary of Cassel Salpeter’s opinion in this proxy statement/prospectus is qualified in its entirety by reference to the full text of the written opinion, which is included as Annex D to this proxy statement/prospectus and sets forth the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by Cassel Salpeter in preparing its opinion. However, neither Cassel Salpeter’s written opinion nor the summary of its opinion and the related analyses set forth in this proxy statement/prospectus are intended to be, and do not constitute, advice or a recommendation to any stockholder as to how such stockholder should act or vote with respect to any matter relating to the proposed Merger or otherwise, including, without limitation, whether any such stockholder should redeem their shares of Concord Class A common stock or whether any party should participate in the PIPE financing.

The opinion was addressed to Concord’s board of directors for the use and benefit of the members of Concord’s board of directors (in their capacities as such), in connection with Concord’s board of directors’ evaluation of the Merger. Cassel Salpeter’s opinion was just one of the several factors Concord’s board of directors took into account in making its determinations with respect to the Merger, including those described elsewhere in this proxy statement/prospectus.

Cassel Salpeter’s opinion only addressed whether, as of the date of the opinion, (i) the Merger Consideration to be received by the holders of Concord Class A common stock, other than the Excluded Holders, in the Merger pursuant to the Business Combination Agreement, after giving effect to the Scheme, was fair, from a financial point of view, to such holders (other than the Excluded Holders) and (ii) Circle had a fair market value equal to at least 80% of the balance of funds in the Trust Account. It did not address any other terms, aspects, or implications of the Proposed Transactions or the Business Combination Agreement or any related agreement, including, without limitation, (i) the Earnout Shares; the Transaction Support Agreement to be entered into by certain holders of Circle Shares; the Registration Rights Agreement to be entered into by certain equity holders of Circle and certain stockholders of Concord; the Shareholders Agreement to be entered into by Topco, Concord, the Sponsor, Mr. Allaire and certain other shareholders of Topco; the Waiver Agreement to be entered into by the Sponsor, Topco and Circle, (ii) other than assuming the consummation thereof in accordance with the Business Combination Agreement, the Scheme, the First Contribution (as defined in the Business Combination Agreement), the Second Contribution (as defined in the Business Combination Agreement) or the PIPE, (iii) any term or aspect of the Merger that is not susceptible to financial analysis, (iv) the fairness of the Merger, or all or any portion of the Merger Consideration, to any other security holders of Concord (including, without limitation, the Excluded Holders or holders of warrants to purchase Concord Class A common stock), Circle or any other person or any creditors or other constituencies of Concord, Circle or any other person, (v) the fairness of any portion or aspect of the Proposed Transactions to any one class or group of Concord’s or any other party’s security holders or other constituencies relative to any other class or group of Concord’s or such other party’s security holders or other constituencies (including, without limitation, the fairness of the Merger Consideration to be received by the Excluded Holders relative to the other holders of Concord common stock or the potential dilutive or other effects of the Proposed Transactions on such other holders), (vi) the appropriate capital structure of Topco or whether Topco should be issuing debt or equity securities or a combination of both, nor (vii) the fairness of the amount or nature, or any other aspect, of any compensation or consideration payable to or received by any officers, directors, or employees of any parties to the Proposed Transactions, or any class of such persons, relative to the Merger Consideration in the Merger pursuant to the Business Combination Agreement or otherwise. Cassel Salpeter did not express any view or opinion as to (i) what the value of Topco Ordinary Shares actually would be when issued in the Merger or (ii) the prices at which Topco Ordinary Shares (or warrants to purchase Topco Ordinary Shares) or Circle Shares may trade, be purchased or sold at any time. In addition, Cassel Salpeter made no representation or warranty regarding the adequacy of its opinion or the analyses underlying its opinion for the purpose of Concord’s compliance with the terms of its constituent documents, the rules of any securities exchange or any other general or particular purpose.

Cassel Salpeter’s opinion did not address the relative merits of the Proposed Transactions as compared to any alternative transaction or business strategy that might exist for Concord, or the merits of the underlying decision by Concord’s board of directors or Concord to engage in or consummate the Proposed Transactions. The financial and other terms of the Proposed Transactions were determined pursuant to

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negotiations between the parties to the Business Combination Agreement and were not determined by or pursuant to any recommendation from Cassel Salpeter. In addition, Cassel Salpeter was not authorized to, and did not, solicit indications of interest from third parties regarding a potential transaction involving Concord.

In arriving at its opinion, Cassel Salpeter made such reviews, analyses, and inquiries as Cassel Salpeter deemed necessary and appropriate under the circumstances. Among other things, Cassel Salpeter:

•

reviewed an execution copy, dated July 7, 2021, of the Business Combination Agreement;

•

reviewed certain publicly available financial information and other data with respect to Concord and Circle that Cassel Salpeter deemed relevant;

•

reviewed certain other information and data with respect to Concord and Circle made available to Cassel Salpeter by Concord and Circle, including financial projections with respect to the future financial performance of Circle prepared by Circle’s management (the “Circle Projections”) and other internal financial information furnished to Cassel Salpeter by or on behalf of Concord and Circle;

•

considered and compared the financial and operating performance of Circle with that of companies with publicly traded equity securities that Cassel Salpeter deemed relevant;

•

compared the implied enterprise value reference ranges of Circle to the balance, as provided by Concord’s management, of the Trust Account;

•

discussed the business, operations and prospects of Circle and the proposed Merger with Concord’s and the Circle’s management and certain of Concord’s and Circle’s representatives; and

•

conducted such other analyses and inquiries, and considered such other information and factors, as Cassel Salpeter deemed appropriate.

For purposes of its analyses and opinion Cassel Salpeter, at Concord’s direction, (i) assumed that each share of Concord Class A common stock and each Topco Ordinary Share had a value of $10.00 per share (with such $10.00 value being based on Concord’s initial public offering and Concord’s approximate cash per share of Concord Class A common stock outstanding (excluding, for the avoidance of doubt, the dilutive impact of outstanding shares of Concord Class B common stock or any warrants to purchase Concord common stock)), (ii) did not evaluate or take into account the Earnout Shares, (iii) assumed that the value of the Aggregate Company Consideration was equal to the Circle Equity Value and (iv) evaluated the fairness, from a financial point of view, to the holders of Concord Class A common stock, other than the Excluded Holders, of the Merger Consideration to be received by such holders (other than the Excluded Holders) in the Merger pursuant to the Business Combination Agreement, after giving effect to the Scheme, based solely on a comparison of (a) the Circle Equity Value and (b) the implied aggregate equity value reference ranges for Circle that Cassel Salpeter believed were indicated by its financial analyses of Circle. In addition, for purposes of its analysis and opinion Cassel Salpeter, with Concord’s consent, evaluated whether Circle had a fair market value equal to at least 80% of the Trust Account solely upon the basis of a comparison of the implied enterprise value reference ranges of Circle indicated by Cassel Salpeter’s financial analysis with the balance of the Trust Account, which Concord advised Cassel Salpeter and Cassel Salpeter, for purposes of its analysis and opinion, assumed did not and would not exceed $276,034,000.

In arriving at its opinion, Cassel Salpeter, with Concord’s consent, relied upon and assumed, without independently verifying, the accuracy and completeness of all of the financial and other information that was supplied or otherwise made available to it or available from public sources, and Cassel Salpeter further relied upon the assurances of Concord’s and Circle’s management that they were not aware of any facts or circumstances that would have made any such information inaccurate or misleading. Cassel Salpeter is not a legal, tax, accounting, environmental, technology, science, or regulatory advisor, and Cassel Salpeter did not express any views or opinions as to any legal, tax, accounting, environmental, technology, science, or regulatory matters relating to Concord, Circle, the Proposed Transactions, or otherwise. Cassel Salpeter understood and assumed that Concord had obtained or would obtain such advice as it deemed necessary or appropriate from qualified legal, tax, accounting, environmental, regulatory, technology, science, and other professionals, that such advice was sound and reasonable and that Concord had acted or would act in accordance with such advice.

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With Concord’s consent, Cassel Salpeter assumed (i) that Circle Projections were reasonably prepared on a basis reflecting the best currently available estimates and judgments of the management of Circle with respect to the future financial performance of Circle and (ii) that Circle Projections provided a reasonable basis upon which to analyze and evaluate Circle and form an opinion. At Concord’s direction, Cassel Salpeter used and relied upon Circle Projections for purposes of its analyses and opinion. Cassel Salpeter expressed no view with respect to Circle Projections or the assumptions on which they were based. Cassel Salpeter did not evaluate the solvency or creditworthiness of Concord, Circle or any other party to the Proposed Transactions, the fair value of Concord, Circle or any of their respective assets or liabilities, or whether Concord, Circle, Topco or any other party to the Proposed Transactions is paying or receiving reasonably equivalent value in the Proposed Transactions under any applicable foreign, state, or federal laws relating to bankruptcy, insolvency, fraudulent transfer, or similar matters, nor did Cassel Salpeter evaluate, in any way, the ability of Concord, Circle, Topco or any other party to the Proposed Transactions to pay its obligations when they come due. Cassel Salpeter did not physically inspect Concord’s or Circle’s properties or facilities and did not make or obtain any evaluations or appraisals of Concord’s or Circle’s assets or liabilities (including any contingent, derivative, or off-balance-sheet assets and liabilities). Cassel Salpeter did not attempt to confirm whether Concord or Circle had good title to their respective assets. Cassel Salpeter’s role in reviewing any information was limited solely to performing such reviews as Cassel Salpeter deemed necessary to support its own advice and analysis and was not on behalf of the Concord’s board of directors, Concord, or any other party.

Cassel Salpeter assumed, with Concord’s consent, that the Proposed Transactions would be consummated in a manner that complies in all respects with applicable foreign, federal, state, and local laws, rules, and regulations and that, in the course of obtaining any regulatory or third party consents, approvals, or agreements in connection with the Proposed Transactions, no delay, limitation, restriction, or condition would be imposed that would have an adverse effect on Concord, Circle or the Proposed Transactions. Cassel Salpeter also assumed, with Concord’s consent, that the final executed form of the Business Combination Agreement would not differ in any material respect from the draft Cassel Salpeter reviewed and that the Proposed Transactions would be consummated on the terms set forth in the Business Combination Agreement, without waiver, modification, or amendment of any term, condition, or agreement thereof material to Cassel Salpeter’s analyses or opinion. Cassel Salpeter also assumed that the representations and warranties of the parties to the Business Combination Agreement contained therein were true and correct and that each such party would perform all of the covenants and agreements to be performed by it under the Business Combination Agreement. Cassel Salpeter offered no opinion as to the contractual terms of the Business Combination Agreement or the likelihood that the conditions to the consummation of the Proposed Transactions or the issuance of the Earnout Consideration set forth in the Business Combination Agreement would be satisfied. Concord also advised Cassel Salpeter, and Cassel Salpeter assumed, that for U.S. federal tax income purposes the Proposed Transactions would constitute a tax-deferred exchange within the meaning of Section 351(a) of the Code.

Cassel Salpeter was not requested to, and did not, (a) initiate or participate in any discussions or negotiations with respect to the Proposed Transactions, the securities, assets, businesses or operations of Concord, Circle or any other party, or any alternatives to the Proposed Transactions, (b) negotiate the terms of the Proposed Transactions, or (c) advise Concord’s board of directors or any other party with respect to alternatives to the Proposed Transactions. Cassel Salpeter’s analysis and opinion were necessarily based upon market, economic, and other conditions as they existed on, and could be evaluated as of, the date of its opinion. Accordingly, although subsequent developments could arise that would otherwise affect its opinion, Cassel Salpeter did not assume any obligation to update, review, or reaffirm its opinion to Concord or any other person or otherwise to comment on or consider events occurring or coming to its attention after the date of its opinion.

In connection with preparing its opinion, Cassel Salpeter performed a variety of financial analyses. The following is a summary of the material financial analyses performed by Cassel Salpeter in connection with the preparation of its opinion. It is not a complete description of all analyses underlying such opinion. The preparation of an opinion is a complex process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances. As a consequence, neither Cassel Salpeter’s opinion nor the respective analyses underlying its opinion is readily susceptible to partial analysis or summary description. In arriving at its opinion, Cassel

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Salpeter assessed as a whole the results of all analyses undertaken by it with respect to the opinion. While it took into account the results of each analysis in reaching its overall conclusions, Cassel Salpeter did not make separate or quantifiable judgments regarding individual analyses and did not draw, in isolation, conclusions from or with regard to any individual analysis or factor. Therefore, Cassel Salpeter believes that the analyses underlying the opinion must be considered as a whole and that selecting portions of its analyses or the factors it considered, without considering all analyses and factors underlying the opinion collectively, could create a misleading or incomplete view of the analyses performed by Cassel Salpeter in preparing the opinion.

The implied valuation reference ranges indicated by Cassel Salpeter’s analyses are not necessarily indicative of actual values nor predictive of future results, which may be significantly more or less favorable than those suggested by such analyses. Much of the information used in, and accordingly the results of, Cassel Salpeter’s analyses are inherently subject to substantial uncertainty.

Summary of Material Financial Analyses

The following summary of the material financial analyses performed by Cassel Salpeter in connection with the preparation of its opinion includes information presented in tabular format. The tables alone do not constitute a complete description of these analyses. Considering the data in the tables below without considering the full narrative description of the analyses, as well as the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses Cassel Salpeter performed.

Share prices for the selected companies used in the selected companies analysis described below were as of July 2, 2021. Estimates of future financial performance for Circle were based on Circle Projections, and estimates of future financial performance for the selected companies listed below were based on publicly available research analyst estimates for those companies.

For purposes of its analyses, Cassel Salpeter reviewed a number of financial metrics, including “Enterprise Value,” which generally refers to the value as of a specified date of the relevant company’s outstanding equity securities (taking into account its options and other outstanding convertible securities) plus the value as of such date of its net debt (the value of its outstanding indebtedness, preferred stock and minority interests less the amount of cash on its balance sheet).

Assumed Value of Aggregate Company Consideration; Method of Analysis. For purposes of its analyses, Cassel Salpeter, at Concord’s direction: (i) assumed that each share of Concord Class A common stock and each Topco Ordinary Share had a value of $10.00 per share (with such $10.00 value being based on Concord’s IPO and Concord’s approximate cash per share of Concord Class A common stock outstanding (excluding the dilutive impact of outstanding shares of Concord Class B common stock or any warrants to purchase Concord common stock)), (ii) did not evaluate or take into account the Earnout Shares, (iii) assumed that the value of the Aggregate Company Consideration was equal to $4,865,000,000 (reflecting Concord’s estimate of Circle Equity Value of $4,500,000,000 as adjusted pursuant to the Business Combination Agreement for net debt of Circle) and (iv) evaluated the fairness, from a financial point of view, to the holders of Concord Class A common stock, other than the Excluded Holders, of the Merger Consideration to be received by such holders (other than the Excluded Holders) in the Merger pursuant to the Business Combination Agreement, after giving effect to the Scheme, based solely on a comparison of (a) the assumed value of the Aggregate Company Consideration of $4,865,000,000 and (b) the implied aggregate equity value reference ranges for Circle that Cassel Salpeter believed were indicated by its financial analyses of Circle.

Discounted Cash Flows Analysis. Cassel Salpeter performed a discounted cash flow analysis of Circle based on Circle Projections. In performing this analysis, Cassel Salpeter applied discount rates ranging from 20.0% to 24.0% and a range of terminal value multiples of 9.5x to 10.5x to Circle’s projected 2023 revenue. This analysis indicated an implied aggregate equity value reference range of approximately $4,261,200,000 to $5,110,700,000 for Circle, as compared to the assumed value of the Aggregate Company Consideration of $4,865,000,000.

Selected Companies Analysis. Cassel Salpeter considered certain financial data for Circle and selected companies with publicly traded equity securities Cassel Salpeter deemed relevant.

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The selected companies with publicly traded equity securities were:

Payment Networks

•

Mastercard Incorporated

•

Visa Inc.

•

Adyen N.V.

High Growth Pymts & Financial Software

•

Bill.com Holdings, Inc.

•

Shopify Inc.

•

Square, Inc.

Digital-Asset Focused

•

Coinbase Global, Inc.

•

Silvergate Capital Corporation

The financial data reviewed included:

•

Enterprise value as multiple of estimated revenue for the year ending December 31, 2022, or “2022E Revenue.”

•

Enterprise value as multiple of estimated revenue for the year ending December 31, 2023, or “2023E Revenue.”

Cassel Salpeter calculated the following enterprise value multiples with respect to the selected companies:

Enterprise Value Multiple of

High

Mean

Median

Low

2022E Revenue

49.43x

25.00x

17.97x

8.44x

2023E Revenue

36.07x

19.21x

15.20x

7.07x

Taking into account the results of the selected companies analysis, Cassel Salpeter applied multiple ranges of 12.00x to 13.00x to Circle’s estimated 2022E revenue and 5.50x to 6.50x to Circle’s estimated 2023E revenue, which resulted in an implied aggregate equity value reference range of approximately $4,608,500,000 to $5,173,000 for Circle, as compared to the assumed value of the Aggregate Company Consideration of $4,865,000,000.

None of the selected companies have characteristics identical to Circle. An analysis of selected publicly traded companies is not mathematical; rather it involves complex consideration and judgments concerning differences in financial and operating characteristics of the selected companies and other factors that could affect the public trading values of the companies reviewed.

Other Matters Relating to Cassel Salpeter’s Opinion

As part of its investment banking business, Cassel Salpeter regularly is engaged in the evaluation of businesses and their securities in connection with mergers, acquisitions, corporate restructurings, private placements and other purposes. Cassel Salpeter is a recognized investment banking firm that has substantial experience in providing financial advice in connection with mergers, acquisitions, sales of companies, businesses and other assets and other transactions. Cassel Salpeter received a fee of $125,000 for rendering its opinion, no portion of which was contingent upon the completion of the Merger. In addition, Concord agreed to reimburse Cassel Salpeter for certain expenses incurred by it in connection with its engagement and to indemnify Cassel Salpeter and its related parties for certain liabilities that may arise out of its engagement or the rendering of its opinion. In accordance with Cassel Salpeter’s policies and procedures, a fairness committee of Cassel Salpeter was not required to, and did not, approve the issuance of Cassel Salpeter’s opinion.

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Interests of Concord’s Directors and Officers in the Business Combination

•

the beneficial ownership of the Sponsor and certain of Concord’s board of directors and officers of an aggregate of 5,520,000 shares of Concord Class B common stock, 510,289 shares of Concord Class A common stock and 255,144 Concord Warrants, which shares and warrants would become worthless if Concord does not complete a business combination within the applicable time period, as Concord’s initial stockholders have waived any right to redemption with respect to these shares. Such shares and warrants have an aggregate market value of approximately $[•] million and $[•] million, respectively, based on the closing price of Concord Class A common stock of $[•] on NYSE on [•], 2021, the record date for the special meeting of stockholders;

•

the anticipated continuation of Bob Diamond, Concord’s Chairman of the board of directors, as a director of Topco following the Closing.

Potential Actions to Secure Requisite Stockholder Approvals

In connection with the stockholder vote to approve the Business Combination, the Sponsor and Concord’s board of directors, officers, advisors or their affiliates may privately negotiate transactions to purchase shares of Concord Class A common stock from stockholders who would have otherwise elected to have their shares redeemed in conjunction with the Business Combination for a per share pro rata portion of the Trust Account. None of the Sponsor or Concord’s board of directors, officers, advisors or their affiliates will make any such purchases when they are in possession of any material non-public information not disclosed to the seller of such shares. Such a purchase of shares may include a contractual acknowledgement that such stockholder, although still the record holder of the shares of Concord Class A common stock is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that the Sponsor or Concord’s board of directors, officers, advisors or their affiliates purchase shares in privately negotiated transactions from Public Stockholders who have already elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to redeem their shares. Any such privately negotiated purchases may be effected at purchase prices that are in excess of the per share pro rata portion of the Trust Account. The purpose of such share purchases would be to increase the likelihood of obtaining stockholder approval of the Business Combination or to satisfy the closing condition in the Business Combination Agreement that Concord has, in the aggregate, cash held in and outside of the Trust Account that is equal to or greater than $10.00.

Regulatory Approvals Required for the Business Combination

Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), and related rules, certain transactions, including the Business Combination, may not be completed until notifications have been given and information furnished to the Antitrust Division and all statutory waiting period requirements have been satisfied. Completion of the Business Combination is subject to the expiration or earlier termination of the applicable waiting period under the HSR Act. Concord and Circle each have filed their respective HSR Act notification forms.

At any time before or after the expiration of the statutory waiting periods under the HSR Act, the Antitrust Division may take action under the antitrust laws, including seeking to enjoin the completion of the Business Combination, to rescind the Business Combination or to conditionally permit completion of the Business Combination subject to regulatory conditions or other remedies. In addition, non-U.S. regulatory bodies and U.S. state attorneys general could take action under other applicable regulatory laws as they deem necessary or desirable in the public interest, including, without limitation, seeking to enjoin or otherwise

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prevent the completion of the Business Combination or permitting completion subject to regulatory conditions. Private parties may also seek to take legal action under regulatory laws under some circumstances. There can be no assurance that a challenge to the Business Combination on antitrust grounds will not be made or, if such a challenge is made, that it would not be successful. Concord and Circle are not aware of any other regulatory approvals in the United States required for the consummation of the Business Combination.

Accounting Treatment of the Business Combination

The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Concord will be treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination is expected to be reflected as the equivalent of Topco issuing stock for the historical net assets of Concord, accompanied by a recapitalization whereby no goodwill or other intangible assets are recorded. The financial statements of Topco will represent a continuation of the financial statements of Circle. Circle has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances under both the no and maximum redemption scenarios:

•

Circle shareholders will hold the majority of voting rights in Topco under both the No Redemptions and the Maximums Redemptions scenarios;

•

Four out of seven members of Topco’s board of directors will be current Circle board members, while the Sponsors will appoint only one member of Topco’s board of directors;

•

Topco’s senior management will comprise all key management of Circle;

•

Operations of Circle prior to the Business Combination will comprise the only ongoing operations of Topco;

•

Circle is significantly larger in relative size based on total assets and total revenue.

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THE BUSINESS COMBINATION AGREEMENT

On July 7, 2021, Concord, Circle, Topco, and Merger Sub, entered into a Business Combination Agreement, pursuant to which Topco agreed to combine with Concord in a Business Combination that will result in each of Circle and Concord becoming a wholly-owned subsidiary of Topco.

This subsection of the proxy statement/prospectus describes the material provisions of the Business Combination Agreement, but does not purport to describe all of the terms of the Business Combination Agreement. The following summary is qualified in its entirety by reference to the complete text of the Business Combination Agreement, which is attached as Annex A to this proxy statement/prospectus. You are urged to read the Business Combination Agreement in its entirety because it is the primary legal document that governs the Business Combination.

The Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of the Business Combination Agreement or other specific dates stated therein. The assertions embodied in those representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating the Business Combination Agreement. The representations, warranties and covenants in the Business Combination Agreement are also modified in part by the underlying disclosure schedules (the “disclosure schedules”), which are not filed publicly and which are subject to a contractual standard of materiality different from that generally applicable to shareholders and were used for the purpose of specific contractual arrangements among the parties rather than establishing matters as facts. We do not believe that the disclosure schedules contain information that is material to an investment decision. Additionally, the representations and warranties of the parties to the Business Combination Agreement may or may not have been accurate as of any specific date and do not purport to be accurate as of the date of this proxy statement/prospectus. Accordingly, no person should rely on the representations and warranties in the Business Combination Agreement or the summaries thereof in this proxy statement/prospectus as characterizations of the actual state of facts about the parties to the Business Combination Agreement or any other matter.

Structure of the Proposed Transactions

The Business Combination is comprised of two separate transactions (collectively, the “Proposed Transactions”):

Pursuant to an Irish law court-approved Scheme, Circle Holders will transfer their holdings of shares in the capital of Circle to Topco in exchange for the issuance of Topco Ordinary Shares, with the result that, at the Scheme Effective Time, Circle will become a wholly-owned subsidiary of Topco; and

Consideration

At the Merger Effective Time:

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Earnout

•

Escrow

Following the Closing, Topco and certain Topco shareholders will enter into an escrow agreement, pursuant to which an aggregate of 37,500,000 of Topco Ordinary Shares included in the Scheme Consideration will be deposited with an escrow agent to serve as security for certain specified potential post-Closing liabilities of Circle. The key terms for this proposed escrow agreement are set out in the Exhibit H to the Business Combination Agreement.

Closing

Representations and Warranties

The Business Combination Agreement contains customary representations and warranties of (a) Circle, (b) Topco and Merger Sub and (c) Concord relating to, among other things, their ability to enter into the Business Combination Agreement, their organization and qualification, outstanding capitalization, the absence of certain changes or events, employee benefit plans, labor and employment matters, intellectual property matters, tax matters, material contracts, and other matters relating to their respective businesses and authority to consummate the Proposed Transactions.

Material Adverse Effect

Under the Business Combination Agreement, certain representations and warranties of Circle are qualified in whole or in part by materiality thresholds. In addition, certain representations and warranties of Circle are qualified in whole or in part by a material adverse effect standard for purposes of determining whether a breach of such representations and warranties has occurred.

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Pursuant to the Business Combination Agreement, a “Company Material Adverse Effect” means any event, circumstance, change or effect (collectively “Effect”) that, individually or in the aggregate with all other Effects, (a) is or would reasonably be expected to be materially adverse to the business, condition (financial or otherwise), assets, liabilities or operations of Circle and its subsidiaries taken as a whole or (b) does or would prevent, materially delay or materially impede the performance by Circle of its obligations under the Business Combination Agreement or the consummation of the Proposed Transactions; provided, however, that none of the following will be deemed to constitute, alone or in combination, or be taken into account in the determination of whether there has been or will be a Company Material Adverse Effect: (i) any enactment of, change or proposed change in or change in the interpretation of any law or U.S. GAAP; (ii) Effect generally affecting the industries in which Circle and its subsidiaries operate; (iii) any downturn in general economic conditions, including changes in the credit, debt, securities, financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or commodity or any disruption of such markets); (iv) any geopolitical conditions, outbreak of hostilities, acts of war, sabotage, cyberterrorism, terrorism, military actions, earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions, epidemics, pandemics, including with respect to COVID-19, and other force majeure events (including any escalation or general worsening thereof); (v) any actions taken or not taken by Circle or its subsidiaries as required by the Business Combination Agreement or certain other agreements referenced therein; (vi) any Effect attributable to the announcement or execution, pendency, negotiation or consummation of the Proposed Transactions, including the impact thereof on the relationships, contractual or otherwise, of Circle or its subsidiaries with employees, customers, investors, contractors, lenders, suppliers, vendors, partners, licensors, licensees or other third parties related thereto; (vii) any failure to meet any projections, forecasts, guidance, estimates, milestones, budgets or financial or operating predictions of revenue, earnings, cash flow or cash position, provided that this clause (vii) will not prevent a determination that any Effect underlying such failure has resulted in a Company Material Adverse Effect; (viii) any actions taken, or failures to take action, or such other changes or events, in each case, which Concord has requested in writing or to which it has consented in writing, except in the cases of clauses (i) through (iv), to the extent that Circle and its subsidiaries, taken as a whole, are materially disproportionately affected thereby as compared with other participants in the industries in which Circle and its subsidiaries operate.

Under the Business Combination Agreement, certain representations and warranties of Topco and Merger Sub are qualified in whole or in part by a material adverse effect standard for purposes of determining whether a breach of such representations and warranties has occurred. Pursuant to the Business Combination Agreement, a “Topco Material Adverse Effect” means any Effect that (a) is or is reasonably expected to be materially adverse to the business, financial condition or results of operations of Topco, or (b) does or would prevent, materially delay or materially impede the performance by Topco of its obligations under the Business Combination Agreement or the consummation of the Proposed Transactions; provided, however, that none of the following will be deemed to constitute, alone or in combination, or be taken into account in the determination of whether there has been or will be a Topco Material Adverse Effect: (i) any enactment, change or proposed change in or change in the interpretation of any law or U.S. GAAP; (ii) Effect generally affecting the industries in which Topco operates; (iii) any downturn in general economic conditions, including changes in the credit, debt, securities, financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or commodity or any disruption of such markets); (iv) any geopolitical conditions, outbreak of hostilities, acts of war, sabotage, cyberterrorism, terrorism, military actions, earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions, epidemics, pandemics and other force majeure events (including any escalation or general worsening thereof); (v) any actions taken or not taken by Topco as required by the Business Combination Agreement or certain other agreements referenced therein; (vi) any Effect attributable to the announcement or execution, pendency, negotiation or consummation of the Proposed Transactions (provided that this clause (vi) will not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the consequences resulting from the Business Combination Agreement or the consummation of the Proposed Transactions), or (vii) any actions taken, or failures to take action, or such other changes or events, in each case, which Circle has requested or to which it has consented or which actions are contemplated by the Business Combination Agreement, except in the cases of clauses (i) through (iv), to the extent that Topco is materially disproportionately affected thereby as compared with other companies.

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Under the Business Combination Agreement, certain representations and warranties of Concord are qualified in whole or in part by a material adverse effect standard for purposes of determining whether a breach of such representations and warranties has occurred. Pursuant to the Business Combination Agreement, a “Concord Material Adverse Effect” means any Effect that (a) is or is reasonably expected to be materially adverse to the business, financial condition or results of operations of Concord, or (b) does or would prevent, materially delay or materially impede the performance by Concord of its obligations under the Business Combination Agreement or the consummation of the Proposed Transactions; provided, however, that none of the following will be deemed to constitute, alone or in combination, or be taken into account in the determination of whether there has been or will be a Concord Material Adverse Effect: (i) any enactment, change or proposed change in or change in the interpretation of any law or U.S. GAAP; (ii) Effect generally affecting the industries in which Concord operates; (iii) any downturn in general economic conditions, including changes in the credit, debt, securities, financial or capital markets (including changes in interest or exchange rates, prices of any security or market index or commodity or any disruption of such markets); (iv) any geopolitical conditions, outbreak of hostilities, acts of war, sabotage, cyberterrorism, terrorism, military actions, earthquakes, volcanic activity, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions, epidemics, pandemics and other force majeure events (including any escalation or general worsening thereof); (v) any actions taken or not taken by Concord as required by the Business Combination Agreement or certain other agreements referenced therein; (vi) any Effect attributable to the announcement or execution, pendency, negotiation or consummation of the Proposed Transactions (provided that this clause (vi) will not apply to any representation or warranty to the extent the purpose of such representation or warranty is to address the consequences resulting from the Business Combination Agreement or the consummation of the Proposed Transactions), or (vii) any actions taken, or failures to take action, or such other changes or events, in each case, which Circle has requested or to which it has consented or which actions are contemplated by the Business Combination Agreement, except in the cases of clauses (i) through (iv), to the extent that Concord is materially disproportionately affected thereby as compared with other special purpose acquisition companies (SPACs) operating in the industry in which Concord operates.

Covenants

The Business Combination Agreement also contains covenants by Circle, Topco, Merger Sub and Concord to conduct their businesses in the ordinary course and consistent with past practice during the period between the execution of the Business Combination Agreement and consummation of the Proposed Transactions and to refrain from taking certain actions specified in the Business Combination Agreement. Circle has agreed to customary “no shop” obligations.

Pursuant to the Business Combination Agreement, prior to the Closing the shareholders of Topco will pass a resolution adopting a Topco Constitution containing, in addition to provisions that are customary for the constitution of an Irish-incorporated company that is listed on the NYSE, a six-month lock-up provision applicable to certain of the Topco Ordinary Shares to be issued to Circle Holders at the Closing, subject to customary exceptions. For more information about the lock-up provisions in the Topco Constitution, see the section entitled “Description of Topco’s Securities — Lock-Up”.

Covenants of Circle, Topco and Merger Sub

Circle, Topco and Merger Sub made certain covenants under the Business Combination Agreement, including, among others, the following:

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subject to certain exceptions or as consented to in writing by Concord (such consent not to be unreasonably withheld, conditioned or delayed), prior to the Merger Effective Time or the earlier termination of the Business Combination Agreement, Circle will and will cause its subsidiaries to, conduct their business in the ordinary course of business and in a manner consistent with past practice in all material respects and use commercially reasonable efforts to maintain and preserve intact in all material respects the business organization, assets, properties and material business relations of Circle and its subsidiaries.

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subject to certain exceptions, prior to the Merger Effective Time or the early termination of the Business Combination Agreement, Circle will and will cause its subsidiaries to, not do any of the following without Concord’s written consent (such consent not to be unreasonably withheld, conditioned or delayed):

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amend or otherwise change its constitution, certificate of incorporation or bylaws or equivalent organizational documents;

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issue, sell, pledge, dispose of, grant or encumber, or authorize the issuance, sale, pledge, disposition, grant or encumbrance of, any equity interests of Circle or any of its subsidiaries, or any options, warrants, convertible securities or other rights of any kind to acquire any equity interests (including, without limitation, any phantom interest), of Circle or any its subsidiaries, other than issuances in the ordinary course of business;

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form any subsidiary or acquire any equity interest or other interest in any other entity or enter into a joint venture with any other entity;

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declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, shares, property or otherwise, with respect to any of its equity interests other than tax distributions;

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reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of its equity interests;

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acquire (including, without limitation, by merger, consolidation, or acquisition of stock or substantially all of the assets or any other business combination) any material assets or any corporation, partnership, other business organization or any division thereof; (B) incur any indebtedness for borrowed money or issue any debt securities or assume, guarantee or endorse, or otherwise become responsible for, the obligations of any person, or make any loans or advances, or intentionally grant any security interest in any of its assets, or (C) merge, consolidate, combine or amalgamate with any person;

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grant an increase of $75,000 in the compensation, incentives or benefits payable or to become payable to any current or former director, officer, employee or consultant of Circle, (B) enter into any new, or materially amend any existing, employment, retention, bonus, change in control, severance, redundancy or termination agreement with any current or former director, officer, employee or consultant of Circle whose base salary would exceed, on an annualized basis, $325,000, (C) accelerate or commit to accelerate the funding, payment, or vesting of any compensation or benefits to any current or former director, officer, employee or consultant of Circle, (D) establish or become obligated under any collective bargaining agreement, collective agreement, or other contract or agreement with a labor union, trade union, works council, or other representative of executive officers;

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adopt, amend and/or terminate any material employee benefit plan except as may be required by applicable law, is necessary in order to consummate the Business Combination, or health and welfare plan renewals in the ordinary course of business;

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amend and/or terminate any insurance policies of Circle or its subsidiaries except as may be required by applicable law or is necessary to consummate the Proposed Transactions;

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materially amend (other than reasonable and usual amendments in the ordinary course of business), the accounting policies or procedures, other than as required by GAAP, the international financial reporting standards as issued by the International Accounting Standards Board or Irish GAAP;

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amend any material tax return, change any material method of tax accounting; make (inconsistent with past practice), change or rescind any material election relating to taxes, or settle or compromise any material U.S. federal, state, local or non-U.S. tax audit, assessment, tax claim or other controversy relating to taxes;

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amend certain material contracts of Circle, except in the ordinary course of business;

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fail to maintain certain real property leased by Circle, including the improvements located thereon or used in connection therewith, in substantially the same condition as of the date of the Business Combination Agreement;

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fail to maintain the existence of, or use reasonable efforts to protect, certain intellectual property owned by Circle to the extent that such action or inaction would reasonably be expected to be material to Circle;

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permit any material item of intellectual property owned by Circle to lapse or to be abandoned, invalidated, dedicated to the public, or disclaimed, or otherwise become unenforceable or fail to perform or make any applicable filings, recordings or other similar actions or filings, or fail to pay all required fees and taxes required or advisable to maintain and protect its interest in each and every material item of intellectual property owned by Circle to the extent that such action or inaction would reasonably be expected to be material to Circle;

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waive, release, assign, settle or compromise any material litigation, suit, claim, charge, grievance, action, proceeding, audit or investigation, other than waivers, releases, assignments, settlements or compromises that are solely monetary in nature and do not exceed $1,000,000 individually or $2,000,000 in the aggregate;

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create or incur any lien material to Circle, any subsidiary, Topco or Merger Sub other than permitted liens incurred in the ordinary course of business;

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make any loans, advances, guarantees or capital contributions to or investments in any person (other than Circle or any subsidiary) that exceeds $250,000 in the aggregate;

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make or authorize any unbudgeted capital expenditures in excess of $1,000,000 in the aggregate;

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fail to pay or satisfy when due any material account payable or other material liability;

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fail to keep current and in full force and effect any Circle permit;

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take any steps for liquidation, winding up, freeze of proceedings, arrangements with creditors or similar actions; or

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enter into any contract or otherwise make a binding commitment to do any of the foregoing.

Nothing in the Business Combination Agreement will require Circle to obtain consent from Concord to do any of the foregoing if obtaining such consent might reasonably be expected to violate applicable law, and none of the foregoing will give Concord, directly or indirectly, the right to control or direct the ordinary course of business operations of Circle prior to the Closing Date. Prior to the Closing Date, each of Concord and Circle will exercise, consistent with the terms and conditions of the Business Combination Agreement, complete control and supervision of its respective operations, as required by law.

Covenants of Topco

Topco will not, and Circle will not permit Topco to, between the date of the Business Combination Agreement and the Merger Effective Time or the earlier termination of the Business Combination Agreement, directly or indirectly, except as expressly contemplated by any other provision of the Business Combination Agreement or as required by applicable law, do any of the following without the prior written consent of Concord (in its sole discretion):

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engage in any business or activity other than the consummation of the Acquisition;

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amend or otherwise change the organizational documents of Topco;

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declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of its capital stock;

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reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of the Topco Ordinary Shares;

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issue, sell, pledge, dispose of, grant or encumber, or authorize, solicit, propose, or negotiate with respect to the issuance, sale, pledge, disposition, grant or encumbrance of, any shares of any class of

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capital stock or other securities of Topco or any options, warrants, convertible securities or other rights of any kind to acquire any shares of such capital stock, or any other ownership interest (including, without limitation, any phantom interest), of Topco;

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liquidate, dissolve, reorganize or otherwise wind up the business and operations of Topco;

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permit any Circle Holder who acquires Topco Ordinary Shares pursuant to the Scheme to transfer, sell, lease, license, mortgage, pledge, surrender, encumber, divest, cancel, abandon or otherwise dispose of any Topco Ordinary Shares, or recognize any such transfer, sale, lease, license, mortgage, pledge, surrender, encumbrances, divestment, cancellation, abandonment or other disposition of Topco Ordinary Shares;

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transfer, sell, lease, license, mortgage, pledge, surrender, encumber, divest, cancel, abandon or allow to lapse or expire or otherwise dispose of any Circle Shares acquired pursuant to the Scheme and any such attempted action will be null and void and Topco will not inscribe any such transfer (of any kind as contemplated in this provision) in the shareholder register;

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acquire or hold any equity securities or rights thereto in any person other than Circle pursuant to the Scheme; or

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enter into any contract or otherwise make a binding commitment to do any of the foregoing.

Covenants of Concord

Concord made certain covenants under the Business Combination Agreement, including, among others, the following:

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subject to certain exceptions or as consented to in writing by Circle (such consent not to be unreasonably withheld, conditioned or delayed), prior to the Merger Effective Time, Concord will conduct its business in the ordinary course of business and in a manner consistent with past practice.

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subject to certain exceptions contemplated by the Business Combination Agreement or any certain other agreements referenced therein, Concord will not, between the date of the Business Combination Agreement and the Merger Effective Time, or the earlier termination of the Business Combination Agreement, directly or indirectly, do any of the following without the prior written consent of Circle, which consent is not to be unreasonably withheld, delayed or conditioned:

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amend or otherwise change the existing organizational documents of Concord or form any subsidiary of Concord;

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declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any of its capital stock, other than redemptions from the trust account that are required pursuant to the existing organizational documents of Concord;

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reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of the Public Shares or Public Warrants except for redemptions from the trust account that are required pursuant to the existing organizational documents of Concord;

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issue, sell, pledge, dispose of, grant or encumber, or authorize the issuance, sale, pledge, disposition, grant or encumbrance of, any shares of any class of capital stock or other securities of Concord

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or any options, warrants, convertible securities or other rights of any kind to acquire any shares of such capital stock, or any other ownership interest (including, without limitation, any phantom interest), of Concord, except for issuances and sales of Concord shares pursuant to the private investment in public equity;

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acquire (including, without limitation, by merger, consolidation, or acquisition of stock or assets or any other business combination) any corporation, partnership, other business organization or enter into any strategic joint ventures, partnerships or alliances with any other person;

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incur any indebtedness for borrowed money or guarantee any such indebtedness of another person or persons, issue or sell any debt securities or options, warrants, calls or other rights to

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acquire any debt securities of Concord, as applicable, enter into any “keep well” or other agreement to maintain any financial statement condition or enter into any arrangement having the economic effect of any of the foregoing, in each case, except in the ordinary course of business consistent with past practice or except a loan from the Sponsor or an affiliate thereof or certain of Concord’s officers and directors to finance Concord’s transaction costs in connection with the Business Combination;

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make any change in any method of financial accounting or financial accounting principles, policies, procedures or practices, except as required by a concurrent amendment in GAAP or applicable law made subsequent to the date hereof, as agreed to by its independent accountants;

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amend any material tax return, change any material method of tax accounting, make (inconsistent with past practice), change or rescind any material election relating to taxes, or settle or compromise any material U.S. federal, state, local or non-U.S. tax audit, assessment, tax claim or other controversy relating to taxes;

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liquidate, dissolve, reorganize or otherwise wind up the business and operations of Concord;

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engage in any activities or business other than those contemplated by the Business Combination Agreement;

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enter into any contract or arrangement with any broker, finder, investment banker or other person under which such person is or will be entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by the Business Combination Agreement;

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amend the Trust Agreement, the Concord Warrants or any other agreement related to the trust account; or

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enter into any contract or otherwise make a binding commitment to do any of the foregoing.

Nothing in the Business Combination Agreement will require Concord to obtain consent from Circle to do any of the foregoing if obtaining such consent might reasonably be expected to violate applicable law, and none of the foregoing will give Circle, directly or indirectly, the right to control or direct the ordinary course of business operations of Concord prior to the Closing Date. Prior to the Closing Date, each of Concord and Circle will exercise, consistent with the terms and conditions of the Business Combination Agreement, complete control and supervision of its respective operations, as required by law.

Mutual Covenants of the Parties

The parties made certain covenants under the Business Combination Agreement, including, among others, the following:

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using reasonable best efforts to consummate the Business Combination;

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using reasonable best efforts to obtain all permits, consents, approvals, authorizations and qualifications;

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keeping the other party apprised of the status of matters relating to the Business Combination;

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making relevant public announcements;

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making prompt filings or applications under antitrust laws;

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cooperating in connection with any filing or submission and in connection with any investigation or other inquiry;

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cooperating in connection with certain tax matters and filings;

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keeping certain information confidential in accordance with the existing non-disclosure agreements.

In addition, Concord, Topco and Circle agreed that they will prepare and mutually agree upon and will file with the SEC, this proxy statement/prospectus relating to the Business Combination.

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Survival of Representations, Warranties and Covenants

The representations, warranties, agreements and covenants in the Business Combination Agreement terminate at the Merger Effective Time, except for the covenants and agreements which by their terms expressly apply in whole or in part after the Merger Effective Time (and only with respect to breaches occurring after the Closing), covenants and agreements relevant to the conversion of securities and allocation of aggregate consideration, the representations and warranties of the parties regarding exclusivity of representations and warranties, the transfer and voting restrictions, and certain indemnification obligations.

Conditions to Closing

General Conditions

All required filings and/or notifications required: (i) under any application for authorization or regulatory process; (ii) under the applicable antitrust laws will have been completed and any applicable waiting period (and any extension thereof) applicable to the consummation of the Proposed Transactions under the applicable antitrust laws will have expired or been terminated; and (iii) any pre-Closing approvals or clearances reasonably required thereunder will have been obtained;

This registration statement/proxy statement will have been declared effective under the Securities Act. No stop order suspending the effectiveness of this registration statement/proxy statement will be in effect, and no proceedings for purposes of suspending the effectiveness of this registration statement/proxy statement will have been initiated or be threatened in writing by the SEC; and

All required parties to the Registration Rights Agreement will have delivered, or cause to be delivered, copies of the Registration Rights Agreement duly executed by all such parties.

Concord Conditions to Closing

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such representation or warranty expressly is made as of an earlier date, in which case such representation and warranty must be true and correct as of such specified date), subject to certain exceptions where the failures of any such representations and warranties, individually or in the aggregate, to be true and correct would not reasonably be expected to have a material adverse effect on Circle or Topco;

No Company Material Adverse Effect will have occurred;

All required parties to the Shareholders Agreement will have delivered, or caused to be delivered, to Concord copies of the Shareholders Agreement duly executed by all such parties;

Topco will have adopted the Topco Constitution; and

Circle Conditions to Closing

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Scheme Conditions

The obligations of Circle, Concord, Topco and Merger Sub to consummate the Proposed Transactions are subject to the satisfaction of each of the following conditions:

The Scheme having been approved by a majority in number of members of each class of Circle Holders and Circle Convertible Note holders as at the Scheme Voting Record Time, including as may be directed by the High Court of Ireland pursuant to Section 450(5) of the Irish Companies Act, present and voting either in person or by proxy at each of the court meetings (or at any adjournment or postponement of any such meetings) representing at least 75% in value of Circle Shares of that class or Circle Convertible Note holders (as the case may be) held by such Circle Holders or Circle Convertible Note holders (as the case may be) present and voting at that court meeting;

The High Court of Ireland having sanctioned (without material modification) the Scheme pursuant to Sections 449 to 455 of the Irish Companies Act; and

A copy of the court order sanctioning the Scheme pursuant to Irish law having been delivered to the Irish Registrar of Companies.

Termination

The Business Combination Agreement may be terminated and the Merger and the other Proposed Transactions may be abandoned at any time prior to the Scheme Effective Time, as follows:

By mutual written consent of Concord and Circle;

By either Concord or Circle, if (i) the Scheme Effective Time has occurred prior to the date that is 270 days after the date of the Business Combination Agreement (the “Outside Date”); provided that (i) if the SEC has not declared this registration statement/proxy statement effective on or prior to the Outside Date, the Outside Date will be automatically extended by 30 days and (ii) the Business Combination Agreement may not be terminated by or on behalf of any party that either directly or indirectly through its affiliates is in breach or violation of any representation, warranty, covenant, agreement or obligation contained in the Business Combination Agreement and such breach or violation will have proximately caused the failure to consummate the Proposed Transactions on or prior to the Outside Date;

By either Concord or Circle if any of the Concord Proposals fail to receive the required Concord stockholder approval at the Concord stockholders’ meeting;

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injunction has become final and non-appealable, provided that the right to terminate the Business Combination Agreement will not be available to a party whose breach of any provision of the Business Combination Agreement has caused such injunction;

By Concord if any of Circle’s representations or warranties contained in the Business Combination Agreement are not true and correct or if Circle, Topco or Merger Sub has failed to perform any covenant or agreement such that the conditions of the Business Combination Agreement would not be satisfied (“Terminating Company Breach”); provided Concord is not then in breach of its representations, warranties, covenants or agreements in the Business Combination Agreement so as to prevent the condition to closing from being satisfied; provided further that, if such Terminating Company Breach is curable by Circle, Topco or Merger Sub, Concord may not terminate the Business Combination Agreement for so long as Circle, Topco and Merger Sub continue to exercise its reasonable efforts to cure such breach, unless such breach is not cured by the earlier of (x) 30 days after written notice of such breach is provided by Concord to Circle and (y) the Outside Date;

By Circle if any of Concord’s representations or warranties contained in the Business Combination Agreement are not true and correct or if Concord has failed to perform any covenant or agreement such that the conditions of the Business Combination Agreement would not be satisfied (“Terminating Concord Breach”); provided that none of Circle, Topco or Merger Sub is then in breach of its respective representations, warranties, covenants or agreements in the Business Combination Agreement so as to prevent the condition to closing of the Business Combination Agreement from being satisfied; provided, however, that, if such Terminating Concord Breach is curable by Concord, Circle may not terminate the Business Combination Agreement for so long as Concord continues to exercise their reasonable efforts to cure such breach, unless such breach is not cured by the earlier of (x) 30 days after written notice of such breach is provided by Circle to Concord and (y) the Outside Date; and

By Concord, if Circle does not deliver, or cause to be delivered to Concord, the audited consolidated balance sheet of Circle and Circle subsidiaries as of December 31, 2019 and December 31, 2020, and the related audited consolidated statements of operations, cash flows and changes in equityholders’ equity of Circle and Circle subsidiaries for the periods ended December 31, 2019 and December 31, 2020, prepared in accordance with US generally accepted accounting principles and audited in accordance with the auditing standards of the Public Company Accounting Oversight Board by the date that is 30 days following the date of the Business Combination Agreement.

Effect of Termination; Termination Fee

Amendments

The Business Combination Agreement may be amended in writing by the parties thereto at any time prior to the Merger Effective Time. The Business Combination Agreement may not be amended except by an instrument in writing signed by each of the parties to the Business Combination Agreement.

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CERTAIN AGREEMENTS RELATED TO THE BUSINESS COMBINATION

Transaction Support Agreement

Shareholders Agreement

In connection with the Proposed Transactions, Topco, Concord, the Sponsor, Mr. Allaire and certain other shareholders of Topco as of the Closing will enter into a Shareholders Agreement, pursuant to which, among other things, at the Closing, the Topco Board will consist of seven directors, one of whom will be designated by Mr. Allaire, one of whom will be designated by the Sponsor, and five of whom will be mutually agreed upon by the Mr. Allaire and the Sponsor. In addition, following the Closing, Mr. Allaire and the Sponsor will each be entitled to designate one director (subject to adjustment under certain circumstances) for election to the Topco Board, in each case for so long as such shareholder continues to hold not less than a minimum percentage of Topco’s outstanding share capital.

Registration Rights Agreement

Warrant Amendment

At the Merger Effective Time will, by virtue of the Merger and without any action on the part of the parties or any of their respective shareholders, cease to represent a right to acquire one share of Concord Class A Common Stock and will automatically be converted in accordance with the terms of the existing Concord Warrant Agreement, at the Merger Effective Time, into a Topco Warrant on substantially the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the existing Concord Warrant Agreement. In connection with the Proposed Transactions, Concord, Topco and Continental, as warrant agent, will enter into the Warrant Amendment in connection with the Closing, pursuant to which, among other matters, Topco will assume, and agree to pay, perform, satisfy and discharge in full, all of Concord’s liabilities and obligations under the existing Concord Warrant Agreement arising from and after the Merger Effective Time.

Private Placement and Subscription Agreements

In connection with the execution of the Business Combination Agreement, effective as of July 7, 2021, Concord and Topco entered into separate Subscription Agreements with a number of PIPE Investors, pursuant to which the PIPE Investors agreed to subscribe for and purchase from, and Concord agreed to sell and issue to the PIPE Investors, 41,500,000 shares of Concord’s Class A Common Stock, which will subsequently be cancelled and automatically converted into and become the right to receive Topco Ordinary Shares pursuant to the Merger (collectively, the “PIPE Shares”), for a purchase price of $10.00 per share, in a private placement (the “PIPE”). In the aggregate, the PIPE Investors have committed to subscribe for and purchase $415 million of PIPE Shares. At Circle’s option, a portion of the PIPE Investors’ obligations to subscribe for PIPE Shares, not to exceed $40 million in the aggregate, may be replaced with agreements of the PIPE Investors to purchase an equivalent number of Topco Ordinary Shares from holders of Topco

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Ordinary Shares identified by Circle, to be consummated as soon as practicable following the Closing. The closing of the sale of the PIPE Shares pursuant to the Subscription Agreements is contingent upon customary closing conditions, and is to close two business days immediately prior to the closing of the Merger. The purpose of the sale of the PIPE Shares is to raise additional capital for use in connection with the Proposed Transactions and to meet the minimum cash requirements provided in the Business Combination Agreement.

Waiver Agreement

On July 7, 2021, concurrently with the execution of the Business Combination Agreement, the Sponsor, Topco and Circle executed a Waiver Agreement, pursuant to which, among other things, the Sponsor agreed to waive the receipt of certain Concord shares otherwise issuable in connection with the Proposed Transactions as a result of relevant anti-dilution provisions in Concord’s amended and restated certificate of incorporation.

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MATERIAL IRISH TAX CONSIDERATIONS

Irish Taxation

The following is a summary of the anticipated material Irish tax considerations of in relation to the acquisition, ownership and disposal of Topco Ordinary Shares and Topco Warrants. The summary is based upon Irish tax laws and the practice of the Irish Revenue Commissioners as of the date of this proxy statement/prospectus and the submissions that have been made to the Irish Revenue Commissioners. Changes in law and/or administrative practice may result in alteration of the tax considerations described below, possibly with retrospective effect.

This summary does not purport to be a comprehensive description of all potential Irish tax considerations that may apply to a shareholder or warrant holder as a result of the Business Combination or as a result of the ownership and disposition of Topco Ordinary Shares or Topco Warrants by a holder. In addition, this discussion does not address all aspects of Irish taxation that may be relevant to particular shareholders or warrant holders nor does it take into account the individual facts and circumstances of any particular shareholder or warrant holder that may affect the Irish tax consequences for such shareholder or warrant holder. Accordingly, this summary is not intended to be, and should not be construed as, tax advice and is intended only as a general guide. This discussion does not address (i) Irish pay related social insurance, (ii) any tax consequences specific to holders of vested or unvested outstanding awards made pursuant to Circle’s 2013 Share Award Scheme (as amended) or pursuant to substantially equivalent equity securities referred to in section 2.01(e) and section 2.01(g) of the Business Combination Agreement, (iii) any tax consequences specific to holders of the convertible unsecured promissory note dated March 1, 2019 and issued by Circle in the principal amount of $24,009,497, (iv) any tax consequences specific to holders of the 1,450,000 warrants to subscribe for ordinary shares of $0.0001 each in the capital of Circle, constituted and regulated under that certain warrant instrument dated February 21, 2018 and the 85,000 warrants to subscribe for series E preferred shares of $0.0001 each in the capital of Circle, constituted and regulated under that certain warrant instrument dated March 1,2019, or substantially equivalent equity securities related thereto as referred to in section 2.01(e) of the Business Combination Agreement, (v) any tax consequences in relation to the Escrow Shares, (vi) any tax consequences in relation to the Earnout Shares, or (vii) holders of Concord Warrants prior to or upon the Merger. The summary is not exhaustive, and shareholders and warrant holders should consult their tax advisors about the Irish tax consequences (and tax consequences under the laws of other relevant jurisdictions) of the Business Combination and of the acquisition, ownership and disposal of Topco Ordinary Shares and Topco Warrants.

There can be no assurance that the Irish tax authorities will not challenge the Irish tax treatment described below or that, if challenged, such treatment will be sustained by a court.

The summary applies only to shareholders or warrant holders in Topco who hold their Topco Ordinary Shares or Topco Warrants, and will own Topco Ordinary Shares or Topco Warrants, as capital assets and does not apply to other categories of stockholders, shareholders or warrant holders, such as dealers in securities, trustees, insurance companies, collective investment schemes and stockholders or shareholders or warrant holders who acquired their Topco Ordinary Shares or Topco Warrants or who have, or who are deemed to have, acquired their Topco Ordinary Shares or Topco Warrants by virtue of an Irish office or employment (performed or carried on in Ireland).

Irish Tax on Chargeable Gains

General

The rate of Irish capital gains tax or corporation tax on taxable gains (as applicable), which is referred to as Irish CGT, is currently 33%. Liability to Irish CGT depends on the individual circumstances of the shareholders or warrant holders.

Non-resident shareholders and warrant holders

Concord stockholders that are not resident or ordinarily resident for tax purposes in Ireland and who do not use or hold, and did not acquire, their Concord common stock for the purposes of a trade carried

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on by such person in Ireland through a branch or agency, or otherwise for the purposes of a branch or agency in Ireland, should not be subject to Irish CGT on the disposal of their Concord common stock on the Merger, as they should not be within the territorial scope of Irish CGT.

Circle Holders that are not resident or ordinarily resident for tax purposes in Ireland and who do not use or hold, and did not acquire, their Circle Shares for the purposes of a trade carried on by such person in Ireland through a branch or agency, or otherwise for the purposes of a branch or agency in Ireland, will not be subject to Irish CGT on the disposal of their Circle Shares to Topco in exchange for the issuance of new Topco Ordinary Shares as they should not be within the territorial scope of Irish CGT.

Any subsequent disposal of Topco Ordinary Shares or Topco Warrants will not be within the charge to Irish CGT provided the holder of such shares or warrants is not resident or ordinarily resident for tax purposes in Ireland and does not use or hold, and did not acquire, their Topco Ordinary Shares or Topco Warrants for the purposes of a trade carried on by that person in Ireland through a branch or agency, or otherwise for the purposes of a branch or agency in Ireland.

Irish resident shareholders and warrant holders

Accordingly, such shareholders in Circle should not be treated as having made a disposal of their Circle Shares for the purposes of Irish CGT to the extent that they receive Topco Ordinary Shares in exchange for those shares. Instead, the Topco Ordinary Shares received should be treated as the same asset as the Circle Shares in respect of which they are issued and treated as acquired at the same time and for the same acquisition cost as the Circle Shares for Irish tax purposes. A chargeable gain or allowable loss should therefore only arise on a subsequent disposal of Topco Ordinary Shares. Topco shareholders who received their Topco Ordinary Shares in exchange for the disposal of their Circle Shares should, in general, have a base cost in those Topco Ordinary Shares for Irish CGT purposes equal to the consideration paid by such shareholder for the Circle Shares when they were first acquired by that shareholder. A higher base cost may be available in certain instances.

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The receipt by a Concord stockholder of Topco Ordinary Shares on the Merger should not be treated as a disposal of his or her shares of Concord common stock for Irish CGT purposes.

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A subsequent disposal of Topco Ordinary Shares or Topco Warrants by an Irish resident or ordinarily resident shareholder or a shareholder who holds, uses or acquires their Topco Ordinary Shares or Topco Warrants for the purposes of a trade carried on by that person in Ireland through a branch or agency, or otherwise for the purposes of a branch or agency in Ireland may, depending on the circumstances (including the availability of exemptions and reliefs), give rise to a chargeable gain or allowable loss for that shareholder. As noted above, the rate of capital gains tax in Ireland is currently 33%.

A shareholder who is an individual and who is temporarily a non-resident in Ireland may, under Irish anti-avoidance legislation, be liable to Irish tax on any chargeable gain realized on a disposal of Topco Ordinary Shares or Topco Warrants during the period in which the individual is non-resident.

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Irish Stamp Duty

The Scheme and the Merger

The Scheme should be treated as part of a scheme for the “reconstruction of any company or the amalgamation of any companies’ for Irish stamp duty purposes and, subject to certain conditions being met, relief from Irish stamp duty is expected to be available in respect of the Scheme pursuant to section 80 of the Stamp Duties Consolidation Act 1999 of Ireland (as amended).

No Irish stamp duty should be payable in respect of the Merger.

General

The rate of stamp duty, where applicable, on the transfer of Topco Ordinary Shares or Topco Warrants is 1% of the price paid or the market value of the shares or warrants acquired, whichever is greater. Where a charge to Irish stamp duty applies it is generally a liability for the transferee. However, in the case of a gift or transfer at less than fair market value, all parties to the transfer are jointly and severally liable.

Irish stamp duty may, depending on the manner in which Topco Ordinary Shares or Topco Warrants are held, be payable in respect of the transfer of Topco Ordinary Shares or Topco Warrants. Topco will enter into arrangements with DTC to allow the Topco Ordinary Shares and Topco Warrants to be settled through the facilities of DTC. As such, the discussion below discusses separately the shareholders and warrant holders who will hold their Topco Ordinary Shares or Topco Warrants through DTC and those who will not.

Topco Ordinary Shares and Topco Warrants held through DTC

A transfer of Topco Ordinary Shares and Topco Warrants effected by means of the transfer of book-entry interests in DTC should not be subject to Irish stamp duty, subject to confirmation by the Irish Revenue Commissioners in advance of the Business Combination. On the basis that most Topco Ordinary Shares and Topco Warrants are held through DTC, and subject to confirmation by the Irish Revenue Commissioners in advance of the Business Combination, it is anticipated that most transfers of Topco Ordinary Shares and Topco Warrants should be exempt from Irish stamp duty.

Topco Ordinary Shares and Topco Warrants held outside of DTC or transferred into or out of DTC

A transfer of Topco Ordinary Shares or Topco Warrants where any party to the transfer holds such Topco Ordinary Shares or Topco Warrants outside of DTC may be subject to Irish stamp duty. Subject to confirmation by the Irish Revenue Commissioners in advance of the Business Combination, shareholders wishing to transfer their Topco Ordinary Shares or Topco Warrants into (or out of) DTC may do so without giving rise to Irish stamp duty provided that:

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there is no change in the beneficial ownership of such shares or warrants as a result of the transfer; and

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the transfer into (or out of) DTC is not effected in contemplation of a sale of such shares or warrants by a beneficial owner to a third party.

Due to the potential Irish stamp charge on transfers of Topco Ordinary Shares or Topco Warrants, it is strongly recommended that those shareholders or warrant holders in Topco who receive Topco Ordinary Shares or Topco Warrants pursuant to the Business Combination hold such Topco Ordinary Shares or Topco Warrants through DTC.

Irish Dividend Withholding Tax

If in the future Topco were to pay a dividend or make a distribution to shareholders in Topco, that distribution may be subject to DWT (currently at a rate of 25%) unless one of the exemptions described below applies.

For DWT purposes, a dividend includes any distribution made to shareholders, including cash dividends, non-cash dividends and any additional stock or units taken in lieu of a cash dividend. Where an

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exemption does not apply in respect of a distribution made to a particular shareholder, Topco is responsible for withholding DWT at source in respect of the distributions made and remitting the tax withheld to the Irish Revenue Commissioners.

The comments below regarding Topco Ordinary Shares held through DTC are subject to confirmation by the Irish Revenue Commissioners.

General Exemptions

Certain shareholders, both individual and corporate, are entitled to an exemption from DWT. In particular, dividends paid to a non-Irish resident shareholder will not be subject to DWT where the shareholder is beneficially entitled to the dividend and is:

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a person (not being a company) resident for tax purposes in a Relevant Territory (including the U.S.) and the individual is neither resident nor ordinarily resident in Ireland;

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a company resident for tax purposes in a Relevant Territory, but is not under the control, whether directly or indirectly, of a person or persons who is or are resident in Ireland;

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a company that is not resident for tax purposes in Ireland, and that is ultimately controlled, directly or indirectly, by persons resident in a Relevant Territory, but that is not controlled, directly or indirectly, by persons who are not resident in a Relevant Territory;

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a company that is not resident for tax purposes in Ireland and whose principal class of shares, or those of its 75% parent, is substantially and regularly traded on a recognized stock exchange in a Relevant Territory or on such other stock exchange as may be approved by the Irish Minister for Finance; or

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a corporate shareholder that is not resident for tax purposes in Ireland and is wholly-owned, directly or indirectly, by two or more companies where the principal class of shares of each of such companies is substantially and regularly traded on a recognized stock exchange in a Relevant Territory or on such other stock exchange as may be approved by the Irish Minister for Finance;

and provided that, in all cases noted above (but subject to “Shares Held by U.S. Resident Shareholders” below), Topco or, in respect of Topco Ordinary Shares held through DTC, any qualifying intermediary appointed by Topco, has received from the shareholder, where required, the relevant DWT Form prior to the payment of the dividend. In practice, in order to ensure sufficient time to process the receipt of relevant DWT Forms, the shareholder where required should furnish the relevant DWT Form to:

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its broker (so that such broker can provide the relevant information to a qualifying intermediary appointed by Topco) before the record date for the dividend (or such later date before the dividend payment date as may be notified to the shareholder by the broker) if its shares are held through DTC; or

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Topco’s transfer agent at least seven business days before the record date for the dividend if its shares are held outside of DTC.

Links to the various DWT Forms are available at https://www.revenue.ie/en/companies-and-charities/dividend-withholding-tax/exemptions-for-non-residents.aspx

The information on such website does not constitute a part of, and is not incorporated by reference into, this proxy statement/prospectus.

For non-Irish resident shareholders that cannot avail themselves of one of Ireland’s domestic law exemptions from DWT, it may be possible for such shareholders to rely on the provisions of a double tax treaty to which Ireland is party to reduce the rate of DWT.

A list of Relevant Territories is set out in Annex F. It is the responsibility of each individual shareholder to determine whether or not they are a “resident” for tax purposes in a Relevant Territory.

Qualifying Intermediary

Topco will enter into an agreement with an institution which is recognized by the Irish Revenue Commissioners as a “qualifying intermediary” and which, subject to confirmation by the Irish Revenue

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Commissioners, will satisfy one of the Irish requirements for dividends to be paid to certain shareholders free from DWT where such shareholders hold their shares through DTC, as described below. The agreement will generally provide for certain arrangements relating to distributions in respect of those shares that are held through DTC. The agreement will provide that the “qualifying intermediary” shall distribute or otherwise make available to Cede & Co., as nominee for DTC, any cash dividend or other cash distribution to be made to holders of the deposited securities, after Topco delivers or causes to be delivered to the “qualifying intermediary” the cash to be distributed.

Topco will rely on the information received directly or indirectly from its qualifying intermediary, brokers and its transfer agent in determining where shareholders reside and whether they have furnished certain required U.S. tax information and whether they have provided the required DWT Forms. Shareholders who are required to furnish DWT Forms in order to receive their dividends without DWT should note that such forms are generally valid, subject to a change in circumstances, until December 31 of the fifth year after the year in which such forms were completed. New DWT Forms must be completed and filed before the expiration of that five year period to enable the shareholder to continue to receive dividends without DWT.

Shares Held by U.S. Resident Shareholders

Dividends paid on Topco Ordinary Shares that are owned by residents of the United States should not be subject to DWT, subject to the completion and delivery of the relevant DWT Forms to Topco.

Residents of the United States who hold their shares through DTC should, subject to confirmation by the Irish Revenue Commissioners, be entitled to receive dividends without DWT provided that the address of the beneficial owner of the shares in the records of the broker holding such shares is in the United States. Topco would strongly recommend that such shareholders ensure that their information has been properly recorded by their brokers so that such brokers can further transmit the relevant information to a qualifying intermediary appointed by Topco.

Residents of the United States who hold their shares outside of DTC will be entitled to receive dividends without DWT provided that the shareholder has completed an IRS Form 6166 (in the case of an individual) and the relevant Irish DWT Form and this declaration form remains valid. Such shareholders must provide the relevant Irish DWT Form to Topco’s transfer agent at least seven business days before the record date of the dividend payment to which they are entitled. Topco would strongly recommend that such shareholders complete the relevant IRS Form 6166 and Irish DWT Form and provide them to Topco’s transfer agent as soon as possible after acquiring Topco Ordinary Shares.

If a U.S. resident shareholder is entitled to an exemption from DWT, but receives a dividend subject to DWT, that shareholder may be entitled to claim a refund of DWT from the Irish Revenue Commissioners, subject to certain time limits and provided the shareholder is beneficially entitled to the dividend.

Shares Held by Residents of Relevant Territories other than the United States

Shareholders who are residents of Relevant Territories other than the United States, and who are entitled to an exemption from DWT, must complete the relevant Irish DWT Form in order to receive dividends without DWT.

Shareholders must provide the relevant Irish DWT Form to their brokers so that such brokers can further transmit the relevant information to a qualifying intermediary appointed by Topco before the record date of the first dividend to which they are entitled, in the case of shares held through DTC, or to Topco’s transfer agent at least seven business days before such record date, in the case of shares held outside of DTC. Topco would strongly recommend that such shareholders complete the relevant Irish DWT Form and provide that form to their brokers or Topco’s transfer agent as soon as possible after acquiring Topco Ordinary Shares.

If a shareholder who is resident in a Relevant Territory and is entitled to an exemption from DWT receives a dividend subject to DWT, that shareholder may be entitled to claim a refund of DWT from the Irish Revenue Commissioners, subject to certain time limits and provided the shareholder is beneficially entitled to the dividend.

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Irish Resident Shareholders

Irish tax resident or ordinarily resident shareholders will generally be subject to DWT in respect of dividends or distributions received from an Irish resident company unless an exemption applies.

Irish tax resident or ordinarily resident shareholders that are entitled to receive dividends without DWT must complete the relevant Irish DWT Form and provide the declaration form to their brokers (so that such brokers can provide the relevant information to a qualifying intermediary appointed by Topco) before the record date for the first dividend to which they are entitled (in the case of shares held through DTC), or to Topco’s transfer agent at least seven business days before such record date (in the case of shares held outside of DTC).

Irish tax resident or ordinarily resident shareholders who are not entitled to an exemption from DWT and who are subject to Irish tax should consult their own tax advisor.

Shares Held by Other Persons

A shareholder that does not fall within one of the categories specifically mentioned above may nonetheless fall within other exemptions from DWT provided that the shareholder has completed the relevant Irish DWT Form and this declaration form remains valid.

Dividends paid in respect of Topco Ordinary Shares held through DTC that are owned by a partnership formed under the laws of a Relevant Territory and where all the underlying partners are resident in a Relevant Territory should, subject to confirmation by the Irish Revenue Commissioners, be entitled to an exemption from DWT if all of the partners complete the appropriate Irish DWT Form and provide them to their brokers (so such brokers can further transmit the relevant information to a qualifying intermediary appointed by Topco) before the record date for the dividend (or such later date before the dividend payment date as may be notified to the shareholder by the broker). If any partner is not a resident of a Relevant Territory, no partner is entitled to exemption from DWT.

If any such shareholder is exempt from DWT but receives a dividend subject to DWT, that shareholder may be entitled to claim a refund of DWT from the Irish Revenue Commissioners, subject to certain time limits and provided the shareholder is beneficially entitled to the dividend.

Income Tax on Dividends Paid

Irish income tax may arise for certain shareholders in respect of any dividends received from Topco.

Non-Irish Resident Shareholders

A shareholder that is not resident or ordinarily resident in Ireland for Irish tax purposes and who is entitled to an exemption from DWT generally has no liability to Irish income tax or the universal social charge with respect to any dividends received from Topco. An exception to this position may apply where a shareholder holds Topco Ordinary Shares through a branch or agency in Ireland through which a trade is carried on.

A shareholder that is not resident or ordinarily resident in Ireland and that is not entitled to an exemption from DWT generally has no additional Irish income tax liability or liability to the universal social charge. The DWT deducted by Topco discharges the liability to income tax. An exception to this position may apply where the shareholder holds Topco Ordinary Shares through a branch or agency in Ireland through which a trade is carried on.

Irish Resident Shareholders

Irish resident or ordinarily resident individual shareholders may be subject to Irish income tax and other similar charges such as pay related social insurance and the universal social charge on dividends received from Topco. Such shareholders should consult their own tax advisor. Irish resident corporate shareholders should not be subject to tax on dividends from Topco on the basis that the dividend is not in respect of preferred shares.

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Capital Acquisitions Tax

Capital acquisitions tax, or CAT, consists principally of gift tax and inheritance tax. A gift or inheritance of Topco Ordinary Shares or Topco Warrants, including where such shares or warrants are held in DTC, may attract a charge to CAT irrespective of the place of residence, ordinary residence or domicile of the deceased or donor of the shares (collectively referred to as the “donor”) or the successor or donee of the shares (collectively referred to as the “donee”). This is because a charge to CAT may arise on a gift or inheritance which comprises of property situated in Ireland. Topco Ordinary Shares and Topco Warrants are regarded as property situated in Ireland for CAT purposes. The person who receives the gift or inheritance is primarily liable for any CAT that may arise. However there are certain circumstances where another person such as an agent or personal representative may become accountable for the CAT.

The rate of CAT is currently 33% and is payable if the taxable value of the gift or inheritance is above certain tax-free thresholds, referred to as “group thresholds”. The appropriate threshold amount depends upon the relationship between the donor and the donee of the shares or warrants and also the aggregation of the values of previous gifts and inheritances received by the donee from persons within the same group threshold. For example, in 2021 a child is entitled to a tax-free threshold of €335,000 on a gift or inheritance from a parent, but all gifts or inheritances within the charge to tax in Ireland taken from donors within the same group threshold since 5 December 1991 are taken into account. A gift or inheritance received from a spouse is exempt from CAT. Gifts or inheritances taken by charities may be exempt where they have been or will be applied for purposes which would be considered public or charitable under Irish law. There is also a “small gift exemption” whereby the first €3,000 of the taxable value of all taxable gifts taken by a donee from any one donor, in each calendar year is exempt from tax and is also excluded from any future aggregation. This exemption does not apply to an inheritance.

There is a double tax agreement for gift and inheritance tax with the United Kingdom and for inheritance tax only with the United States. However, although these double tax agreements exist, they can be limited in their application. Under these agreements, U.K. or U.S. residents may, in certain cases, obtain relief from double taxation to CAT and their own country’s taxes. Otherwise, unilateral relief from double taxation may apply in certain circumstances.

Shareholders and warrant holders should consult their own tax advisers as to whether CAT is creditable or deductible in computing any domestic tax liabilities.

THE IRISH TAX CONSIDERATIONS SUMMARIZED ABOVE ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED TO PROVIDE ANY DEFINITIVE TAX REPRESENTATIONS TO HOLDERS . EACH SHAREHOLDER AND WARRANT HOLDER SHOULD CONSULT HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR TAX CONSEQUENCES THAT MAY APPLY TO SUCH SHAREHOLDER OR WARRANT HOLDER.

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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

Except where specifically addressing certain beneficial owners of Circle Shares under the section entitled “— Material U.S. Federal Income Tax Considerations of the Business Combination to U.S. Holders of Circle Shares,” this section describes the material U.S. federal income tax considerations for beneficial owners of Concord Class A common stock and Concord Warrants (collectively, “Concord securities”) as a consequence of (i) electing to have their Concord Class A common stock redeemed for cash if the Business Combination is completed, (ii) the Business Combination and (iii) the ownership and disposition of Topco Ordinary Shares and Topco Warrants (collectively, “Topco securities”) acquired pursuant to the Merger. This section applies only to Concord securities and Topco securities held as capital assets for U.S. federal income tax purposes (generally, as property held for investment) and does not discuss all aspects of U.S. federal income taxation that might be relevant to such holders in light of their particular circumstances or status, including alternative minimum tax and Medicare contribution tax consequences, or holders who are subject to special rules, including:

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brokers, dealers and other investors that do not own their Concord securities or Topco securities as capital assets;

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traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;

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tax-exempt organizations, qualified retirement plans, individual retirement accounts or other tax deferred accounts;

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banks or other financial institutions, underwriters, insurance companies, real estate investment trusts or regulated investment companies;

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U.S. expatriates or former long-term residents of the United States;

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persons that own (directly, indirectly, or by attribution) 5% or more (measured by vote or value) of the Concord Class A common stock or Topco Ordinary Shares (except as specifically addressed herein);

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partnerships or other pass-through entities for U.S. federal income tax purposes or beneficial owners of partnerships or other pass-through entities;

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persons holding Concord securities or Topco securities as part of a straddle, hedging or conversion transaction, constructive sale, or other arrangement involving more than one position;

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persons required to accelerate the recognition of any item of gross income with respect to Concord securities or Topco securities as a result of such income being recognized on an applicable financial statement;

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persons whose functional currency is not the U.S. dollar;

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persons that received Concord securities or Topco securities as compensation for services;

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persons who purchase Topco securities as part of the PIPE;

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S corporations; and

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controlled foreign corporations or passive foreign investment companies.

This discussion is based on the Code, its legislative history, existing and proposed Treasury regulations promulgated under the Code (the “Treasury Regulations”), published rulings by the IRS and court decisions, all as of the date hereof. These laws are subject to change, possibly on a retroactive basis. This discussion is necessarily general and does not address all aspects of U.S. federal income taxation, including the effect of the U.S. federal alternative minimum tax, or U.S. federal estate and gift tax, or any state, local or non-U.S. tax laws to a holder of Concord securities or Topco Ordinary Shares or Topco Warrants. We have not and do not intend to seek any rulings from the IRS regarding the Business Combination. There is no assurance that the IRS will not take positions concerning the tax consequences of the Business Combination that are different from those discussed below, or that any such different positions would not be sustained by a court.

ALL HOLDERS OF CONCORD SECURITIES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE TAX CONSEQUENCES OF THE BUSINESS COMBINATION

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AND CONSIDERATIONS RELATING TO THE OWNERSHIP AND DISPOSITION OF TOPCO SECURITIES, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.

U.S. Federal Income Tax Treatment of Topco

Tax Residence of Topco for U.S. Federal Income Tax Purposes

A corporation is generally considered for U.S. federal income tax purposes to be a tax resident in the jurisdiction of its organization or incorporation. Accordingly, under the generally applicable U.S. federal income tax rules, Topco, which is incorporated under the laws of Ireland, would be classified as a non-U.S. corporation (and, therefore, not a U.S. tax resident) for U.S. federal income tax purposes. Section 7874 of the Code provides an exception to this general rule (more fully discussed below), under which a non-U.S. incorporated entity may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax purposes. These rules are complex and there is limited guidance regarding their application.

Under Section 7874 of the Code, a corporation created or organized outside the United States (i.e., a non-U.S. corporation) will nevertheless be treated as a U.S. corporation for U.S. federal income tax purposes (and, therefore, as a U.S. tax resident subject to U.S. federal income tax on its worldwide income) if each of the following three conditions are met: (i) the non-U.S. corporation, directly or indirectly, acquires substantially all of the properties held directly or indirectly by a U.S. corporation (including through the acquisition of all of the outstanding shares of the U.S. corporation); (ii) the non-U.S. corporation’s “expanded affiliated group” does not have “substantial business activities” in the non-U.S. corporation’s country of organization or incorporation and tax residence relative to the expanded affiliated group’s worldwide activities (this test is referred to as the “substantial business activities test”); and (iii) after the acquisition, the former shareholders of the acquired U.S. corporation hold at least 80% (by either vote or value) of the shares of the non-U.S. acquiring corporation by reason of holding shares in the U.S. acquired corporation (taking into account the receipt of the non-U.S. corporation’s shares in exchange for the U.S. corporation’s shares) as determined for purposes of Section 7874 of the Code (this test is referred to as the “80% ownership test”).

For purposes of Section 7874 of the Code, the first two conditions described above will be met with respect to the Business Combination because Topco will acquire indirectly all of the assets of Concord through the Merger, and Topco, including its “expanded affiliated group,” is not expected to satisfy the substantial business activities test upon consummation of the Merger. As a result, whether Section 7874 of the Code will apply to cause Topco to be treated as a U.S. corporation for U.S. federal income tax purposes following the Merger should depend on the satisfaction of the 80% ownership test.

Based upon the terms of the Merger, the rules for determining share ownership under Section 7874 of the Code and the Treasury Regulations promulgated thereunder, and certain factual assumptions, Concord and Topco currently expect that the Section 7874 of the Code ownership percentage of the Concord stockholders in Topco should be less than 80%. Accordingly, Topco is not expected to be treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the Code. However, whether the 80% ownership test has been satisfied must be finally determined after completion of the Merger, by which time there could be adverse changes to the relevant facts and circumstances. Further, for purposes of determining the ownership percentage of former Concord stockholders for purposes of Section 7874 of the Code, former Concord stockholders will be deemed to own an amount of Topco Ordinary Shares in respect to certain redemptions by Concord prior to the Merger. In addition, as discussed above, the rules for determining ownership under Section 7874 of the Code are complex, unclear and the subject of ongoing regulatory change. Accordingly, there can be no assurance that the IRS would not assert a contrary position to those described above or that such an assertion would not be sustained by a court.

If Topco were to be treated as a U.S. corporation for U.S. federal income tax purposes, it could be subject to substantial liability for additional U.S. income taxes, and the gross amount of any dividend payments to its Non-U.S. Holders (as defined below) could be subject to 30% U.S. withholding tax, depending on the application of any income tax treaty that might apply to reduce the withholding tax.

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The remainder of this discussion assumes that Topco will not be treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the Code.

Utilization of Concord’s Tax Attributes

Following the acquisition of a U.S. corporation by a non-U.S. corporation, Section 7874 of the Code can limit the ability of the acquired U.S. corporation and its U.S. affiliates to utilize certain U.S. tax attributes (including net operating losses and certain tax credits) to offset U.S. taxable income resulting from certain transactions. These limitations will potentially apply if: (i) the non-U.S. corporation acquires, directly or indirectly, substantially all of the properties held, directly or indirectly, by the U.S. corporation (including through the direct or indirect acquisition of all of the outstanding shares of the U.S. corporation); (ii) after the acquisition, the non-U.S. corporation does not satisfy the substantial business activities test; and (iii) after the acquisition, the former shareholders of the acquired U.S. corporation hold less than 80% but at least 60% (by either vote or value) of the shares of the non-U.S. acquiring corporation by reason of holding shares in the U.S. acquired corporation (taking into account the receipt of the non-U.S. corporation’s shares in exchange for the U.S. corporation’s shares) (this test is referred to as the “60% ownership test”). If each of these conditions is met, then the taxable income of the U.S. corporation (and any U.S. person considered to be related to the U.S. corporation pursuant to applicable rules) for any given year, within a period beginning on the first date the U.S. corporation’s properties were acquired directly or indirectly by the non-U.S. acquiring corporation and ending 10 years after the last date the U.S. corporation’s properties were acquired, will be no less than that person’s “inversion gain” for that taxable year. A person’s inversion gain includes gain from the transfer of shares or any other property (other than property held for sale to customers) and income from the license of any property that is either transferred or licensed as part of the acquisition or after the acquisition to a non-U.S. related person. In general, the effect of this provision is to deny the use of net operating losses, foreign tax credits or other tax attributes to offset the inversion gain. Further, legislation known as the Tax Cuts and Jobs Act imposed additional requirements on a U.S. corporation that has failed the substantial business activities test and met the 60% ownership test, including that such U.S. corporation must include, as base erosion payments that may be subject to a minimum tax, any amounts treated as reductions in gross income paid to a related foreign person within the meaning of Section 59A of the Code.

Based upon the terms of the Merger, the rules for determining share ownership under Section 7874 of the Code and the Treasury Regulations promulgated thereunder, and certain factual assumptions, Concord and Topco currently expect that the Section 7874 of the Code ownership percentage of the Concord stockholders in Topco should be less than 60%. Accordingly, the limitations and other rules described above are not expected to apply to Concord after the Merger. However, whether the 60% ownership test has been satisfied must be finally determined at consummation of the Merger, by which time there could be changes to the relevant facts and circumstances or adverse rule changes. In addition, as discussed above under “— Tax Residence of Topco for U.S. Federal Income Tax Purposes,” the rules for determining ownership under Section 7874 of the Code are complex, unclear and the subject of recent and ongoing regulatory change. Accordingly, there can be no assurance that the IRS would not assert that the 60% ownership test is met with respect to the Merger and that accordingly the foregoing limitations and rules would apply or that such an assertion would not be sustained by a court.

If the IRS were to successfully assert that the 60% ownership test has been met, the ability of Concord and its U.S. affiliates to utilize certain U.S. tax attributes against income or gain recognized pursuant to certain transactions may be limited. However, as a blank check company, whose assets are primarily comprised of cash and cash equivalents, it is not expected that Concord will have a significant amount of inversion gain. Accordingly, even if the 60% ownership test were satisfied, the effect of the resulting limitations on the use of tax attributes are not expected to be material.

Recent Legislative Proposals

The U.S. Treasury Department recently published a legislative proposal that, if adopted in its current form, would replace the 80% ownership test described above with a greater than 50% test and eliminate the 60% test described above. The proposal would be effective for transactions that are completed after the date of enactment. It is not possible to predict whether this proposal will be adopted in its current form.

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Holders of Concord securities are urged to consult with their tax advisors regarding the potential application of Section 7874 of the Code to the Merger.

U.S. Holders

The section applies to you if you are a “U.S. Holder.” For purposes of this discussion, a “U.S. Holder” means a beneficial owner of Concord securities, Circle Shares or Topco Ordinary Shares or Topco Warrants (as applicable) that is, for U.S. federal income tax purposes:

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an individual who is a citizen or resident of the United States;

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a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

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an estate whose income is subject to U.S. federal income tax regardless of its source; or

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a trust if (i) a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust; or (ii) the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

Redemption of Concord Class A Common Stock

In the event that a U.S. Holder of Concord Class A common stock exercises such U.S. Holder’s right to have such U.S. Holder’s Concord Class A common stock redeemed pursuant to the redemption provisions described herein, the treatment of the transaction for U.S. federal income tax purposes will depend on whether the redemption qualifies as a sale of such stock pursuant to Section 302 of the Code or whether the U.S. Holder will be treated as receiving a corporate distribution. Whether that redemption qualifies for sale treatment will depend largely on the total number of shares of Concord Class A common stock treated as held by the U.S. Holder (including any stock constructively owned by the U.S. Holder as a result of, among other things, owning warrants) relative to all of shares of Concord Class A common Stock both before and after the redemption. The redemption of stock generally will be treated as a sale of the stock (rather than as a corporate distribution) if the redemption is “substantially disproportionate” with respect to the U.S. Holder, results in a “complete termination” of the U.S. Holder’s interest in Concord or is “not essentially equivalent to a dividend” with respect to the U.S. Holder. These tests are explained more fully below.

In determining whether any of the foregoing tests are satisfied, a U.S. Holder takes into account not only stock actually owned by the U.S. Holder, but also shares of Concord Class A common stock that are constructively owned by such U.S. Holder. A U.S. Holder may constructively own, in addition to stock owned directly, stock owned by certain related individuals and entities in which the U.S. Holder has an interest or that have an interest in such U.S. Holder, as well as any stock the U.S. Holder has a right to acquire by exercise of an option, which generally would include common stock that could be acquired pursuant to the exercise of the public warrants. In order to meet the substantially disproportionate test, the percentage of Concord’s outstanding voting stock actually and constructively owned by the U.S. Holder immediately following the redemption of Concord Class A common stock must, among other requirements, be less than 80% of the percentage of Concord’s outstanding voting stock actually and constructively owned by the U.S. Holder immediately before the redemption. There will be a complete termination of a U.S. Holder’s interest if either all the shares of Concord Class A common stock actually and constructively owned by the U.S. Holder are redeemed or all the shares of Concord Class A common stock actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family members and the U.S. Holder does not constructively own any other stock. The redemption of the Concord Class A common stock will not be essentially equivalent to a dividend if a U.S. Holder’s redemption results in a “meaningful reduction” of the U.S. Holder’s proportionate interest in Concord. Whether the redemption will result in a meaningful reduction in a U.S. Holder’s proportionate interest in Concord will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no control over corporate affairs may constitute such a “meaningful reduction.” A U.S. Holder should consult with its tax advisors as to the tax consequences of redemption.

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If the redemption qualifies as a sale of stock by the U.S. Holder under Section 302 of the Code, the U.S. Holder generally will be required to recognize gain or loss in an amount equal to the difference, if any, between the amount of cash received and the tax basis of the shares of Concord Class A common stock redeemed. Such gain or loss should be treated as capital gain or loss if such shares were held as a capital asset on the date of the redemption. A U.S. Holder’s tax basis in such holder’s shares of Concord Class A common stock generally will equal the cost of such shares. A U.S. Holder that purchased Concord Units would have been required to allocate the cost between the shares of Concord Class A common stock and the warrants comprising the units based on their relative fair market values at the time of the purchase.

If the redemption does not qualify as a sale of stock under Section 302 of the Code, then the U.S. Holder will be treated as receiving a corporate distribution. Such distribution generally will constitute a dividend for U.S. federal income tax purposes to the extent paid from current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder’s adjusted tax basis in such U.S. Holder’s Concord Class A common stock. Any remaining excess will be treated as gain realized on the sale or other disposition of the Concord Class A common stock. Special rules apply to dividends received by U.S. Holders that are taxable corporations. After the application of the foregoing rules, any remaining tax basis of the U.S. Holder in the redeemed Concord Class A common stock will be added to the U.S. Holder’s adjusted tax basis in its remaining stock, or, to the basis of stock constructively owned by such holder if the stock actually owned by the holder is completely redeemed.

The Business Combination

In General

Subject to the discussion below of Concord Warrants and Section 367(a) of the Code, the exchange by a U.S. Holder of Concord Class A common stock for Topco Ordinary Shares pursuant to the Merger should qualify as an exchange described in Section 351(a) of the Code and the parties to the Business Combination Agreement intend to take the position that the exchange so qualifies. However, the provisions of Section 351(a) of the Code are complex and qualification as a non-recognition transaction thereunder could be adversely affected by events or actions that occur following the Business Combination that are beyond Concord’s control. For example, if more than 20% of the Topco Ordinary Shares were subject to an arrangement or agreement to be sold or disposed of at the time of their issuance in the Business Combination, one of the requirements for Section 351(a) treatment would be violated. We do not expect that any of the Topco Ordinary Shares issued in the Business Combination that will be subject to contractual restrictions on transfer will be subject to an arrangement or agreement by its owner to sell or dispose of such shares upon the issuance of those shares in the Business Combination. Accordingly, a U.S. Holder that exchanges its Concord Class A common stock in the Merger for Topco Ordinary Shares generally should not recognize any gain or loss on such exchange, subject to Section 367(a) of the Code discussed below. In such case, assuming gain recognition is not required under Section 367(a) of the Code as described below, the aggregate adjusted tax basis of the Topco Ordinary Shares received in the Merger by a U.S. Holder should be equal to the adjusted tax basis of the Concord Class A common stock surrendered in the Merger in exchange therefor. The holding period of the Topco Ordinary Shares should include the holding period during which the Concord Class A common stock surrendered in the Merger in exchange therefor.

The appropriate U.S. federal income tax treatment of Concord Warrants in connection with the Merger is uncertain because, as described below, it is unclear whether the Merger, in addition to qualifying as an exchange described in Section 351(a) of the Code, will also qualify as a “reorganization” under Section 368 of the Code. It is possible that a U.S. Holder of Concord Warrants could be treated as transferring its Concord Warrants and shares of Concord Class A common stock to Topco in exchange for Topco Warrants and Topco Ordinary Shares in an exchange governed only by section 351 of the Code (and not by Section 368 of the Code). If so treated, a U.S. Holder should be required to recognize gain (but not loss) in an amount equal to the lesser of (i) the amount of gain realized by such holder (generally, the excess of (x) the sum of the fair market values of the Topco Warrants treated as received by such holder and the Topco Ordinary Shares received by such holder over (y) such holder’s aggregate adjusted tax basis in the Concord Warrants and Concord Class A common stock treated as having been exchanged therefor) and (ii) the fair market value

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of the Topco Warrants treated as having been received by such holder in such exchange. Alternatively, if the deemed transfer of Concord Warrants also qualifies as part of a “reorganization” within the meaning of Section 368 of the Code, subject to Section 367(a) of the Code discussed below, a U.S. Holder of Concord Warrants generally should not recognize any gain or loss on any such deemed transfer of Concord Warrants, and such U.S. Holder’s basis in the Topco Warrants deemed received should be equal to the U.S. Holder’s basis in its Concord Warrants deemed transferred. However, there are many requirements that must be satisfied in order for the Merger to qualify as a “reorganization” under Section 368 of the Code, some of which are based upon factual determinations and others are fundamental to corporate reorganizations. For example, it is unclear as a matter of law whether an entity that may not have a historic business, such as Concord, can satisfy the “continuity of business enterprise” requirement under Section 368 of the Code. In addition, reorganization treatment could be adversely affected by events or actions that occur prior to or at the time of the Merger, some of which are outside the control of Concord. For example, the requirements for reorganization treatment could be affected by the magnitude of Concord Class A common stock redemptions that occur in connection with the Merger. Accordingly, due to the factual uncertainty and the lack of authority, Greenberg Traurig, LLP is unable to opine with respect to the Merger’s qualification as a reorganization under Section 368 of the Code.

U.S. Holders of Concord Warrants are urged to consult with their tax advisors regarding the treatment of their Concord Warrants in connection with the Merger.

Section 367(a)

Section 367(a) of the Code and the Treasury Regulations promulgated thereunder impose certain additional requirements for qualifying for non-recognition treatment under Sections 351 or 368 of the Code with respect to transactions where a U.S. person transfers stock or securities in a U.S. corporation to a non-U.S. corporation in exchange for stock or securities in a non-U.S. corporation. U.S. Holders of Concord Class A common stock will be deemed to transfer shares of such stock to Topco in exchange for Topco Ordinary Shares, so that these requirements will apply.

In general, Section 367(a) of the Code requires a U.S. Holder to recognize gain (but not loss) on the exchange of Concord Class A common stock for Topco Ordinary Shares by a U.S. Holder in the Merger unless each of the following conditions is met: (i) Concord complies with certain reporting requirements; (ii) no more than 50% of both the total voting power and the total value of the stock of Topco is received in the exchange, in the aggregate, by “U.S. transferors” (as defined in the Treasury Regulations and computed taking into account direct, indirect and constructive ownership); (iii) no more than 50% of each of the total voting power and the total value of the stock of Topco is owned, in the aggregate, immediately after the exchange by “U.S. persons” (as defined in the Treasury Regulations) that are either officers or directors or “five-percent target shareholders” (as defined in the Treasury Regulations and computed taking into account direct, indirect and constructive ownership) of Concord; (iv) either (A) the U.S. Holder is not a “five-percent transferee shareholder” (as defined in the Treasury Regulations and computed taking into account direct, indirect and constructive ownership) of Topco or (B) the U.S. Holder is a “five-percent transferee shareholder” of Topco and enters into a “gain recognition” agreement with the IRS under applicable Treasury Regulations to recognize gain on the transferred shares under certain circumstances; and (v) the “active trade or business test” as defined in Treasury Regulation Section 1.367(a)-3(c)(3) is satisfied. The active trade or business test generally requires (A) Topco or any qualified subsidiary of Topco to be engaged in an “active trade or business” outside of the United States for the 36-month period immediately before the transfer and neither the transferors nor Topco to have an intention to substantially dispose of or discontinue such trade or business and (B) the fair market value of Topco to be at least equal to the fair market value of Concord, as specifically determined for purposes of Section 367 of the Code, at the time of the transfer. It is currently expected that conditions (i), (ii), (iii) and (v) above should be met and that, as a result, the Merger is not expected to fail to satisfy the applicable requirements on account of such conditions. It should be noted, however, that satisfaction of these requirements depends on an interpretation of legal authorities and facts relating to the Business Combination, and there is limited guidance regarding the application of these requirements to facts similar to the Business Combination. In addition, the determination of whether Section 367(a) of the Code will apply to U.S. Holders of Concord Class A common stock cannot be made until the Merger is completed and no rulings will be sought regarding the tax consequences of the Business Combination. Accordingly, there can be no assurance that Section 367(a) of the Code will

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not apply to U.S. Holders of Concord Class A common stock that participate in the Merger to recognize taxable gain as a result of the Merger.

To the extent that a U.S. Holder of Concord Class A common stock is required to recognize gain under Section 367(a) of the Code for any of the foregoing reasons, such U.S. Holder would recognize gain, if any, in the Merger in an amount equal to the excess of (i) the sum of the fair market value of the Topco Ordinary Shares (and, if such holder’s Concord Warrants convert to Topco Warrants, the fair market value of the Topco Warrants) received by such holder, over (ii) such holder’s adjusted tax basis in the Concord Class A common stock (and Concord Warrants, if any) exchanged therefor. Any such gain would be capital gain, and generally would be long-term capital gain if the U.S. Holder’s holding period for the Concord Class A common stock (and Concord Warrants, if any) exceeds one year at the time of the Merger.

Ownership and Disposition of Topco Ordinary Shares and Topco Warrants

Distributions on Topco Ordinary Shares

Subject to the discussion below under “— Passive Foreign Investment Company Rules,” the gross amount of any distribution on Topco Ordinary Shares that is made out of Topco’s current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) generally will be taxable to a U.S. Holder as ordinary dividend income on the date such distribution is actually or constructively received. Any such dividends generally will not be eligible for the dividends received deduction allowed to corporations in respect of dividends received from other U.S. corporations. To the extent that the amount of the distribution exceeds Topco’s current and accumulated earnings and profits (as determined under U.S. federal income tax principles), such excess amount will be treated first as a non-taxable return of capital to the extent of the U.S. Holder’s tax basis in its Topco Ordinary Shares, and thereafter as capital gain recognized on a sale or exchange. U.S. Holders should consult their own tax advisors with respect to the appropriate U.S. federal income tax treatment of any distribution received from Topco.

Subject to the discussion below under “— Passive Foreign Investment Company Rules,” dividends received by non-corporate U.S. Holders (including individuals) from a “qualified foreign corporation” may be eligible for reduced rates of taxation, provided that certain holding period requirements and other conditions are satisfied. For these purposes, a non-U.S. corporation will be treated as a qualified foreign corporation if it is eligible for the benefits of a comprehensive income tax treaty with the United States that meets certain requirements. There can be no assurance that Topco will be eligible for benefits of an applicable comprehensive income tax treaty with the United States. A non-U.S. corporation is also treated as a qualified foreign corporation with respect to dividends it pays on shares that are readily tradable on an established securities market in the United States. U.S. Treasury guidance indicates that shares listed on the NYSE (which Topco Ordinary Shares are expected to be) will be considered readily tradable on an established securities market in the United States. There can be no assurance that Topco Ordinary Shares will be considered readily tradable on an established securities market in the current or future taxable years. Non-corporate U.S. Holders that do not meet a minimum holding period requirement during which they are not protected from the risk of loss or that elect to treat the dividend income as “investment income” pursuant to Section 163(d)(4) of the Code (dealing with the deduction for investment interest expense) will not be eligible for the reduced rates of taxation regardless of Topco’s status as a qualified foreign corporation. In addition, the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to the positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met. Topco will not constitute a qualified foreign corporation for purposes of these rules if it is a passive foreign investment company for the taxable year in which it pays a dividend or for the preceding taxable year. See “— Passive Foreign Investment Company Rules.”

Subject to certain conditions and limitations, withholding taxes, if any, on dividends paid by Topco may be treated as foreign taxes eligible for credit against a U.S. Holder’s U.S. federal income tax liability under the U.S. foreign tax credit rules. For purposes of calculating the U.S. foreign tax credit, dividends paid on Topco Ordinary Shares will generally be treated as income from sources outside the United States and will generally constitute passive category income. The rules governing the U.S. foreign tax credit are complex. U.S. Holders should consult their tax advisors regarding the availability of the U.S. foreign tax credit under particular circumstances.

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Sale, Exchange, Redemption or Other Taxable Disposition of Topco Ordinary Shares and Topco Warrants

Subject to the discussion below under “— Passive Foreign Investment Company Rules,” a U.S. Holder generally will recognize gain or loss on any sale, exchange, redemption or other taxable disposition of Topco Ordinary Shares or Topco Warrants in an amount equal to the difference between (i) the amount realized on the disposition and (ii) such U.S. Holder’s adjusted tax basis in such shares and/or warrants. Any gain or loss recognized by a U.S. Holder on a taxable disposition of Topco Ordinary Shares or Topco Warrants generally will be capital gain or loss and will be long-term capital gain or loss if such U.S. Holder’s holding period in such shares and/or warrants exceeds one year at the time of the disposition. Preferential tax rates may apply to long-term capital gains of non-corporate U.S. Holders (including individuals). The deductibility of capital losses is subject to limitations. Any gain or loss recognized by a U.S. Holder on the sale or exchange of Topco Ordinary Shares or Topco Warrants generally will be treated as U.S. source gain or loss.

It is possible that Ireland may impose an income tax upon sale of Topco Ordinary Shares. Because gains generally will be treated as U.S. source gain, as a result of the U.S. foreign tax credit limitation, any Irish income tax imposed upon capital gains in respect of Topco Ordinary Shares may not be currently creditable unless a U.S. Holder has other foreign source income for the year in the appropriate U.S. foreign tax credit limitation basket. U.S. Holders should consult their tax advisors regarding the application of Irish taxes to a disposition of Topco Ordinary Shares and their ability to credit an Irish tax against their U.S. federal income tax liability.

Exercise or Lapse of a Topco Warrant

Except as discussed below with respect to the cashless exercise of a Topco Warrant, a U.S. Holder generally will not recognize gain or loss upon the acquisition of a Topco Ordinary Share on the exercise of a Topco Warrant for cash. A U.S. Holder’s tax basis in a Topco Ordinary Shares received upon exercise of the Topco Warrant generally should be an amount equal to the sum of the U.S. Holder’s tax basis in the Concord Warrant exchanged therefor and the exercise price. The U.S. Holder’s holding period for a Topco Ordinary Share received upon exercise of the Topco Warrant will generally begin on the date following the date of exercise (or possibly the date of exercise) of the Topco Warrant and will not include the period during which the U.S. Holder held the Topco Warrant. If a Topco Warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such holder’s tax basis in the Topco Warrant.

The tax consequences of a cashless exercise of a Topco Warrant are not clear under current tax law. A cashless exercise may be tax-deferred, either because the exercise is not a gain realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-deferred situation, a U.S. Holder’s basis in the Topco Ordinary Shares received would equal the holder’s basis in the Topco Warrants exercised therefor. If the cashless exercise were treated as not being a gain realization event, a U.S. Holder’s holding period in the Topco Ordinary Shares would be treated as commencing on the date following the date of exercise (or possibly the date of exercise) of the Topco Warrants. If the cashless exercise were treated as a recapitalization, the holding period of the Topco Ordinary Shares would include the holding period of the Topco Warrants exercised therefor.

It is also possible that a cashless exercise of a Topco Warrant could be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. Holder would recognize gain or loss with respect to the portion of the exercised Topco Warrants treated as surrendered to pay the exercise price of the Topco Warrants (the “surrendered warrants”). The U.S. Holder would recognize capital gain or loss with respect to the surrendered warrants in an amount generally equal to the difference between (i) the fair market value of the Topco Ordinary Shares that would have been received with respect to the surrendered warrants in a regular exercise of the Topco Warrants and (ii) the sum of the U.S. Holder’s tax basis in the surrendered warrants and the aggregate cash exercise price of such warrants (if they had been exercised in a regular exercise). In this case, a U.S. Holder’s tax basis in the Topco Ordinary Shares received would equal the U.S. Holder’s tax basis in the Topco Warrants exercised plus (or minus) the gain (or loss) recognized with respect to the surrendered warrants. A U.S. Holder’s holding period for the Topco Ordinary Shares would commence on the date following the date of exercise (or possibly the date of exercise) of the Topco Warrants.

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Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise of warrants, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences of a cashless exercise of Topco Warrants.

Possible Constructive Distributions

The terms of each Topco Warrant provide for an adjustment to the number of Topco Ordinary Shares for which the Topco Warrant may be exercised or to the exercise price of the Topco Warrant in certain events, as discussed in the section of this registration statement captioned “Description of Topco’s Securities.” An adjustment which has the effect of preventing dilution generally is not taxable. A U.S. Holder of a Topco Warrant would, however, be treated as receiving a constructive distribution from Topco if, for example, the adjustment increases the holder’s proportionate interest in Topco’s assets or earnings and profits (e.g., through an increase in the number of Topco Ordinary Shares that would be obtained upon exercise of such warrant) as a result of a distribution of cash to the holders of the Topco Ordinary Shares which is taxable to the U.S. Holders of such shares as described under “— Distributions on Topco Ordinary Shares” above. Such constructive distribution would be subject to tax as described under that section in the same manner as if the U.S. Holder of such warrant received a cash distribution from Topco equal to the fair market value of such increased interest.

Passive Foreign Investment Company Rules

Generally. The treatment of U.S. Holders of Topco Ordinary Shares could be materially different from that described above if Topco is treated as a PFIC A foreign (i.e., non-U.S.) corporation will be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. A separate determination must be made after the close of each taxable year as to whether a foreign corporation was a PFIC for that year. Once a foreign corporation is treated as a PFIC it is, with respect to a shareholder during the time it qualifies as a PFIC, and subject to certain exceptions, always treated as a PFIC with respect to such shareholder, regardless of whether it satisfied either of the qualification tests in subsequent years.

Following the Business Combination, Topco believes it will be classified as a PFIC during the 2021 taxable year, however Topco cannot provide any assurance regarding its PFIC status for any current or future taxable years. However, the tests for determining PFIC status are applied annually after the close of the taxable year, and it is difficult to predict accurately future income and assets relevant to this determination. The fair market value of the assets of Topco is expected to depend, in part, upon (a) the market value of the Topco Ordinary Shares, and (b) the composition of the assets and income of Topco. Further, because Topco may value its goodwill based on the market value of the Topco Ordinary Shares, a decrease in the market value of the Topco Ordinary Shares and/or an increase in cash or other passive assets (including as a result of the Merger) would increase the relative percentage of its passive assets. The application of the PFIC rules is subject to uncertainty in several respects and, therefore, no assurances can be provided as to whether Topco will be treated as a PFIC for any current or future taxable years

If Topco is or becomes a PFIC during any year in which a U.S. Holder holds Topco Ordinary Shares, there are three separate taxation regimes that could apply to such U.S. Holder under the PFIC rules, which are the (i) excess distribution regime (which is the default regime), (ii) QEF regime, and (iii) mark-to-market regime. A U.S. Holder who holds (actually or constructively) stock in a foreign corporation during any year in which such corporation qualifies as a PFIC is subject to U.S. federal income taxation under one of these three regimes. The effect of the PFIC rules on a U.S. Holder will depend upon which of these regimes applies to such U.S. Holder. However, dividends paid by a PFIC are generally not eligible for the lower rates of taxation applicable to qualified dividend income (“QDI”) under any of the foregoing regimes.

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Excess Distribution Regime. If you do not make a QEF election or a mark-to-market election, as described below, you will be subject to the default “excess distribution regime” under the PFIC rules with respect to (i) any gain realized on a sale or other disposition (including a pledge) of your Topco Ordinary Shares, and (ii) any “excess distribution” you receive on your Topco Ordinary Shares (generally, any distributions in excess of 125% of the average of the annual distributions on Topco Ordinary Shares during the preceding three years or your holding period, whichever is shorter). Generally, under this excess distribution regime:

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the gain or excess distribution will be allocated ratably over the period during which you held your Topco Ordinary Shares;

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the amount allocated to the current taxable year, will be treated as ordinary income; and

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the amount allocated to prior taxable years will be subject to the highest tax rate in effect for that taxable year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or excess distribution will be payable generally without regard to offsets from deductions, losses and expenses. In addition, gains (but not losses) realized on the sale of your Topco Ordinary Shares cannot be treated as capital gains, even if you hold the shares as capital assets. Further, no portion of any distribution will be treated as QDI.

QEF Regime. A QEF election is effective for the taxable year for which the election is made and all subsequent taxable years and may not be revoked without the consent of the IRS. If a U.S. Holder makes a timely QEF election with respect to its direct or indirect interest in a PFIC, the U.S. Holder will be required to include in income each year a portion of the ordinary earnings and net capital gains of the PFIC as QEF income inclusions, even if amount is not distributed to the U.S. Holder. Thus, the U.S. Holder may be required to report taxable income as a result of QEF income inclusions without corresponding receipts of cash. Topco shareholders that are U.S. Holders subject to U.S. federal income tax should not expect that they will receive cash distributions from Topco sufficient to cover their respective U.S. tax liability with respect to such QEF income inclusions. In addition, as discussed below, U.S. Holders of Topco Warrants will not be able to make a QEF election with respect to their Topco Warrants.

The timely QEF election also allows the electing U.S. Holder to: (i) generally treat any gain recognized on the disposition of its shares of the PFIC as capital gain; (ii) treat its share of the PFIC’s net capital gain, if any, as long-term capital gain instead of ordinary income; and (iii) either avoid interest charges resulting from PFIC status altogether, or make an annual election, subject to certain limitations, to defer payment of current taxes on its share of PFIC’s annual realized net capital gain and ordinary earnings subject, however, to an interest charge on the deferred tax computed by using the statutory rate of interest applicable to an extension of time for payment of tax. In addition, net losses (if any) of a PFIC will not pass through to our shareholders and may not be carried back or forward in computing such PFIC’s ordinary earnings and net capital gain in other taxable years. Consequently, a U.S. Holder may over time be taxed on amounts that as an economic matter exceed our net profits.

A U.S. Holder’s tax basis in Topco Ordinary Shares will be increased to reflect QEF income inclusions and will be decreased to reflect distributions of amounts previously included in income as QEF income inclusions. No portion of the QEF income inclusions attributable to ordinary income will be treated as QDI. Amounts included as QEF income inclusions with respect to direct and indirect investments generally will not be taxed again when distributed. You should consult your tax advisors as to the manner in which QEF income inclusions affect your allocable share of Topco’s income and your basis in your Topco Ordinary Shares.

Topco intends to determine its PFIC status at the end of each taxable year and intends to satisfy any applicable record keeping and reporting requirements that apply to a QEF, including providing to you, for each taxable year that it determines it is or, in its reasonable determination, may be a PFIC (in which case Topco will also determine the PFIC status of each of its subsidiaries), a PFIC Annual Information Statement containing information necessary for you to make a QEF Election with respect to Topco. Topco may elect to provide such information on its website.

U.S. Holders of Topco Warrants will not be able to make a QEF election with respect to their warrants. As a result, if a U.S. Holder sells or otherwise disposes of such Topco Warrants (other than upon exercise

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of such Topco Warrants for cash) and Topco was a PFIC at any time during the U.S. Holder’s holding period of such Topco Warrants, any gain recognized generally will be treated as an excess distribution, taxed as described above under “— Excess Distributions.” If a U.S. Holder that exercises such Topco Warrants properly makes and maintains a QEF election with respect to the newly acquired Topco Ordinary Shares (or has previously made a QEF election with respect to Topco Ordinary Shares), the QEF election will apply to the newly acquired Topco Ordinary Shares. Notwithstanding such QEF election, the adverse tax consequences relating to PFIC shares, adjusted to take into account the current income inclusions resulting from the QEF election, will continue to apply with respect to such newly acquired Topco Ordinary Shares (which generally will be deemed to have a holding period for purposes of the PFIC rules that includes the period the U.S. Holder held the Topco Warrants), unless the U.S. Holder makes a purging election under the PFIC rules. Under one type of purging election, the U.S. Holder will be deemed to have sold such shares at their fair market value and any gain recognized on such deemed sale will be treated as an excess distribution, as described above. Under another type of purging election, Topco will be deemed to have made a distribution to the U.S. Holder of such U.S. Holder’s pro rata share of Topco’s earnings and profits as determined for U.S. federal income tax purposes. In order for the U.S. Holder to make the second election, Topco must also be determined to be a CFC as defined by the Code. As discussed in “Tax Risk Factors — If Topco or a non-U.S. subsidiary is a controlled foreign corporation there could be materially different U.S. federal income tax consequences to certain U.S. Holders of Topco Ordinary Shares,” Topco believes that it is a CFC in the 2021 taxable year. However, it is possible that Topco may cease to be a CFC in a subsequent taxable year. As a result of either purging election, the U.S. Holder will have a new basis and holding period in the Topco Ordinary Share acquired upon the exercise of the warrants solely for purposes of the PFIC rules.

Mark-to-Market Regime. Alternatively, a U.S. Holder may make an election to mark marketable shares in a PFIC to market on an annual basis. PFIC shares generally are marketable if: (i) they are “regularly traded” on a national securities exchange that is registered with the Securities Exchange Commission or on the national market system established under Section 11A of the Exchange Act; or (ii) they are “regularly traded” on any exchange or market that the Treasury Department determines to have rules sufficient to ensure that the market price accurately represents the fair market value of the stock. It is expected that Topco Ordinary Shares, which are expected to be listed on Nasdaq, will qualify as marketable shares for the PFIC rules purposes, but there can be no assurance that Topco Ordinary Shares will be “regularly traded” for purposes of these rules. Pursuant to such an election, you would include in each year as ordinary income the excess, if any, of the fair market value of such stock over its adjusted basis at the end of the taxable year. You may treat as ordinary loss any excess of the adjusted basis of the stock over its fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the election in prior years. A U.S. Holder’s adjusted tax basis in the PFIC shares will be increased to reflect any amounts included in income, and decreased to reflect any amounts deducted, as a result of a mark-to-market election. Any gain recognized on a disposition of Topco Ordinary Shares will be treated as ordinary income and any loss will be treated as ordinary loss (but only to the extent of the net amount of income previously included as a result of a mark-to-market election). A mark-to-market election only applies for the taxable year in which the election was made, and for each subsequent taxable year, unless the PFIC shares ceased to be marketable or the IRS consents to the revocation of the election. U.S. Holders should also be aware that the Code and the Treasury Regulations do not allow a mark-to-market election with respect to stock of lower-tier PFICs that is non-marketable. There is also no provision in the Code, Treasury Regulations or other published authority that specifically provides that a mark-to-market election with respect to the stock of a publicly-traded holding company (such as Topco) effectively exempts stock of any lower-tier PFICs from the negative tax consequences arising from the general PFIC rules. We advise you to consult your own tax advisor to determine whether the mark-to-market tax election is available to you and the consequences resulting from such election. In addition, U.S. Holders of Topco Warrants will not be able to make a mark-to-market election with respect to their warrants.

PFIC Reporting Requirements. A U.S. Holder that owns (or is deemed to own) shares in a PIFC during any taxable year of the U.S. Holder generally is required to file an IRS Form 8621 with such U.S. Holder’s U.S. federal income tax return and provide such other information as the IRS may require. Failure to file IRS Form 8621 for each applicable taxable year may result in substantial penalties and result in the U.S. Holder’s taxable years being open to audit by the IRS until such forms are properly filed.

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PFIC Subsidiaries. If Topco is a PFIC and, at any time, has a foreign subsidiary that is classified as a PFIC, a U.S. Holder generally would be deemed to own a proportionate amount of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if Topco receives a distribution from, or disposes of all or part of its interest in, the lower-tier PFIC, or the U.S. Holder otherwise was deemed to have disposed of an interest in the lower-tier PFIC.

As discussed in “— QEF Regime,” for each taxable year that Topco determines it is, or in its reasonable determination, may be a PFIC, Topco intends to determine the PFIC status of each of its subsidiaries. With respect to any subsidiaries for which Topco determines is, or in its reasonable determination, may be a PFIC, Topco intends to satisfy any applicable record keeping and reporting requirements that apply to a QEF, including providing to you a PFIC Annual Information Statement containing information necessary for you to make a QEF Election with respect to such subsidiary. Topco may elect to provide such information on its website.

Additional Reporting Requirements

Certain U.S. Holders holding specified foreign financial assets with an aggregate value in excess of the applicable dollar thresholds are required to report information to the IRS relating to Topco Ordinary Shares, subject to certain exceptions (including an exception for Topco Ordinary Shares held in accounts maintained by U.S. financial institutions), by attaching a complete IRS Form 8938 to their tax return, for each year in which they hold Topco Ordinary Shares. Substantial penalties apply to any failure to file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not willful neglect. Also, in the event a U.S. Holder does not file IRS Form 8938 or fails to report a specified foreign financial asset that is required to be reported, the statute of limitations on the assessment and collection of U.S. federal income taxes of such U.S. Holder for the related taxable year may not close before the date which is three years after the date on which the required information is filed. U.S. Holders should consult their tax advisors regarding the effect, if any, of these rules on the ownership and disposition of Topco Ordinary Shares.

Non-U.S. Holders

The section applies to you if you are a Non-U.S. Holder. For purposes of this discussion, a Non-U.S. Holder means a beneficial owner (other than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes) of Concord securities or Topco Ordinary Shares or Topco Warrants that is not a U.S. Holder, including:

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a nonresident alien individual, other than certain former citizens and residents of the United States;

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a foreign corporation; or

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a foreign estate or trust;

but generally does not include an individual who is present in the United States for a period or periods aggregating 183 days or more in the taxable year of disposition. A holder that is such an individual should consult its tax advisor regarding the U.S. federal income tax consequences of the sale or other disposition of Concord securities or Topco Ordinary Shares or Topco Warrants.

Assuming that Topco is not treated as a U.S. corporation under the rules discussed above, a Non-U.S. Holder of Topco Ordinary Shares will not be subject to U.S. federal income tax or, subject to the discussion below under “— Information Reporting and Backup Withholding,” U.S. federal withholding tax on any dividends received on Topco Ordinary Shares or any gain recognized on a sale or other disposition of Topco Ordinary Shares (including, any distribution to the extent it exceeds the adjusted basis in the Non-U.S. Holder’s Topco Ordinary Shares) unless the dividend or gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business in the United States, and if required by an applicable tax treaty, is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States. In addition, special rules may apply to a Non-U.S. Holder that is an individual present in the United States for a period or periods aggregating 183 days or more during the taxable year of the sale or disposition, and certain other requirements are met. Such holders should consult their tax advisors regarding the U.S. federal income tax consequences of the sale or disposition of Topco Ordinary Shares.

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Dividends and gains that are effectively connected with a Non-U.S. Holder’s conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally will be subject to U.S. federal income tax at the same regular U.S. federal income tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.

The U.S. federal income tax treatment of a Non-U.S. Holder’s exercise of a Topco Warrant, or the lapse of a Topco Warrant held by a Non-U.S. Holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. Holder, as described under “— U.S. Holders — Exercise or Lapse of a Topco Warrant,” above, although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described in the preceding paragraphs above for a Non-U.S. Holder’s gain on the sale or other disposition of the Topco Ordinary Shares and Topco Warrants.

Material U.S. Federal Income Tax Considerations of the Business Combination to U.S. Holders of Circle Shares

The following discussion is a summary of material U.S. federal income tax considerations applicable to U.S. Holders of Circle Shares as a consequence of (i) the transfer of Circle Shares in exchange for the issuance of new Topco Ordinary Shares in connection with the Business Combination and (ii) the ownership and disposition of Topco Ordinary Shares following the Business Combination. This discussion applies only to U.S. Holders of Circle Shares and, following the Business Combination, U.S. Holders of Topco Ordinary Shares, held as capital assets (generally as property held for investment) and does not discuss all aspects of U.S. federal income taxation that might be relevant to such holders in light of their particular circumstances or status, including alternative minimum tax and Medicare contribution tax consequences, or holders who are subject to special rules, including:

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brokers, dealers and other investors that do not own their Circle Shares or Topco Ordinary Shares as capital assets;

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traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;

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tax-exempt organizations, qualified retirement plans, individual retirement accounts or other tax deferred accounts;

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banks or other financial institutions, underwriters, insurance companies, real estate investment trusts or regulated investment companies;

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U.S. expatriates or former long-term residents of the United States;

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persons that own (directly, indirectly, or by attribution) 10% or more (measured by vote or value) of the Circle Shares or, following the Business Combination, Topco Ordinary Shares (including, in each case, any “United States shareholder” thereof as defined in Section 951(b) of the Code);

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partnerships, or other entities or arrangements treated as partnerships, or beneficial owners of partnerships, or other entities or arrangements treated as partnerships, in each case, for U.S. federal income tax purposes;

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persons holding Circle Shares or Topco Ordinary Shares as part of a straddle, hedging or conversion transaction, constructive sale, or other arrangement involving more than one position;

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persons whose functional currency is not the U.S. dollar;

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persons that received Concord securities or Topco securities as compensation for services;

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persons who purchase Topco securities as part of the PIPE;

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S corporations;

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controlled foreign corporations or passive foreign investment companies; and

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holders of Circle warrants.

In addition, this discussion does not address any tax consequences to investors that directly or indirectly hold Concord securities prior to the Business Combination, including holders of Concord securities that also hold, directly or indirectly, equity interests in Circle. With respect to the consequences of holding or disposing of Topco Ordinary Shares, this discussion is limited to U.S. Holders of Circle Shares who acquire such Topco Ordinary Shares in connection with the Business Combination.

U.S. Federal Income Tax Consequences of the Business Combination to U.S. Holders of Circle Shares

General. The parties to the Business Combination Agreement each intend to take the position that the Proposed Transactions, taken together and including the Scheme, qualify as a transaction described in Section 351(a) of the Code, and the following discussion assumes that it so qualifies. The following discussion also assumes that Circle is a foreign corporation for U.S. federal income tax purposes, although there can be no assurance in this regard. For additional information, please see the discussion under the risk factor entitled “— Treatment of Circle as a Foreign Corporation for U.S. Federal Income Tax Purposes.” For general information regarding the inversion rules of Section 7874 of the Code, see the discussion above under “— Material U.S. Federal Income Tax Considerations — U.S. Federal Income Tax Treatment of Topco — Tax Residence of Topco for U.S. Federal Income Tax Purposes.”

Consequences of the Business Combination to U.S. Holders of Circle Shares. Subject to the discussions below relating to (i) the passive foreign investment company rules under the section entitled “— Passive Foreign Investment Company Considerations Applicable to U.S. Holders of Circle Shares” (ii) the gain recognition rules under the section entitled “— Gain Recognition Under Section 367(a) of the Code Applicable to U.S. Holders of Circle Shares” and (iii) the imputed interest rules under the section entitled “— Imputed Interest,” the U.S. federal income tax consequences of the U.S. Holders of Circle Shares will be as follows:

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a U.S. Holder of Circle Shares will not recognize gain or loss upon the exchange of its Circle Shares for Topco Ordinary Shares pursuant to the Business Combination;

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the aggregate tax basis in the Topco Ordinary Shares received by a U.S. Holder of Circle Shares pursuant to the Business Combination will be the same as the aggregate tax basis of the Circle Shares surrendered in exchange therefor; and

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the holding period of the Topco Ordinary Shares received by a U.S. Holder of Circle Shares pursuant to the Business Combination will include such U.S. Holder’s holding period of the Circle Shares surrendered in exchange therefor.

If the Earnout Shares are not treated as stock, they may be treated as taxable boot and could cause a U.S. Holder of Circle Shares to recognize gain, but not loss, in connection with such U.S. Holder’s receipt of the Earnout Shares. However, the parties to the Business Combination Agreement have agreed, subject to the imputation of interest under the Code, to treat the Earnout Shares as deferred consideration for U.S. federal income tax purposes. The remainder of this discussion assumes that the Earnout Shares will be treated as deferred consideration, and not as taxable boot, for U.S. federal income tax purposes.

Until the Escrow Shares are released to the U.S. Holders surrendering Circle Shares in connection with the Business Combination, the interim basis of the Topco Ordinary Shares received by the U.S. Holders in connection with the Business Combination will be determined by treating the Escrow Shares as having been received by such U.S. Holders. Subject to the discussions below relating to imputed interest under the section entitled “— Imputed Interest,” no gain or loss will be recognized and no amount will be included in the income of such U.S. Holders by reason of the release of Escrow Shares or the transfer of the Earnout Shares to such U.S. Holders. In the event that any Escrow Shares are not released to such U.S. Holders, the interim basis allocated to such Escrow Shares will be reallocated to such U.S. Holders’ remaining Topco Ordinary Shares received in connection with the Business Combination, if any, or may result in recognition of capital loss in the event such U.S. Holders no longer hold any Topco Ordinary Shares.

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Each U.S. Holder of Circle Shares should consult its tax advisor regarding the manner in which the above rules apply to the contingent right to receive Escrow Shares and Earnout Shares and the tax consequences of the release of Escrow Shares or receipt of Earnout Shares.

Passive Foreign Investment Company Considerations Applicable U.S. Holders of Circle Shares

Pursuant to Section 1291(f) of the Code, to the extent provided in the Treasury Regulations, if Circle was a PFIC for any taxable year during a U.S. Holder’s holding period for the Circle Shares, certain adverse U.S. federal income tax consequences, including recognition of gain, could apply to such U.S. Holder as a result of the Business Combination. Based on Circle’s income, assets and activities in prior taxable years, Circle may have been a PFIC in such prior taxable years, and Circle may be classified as a PFIC for the current or future taxable years, depending on its income, assets and activities, although no assurances can be provided.

Section 1291(f) of the Code requires, to the extent provided in Treasury Regulations, a U.S. Holder who disposes of stock of a PFIC to recognize gain, but not loss, notwithstanding any other provision of the Code. No final Treasury Regulations are currently in effect under Section 1291(f) of the Code. However, proposed Treasury Regulations under Section 1291(f) of the Code were proposed in 1992 with a retroactive effective date were they to be finalized in current form. If finalized in their current form, the proposed Treasury Regulations may require a U.S. Holder of Circle Shares to recognize gain, which generally would be subject to the special tax and interest charge, if (i) Circle were classified as a PFIC at any time during the U.S. Holder’s holding period of such stock, (ii) the U.S. Holder either did not timely make an election to treat Circle as a “qualified electing fund” for all taxable years during the U.S. Holder’s holding period while Circle was classified as a PFIC or did not make certain “purging” elections and (iii) Topco is not a PFIC in the taxable year that includes the day after the effective date of the Business Combination. Immediately following the Business Combination, Topco believes it will be classified as a PFIC during the 2021 taxable year. However, Topco cannot provide any assurance regarding its PFIC status for any current or future taxable years.

Each U.S. Holder of Circle Shares is urged to consult its tax advisors as to the tax consequences of the Business Combination if Circle were treated as a PFIC at any time during such U.S. Holder’s holding period of Circle Shares. For additional information, see discussion above in section entitled “— Passive Foreign Investment Company Rules.”

Gain Recognition Under Section 367(a) of the Code Applicable to U.S. Holders of Circle Shares

In general, Section 367(a) of the Code will require a U.S. Holder of Circle Shares to recognize gain (but not loss) on the exchange of Circle Shares for Topco Ordinary Shares in connection with the Business Combination unless certain conditions are met, including that such U.S. Holder either (i) is not a “five-percent transferee shareholder” (as defined in the Treasury Regulations and computed taking into account direct, indirect and constructive ownership) or (ii) is a “five-percent transferee shareholder” of Topco and enters into a “gain recognition agreement” under applicable Treasury Regulations to recognize gain on the transferred shares under certain circumstances. For additional information, see discussion above in the section entitled “— Section 367(a).”

As discussed above, a U.S. Holder of Circle Shares that is a “five-percent transferee shareholder” of Topco following the Business Combination may be able to avoid current recognition of gain under Section 367 of the Code if it enters into a “gain recognition agreement” that meets the requirements set forth in the Treasury Regulations promulgated under Section 367 of the Code and certain other conditions are met. Pursuant to the “gain recognition agreement,” such U.S. Holder would agree to recognize the gain realized, but not recognized, in the Business Combination if a specified gain recognition event occurs within a five-year period after the transfer and no exception to gain recognition applies with respect to such event.

The rules dealing with Section 367(a) of the Code discussed above are complex and are affected by various factors in addition to those described above. Accordingly, each U.S. Holder of Circle Shares is urged to consult its tax advisor concerning the application of these rules to its exchange of Circle Shares,

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including, if it believes it will be a “five-percent transferee shareholder.” the possibility of entering into a “gain recognition agreement” under the applicable Treasury Regulations.

Imputed Interest

In general, a portion of the Earnout Shares, if any, that are received more than six months after the effective date of the Business Combination will be recharacterized, for U.S. federal income tax purposes, as imputed interest, and each U.S. Holder surrendering Circle Shares in connection with the Business Combination will be required to include such portion in income as ordinary income. Any such U.S. Holder’s basis resulting from any imputed interest on the Earnout Shares will generally be allocated only to the Earnout Shares received by such U.S. Holder. Such U.S. Holder will also generally have a split holding period in its Earnout Shares received. Such U.S. Holder’s holding period for a portion of each share of Earnout Shares will include such U.S. Holder’s holding period in Circle Shares surrendered in the Business Combination and the remaining portion of the stock will have a holding period that begins on the date that the Earnout Shares are received.

Ownership and Disposition of Topco Ordinary Shares and Topco Warrants Following the Business Combination and the Scheme

The U.S. federal income tax treatment of the ownership and disposition of Topco Ordinary Shares by a U.S. Holder of Circle Shares that exchanged such shares for Topco Ordinary Shares in connection with the Business Combination will generally be the same as that of any other U.S. Holder, as described above under “— Ownership and Disposition of Topco Ordinary Shares and Topco Warrants.”

Information Reporting and Backup Withholding

Information reporting requirements may apply to cash received in redemption of Concord Class A common stock, dividends received by U.S. Holders of Topco Ordinary Shares, and the proceeds received on the disposition of Topco Ordinary Shares effected within the United States (and, in certain cases, outside the United States), in each case other than U.S. Holders that are exempt recipients (such as corporations). Backup withholding (currently at a rate of 24%) may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification number (generally on an IRS Form W-9 provided to the paying agent of the U.S. Holder’s broker) or is otherwise subject to backup withholding. Any redemptions treated as dividend payments with respect to Concord Class A common stock and Topco Ordinary Shares and proceeds from the sale, exchange, redemption or other disposition of Topco Ordinary Shares may be subject to information reporting to the IRS and possible U.S. backup withholding. U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Information returns may be filed with the IRS in connection with, and Non-U.S. Holders may be subject to backup withholding on amounts received in respect of their Concord Class A common stock or Concord Warrants or their Topco Ordinary Shares, unless the Non-U.S. Holder furnishes to the applicable withholding agent the required certification as to its Non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable, or the Non-U.S. Holder otherwise establishes an exemption. Dividends paid with respect to Topco Ordinary Shares and proceeds from the sale of other disposition of Topco Ordinary Shares received in the United States by a Non-U.S. Holder through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding unless such Non-U.S. Holder provides proof an applicable exemption or complies with certain certification procedures described above, and otherwise complies with the applicable requirements of the backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against the U.S. Holder’s U.S. federal income tax liability, and a U.S. Holder may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for a refund with the IRS and furnishing any required information.

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PROPOSAL NO. 2 — THE NYSE PROPOSAL

Overview

In connection with the Business Combination, we intend to effect (subject to customary terms and conditions, including the Closing):

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the issuance of 41,500,000 shares of Concord Class A common stock to the PIPE Investors.

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the issuance, pursuant to the Scheme, of [•] Topco Ordinary Shares to the Circle Holders; and

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the issuance, pursuant to the Business Combination Agreement, of [•] Topco Ordinary Shares to the Public Stockholders (including the PIPE Investors) and [•] Topco Warrants to the Concord warrant holders in the Merger.

For further information, please see the section entitled “Proposal No. 1 — The Business Combination Proposal,” as well as the annexes to this proxy statement/prospectus.

Why Concord Needs Stockholder Approval

We are seeking stockholder approval in order to comply with Section 312.03(c) and (d) of the NYSE Listed Company Manual.

Under Section 312.03(c) of the NYSE Listed Company Manual, stockholder approval is required prior to the issuance of common stock, or of securities convertible into or exercisable for common stock, in any transaction or series of related transactions if such securities are not issued in a public offering for cash and (a) have, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance of such stock or securities convertible into or exercisable for common stock; or (b) the number of shares of common stock to be issued is, or will be upon the issuance, equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the common stock or securities convertible into or exercisable for common stock. Additionally, under Section 312.03(d), shareholder approval is required prior to an issuance that will result in a change of control of the issuer. Concord will issue shares representing 20% or more of the outstanding Concord common stock prior to the issuance, or 20% or more of its voting power prior to the issuance, to Circle Holders and PIPE Investors, pursuant to the Business Combination Agreement and the PIPE financing. In addition, those issuances will result in a change of control of Concord. Accordingly, shareholder approval of such issuances is required under Section 312.03(d).

Stockholder approval of the NYSE Proposal is also a condition to the Closing under the Business Combination Agreement.

Effect of Proposal on Current Public Stockholders

If the NYSE Proposal is adopted, we will issue: 41,500,000 shares of Concord Class A common stock to the PIPE Investors upon the consummation of the PIPE; [•] Topco Ordinary Shares to the Circle Holders upon consummation of the Scheme; and [•] Topco Ordinary Shares to the Public Stockholders (including the PIPE Investors) and warrants to purchase [•] Topco Ordinary Shares to the Concord stockholders and warrant holders upon consummation of the Merger.

The issuance of the shares and warrants described above would result in significant dilution to Concord stockholders and result in the Public Stockholders having a much smaller percentage interest in the voting power, liquidation value and aggregate book value of Topco following consummation of the Business Combination as compared to such interest in Concord prior to consummation of the Business Combination.

Vote Required for Approval

The NYSE Proposal is conditioned on the approval of the Business Combination Proposal at the special meeting.

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PROPOSAL NO. 3 — THE ADJOURNMENT PROPOSAL

The Adjournment Proposal

The Adjournment Proposal, if adopted, will allow Concord’s board of directors to adjourn the special meeting of stockholders to a later date or dates to permit further solicitation of proxies. The Adjournment Proposal will only be presented to Concord’s stockholders in the event that, based on the tabulated votes, there are not sufficient votes at the time of the special meeting of stockholders to approve one or more of the proposals presented at the special meeting or Public Stockholders have elected to redeem an amount of Public Shares such that the minimum available cash condition to the obligation to closing of the Business Combination would not be satisfied. In no event will Concord’s board of directors adjourn the special meeting of stockholders or consummate the Business Combination beyond the date by which it may properly do so under Concord’s amended and restated certificate of incorporation and Delaware law.

Consequences if the Adjournment Proposal is Not Approved

If the Adjournment Proposal is not approved by Concord’s stockholders, Concord’s board of directors may not be able to adjourn the special meeting of stockholders to a later date in the event that, based on the tabulated votes, there are not sufficient votes at the time of the special meeting of stockholders to approve the Business Combination Proposal or Public Stockholders have elected to redeem an amount of Public Shares such that the minimum available cash condition to the obligation to closing of the Business Combination would not be satisfied.

Vote Required for Approval

The Adjournment Proposal will be approved and adopted if the holders of a majority of the shares of Concord common stock represented in person or by proxy and voted thereon at the special meeting vote “FOR” the Adjournment Proposal. Adoption of the Adjournment Proposal is not conditioned upon the adoption of any of the other proposals.

Recommendation of the Board

CONCORD’S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” THE APPROVAL OF THE ADJOURNMENT PROPOSAL.

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INFORMATION ABOUT CIRCLE

Unless otherwise indicated or the context otherwise requires, references in this section to “Circle,” “we,” “us,” “our” and other similar terms refer to Circle Internet Financial Limited and its subsidiaries prior to the Business Combination, which will be the business of Circle Acquisition Public Limited Company and its consolidated subsidiaries after giving effect to the Business Combination.

Overview

Founded in 2013, Circle’s mission is to increase global economic prosperity through the frictionless exchange of financial value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and so facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications on the internet. We are one of the first digital asset-native commercial financial institutions built on public blockchain ecosystems and decentralized finance protocols.

When first introduced over a decade ago, crypto and blockchain technologies such as Bitcoin promised a future where money could become a native feature on the internet, ushering in a world where payments would become commoditized, much like how email and web protocols permit the frictionless sharing of information globally. We recognized that these groundbreaking technologies represented the initial steps in the development of the next major layer of internet infrastructure, and the seeds of an entirely new global economic system.

Rapid growth in the financial technology (“FinTech”) ecosystem over the last several years represents a significant step forward in the modernization of the global financial system. During this time, numerous enterprises developed impactful digital solutions to streamline and enhance how businesses and consumers interact with the financial system. However, the vast majority of traditional FinTech platforms are inherently limited by the underlying legacy financial infrastructure upon which they are built: infrastructure that is cumbersome, costly, and siloed. Our platform addresses many of the fundamental problems presented by legacy global financial infrastructure by building on a foundation underpinned by blockchain and crypto infrastructure.

We believe that the core innovations that represent the heart of the digital financial system of the future are (i) fully digital asset based, (ii) native to public blockchain networks that operate on open-source protocols, and (iii) open and universally accessible. Pioneered by Circle, and jointly launched in 2018 with Coinbase Global Inc. (“Coinbase”), USD Coin (“USDC”) is one of the fastest growing dollar digital assets in the world, providing an open standard for dollar payments on the internet. Since the beginning of 2020, USDC has grown by over 65x from $400 million to over $27 billion USDC in circulation as of July 31, 2021. During the twelve- month period from August 31, 2020 to July 31, 2021, USDC supported over $845 billion in transaction volume over these public blockchain networks, simultaneously driving responsible financial services innovation and raising the prospects of internet-level economic prosperity.

Building on the early success and rapid adoption of USDC, in 2020 we began to introduce a suite of new products and services aimed at helping businesses and financial institutions use digital asset for payments, commerce and finance applications. Among other things, our products help companies efficiently accept and make payments in a digitally-native environment, store value, and gain access to enhanced yield on their investments in digital assets. In addition to payments and treasury services, we help firms raise capital through direct equity offerings on the internet. Driven by this growth, our business has seen revenue and interest income grow from $17.3 million in 2020 to a forecasted $115 million in revenue in 2021.

We offer several products and services in the market today: USDC, Circle Transaction and Treasury Services (“Circle TTS”), and SeedInvest.

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USDC market infrastructure provides companies, users and thousands of third-party products and services with an open, interoperable and globally-accessible dollar digital asset. We principally operate the USDC infrastructure, including supporting secure and scalable transactions and multiple public blockchain networks, while managing the U.S. dollar-denominated reserve assets that fully back USDC in circulation. Broad industry adoption of USDC fuels growth and demand for our other products and services, which collectively are supporting an open and competitive flywheel of economic activity.

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Circle TTS.

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The Circle Account provides businesses and financial institutions with a platform to make payments and store funds in USDC, as well as to allocate funds into USDC-enabled yield accounts. Businesses are able to connect to bank accounts in approximately 90 countries, create and redeem USDC, securely store digital assets with us, and make blockchain-based payments using USDC and other digital assets. A Circle Account enables businesses to make and receive payments nearly instantly and globally to any blockchain-compatible digital wallet, providing an efficient and cost-effective alternative to traditional bank payment rails.

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Circle Yield, which has recently launched in an early customer access program, and is available to Circle Account users, provides accredited investors with the ability to use centralized finance (CeFi) blockchain-based lending markets to generate enhanced yield on their USDC, with annual percentage yields of up to 5.75% as of August 1, 2021. Building on the market momentum for corporate treasury adoption of digital assets, Circle Yield offers accredited investors the ability to earn a higher fixed-term yield compared to traditional financial markets.

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Circle application programming interfaces (“APIs”) extend the capabilities of a Circle Account through a comprehensive suite of APIs that allow customers to fully automate and integrate Circle payments and treasury infrastructure into their own payments, commerce and financial applications. Circle APIs include:

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Payments APIs. Accept payments from customers using both traditional fiat payment rails such as credit and debit cards, domestic bank transfers (ACH), and wire transfers, as well as blockchain rails virtually instantaneously, with funds automatically settling into a Circle Account as USDC. We plan to also enable payments in Bitcoin (BTC) and Ether (ETH).

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Payout APIs. Automate payouts to customers, suppliers and partners with flexibility through payments to both traditional bank accounts and blockchain wallets, offering global reach, fast and inexpensive settlement, and support for fiat and crypto currencies. We plan to also enable payouts in BTC and ETH.

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Account APIs. Customize and integrate USDC, BTC and ETH wallets and account infrastructure into our customers’ own services and applications, including flexible treasury funds flows, embedded wallets, and storage of digital assets.

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DeFi API. Our DeFi API, which we plan to launch in the third quarter of 2021, will allow institutions to access new lending markets powered by decentralized finance (DeFi). Circle’s DeFi API will simplify what has been historically a complex, risky, and cumbersome process for many institutions. With Circle’s DeFi API, institutions will be able to automate flows of USDC into third party DeFi lending markets to earn yield with real-time accrual and redemption, including protocol-specific governance tokens, and manage it all within Circle’s trusted and secure account infrastructure. Our DeFi API will be supported by enhanced compliance and identity protocols over time.

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SeedInvest offers a digital platform for companies to raise capital through equity offerings directly on the internet and seeks to capitalize on interest in the digitization of early-stage investing. SeedInvest scales from small-scale seed funding, through larger, later-stage capital raises and growth funding, allowing both accredited and unaccredited investors a streamlined and simple way to invest in private companies. SeedInvest is one of the largest equity crowdfunding platforms in the U.S., reaching over 500,000 investors.

Industry Background

The Opportunity of the Internet

Since the early 1990s, we have witnessed a significant transformation across global economies driven by the transfer of information, communications and commercial activity onto the internet. At the center of these industry transformations has been a foundation built on the core “DNA of the internet”: open and

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broadly accessible public networks. Permissionless participation on these networks ranges from individuals to the largest institutions in the world, with a technical foundation based on open protocols and open source software. This DNA has allowed this global decentralized network to grow and evolve with accelerating velocity, enabling a variety of innovations across industries.

These open, decentralized and permissionless protocols and networks have facilitated the creation of innovative new platforms and marketplaces for content, advertising, commerce, software, travel and transportation, among others. This paradigm shift has been accomplished on a technology architecture where no single government or corporation controls or manages this infrastructure, making the internet the equivalent of a digital public good, and access to it is increasingly viewed as a necessity in modern life. Open and decentralized networks have been the core of social transformation from the internet over the past 25 years.

An Internet-Native Digital Financial System Emerges

In the aftermath of the global financial crisis of 2007-09, the global internet continued its evolution, with the digital exchange of value emerging as a logical adaptation to the historical failures of our global financial system. With the introduction of Bitcoin in 2009, a new global money movement emerged that sought to build a new and more open global economic system; one that was decentralized, transparent and fair. It was the beginning of the next stage in the internet’s transformation of global social, governance and economic systems. The birth of internet-native money and value exchange, however, stands in sharp contrast to the significant limitations that continue to pervade the existing financial system.

Limitations of the Existing Financial System

Our global financial system suffers from significant limitations, many of which were exposed during the financial crisis of 2007-09. Our systems of money, banking and payments were designed and have principally evolved from pre-internet national and global arrangements, and lack the architecture to support global commerce and economic growth in the internet-driven digital economic age.

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The Walled Gardens of Finance. Today’s systems of electronic money are constructed around national and corporate boundaries, often regulated and operated by national monopolies, not dissimilar to the world of media and communications in the pre-internet era. Payments are bound by “walled gardens”, harkening back to the days when one could only send an email to a person if they used the same online service such as AOL and CompuServe. Electronic money can only travel between tightly controlled networks, often trapped in various privately-mediated networks, which exacerbates financial exclusion around the world.

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High Costs and Inefficiencies. The majority of electronic money is stuck in legacy infrastructure, where businesses continue to use checks and bank wires to make over $120 trillion in annual payments. Businesses seeking to accept payments from customers are often charged several percentage points of their revenue by electronic payments processors, which represents a global economic tax that amounts to trillions in value annually that could be returned to productive use with the adoption of more efficient, internet-native payments infrastructure. Existing global systems of payment and value exchange are riddled with the same inefficiencies as pre-internet communications — money often takes days or longer to move and settle, with significant fees layered onto transactions in the form of foreign-exchange fees and other transaction-related expenses. The average cross-border payment takes days and includes a 6% average cost in fees. For commercial transactions, delayed financial settlement produces a lucrative float worth trillions of dollars annually and subjects counterparties to high-friction trust instruments, such as bank guarantees and letters of credit.

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Limitations on Capital Allocation. The existing financial market infrastructure for capital allocation, whether in the form of commercial bank lending, or core trading markets for securities, suffers from similar inefficiencies. Technology and regulatory structures have stranded capital markets with rules and roles established in an era where “transfer agents” delivered folders of stock certificates to “custodians” who would keep them locked up in secure filing cabinets. Access to this infrastructure is limited, making the efficiencies of capital markets only available to the largest companies. Lending intermediation continues to be heavily anchored in human-based procedures within commercial

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banks, and is expensive, prone to human error and slow. In a world where machine learning and artificial intelligence have evolved to facilitate critical decisions being made in milliseconds, much of commercial lending remains stuck in conventional underwriting, which contains unnecessary embedded costs and expenses that are borne by markets and consumers. Similarly, much of the borrowing, lending and underlying risk management remains opaque to market participants, relying on expensive third-party auditing of books and records, often captured in legacy and highly vulnerable database technology.

Entering the Age of Digital Assets

The advent of public blockchains and digital assets reshapes how the global financial system can operate, creating significant opportunities for disruption in the existing system and many varied opportunities for internet-based financial services companies to flourish. We believe that internet financial services represents a market opportunity similar to that of internet computing, media, communications and retail commerce — industries that have been transformed with many significant scale internet-native firms emerging in those industries. Today’s financial industry supports more than $350 trillion in equity and debt capital markets, and over $130 trillion in M2 commercial bank money, markets and infrastructure that can all be transformed by digital asset and blockchain technology.

Digital assets and public blockchains catalyze this change in multiple significant ways:

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The Storage of Value. Blockchains are digital, relying on tamper-proof, immutable and highly secure digital records built on decentralized infrastructure designed to mitigate nation state attack vectors, and sit outside of the control of any single corporation or government entity.

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The Transmission of Value. Blockchains are built to support open, global and interoperable transactions that can work with any internet-connected device in the world, offering transaction finality in seconds, with strong privacy and security and significant cost efficiency, with transactions costing as little as a fraction of a cent in many cases.

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The Tokenization of Value. Blockchains provide a foundation to represent nearly any form of property or record as a cryptographic asset. This paves the way for the same storage and transmission efficiencies to be used with both digital and non-digital forms of property ranging from digital content items and intellectual property such as non-fungible tokens (NFTs), to tokens that represent stocks, bonds and physical property, as well as other financial contracts.

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Programmable Value. Unlike the legacy financial system, digital assets and currencies on blockchains are inherently programmable using smart contracts, a new form of software code that can execute and intermediate transactions and value exchange with code published on the internet, introducing myriad opportunities for reshaping finance and commerce.

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The Allocation of Capital. The combination of the above attributes makes digital assets and blockchains the ideal infrastructure to reshape capital allocation processes, enabling the creation of new capital markets that are executed in code on blockchains, in a public, transparent and efficient manner, ultimately lowering costs and increasing access to capital globally.

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Decentralized Digital Identity. The emergence of privacy-preserving, decentralized digital identity and verification protocols supported by blockchain infrastructure offers promising pathways for internet-native financial services and financial integrity to coexist.

Combined, these global market trends are creating significant opportunities for the development of new global payments and banking franchises built natively on digital asset and blockchain infrastructure. Collectively, this ecosystem offers the potential for people and businesses everywhere to utilize faster, cheaper and more globally usable forms of money. This in turn increases access to and efficiency in markets for capital and lending while fostering the development of a more open and democratized global financial system.

Our Vision and History

As the cryptocurrency market came into being in the early part of the last decade, we saw clearly that technological innovations such as Bitcoin and public blockchains represented a breakthrough in how value

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could be stored and transmitted, seeing this as the kernel of what would become the next critical layer of internet infrastructure. Technologies such as Bitcoin promised a future where money could reside as a native form of data on the internet, ultimately heralding a world where payments would become a commodity-like service, much like email protocols permit information sharing across platforms. The advent of trusted digital assets, pioneered by USDC, mitigated the economic volatility of early cryptocurrencies, producing a breakthrough in internet native programmable forms of money.

Beyond ubiquitous and free value exchange, we were inspired by the idea of smart contracts — where money could be truly programmable, and where economic arrangements and contracts could literally become code — enabling autonomous machines on the internet to intermediate capital and commerce, supporting even deeper and seamless global economic integration. We believed the rise of smart contracts and the technologies that facilitated their adoption would create a world where people and businesses everywhere could participate in the economic system with less friction and more capital efficiency than previously possible, ultimately raising global economic prosperity for all.

To realize this mission, we believed that a new kind of global financial services company could be designed. One that was natively built on the internet, heralding a new kind of entirely software-powered financial institution, one that would make storing and using money and accessing financial services as frictionless and cost efficient as using content and communications on the internet.

Over the past eight years, we have relentlessly pursued this mission and vision, building fundamental technology for payments and banking in the age of digital assets and the internet. We have forged paths towards mainstream acceptance through persistent and active engagement with policymakers and regulators globally, and built and operated a range of innovative products and services that have powered thousands of businesses , and have supported a significant scale of digital asset transactions.

Today, our technology innovations are at the center of a global transformation in the function of money in the world. While future digital assets backed by central bank money such as dollars, euros, yuan and other fiat currencies have captured the world’s imagination, we have delivered solutions that work at scale in the market today. With the future of money and payments, past is prologue and a vibrantly competitive free market, together with public sector oversight, is building a more equitable financial future of blockchain rails.

Our Platform Solution

Our products, solutions and technologies include the core USDC market infrastructure, TTS, and SeedInvest.

USDC

We operate the core market infrastructure of USDC, including the underlying issuance and redemption infrastructure, treasury and liquidity management, and managing the U.S. dollar-denominated reserve assets that back USDC in circulation. We developed the core technology and operations behind USDC in 2017 and 2018, and then formed a joint-venture with Coinbase called Centre Consortium to further develop the technology, policy and governance standards for USDC.

To access and use USDC, corporations and institutional customers can enroll in a Circle Account and transfer funds to and from bank accounts in approximately 90 countries. Funds that arrive in a Circle Account are put into a segregated reserve account, and USDC digital asset tokens are minted. Likewise, customers who transfer USDC into a Circle Account can choose to redeem USDC digital asset tokens and transfer funds out of reserve and into a customer’s linked bank account as U.S. dollars.

Since the first USDC token entered circulation, we have remained committed to the highest standard of trust, transparency and reserve management in order to preserve 1:1 price stability against U.S. dollars. All USDC tokens issued and outstanding are backed by at least an equivalent amount of high-quality U.S. dollar-denominated assets held in segregated accounts with U.S. regulated financial institutions, subject to regulatory supervision and reserve management policies that are designed to at all times meet or exceed demands for USDC outstanding.

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USDC operates as an open protocol on public blockchains. As an open protocol, companies and software developers can implement USDC in their own products and services easily. Transactions are settled on decentralized public blockchains, and can be conducted between people and businesses, as well as between financial institutions. The open nature of USDC on public blockchains has led to widespread support for USDC as a standard for dollar digital assets.

The USDC protocol itself is defined and evolved collaboratively, and is an open source project managed by the Centre Consortium. Initially released as a protocol on the Ethereum blockchain, USDC is now supported on several other public blockchains including Algorand, Solana, Stellar and Tron. We expect to introduce support for USDC on additional blockchains over time, as a means to ensure that dollar digital asset can continue to take advantage of the significant and continuous cycles of technical advances happening with blockchain infrastructure, and reducing the risk of technology obsolescence.

Today, USDC transactions can be settled with finality in seconds or less, with support for tens of thousands of transactions per second at a fraction of a cent in transaction costs. These breakthroughs make USDC well suited as a robust, globally available, dollar digital asset for payments, commerce and financial applications.

Circle TTS

We provide a comprehensive suite of transaction and treasury services to corporations and financial institutions seeking to integrate digital assets into their commercial and financial needs.

Circle Account

Circle Account provides corporations and institutions with an integrated account for converting, storing, sending and receiving digital asset payments. Opening a Circle Account is free of charge to customers, and provides a critical bridge between existing banking, money and digital asset payments, and financial services.

Circle Account infrastructure includes wallet services for securely storing USDC, BTC and ETH digital assets. Customers can make on-chain transactions using USDC, or hold these digital assets as a store of value, relying on the company’s digital asset storage capabilities.

The Circle Account product aims to provide a comprehensive commercial financial account spanning payments and treasury use cases, and offering a complementary set of API services for building more advanced applications and services on top of the Circle Account product.

Advanced customers can also use the core API, which provides automation of the core bank transfer, blockchain payments and wallet storage functionality of a Circle Account.

The Circle Account product sits on top of nearly seven years of research and development into core transaction and treasury systems for digital asset storage, treasury operations and payments, integration into existing banking networks, and sophisticated risk and compliance tools and operations.

Circle Yield

Recently, we began offering a new fully collateralized, fixed-term yield-generating product to accredited investors, through a new offering called Circle Yield. Approved companies with Circle Accounts can choose to invest USDC into Circle Yield, selecting a term-length, and receiving monthly interest (accrued daily) in USDC. Yield is generated through lending USDC out to centralized (CeFi) blockchain-based lending markets, which offer the ability to earn a higher fixed-term yield than what is currently available in the traditional financial markets. Circle Yield is offered in the form of a private placement by Circle International Bermuda Limited (“Circle Bermuda”) and subject to oversight by the Bermuda Monetary Authority under Circle Bermuda’s Class F Digital Asset Business license. Advances are overcollateralized by BTC collateral held with a qualified custodian on behalf of Circle Yield customers.

Circle API Services

Circle APIs provide companies with a comprehensive suite of payments and treasury infrastructure for building digital asset native financial and commerce applications and services. Circle APIs complement the

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core Circle Account, giving a company tools for accepting a wide variety of payments, making payouts, storing and managing digital assets, and accessing yield services through CeFi and DeFi lending markets.

Customers can sign-up for Circle APIs through a “developer sandbox”, which is an environment to start using and building with the API services without requiring a commercial contract or any sales assistance. Once a customer has deployed a production application, it can manage the data and activity associated with the operations of their application through the Circle Account Dashboard, which provides tools for developers, operations and finance staff within customer organizations.

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Circle Payments API. The Payments API allows companies to automate and accept payments into their Circle Account using USDC, credit cards and debit cards, ACH bank transfers, and global wire transfers. Card and bank transfers automatically settle into a customer’s Circle Account as USDC, making it immediately available for digital asset based payments and financial applications. The Payments API is also complemented by a built-in set of fraud management tools to assist customers with managing fraud risk with payments. We plan to also enable payments in BTC and ETH.

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Circle Payouts API. The Payouts API allows companies to automate and make payouts to customers, suppliers and partners with flexibility through payments to both traditional bank accounts and blockchain wallets. Customers can redeem USDC into payouts to traditional banks, or use on-chain payments to efficiently deliver payouts to digital wallets around the world, with the speed and efficiency of cryptocurrency and blockchain networks. We plan to also enable payouts in BTC and ETH.

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Accounts API. The Accounts API provides customers with the ability to automate the storage of digital assets, including USDC, BTC and ETH, enabling embedded financial applications, complex treasury funds flows, or use within an existing business to consumer (B2C) or business to business (B2B) service that requires wallets and storage capabilities. Over time, the Accounts API is expected to support more forms of digital assets, such as NFTs.

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DeFi API. Our DeFi API, which we plan to launch in Q3 2021, will allow institutions to access new lending markets powered by decentralized finance (DeFi). Circle’s DeFi API will simplify what has been historically a complex, risky, and cumbersome process for many institutions. With Circle’s DeFi API, institutions will be able to automate flows of USDC into third party DeFi lending markets to earn yield with real-time accrual and redemption, including protocol-specific governance tokens, and manage it all within Circle’s trusted and secure account infrastructure. Our DeFi API will be supported by enhanced compliance and identity protocols over time.

The broad suite of APIs we offer will continue to grow and expand in line with market development, customer demands and the innovations afforded through digital asset and blockchain technology.

SeedInvest

SeedInvest offers a digital platform for companies to raise capital through equity offerings directly on the internet and seeks to capitalize on interest in the digitization of early-stage investing. For startups and growth companies, SeedInvest facilitates a streamlined process for raising capital directly from investors on the internet, including both accredited and unaccredited investors. For investors, SeedInvest provides a streamlined experience to invest in startups and growth companies.

For issuers, SeedInvest helps to place, market and promote company offerings, ranging from seed and Series A financing below $5 million, to mid and later stage growth investments as large as $30 million. SeedInvest supports the end-to-end offering process, as well as ongoing investor relationships. As of March 31, 2021, issuers can reach more than 540,000 unique investors on the SeedInvest platform. Many issuers start with seed-stage capital raises and grow with SeedInvest into later stage capital formation.

For investors, SeedInvest provides individuals with the ability to invest in private companies and startups, an asset class that has historically been unavailable to most retail investors. Investors can invest as little as a few hundred dollars through an investing experience that is as simple as a typical digital e-commerce purchase. SeedInvest supports both accredited and unaccredited investor participation, which democratizes access to promising growth companies and levels the playing field for early-stage firms and entrepreneurs.

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How We Win

The markets for digital assets, digital asset-based payments and financial services, and internet capital formation are nascent but rapidly growing. In each of the areas of our business, we face a wide range of direct and indirect competition, and are well positioned relative to those sources of competition.

Traditional Payments Platforms

As a completely new infrastructure for storing and moving money, USDC operating on public blockchains competes both directly and indirectly with traditional payment networks as well as more recent digital payments platforms. At the same time, USDC as a new payment and settlement system can also be integrated into, and valuable to, existing payment platforms.

Competition may include existing bank settlement networks such as SWIFT and ACH, and higher level payment networks such as card payment networks, and new digital payment networks such as Square and PayPal. USDC is being used to power new, blockchain-native business models, as well as FinTech enabling incumbent financial services firms.

Over time, we believe that privately-issued digital assets and public blockchains will become the predominant form of digital payments, given the speed, security and cost efficiency afforded by internet-native financial infrastructure. We expect many existing networks to ultimately become users and supporters of new digital asset based payment and settlement systems.

Stablecoins CBDCs

Today, there are over 100 distinct digital asset based stablecoins, including dozens of dollar stablecoins, stablecoins backed by other fiat currencies, as well as stablecoins that attempt to peg to a dollar using underlying incentives and crypto assets as collateral.

In the future, it is expected that some national governments will seek to issue their own stable-value digital assets in the form of Central Bank Digital Currency (“CBDCs”). CBDCs could provide substitutes for private-sector issued digital assets, but also represent significant opportunities for digital asset native financial institutions such as Circle. Notably, if the U.S. Federal Reserve were to launch a retail-level digital currency, this could potentially shift demand for USDC, while at the same time present opportunities for incorporating retail-level or general purposes CBDCs in the Company’s Treasury and Transaction Services and business lines.

In this environment, we believe our platforms, technologies, and multi-chain approach of building on public blockchains would become a value-added provider to central banks and their own digital transformation efforts with CBDCs. At the same time, we expect advancements and growth in private stablecoins to eventually lead to new supervisory regimes from central banks with stablecoin operators.

We continue to compete in the digital asset space by operating and promoting USDC as an open, independent standard governed by the Centre Consortium and with broad industry and ecosystem support. USDC has achieved material network effects with increasing market penetration, solidifying its position as one of the fastest growing dollar digital assets in the world.

Digital Asset TTS

With our suite of transaction and treasury services, we face a range of existing and potential future competitors.

The Circle Account product faces mostly indirect competition in the form of institutional accounts that corporations might open and use with crypto currency brokerage and exchange providers such as Coinbase, Binance or Gemini. These products are primarily focused on investing and trading crypto assets, while the Circle Account is focused on payments and treasury services.

With Circle Yield we compete indirectly with other institutional lending products from firms such as BlockFi or BitGo, who are offering borrowing and lending on a wide variety of crypto assets. We also compete with legacy financial services firms that offer a wide range of yield products.

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Transactional services provided through Circle APIs face a variety of direct and indirect competition. This includes customers building their own solutions by bringing together distinct bank and processing relationships, storage and wallets infrastructure, and blockchain management software. Direct competitors for some of Circle’s API services include PrimeTrust.

Our comprehensive suite of transaction and treasury services offers companies a unique and powerful one-stop-shop for a diverse array of use cases. This tight integration of services and infrastructure gives us a unique advantage over point solutions. Similarly, the core connectivity between native digital asset infrastructure and the existing payments and banking system gives us a competitive advantage over legacy payments and treasury services firms, especially given the company’s seven plus year head-start from a technology, regulatory and operational perspective.

Internet Capital Formation

The market for equity crowdfunding is a growing and competitive market. Continued regulatory acceptance of crowdfunding, under recently changed SEC guidelines allowing for larger and more broadly marketed Regulation Crowdfunding (Reg CF) and Regulation A+ offerings is creating more demand and competition for services that help companies raise and form capital on the internet.

SeedInvest faces competition from other startup companies providing similar services, including StartEngine and Republic, firms that continue to grow and invest in this market. SeedInvest competes on the basis of a deeper investor base, including significant accredited investors, and support for larger capital raises, helping to launch and successfully place more Reg A+ crowdfunding rounds than any other firm in the marketplace.

As a core part of our ecosystem, the SeedInvest business model, market trust and positioning, lends itself well to broadening addressable markets, as well as blockchain-enabling core parts of the business model. Reducing frictions in equity crowdfunding, along with tokenized representations of ownership interest, equity and value, represent core opportunities for private capital markets, as well as for how tangible and intangible assets are sold and exchanged on the internet.

Growth Opportunity

We envision significant growth in the adoption of our platforms, products and services as more and more businesses and financial institutions move to leverage digital asset and blockchain technology for payments, treasury and financial applications. At the center of our growth strategy are plans to significantly scale our investments in sales, marketing and global expansion, in line with growing global interest and adoption of digital asset and internet-based financial services in the company’s core target customer segments. We plan to expand our sales teams in the Americas, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Alongside this revenue-focused headcount expansion, we plan to expand our supporting functions for legal, regulatory, compliance, risk, finance, marketing and customer operations. Additionally, we plan to make significant investments in marketing programs intended to generate awareness and interest in the company and its products and services.

We continue to invest in significant new product capabilities designed to enhance the value of our services to target customers and increase our competitive position in the marketplace. Technology and product-line expansion investments include:

Digital Asset and Blockchain Finance Infrastructure and Standards

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We continue to invest significant research and development into building support for USDC on major emerging blockchain infrastructure. These investments are designed to ensure that USDC can grow and scale to support applications with potentially billions of users that can support internet-scale payments and commercial applications.

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With growing global interest in digital assets, we plan to build and launch additional fiat-backed digital assets in important markets and currencies. We expect this expansion will open more opportunities for digital asset payments and cross-border trade and commerce on blockchains.

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As part of ensuring mainstream acceptance and to meet growing regulatory requirements for cryptocurrency transactions, we plan to introduce new standards and infrastructure that supports using secure digital identity alongside blockchain financial transactions and applications.

Circle Account Growth

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Over the course of 2021 and 2022, we plan to expand the Circle Account product to provide a broader suite of payments, treasury and platform capabilities that we expect to be appealing to businesses conducting payments and commerce on the internet.

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We plan to expand with additional capabilities for companies to manage, make and accept payments using digital assets, including support for additional digital assets and cryptocurrencies, as well as future CBDCs if they ultimately become available and gain user acceptance.

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To support our treasury services, we plan to introduce multiple product capabilities for businesses to allocate capital into leading crypto assets such as BTC and ETH, as well as to invest in USDC-denominated lending markets.

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We plan to expand the Circle Account as a hub and dashboard for developers building applications, with investments in enabling third-party application developers and ecosystem participants to build add-ons and integrations into Circle Account and API services.

Decentralized Finance Infrastructure

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A critical area of product investment and growth is in building services that help to connect corporations to the benefits of decentralized finance and commerce infrastructure. We plan to build simplified tools and services that enable corporations to easily access third party DeFi protocols and services in areas related to borrowing and lending, capital formation, and commerce services.

SeedInvest

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We plan to expand our internet fundraising platform, SeedInvest, with investments in improving and scaling the investor and issuer experiences, and providing a broader suite of issuer services that assist startups with ongoing interaction with investors.

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With growth in digital asset markets and exchanges, we plan to introduce services that allow companies to issue digital asset securities, including digital assets that represent equity, debt and property. With these digital asset securities, we plan to work with leading regulated digital asset exchanges to provide issuers with access to secondary markets and liquidity.

M&A and Regulatory Expansion

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To support our global growth plans, including product line expansion, we may acquire companies or products that can accelerate market entry, give us access to underlying licensing and regulatory relationships, and/or enable us to acquire talent, intellectual property, customer bases and revenue streams that can accelerate our growth and strengthen our competitive position in the marketplace.

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We plan to continue to pursue additional regulatory licenses, registrations and approvals around the world in line with our geographic and product line expansion.

Broadly, we see significant opportunities for investment, growth and product innovation as more and more areas of the financial services markets shift into digital assets and crypto-economic systems and infrastructure, areas where the company intends to pursue with significant research and development investments.

Competitive Environment

The markets for stablecoins, digital asset-based payments and financial services and internet fundraising are nascent but rapidly growing. In each of the areas of our business, we face a wide range of direct and indirect competition.

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Traditional Payments Platforms

As a new infrastructure for storing and moving money, USDC operating on public blockchains competes both directly and indirectly with traditional payment networks as well as more recent digital payments platforms. At the same time, USDC as a new payment and settlement system can also be integrated into and valuable to existing payment platforms. Competition may include existing bank settlement networks such as SWIFT and ACH, and higher level payment networks such as card payments networks, and new digital payments networks such as Square and PayPal. Over time, we believe that stablecoins and public blockchains will become the predominant form of digital payments, given the speed, security and cost efficiency afforded by internet-native infrastructure. We expect many existing networks to ultimately become users and supporters of new digital asset based payment and settlement systems.

Stablecoins and CBDCs

As discussed above, there are over 100 distinct digital asset based stablecoins, including dozens of dollar stablecoins, as well as stablecoins backed by other fiat currencies, as well as stablecoins that attempt to peg to a dollar using underlying incentives and crypto assets as collateral. The largest US Dollar stablecoin by market capitalization is USDT, or Tether, offered by an affiliate of Hong Kong-based crypto exchange Bitfinex Ltd. Tether remains popular in Asian markets and exchanges, though has struggled to gain traction with regulated financial institutions and mainstream market participants. Other competitive dollar stablecoins include white-labeled stablecoins operated by Paxos, including Binance USD (BUSD) and Huobi USD (HUSD), which are the primary stablecoins offered by these two large Chinese crypto currency exchanges.

In the future, it is expected that some national governments will seek to issue their own stable-value digital assets in the form of CBDCs. These digital assets could provide substitutes for private-sector issued digital assets such as USDC. Much of the study and experimentation among central banks on CBDCs remains in the exploratory phase and there are many possible variations of CBDCs being considered by the world’s central banks. Notably, if the U.S. Federal Reserve were to launch a retail-level digital currency, this could potentially shift demand for USDC, while at the same time present opportunities for incorporating retail-level or general purposes CBDCs in the Company’s Treasury and Transaction Services and business lines.

Digital Asset TTS

Through our Circle Account and API services products, we face a wide range of existing and potential future competitors.

Our Circle Account product faces mostly indirect competition in the form of institutional accounts that corporations might open and use with crypto currency brokerage and exchange providers such as Coinbase, Binance or Gemini. These products are primarily focused on investing and trading crypto assets, while the Circle Account is focused on payments and treasury services.

Our newly-introduced Yield accounts also may compete indirectly with other institutional lending products from firms such as BlockFi or BitGo, who are offering custody, borrowing and lending on a wide variety of crypto assets.

Our transactional services provided through Circle APIs face a variety of direct and indirect competition. This includes customers building their own solutions by bringing together distinct bank and processing relationships, custody and wallets infrastructure, and blockchain management software. Direct competitors for some of our API services include PrimeTrust.

Internet Capital Formation

With respect to our SeedInvest business, the market for equity and debt crowdfunding is a growing and competitive market. Continued regulatory acceptance of crowdfunding, under recently changed SEC guidelines allowing for larger and more broadly marketed Regulation Crowdfunding (Reg CF) and Regulation A+ offerings is creating more demand and competition for services that help companies raise and form capital over the internet. SeedInvest faces competition from other startup companies providing similar services, including StartEngine and Republic, firms who continue to grow and invest in this market.

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SeedInvest competes on the basis of a deeper investor base, including significant accredited investors, and support for larger capital raises, helping to launch and successfully place more Reg A+ crowdfunding rounds than any other firm in the marketplace.

Our Employees, Culture and Values

Our mission, values, and culture are tightly intertwined. Our mission is to raise global economic prosperity through the frictionless exchange of financial value. Circle was founded on a belief that blockchains and digital asset will rewire the global economic system, creating a fundamentally more open, inclusive, efficient and integrated world economy. We envision a global economy where people and businesses everywhere can more freely connect and transact with each other, through a system that has the reach and accessibility of the internet, and knows no borders or boundaries. We believe such a system can raise prosperity for people and companies everywhere.

Our mission serves as the North Star for our employees whose performance is managed not only on the basis of their contribution to the attainment of our goals, but also on their adherence to our values — which equally permeate the job descriptions that attract new employees and the performance reviews of current ones. Highlights of our values are listed below:

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Circle is multi stakeholder: Circle organizes, incentivizes and measures itself against meeting the needs of all stakeholders, which includes its customers, shareholders, employees and families, local communities, and the world.

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Circle is mindful: Circle employees seek to be present and aware and to be respectful and active listeners with each other and customers alike.

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Circle is driven by excellence: Circle is driven by its mission and passion for customer success. Circle relentlessly pursues excellence, rewards based on merit, and works intensely to achieve its goals.

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Circle is high integrity: Circle seeks open and honest communication and holds itself to the highest moral and ethical standards. Circle rejects manipulation, dishonesty, and intolerance. Its customers and partners implicitly experience Circle as high integrity.

We compete in a highly competitive market for our greatest asset — our people. Employees at Circle are generally subject matter experts in their respective areas of work. We have successfully transitioned to a remote-first company approach and as a result have increased our ability to attract and recruit for talent located in many geographies where we would have not traditionally sought or advertised for. As a direct result, we have hired talented individuals from many different backgrounds and ‘all walks of life’ and made Circle a more inclusive and diverse workplace.

As of June 30, 2021, we had 233 employees worldwide. None of our employees are represented by a labor union. We have not experienced any work stoppages, and we believe that our employee relations are strong.

The Importance of Regulation and Compliance

We operate in a complex and rapidly evolving global regulatory environment and are subject to a wide range of laws and regulations enacted by U.S. federal, state, and local, and foreign governments, and regulatory authorities. The breadth of laws, rules, and regulations to which we are subject include those related to financial services and banking, electronic payments, payment services, securities, commodities, and unclaimed property, as well as state laws concerning money transmission, virtual currency, and stored value. In certain jurisdictions, we are also subject to laws regarding digital assets and cryptocurrency that are not harmonized with, or could potentially conflict with, other laws to which we are subject.

These laws, rules, and regulations may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another. As a result, we monitor these areas closely and invest significant resources in our legal, compliance, policy, product, and engineering teams to ensure our business practices comply with, plan, and prepare for, current and future changes in such laws or interpretations thereof.

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In the U.S., the significant uncertainty surrounding the regulation of the crypto economy requires us to exercise our judgment as to whether certain laws, rules, and regulations apply to us, and it is possible that regulators may disagree with our conclusions. Nonetheless, we remain actively engaged in regulatory, public policy and other efforts to provide safe and compliant digital financial services in line with prevailing norms. Globally, we are subject to increasingly strict legal and regulatory requirements relating to (i) the detection and prevention of money laundering, (ii) countering the financing of terrorism (“CFT”), and (iii) the prevention of fraud and other illicit activity. Similarly, regulations pertaining to competition, economic and trade sanctions, privacy, cybersecurity, information security, and data protection are also applicable to our business. These descriptions are not exhaustive, and these laws, regulations and rules (and the interpretations thereof) frequently change and are increasing in number.

We are an active participant in driving innovation in the industry and are founding members of several associations such as the Blockchain Association, the Chamber of Digital Commerce, and the Crypto Rating Council. Our leadership team also actively contributes to the World Economic Forum’s Digital Asset Governance Consortium. Additionally, we actively participate in driving global regulatory and policy harmonization in the digital asset and blockchain technology arena. This includes active participation in public consultations from national regulatory and monetary authorities and contributions to ongoing reviews among international, regional and national bodies.

Regulation of our TTS Business and USDC

Most states and certain territories in the U.S. require a license to engage in certain money transmission or payment services, which can include the transmission of monetary value in the form of digital assets. In the U.S., our business is generally subject to such state laws, and we have obtained licenses to operate as a money transmitter or its equivalent in the states where such licenses are required, as well as in the District of Columbia and Puerto Rico. In addition, we have obtained a BitLicense from the NYDFS and are registered as “Money Services Business” with FinCEN. These licenses and registrations subject us to, among other things, record-keeping, reporting and bonding requirements, limitations on the investment of customer funds, and examination by state regulatory agencies.

Outside the U.S., the activities of our foreign affiliates are, or may be, supervised by a financial regulatory authority in the jurisdictions in which they operate and under which they are licensed to provide services. We currently hold an Electronic Money Institution authorization with the U.K. Financial Conduct Authority (“FCA”) and a Class F license with the Bermuda Monetary Authority (“BMA”). We comply with rules and regulations applicable to the U.K. and Bermuda financial services industry, including those related to funds management, corporate governance, anti-money laundering, disclosure, reporting, and inspection. Further, the laws and regulations applicable to virtual currency and other digital assets are evolving and subject to interpretation and change. Therefore, we may become subject to regulation by other authorities and / or may become subject to additional legal or regulatory requirements in the future.

Escheatment and Unclaimed Property Regulations

We are subject to unclaimed property laws in the United States and in other jurisdictions where we operate. These laws require us to turn over to certain government authorities the property of others held by us that has been unclaimed for a specified period of time. We hold property subject to unclaimed property laws, and we have an ongoing program designed to help us comply with these laws. However, there is significant regulatory uncertainty with how states and foreign jurisdictions treat crypto assets under unclaimed property rules. As a result, we cannot guarantee that our ongoing program will be viewed by all jurisdictions to be compliant with their requirements. We have paid fines and penalties in various jurisdictions in the past, and will likely incur additional charges in the future.

Fees

We process payments and may charge our customers certain fees for use of such services, or pass through to customers charges assessed by our banking partners or acquirers. Interchange fees associated with four-party payments systems are being reviewed or challenged in various jurisdictions. For example, in the E.U. the Multilateral Interchange Fee Regulation caps interchange fees for credit and debit card payments and provides for business rules to be complied with by any company dealing with card transactions,

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including us. Additionally, card networks and certain U.S. state regulators limit, by rule or statute, the types and amount of fees that can be charged by participants in a payments flow. As a result, the fees that we collect in certain jurisdictions may become the subject of regulatory challenge.

Association and Network Rules

The bylaws, agreements, and rules between the National Automated Clearing House Association (“NACHA”) and participants in NACHA impose specific responsibilities and liabilities for entities that are deemed to be a third party sender (“TPS”), as that term is defined by NACHA. Further, the network rules between payment processors and card networks impose specific responsibilities and liabilities for payment facilitators (“PayFac”). As both a PayFac and a TPS, we are currently required to comply with certain bylaws, agreements, and rules set forth by NACHA and the card networks. To the extent we offer new products and services in the future, we may be subject to additional obligations imposed by NACHA and the card networks, including but not limited to additional obligations designed to prevent fraud, money laundering, and IT security breaches.

Privacy and Protection of User Data

We are subject to a number of laws, rules, directives, and regulations relating to the collection, use, retention, security, processing, and transfer of personally identifiable information about our customers and employees in the countries where we operate. Our business relies on the processing of personal data in many jurisdictions and the movement of data across national borders. As a result, much of the personal data that we process, which may include certain financial information associated with individuals, is regulated by multiple privacy and data protection laws and, in some cases, the privacy and data protection laws of multiple jurisdictions. In many cases, these laws apply not only to third-party transactions, but also to transfers of information between or among us, our subsidiaries, and other parties with which we have commercial relationships.

Our security program is consistent with widely accepted industry standards such as the NIST Cybersecurity Framework and ISO 27002 and has been extended to include controls specific to the safekeeping and availability of cryptocurrency assets in our custody. In addition to these traditional security controls, we further protect cryptocurrency assets via strong key management controls, the offline storage of funds, financial “circuit breaker” controls, and other controls specific to preventing cyberattacks against cryptocurrency infrastructure. Our internal controls testing program and annual external audits and assessments are designed to ensure the effectiveness of the cybersecurity program.

Consumer Protection Regulation

The Federal Trade Commission (“FTC”) the Consumer Financial Protection Bureau (“CFPB”) and other U.S. federal, state, and local and foreign regulatory agencies regulate financial products, including lending products and money transfer services (e.g., peer-to-peer remittance services). These agencies, as well as certain other governmental bodies, in particular state attorneys general, have broad consumer protection mandates and discretion in enforcing consumer protection laws, including matters related to unfair or deceptive, and, in the case of the CFPB, abusive, acts or practices (“UDAAP”) and they promulgate, interpret, and enforce rules and regulations that affect our business.

Anti-Money Laundering, Counter-Terrorism Regulation and Sanctions

We are registered as a Money Services Business with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and are subject to the Bank Secrecy Act of 1970, as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA”), and certain obligations contained therein, including, among other things, certain record-keeping and reporting requirements, and examinations by FinCEN. The BSA is the primary compendium of U.S. laws and regulations regarding anti-money laundering (“AML”) and countering the financing of terrorism. As required under the BSA, we have implemented an AML program designed to prevent our platform from being used to facilitate money laundering, terrorist financing, and other financial crimes. We are also subject to various anti-money laundering and counter-terrorist financing laws and regulations abroad.

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We are required to comply with economic and trade sanctions administered by the United States, the UK, relevant E.U. member states, Bermuda, and other jurisdictions in which we operate. Economic and trade sanctions programs administered by the Office of Foreign Assets Control (“OFAC”) and by certain foreign jurisdictions prohibit or restrict transactions to or from (or dealings with or involving) certain countries, regions, governments, and in certain circumstances, specified individuals and entities, as well as certain digital asset addresses.

We have implemented a compliance program designed to prevent our platform from being used to facilitate money laundering, terrorist financing, and other illicit activity in countries, or with certain persons or entities, which are targets of economic or trade sanctions that OFAC and various foreign authorities administer or enforce. Anti-money laundering regulations are constantly evolving and vary from jurisdiction-to-jurisdiction. We continuously monitor our compliance with anti-money laundering and counter-terrorist financing regulations and industry standards and implement policies, procedures, and controls in light of the most current legal requirements.

Securities, Commodities and Derivatives

In recent years, the SEC and U.S. state securities regulators have stated that certain digital assets may be classified as securities under U.S. Federal and state securities laws — however, there has not been definitive guidance on this point. A number of enforcement actions and regulatory proceedings have since been initiated against digital assets and their developers and proponents. Several foreign governments have also issued similar warnings cautioning that digital assets may be deemed to be securities under the laws of their jurisdictions. We have established policies and practices to continuously re-evaluate USDC, as well as each crypto asset we may consider to be supported through our services.

Furthermore, the Commodity Futures Trading Commission (“CFTC”) has stated and CFTC enforcement actions have confirmed that at least some crypto assets, including Bitcoin, fall within the definition of a “commodity” under the U.S. Commodities Exchange Act of 1936, or CEA. In addition, CFTC regulations and CFTC oversight and enforcement authority applies with respect to futures, swaps, other derivative products, and certain retail leveraged commodity transactions involving crypto assets, including the markets on which these products trade. Given our novel business model and uncertainty regarding application of some of these laws and regulations, we may become subject to regulatory scrutiny or legal challenge with respect to our compliance with these requirements.

Broker-Dealer

Our broker-dealer business, operated by SI Securities, LLC, is registered with the SEC as a broker-dealer and alternative trading system, and is a member of FINRA and SIPC. SI Securities, LLC and its affiliates conduct business under the name “SeedInvest” and operate the investment platform hosted at seedinvest.com. Our broker-dealer and alternative trading system activities are subject to regulation, examination, investigation, and disciplinary action by the SEC, FINRA, and state securities regulators, as well as other governmental authorities and self-regulatory organizations with which they are registered or licensed or of which they are a member.

Prohibitions on Bribery and Anti-Corruption

We are subject to regulations imposed by the Foreign Corrupt Practices Act (“FCPA”) in the United States and similar laws in other countries, such as the Bribery Act 2010 in the United Kingdom, which generally prohibit companies and those acting on their behalf from making improper payments to foreign government officials for the purpose of obtaining or retaining business. Some of these laws, such as the Bribery Act, also prohibit improper payments between private entities and persons.

Indirect Regulatory Requirements

We maintain relationships with certain partners, including banks and other financial institutions in the United States and abroad, that are regulated by state, local and federal agencies. Because of these relationships, we may be subject to examination or regulatory obligations imposed by these institutions’ regulators. Knowing these obligations may be imposed on us, we seek to account for them in our commercial agreements.

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Intellectual Property

The protection of our technology and intellectual property is an important aspect of our business. We rely upon a combination of trademarks, trade secrets, copyrights, confidentiality procedures, contractual commitments, and other legal rights to establish and protect our intellectual property. We generally enter into agreements with our employees and consultants that maintain confidentiality provisions to control access to, and invention or work product assignment provisions to clarify ownership of our proprietary information. We may also in the future agree to license our intellectual property to third parties as part of various agreements.

As of June 9, 2021, we held 6 registered trademarks in the United States, including Circle, and also held 29 registered trademarks in foreign jurisdictions. We also had 5 pending trademark applications in the United States, as well as 8 pending trademark applications in foreign jurisdictions. We intend to file patent applications with respect to our technology and trademark applications with respect to our brands.

Intellectual property laws, procedures, and restrictions provide only limited protection and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed, or misappropriated. Further, the laws of certain countries do not protect proprietary rights to the same extent as the laws of the United States, and, therefore, in certain jurisdictions, we may be unable to protect our proprietary technology.

Facilities

We are a remote-first company. We currently lease office space in Boston, Massachusetts that we used as our corporate headquarters prior to the COVID-19 pandemic. Our operating lease for this facility expires in 2025. We have subleased approximately 65% of the space for the remainder of the lease term.

Legal Proceedings

SEC Matters

Between December 2017 and March 2020, in connection with the SEC’s inquiries into digital assets, the SEC served Poloniex, LLC with several subpoenas in connection with its ownership and operation of the Poloniex digital asset trading platform. In February 2018, one of our indirect wholly-owned subsidiaries acquired Poloniex, LLC. Poloniex, LLC produced documents and information to the SEC in response to the subpoenas on a rolling basis from 2018 through most of 2020. In March 2021, Poloniex, LLC made an offer of settlement and the Division of Enforcement has informed Poloniex that it will recommend that the Commission accept its offer. In making this offer of settlement, Poloniex, LLC has neither admitted nor denied the SEC’s findings and conclusions that the Poloniex Exchange failed to register as a national securities exchange nor operate pursuant to an exemption from registration. If the settlement is approved by the SEC, Poloniex, LLC will agree to cease and desist from committing or causing any violations of Section 5 of the Exchange Act and will pay a civil monetary penalty, disgorgement and prejudgment interest comprising approximately $10.4 million in the aggregate.

In addition, in July 2021, we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations. We are cooperating fully with that investigation.

OFAC Matter

In February 2018, one of our indirect wholly-owned subsidiaries acquired Poloniex, LLC, which owned and operated the Poloniex digital asset trading platform. Shortly after the acquisition, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) served Poloniex, LLC with an administrative subpoena dated April 10, 2018 requesting documents and information regarding accounts opened and/or closed on the Poloniex digital asset trading platform by persons potentially located in Iran. In December 2018, Poloniex, LLC provided a written response to the April 2018 subpoena and also produced documents and information in response to the subpoena. In September 2019, OFAC served a second administrative subpoena on Poloniex, LLC requesting documents and information regarding accounts

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opened and/or closed on the Poloniex digital asset trading platform by persons potentially located in Cuba, Syria, North Korea, Crimea, and Sudan. In November 2019, Poloniex, LLC sold the Poloniex digital asset trading platform to a third party. In October 2020, Poloniex, LLC provided a written response to the September 2019 subpoena and also produced documents and information in response to the subpoena. Poloniex, LLC is currently in discussions with OFAC regarding a potential resolution of OFAC’s investigation. If Poloniex, LLC is found to have violated U.S. export control laws as a result of the pending OFAC investigation, Poloniex, LLC could be subject to significant civil or criminal penalties and monetary penalties.

FINRA Matter

In January 2020, FINRA’s Department of Enforcement commenced an investigation of SeedInvest’s compliance with federal securities laws and FINRA, NASD, and MSRB rules. SeedInvest is cooperating with the investigation and the matter is ongoing.

Other

We are and, from time to time, we may become subject to various legal proceedings, consumer arbitrations, and regulatory investigation matters that arise in the ordinary course of our business, and in particular, concerning the legacy business of Poloniex, LLC. For example, On June 3, 2020, Plaintiffs in the action captioned In re Tether and Bitfinex Crypto Asset Litigation, Case No. 19 Civ. 9236 pending in the United States District Court for the Southern District of New York, filed a consolidated class action complaint that named Poloniex, LLC as a defendant. In addition, a number of former Poloniex, LLC customers have made arbitration demands, through the American Arbitration Association, against Poloniex, LLC concerning Poloniex LLC’s operation of the Poloniex digital asset trading platform prior to the sale of the assets comprising the Poloniex digital asset trading platform in November 2019.

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EXECUTIVE COMPENSATION OF CIRCLE

This section discusses the material components of the executive compensation program offered to the executive officers of Circle who would have been “named executive officers” for 2020 and who will serve as the executive officers of Topco following the consummation of the Business Combination. Such executive officers consist of the following persons, referred to herein as our named executive officers (the “NEOs”):

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Jeremy Allaire, its Co-Founder and Chief Executive Officer;

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Elisabeth Carpenter, its Chief Operating Officer; and

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Flavia Naves, its General Counsel.

Each of our NEOs will serve Topco in the same capacities after the closing of the Business Combination.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that Topco adopts in connection with or following the closing of the Business Combination could vary significantly from our historical practices and currently planned programs summarized in this discussion.

2020 Summary Compensation Table

The following table presents information regarding the total compensation awarded to, earned by and paid to Circle’s NEOs for services rendered to Circle in all capacities in the fiscal year ended December 31, 2020, or Fiscal Year 2020.

Name and Principal Position	Year		Salary ($)		Bonus ($)(1)		Option Awards ($)(2)		Total ($)
Jeremy Allaire Co-Founder and Chief Executive Officer		2020		400,000		100,000		166,372(3)		666,372
Elisabeth Carpenter Chief Operating Officer		2020		350,000		87,500		1,622,943(3)		2,060,443
Flavia Naves General Counsel(4)		2020		91,250		52,750		573,132		717,132

(1)

Represents discretionary bonuses earned by our NEOs, based on Circle’s performance for 2020. For Ms. Naves, $25,000 of the amount represents a signing bonus received in connection with her commencement of employment with Circle.

(2)

The amounts reported represent the aggregate grant date fair value of the option awards granted to the NEOs during 2020, calculated in accordance with FASB ASC Topic 718. Such grant date fair values do not take into account any estimated forfeitures. The assumptions used in calculating the grant date fair value of the option awards reported in this column are set forth in note 16 of our financial statements for the year ended December 31, 2020 included elsewhere in this proxy statement/prospectus. The amounts reported in this column reflect the accounting cost for these option awards and do not correspond to the actual economic value that may be received by our NEOs upon the exercise of the option awards or any sale of the underlying ordinary shares of Circle.

(3)

Includes the incremental fair value, calculated in accordance with FASB ASC Topic 718, of the repricing of certain options held by Mr. Allaire and Ms. Carpenter in 2020.

(4)

Ms. Naves commenced employment with Circle in September 2020 and her annual base salary and bonus were pro-rated accordingly.

Narrative Disclosure to the Summary Compensation Table

Base Salaries

Each of the NEOs is paid a base salary commensurate with his or her skill set, experience, performance, role and responsibilities. For Fiscal Year 2020, the annual base salaries for Mr. Allaire and Mses. Carpenter

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and Naves were $400,000, $350,000 and $325,000, respectively. Ms. Naves commenced employment with Circle in September 2020 and her annual base salary was pro-rated accordingly. Effective January 1, 2021, the base salaries for Mr. Allaire and Ms. Carpenter were increased to $500,000 and $450,000, respectively.

Bonuses

During Fiscal Year 2020, our NEOs were eligible to earn discretionary annual bonuses based on Circle’s performance during such year. For Fiscal Year 2020, the target annual bonuses for Mr. Allaire and Mses. Carpenter and Naves were 50%, 50% and 30%, respectively, of the applicable NEO’s annual base salary, pro-rated as applicable based on their commencement date. In connection with Ms. Naves’ commencement of employment, she received a signing bonus of $25,000. Effective January 1, 2021, the target annual bonuses for Mr. Allaire and Mses. Carpenter and Naves were increased to 110%, 60% and 60%, respectively, of the applicable NEO’s annual base salary.

Equity Incentive Compensation

During Fiscal Year 2020, we granted option awards to our NEOs, as described in more detail in the “Outstanding Equity Awards at Fiscal 2020 Year-End” table.

Employment Arrangements with NEOs

Circle has entered into offer letters with each of its NEOs. Circle intends to adopt an executive severance plan in connection with the Business Combination (the “Executive Severance Plan”), which will provide for certain payments and benefits in the event of a termination of employment, including an involuntary termination of employment in connection with a change in control of the company. All of the NEOs will participate in the Executive Severance Plan and the terms of the Executive Severance Plan will replace the severance provisions in such named executive officers’ offer letters, if any.

Offer Letters

The material terms of the applicable offer letters with Mr. Allaire and Mses. Carpenter and Naves are described below.

Jeremy Allaire. We entered into an executive employment agreement with Mr. Allaire, dated June 14, 2021, which detailed his current terms of employment and acknowledged that he had been employed by Circle since August 26, 2013 (the “Allaire Offer Letter”), for the position of Founder and Chief Executive Officer. The Offer Letter sets forth Mr. Allaire’s annual base salary, his target bonus amount, and his eligibility to participate in our equity incentive plan and our benefit plans generally. Mr. Allaire is subject to our standard non-competition, non-solicitation, confidentiality and assignment agreement.

The Allaire Offer Letter provided that, if Mr. Allaire’s employment is terminated other than for “cause” or he resigns for “good reason,” as each term is defined in the Allaire Offer Letter, Mr. Allaire will be entitled to receive a lump sum cash severance payment equal to 75% of his then-current base salary and pro-rated bonus target and the continuation of Circle’s standard employee health benefits for a 9-month period following his termination of employment (provided, that if Circle is unable to provide such health benefits, Circle will cover the associated costs of Mr. Allaire acquiring substantially the same level of coverage through the end of a such 9-month period), in each case, subject to Mr. Allaire’s execution and non-revocation of a release of claims. If Mr. Allaire’s employment is terminated other than for “cause” or he resigns for “good reason,” in either case within the 3-month period prior to or during the 12-month period following a “change in control,” as such terms are defined in the Allaire Offer Letter, Mr. Allaire will instead have been entitled to receive a lump sum cash severance payment equal to 100% of his then-current base salary and pro-rated bonus target and the continuation of Circle’s standard employee health benefits for a 12-month period following his termination of employment (provided, that if Circle is unable to provide such health benefits, Circle will cover the associated costs of Mr. Allaire acquiring substantially the same level of coverage through the end of a such 12-month period), in each case, subject to Mr. Allaire’s execution and non-revocation of a release of claims.

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Elisabeth Carpenter. We entered into an offer letter with Ms. Carpenter, dated as of May 9, 2016 (the “Carpenter Offer Letter”). The Carpenter Offer Letter sets forth the terms of Ms. Carpenter’s employment, including her positions and duties, her annual base salary, her target bonus amount and her eligibility to participate in our equity incentive plan and our benefit plans generally. Ms. Carpenter is subject to our standard non-competition, non-solicitation, confidentiality and assignment agreement.

The Carpenter Offer Letter provides that, if Ms. Carpenter’s employment is terminated other than for “cause”, as such term is defined in the Carpenter Offer Letter, Ms. Carpenter would have been entitled to receive a lump sum cash severance payment equal to 3 months of her then-current base salary.

Flavia Naves. We entered into an offer letter with Ms. Naves, dated as of August 28, 2020 (the “Naves Offer Letter”). The Naves Offer Letter sets forth the terms of Ms. Naves’ employment, including her positions and duties, her annual base salary, her sign-on bonus amount, her target bonus amount, and her eligibility to participate in our equity incentive plan and our benefit plans generally. Ms. Naves is subject to our standard non-competition, non-solicitation, confidentiality and assignment agreement.

The Naves Offer Letter provided that, if Ms. Naves’ employment is terminated other than for “cause” or she resigns for “good reason,” as each term is defined in the Naves Offer Letter, Ms. Naves will be entitled to receive a lump sum cash severance payment equal to 25% of her then-current base salary and pro-rated bonus target and the continuation of Circle’s standard employee health benefits for a 3-month period following her termination of employment (provided, that if Circle is unable to provide such health benefits, Circle will cover the associated costs of Ms. Naves acquiring substantially the same level of coverage through the end of a such 3-month period), in each case, subject to Ms. Naves’ execution and non-revocation of a release of claims. If Ms. Naves’ employment is terminated other than for “cause” or she resigns for “good reason,” in either case within the 3-month period prior to or during the 12-month period following a “change in control,” as such terms are defined in the Naves Offer Letter, Ms. Naves will instead have been entitled to receive a lump sum cash severance payment equal to 50% of her then-current base salary and pro-rated bonus target and the continuation of Circle’s standard employee health benefits for a 6-month period following her termination of employment (provided, that if Circle is unable to provide such health benefits, Circle will cover the associated costs of Ms. Naves acquiring substantially the same level of coverage through the end of a such 6-month period), in each case, subject to Ms. Naves’ execution and non-revocation of a release of claims.

The payments and benefits provided under the Naves Offer Letter in connection with a change in control may not be eligible for federal income tax deduction for the Company pursuant to Section 280G of the Code. These payments and benefits may also be subject to an excise tax under Section 4999 of the Code. If the payments or benefits payable to Ms. Naves in connection with a change in control would be subject to the excise tax imposed under Section 4999 of the Code, then those payments or benefits will be reduced if such reduction would result in a higher net after-tax benefit to her.

Executive Severance Plan

The Executive Severance Plan provides that upon a qualifying termination of employment outside of the “change in control period” (i.e., the period beginning on the date that is 3 months prior to a “change in control” (as defined in the Executive Severance Plan) and ending on the date that is 12 months following the change in control), the participant will be entitled to receive, subject to the execution and delivery of a separation agreement and release containing, among other provisions, an effective release of claims in favor

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of Circle and reaffirmation of the “restrictive covenants agreement” (as defined in the Executive Severance Plan), the following shown in the table below:

	Severance Benefits – Qualifying Termination* Not in Connection with a Change in Control
	Severance	Company-Subsidized Benefits Continuation	Post-Termination Exercise Period
CEO	1.5x – annual base salary plus annual target bonus	12 months	N/A
Tier 2 Participants (includes Ms. Carpenter)	1x – annual base salary plus pro-rated annual target bonus	12 months	9 months
Tier 3 Participants (includes Ms. Naves)	0.75x – annual base salary plus pro-rated annual target bonus	6 months	6 months

For the CEO and Tier 2 Participants, a qualifying termination is a termination by Circle other than for “cause” (as defined in the Executive Severance Plan), death or disability, or upon a resignation by an eligible participant for “good reason” (as defined in the Executive Severance Plan. For Tier 3 Participants, a qualifying termination is a termination by Circle without cause.

The Executive Severance Plan also provides that upon a qualifying termination of employment within the change in control period, the participant will be entitled to receive, in lieu of the payments and benefits described above and subject to the execution and delivery of a separation agreement and release containing, among other provisions, an effective release of claims in favor of Circle and reaffirmation of the restrictive covenants agreement, the following shown in the table below:

Severance Benefits –
Qualifying Termination** in Connection with a Change in Control

Severance

Company-Subsidized
Benefits Continuation

Equity
Acceleration ***

Post-Termination
Exercise Period

CEO

2x – annual base
salary plus pro-
rated target bonus

24 months

100%

N/A

Tier 2 Participants
(includes Ms. Carpenter)

1.5x – annual base
salary plus pro
-rated annual target
bonus

18 months

100%

12 months

Tier 3 Participants
(includes Ms. Naves)

1x – annual base
salary plus pro-
rated annual target
bonus

12 months

100%

12 months

A qualifying termination is a termination by Circle other than for cause, death or disability, or upon a resignation by an eligible participant for good reason.

***

Unvested equity award subject to performance conditions may become vested, exercisable and/or nonforfeitable to the extent specified in the applicable award agreement.

The payments and benefits provided under the Executive Severance Plan in connection with a change in control may not be eligible for a federal income tax deduction by Circle pursuant to Section 280G of the Internal Revenue Code. These payments and benefits may also subject an eligible participant to an excise tax under Section 4999 of the Internal Revenue Code. If the payments or benefits payable to an eligible participant in connection with a change in control would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code, then those payments or benefits will be reduced if such reduction would result in a greater net after-tax benefit to the applicable participant.

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Outstanding Equity Awards at 2020 Fiscal Year-End

The following table sets forth information concerning outstanding equity awards held by each of the NEOs as of December 31, 2020.

Option awards(1)

Name

Grant date

Vesting
commencement
date

Number of
securities
underlying
unexercised
options (#)
exercisable

Number of
securities
underlying
unexercised
options (#)
unexercisable

Option
exercise
price
($)

Option
expiration
date

Jeremy Allaire

9/11/2018

—

611,142(2)

0.08

9/11/2028

1/16/2020

1/1/2020

—

616,667(2)

0.08

1/16/2030

Elisabeth Carpenter

7/31/2017

7/27/2017

15,801

110,603(2)

0.08

7/31/2027

6/24/2019

7/1/2019

—

187,292(2)

0.08

6/24/2029

1/16/2020

1/1/2020

—

693,750(2)

0.08

1/16/2030

08/27/2020

08/1/2020

—

2,277,207(2)

0.08

8/27/2030

Flavia Naves

11/5/2020

9/21/2020

—

500,000(3)

0.08

11/5/2030

(1)

Unless otherwise specified, each equity award was granted under and is subject to the terms of our Prior Plan.

(2)

1/48 of the shares subject to the equity award vest each month following the vesting commencement date, subject to the applicable NEO’s continued service relationship with Circle through each applicable vesting date. The award is also subject to certain acceleration of vesting provisions as set forth in the applicable NEO’s Executive Severance Plan.

(3)

25% of the shares subject to the equity award vest on the first anniversary of the vesting commencement date, subject to the applicable NEO’s continued service relationship with Circle through such date and the remaining 75% vests in equal monthly installments thereafter, subject to the applicable NEO’s continued service relationship with Circle through each applicable vesting date. The award is also subject to certain acceleration of vesting provisions as set forth in the applicable NEO’s Executive Severance Plan.

Employee benefit and equity compensation plans and arrangements

2013 Circle Internet Financial Limited Share Award Scheme

The 2013 Circle Internet Financial Limited Share Award Scheme, or the Prior Plan, was adopted on August 22, 2013 and amended on December 13, 2018. The Prior Plan allows for the grant of awards, consisting of options, conditional share awards and restricted share awards to employees, directors and consultants of Circle or any of its subsidiaries.

The board of directors of Circle (the “Board”) is responsible for the administration of the Prior Plan and may, from time to time, make or amend regulations for the administration of the Prior Plan as long as they are not inconsistent with the rules of the Prior Plan. The decision of the Board on all matters relating to the administration of the Prior Plan, including the resolution of any ambiguity of the rules in the Prior Plan, is final and binding. The Board may also terminate or, from time to time, suspend the grant of awards. The Board may also make, subject to certain restrictions, amendments to the rules of the Prior Plan or any subplans.

Generally, an award is granted by the execution by Circle of an award certificate, which provides information regarding the award’s date of grant, the number of shares issued pursuant to the award, vesting schedule, exercisability (if applicable), whether an option is an “incentive stock option” under the U.S. Internal Revenue Code of 1986, as amended or a non-qualified stock option and transfer restrictions.

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In the case of options, the Board has absolute discretion to determine the exercise price; provided, that such exercise price cannot be less than the nominal value of a fully paid voting ordinary share of Circle (a “Scheme Share”). No award may be granted after August 22, 2023.

With the exception of an individual’s death or in the event of a corporate transaction, awards are not capable of being transferred, charged or otherwise alienated. Any time an award holder purports to make one of these transfers, the award shall lapse immediately.

The maximum number of Scheme Shares which may be the subject of awards under the Prior Plan may not exceed 47,306,230. Where an award has lapsed, been renounced or otherwise become incapable of vesting, it shall not be counted towards the limit. If an award is granted that causes the maximum limit to be exceeded then only the awards which do not cause the limit to be exceeded shall be effective.

Subject to certain provisions of the Prior Plan, no award can be exercised after the tenth anniversary of the date of grant (the seventh anniversary for an Irish tax resident). With the exception of certain special circumstances, an award can only be exercised while the award holder is employed by Circle or any of its subsidiaries. Subject to certain provisions, a vested award may be exercised in whole or in part at any time after its date of grant.

When there are certain corporate transactions related to Circle, such as a compulsory acquisition, a general offer, a reconstruction, a merger or division of Circle, the winding up of Circle, or the sale of Circle’s business or subsidiary, the Board has discretion (subject to certain requirements) to allow all awards (vested or unvested) to be exercised in whole or in part. In certain circumstances, if the Board exercises such discretion and the awards are not exercised, they will instead lapse. In certain corporate transactions, if Circle is acquired, all award holders may be required to release their awards in consideration of the grant of a new award. The Board also has discretion (subject to certain restrictions) to determine that certain of the awards shall vest (in whole or in part) conditionally and become exercisable on the date that Circle becomes listed on a stock exchange and any unvested awards will lapse.

An award can lapse when it has not been exercised after the tenth anniversary of the date of grant (the seventh anniversary for an Irish tax resident). It can also lapse when the award holder ceases to be a director, an employee, or a consultant with Circle or any of its subsidiaries. An award will lapse when an order is made by a court (or when a resolution is passed) for the compulsory winding up of Circle. Finally, an award lapses when the award holder becomes bankrupt, enters into a compromise with their creditors generally except as permitted under certain circumstances. Prior to the exercise of an award, an award holder has no rights in respect of any Scheme Shares.

In the event of a reorganization, vesting conditions may be adjusted by the Board, subject to an auditors’ confirmation that the adjustment is fair and reasonable and notice to the award holder.

An award may not vest or be exercised until the Board is satisfied that the award holder will be able to pay for any tax or social security liability that is owed by the holder.

The Board generally has the authority to amend the Prior Plan; provided, that such amendment may not be made for the benefit of existing or future award holders relating to who may be eligible to participate in the Plan, the share reserve and certain other matters, without prior approval by Circle in general meeting (or written approval of a majority of the voting power). No amendment or termination of the Plan may adversely affect the rights of an existing award holder unless approved by such award holder.

The Plan includes two addendums, one applicable for U.S. participants and one applicable for U.K. participants and, along with other provisions, provides for certain requirements relating to the grant of incentive stock options (for U.S. participants) and EMI options (for UK participants).

As of December 31, 2020, options to purchase 19,641,567 ordinary shares at a weighted average exercise price of $0.19 per share were outstanding under the Prior Plan and 6,405,003 ordinary shares remained available for future issuance under the Prior Plan. Following the Business Combination, no further grants of any awards were or will be made under the Plan.

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2021 Equity Incentive Plan

In connection with the Business Combination, Topco’s board of directors plans to adopt, and Topco’s shareholders plan to approve, the Topco 2021 Equity Incentive Plan (as amended from time to time), which is referred to herein as the “2021 Plan” and will become effective upon the date immediately prior to the Closing (the “2021 Plan Effective Date”). The 2021 Plan will allow Topco to make equity and equity-based incentive awards to officers, employees, non-employee directors and consultants of Topco and its affiliates. The Topco Board anticipates that providing such persons with a direct stake in Topco will assure a closer alignment of the interests of such individuals with those of Topco and its shareholders, thereby stimulating their efforts on Topco’s behalf and strengthening their desire to remain with Topco and its affiliates.

Topco has initially reserved of its ordinary shares for the issuance of awards under the 2021 Plan (the “Initial Limit”). The 2021 Plan provides that the number of shares reserved and available for issuance under the 2021 Plan will cumulatively increase each January 1, beginning on January 1, 2022, by 5% of the outstanding number of ordinary shares of Topco on the immediately preceding December 31, or such lesser amount as determined by the plan administrator (the “Annual Increase”). This limit is subject to adjustment by the plan administrator in the event of a reorganization, recapitalization, reclassification, share split, share dividend, reverse share split or other similar change in Topco’s capitalization. Awards that may be settled solely in cash are not counted against the share reserve and they do not reduce the shares authorized for grant to a grantee in any calendar year. The maximum aggregate number of ordinary shares of Topco that may be issued upon exercise of incentive stock options under the 2021 Plan shall not exceed the Initial Limit cumulatively increased on January 1, 2022 and on each January 1 thereafter by the lesser of the Annual Increase or ordinary shares of Topco. Shares underlying any awards under the 2021 Plan and under the Rules of the Circle Internet Financial Limited Share Award Scheme (the “Prior Plan”), that are forfeited, canceled, held back upon exercise of an option or settlement of other awards under the 2021 Plan to cover the exercise price or tax withholding, reacquired by Topco prior to vesting, satisfied without the issuance of shares or otherwise terminated (other than by exercise) will be added back to the shares available for issuance under the 2021 Plan and, to the extent permitted under Section 422 of the Code and the regulations promulgated thereunder, the shares that may be issued as incentive stock options.

The 2021 Plan contains a limitation whereby the value of all awards under the 2021 Plan and all other cash compensation paid by Topco to any non-employee director for service as a non-employee director may not exceed (i) $1,000,000 in the first calendar year an individual becomes a non-employee director and (ii) $750,000 in any other calendar year.

The 2021 Plan will be administered by the compensation committee of the Board, the Board or such other similar committee pursuant to the terms of the 2021 Plan. The plan administrator will have full power to, among other things, select the individuals eligible for awards, determine individuals to whom awards will be granted, make any combination of awards to participants, and determine the specific terms and conditions of each award, subject to the provisions of the 2021 Plan.

The plan administrator may delegate to a committee consisting of one or more officers, including the chief executive officer, the authority to grant stock options and other awards to employees who are not subject to the reporting and other provisions of Section 16 of the U.S. Securities Exchange Act of 1934, as amended, and not members of the delegated committee, subject to certain limitations and guidelines. Subject to certain limitations, persons eligible to participate in the 2021 Plan will be officers, employees, non-employee directors and consultants of Topco and its affiliates as selected from time to time by the plan administrator in its discretion.

The 2021 Plan permits the granting of both options to purchase ordinary shares of Topco as incentive stock options under Section 422 of the Code and non-qualified stock options. Options granted under the 2021 Plan will be non-qualified options if they fail to qualify as incentive stock options or exceed the annual limit on incentive stock options. Incentive stock options may only be granted to employees of Topco and its subsidiaries. Non-qualified options may be granted to any persons eligible to receive awards under the 2021 Plan. The option exercise price of each option will be determined by the plan administrator but shall not generally be less than 100% of the fair market value of an ordinary share of Topco on the date of grant or, in the case of an incentive stock option granted to a ten percent shareholder, 110% of such share’s fair market value. The term of each option will be fixed by our plan administrator and may not exceed ten years from

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the date of grant. The plan administrator will determine at what time or times each option may be exercised, including the ability to accelerate the vesting of such options.

Upon exercise of options, the option exercise price must be paid in full either in cash, by certified or bank check or other instrument acceptable to the plan administrator or by delivery (or attestation to the ownership) of ordinary shares of Topco that are not then subject to restrictions under any Company plan. Subject to applicable law, the exercise price may also be delivered by a broker pursuant to irrevocable instructions to the broker from the optionee. In addition, the plan administrator may permit non-qualified options to be exercised using a “net exercise” arrangement that reduces the number of shares issued to the optionee by the largest whole number of shares with fair market value that does not exceed the aggregate exercise price.

The plan administrator may award stock appreciation rights subject to such conditions and restrictions as it may determine. Stock appreciation rights entitle the recipient to ordinary shares of Topco or cash, equal to the value of the appreciation in our stock price over the exercise price. The exercise price may not generally be less than 100% of the fair market value of an ordinary share of Topco on the date of grant. The term of each stock appreciation right will be fixed by the plan administrator and may not exceed ten years from the date of grant. The plan administrator will determine at what time or times each stock appreciation right may be exercised.

The plan administrator may award restricted shares of Topco and restricted stock units to participants subject to such conditions and restrictions as it may determine. These conditions and restrictions may include the achievement of certain vesting conditions, performance goals and/or continued employment with us through a specified vesting period. The plan administrator may also grant ordinary shares of Topco that are free from any restrictions under the 2021 Plan. Unrestricted stock may be granted to participants in recognition of past services or for other valid consideration and may be issued in lieu of cash compensation due to such participant. The plan administrator may grant dividend equivalent rights to participants that entitle the recipient to receive credits for dividends that would be paid if the recipient had held a specified number of ordinary shares of Topco.

The plan administrator may grant cash-based awards under the 2021 Plan to participants, subject to the achievement of certain performance goals, including continued employment (or other service relationship).

The 2021 Plan requires the plan administrator to make appropriate adjustments to the number of ordinary shares that are subject to the 2021 Plan, to certain limits in the 2021 Plan, and to any outstanding awards to reflect share dividends, share splits and similar events.

The 2021 Plan provides that upon the effectiveness of a “sale event,” as defined in the 2021 Plan, an acquirer or successor entity may assume, continue or substitute for the outstanding awards under the 2021 Plan. To the extent that awards granted under the 2021 Plan are not assumed or continued or substituted by the successor entity, all awards granted under the 2021 Plan shall terminate and in such case except as may be otherwise provided in the relevant award certificate, all stock options and stock appreciation rights with time-based vesting conditions or restrictions that are not vested and/or exercisable immediately prior to the effective time of the sale event shall become fully vested and exercisable as of the effective time of the sale event, all other awards with time-based vesting conditions or restrictions shall become fully vested and nonforfeitable as of the effective time of the sale event, and all awards with conditions and restrictions relating to the attainment of performance goals may become vested and nonforfeitable in connection with a sale event in the Board’s discretion or to the extent specified in the relevant award certificate. In the event of such termination, (i) Topco shall have the option in its sole discretion to make or provide for a payment (in cash or in kind) to the grantees holding options and stock appreciation rights, in exchange for the cancellation thereof, in an amount equal to the difference between the per share sale price of Topco multiplied by the number of ordinary shares subject to outstanding options and stock appreciation rights (to the extent then exercisable at prices not in excess of the sale price) and the aggregate exercise price of all such outstanding options and stock appreciation rights (provided that, in the case of a right with an exercise price equal to or greater than the sale price, such right shall be cancelled for no consideration); or (ii) each grantee shall be permitted, within a specified period of time prior to the consummation of the sale event as determined by the plan administrator, to exercise all outstanding options and stock appreciation rights (to the extent then exercisable) held by such grantee. The plan administrator shall also have the option (in its sole discretion)

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to make or provide for a payment, in cash or in kind, to the grantees holding other awards in an amount equal to the sale price multiplied by the number of vested shares under such awards.

Participants in the 2021 Plan are responsible for the payment of any taxes, whether federal, state, local or otherwise, of the United States of America, Ireland or elsewhere that Topco or its affiliates are required by law to withhold upon the exercise of options or stock appreciation rights or the grant, vesting of, purchase or other dealing in any awards issued pursuant to the 2021 Plan. The plan administrator may cause any tax withholding obligation of Topco or its affiliates to be satisfied, in whole or in part, by the applicable entity withholding from ordinary shares of Topco to be issued pursuant to an award a number of shares with an aggregate fair market value that would satisfy the withholding amount due; provided, however, that the amount withheld does not exceed the maximum statutory tax rate or such lesser amount as is necessary to avoid liability accounting treatment. The plan administrator may also require any tax withholding obligation of Topco or affiliate to be satisfied by a number of other means to include, in whole or in part, by an arrangement whereby a certain number of shares issued pursuant to any award are immediately sold and proceeds from such sale are remitted to Topco or any applicable affiliate in an amount that would satisfy the withholding amount due.

The 2021 Plan generally does not allow for the transfer or assignment of awards, other than by will or by the laws of descent and distribution or pursuant to a domestic relations order; however, the plan administrator may permit the transfer of non-qualified stock options by gift to an immediate family member, to trusts for the benefit of family members, or to partnerships in which such family members are the only partners. In no event may an award be transferred by a grantee for value.

In the course of administering the 2021 Plan, the plan administrator is required to comply with the General Data Protection Regulation and the Irish Data Protection Act 2018 in all material respects.

Additionally, if requested by Topco, a grantee shall not sell or otherwise transfer or dispose of any ordinary shares (including, without limitation, pursuant to Rule 144 of the U.S. Securities Act of 1933, as amended) held by the grantee for such period following the effective date of a public offering, share listing, or other similar transaction by Topco of ordinary shares as Topco shall specify reasonably and in good faith.

The Board may, at any time, amend or discontinue the 2021 Plan and the plan administrator may amend or cancel outstanding awards for purposes of satisfying changes in law or any other lawful purpose, but no such action may materially and adversely affect rights under an award without the holder’s consent. Certain amendments to the 2021 Plan will require the approval of Topco’s shareholders. Without shareholder approval, in no event may the plan administrator exercise its discretion to reduce the exercise price of outstanding options or stock appreciation rights or effect repricing through cancellation and re-grants or cancellation of options or stock appreciation rights in exchange for cash or other awards.

No awards may be granted under the 2021 Plan after the date that is ten years from the 2021 Plan Effective Date. No awards under the 2021 Plan have been made prior to the date hereof.

2021 Employee Stock Purchase Plan

In connection with the Business Combination, Topco’s board of directors plans to adopt, and Topco’s shareholders plan to approve, the Topco 2021 Employee Stock Purchase Plan (as amended from time to time, the “2021 ESPP”), which will become effective upon the date immediately prior to the Closing of the Business Combination (such proposal, the “2021 ESPP Proposal”). We believe that the adoption of the 2021 ESPP will benefit us by providing employees with an opportunity to acquire Topco Ordinary Shares and will enable us to attract, retain and motivate valued employees.

It is our intention that the 2021 ESPP qualify as an “employee stock purchase plan” under Section 423 of the Code. An aggregate of ordinary shares will be reserved and available for issuance under the 2021 ESPP. Additionally, on January 1, 2022 and each January 1 thereafter until the 2021 ESPP terminates, the number of ordinary shares of Topco reserved and available for issuance shall be cumulatively increased by the lesser of (i) shares, (ii) one percent (1%) of the number of ordinary shares issued and outstanding on the immediately preceding December 31, or (iii) such lesser number of ordinary shares of Topco as determined by the plan administrator.

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The 2021 ESPP includes two components: a Code Section 423 Component (the “423 Component”) and a non-Code Section 423 Component (the “Non-423 Component”). It is intended for the 423 Component to constitute an “employee stock purchase plan” within the meaning of Section 423(b) of the Code and the 423 Component shall be interpreted in accordance with that intent. Under the Non-423 Component, which does not qualify as an “employee stock purchase plan” within the meaning of Section 423(b) of the Code, options will be granted pursuant to rules, procedures or subplans adopted by the plan administrator designed to comply with applicable laws or achieve tax and other objectives. Except as otherwise provided herein or by the plan administrator, the Non-423 Component will operate and be administered in the same manner as the 423 Component.

The 2021 ESPP will be administered by the person or persons appointed by the Board. That person or persons will administer the plan and will have full authority to make, administer and interpret such rules and regulations regarding the 2021 ESPP as it deems advisable for administration of the Plan, including to accommodate the specific requirements of applicable laws, regulations and procedures in jurisdictions outside the United States by adopting special rules and subplans. The plan administrator will also have the power to decide all disputes arising in connection with the 2021 ESPP and will otherwise supervise the administration of the plan.

Except as otherwise determined by the plan administrator in advance of an offering, any employee of Topco (or a Designated Company (as defined in the 2021 ESPP)) that has been designated to participate in the 2021 ESPP is eligible to participate in the 2021 ESPP so long as the employee is customarily employed for more than 20 hours a week and has at least three months (for full-time employees) or five months (for part-time employees) of employment. No person who owns or holds, or as a result of participation in the 2021 ESPP would own or hold, ordinary shares of Topco or options to purchase ordinary shares of Topco, that together equal to 5% or more of total combined voting power or value of all classes of shares of Topco or any parent or subsidiary is entitled to participate in the 2021 ESPP. No employee may exercise an option granted under the 2021 ESPP that permits the employee to purchase ordinary shares of Topco having a value of more than $25,000 (determined using the fair market value of an ordinary share at the time such option is granted) in any calendar year.

Participation in the 2021 ESPP is limited to eligible employees who authorize payroll deductions or contributions equal to a whole percentage of base pay to the 2021 ESPP. An eligible employee who is not a participant in any prior offering may participate in a subsequent offering by submitting an enrollment form to Topco or an agent designated by Topco at least 15 business days before the offering date. Employees may authorize payroll deductions or contributions, with a minimum of 1% of base pay and a maximum of % of base pay. Once an employee becomes a participant in the 2021 ESPP, that employee will automatically participate in successive offering periods, as described below, until such time as that employee withdraws from the 2021 ESPP, becomes ineligible to participate, or his or her employment ceases. Topco will maintain book accounts showing the amount of payroll deductions or contributions made by each participant for each offering. No interest will accrue or be paid on payroll deductions or contributions, except as may be required by applicable law.

Topco may make one or more offerings to eligible employees to purchase ordinary shares of Topco under the 2021 ESPP, provided that no offering shall exceed 27 months in duration or overlap.

On the exercise date of each offering period, the employee is deemed to have exercised the option, at the exercise price for the lowest of (i) a number of ordinary shares of Topco determined by dividing such employee’s accumulated payroll deductions or contributions on such exercise date by the option price; (ii) the number of ordinary shares of Topco determined by dividing $25,000 by the fair market value of an ordinary share on the offering date for such offering; or (iii) such lesser number as established by the plan administrator in advance of the offering. The purchase price for each share purchased under each option (the “option price”) will be 85% of the fair market value of an ordinary share on the offering date or the exercise date, whichever is less. Any amount remaining in a participant’s account at the end of an offering solely by reason of an inability to purchase a fractional share will be carried forward to the next offering; any other balance remaining in the account at the end of an offering will be refunded to the participant.

To the extent permitted by law, if the fair market value of an ordinary share of Topco on any exercise date is lower than the fair market value of an ordinary share of Topco on the offering date of such offering,

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then all participants in such offering will be automatically withdrawn from such offering immediately after the exercise of their option on such exercise date and will be automatically re-enrolled in the immediately following offering as of the first day thereof.

In general, if an employee is no longer a participant on an exercise date, the employee’s option will be automatically terminated, and the amount of the employee’s accumulated payroll deductions or contributions will be refunded. Except as may be permitted by the plan administrator in advance of an offering, a participant may not increase or decrease the amount of his or her payroll deductions or contributions during any offering period but may increase or decrease his or her payroll deduction or contributions with respect to the next offering period by filing a new enrollment form within the period beginning 15 business days before the first day of such offering period and ending on the day prior to the first day of such offering period. A participant may withdraw from an offering period at any time, without affecting his or her eligibility to participate in future offering periods, by delivering a written notice of withdrawal to Topco or an agent designated by Topco. If a participant withdraws from an offering period, that participant may not again participate in the same offering period, but may enroll in subsequent offering periods. An employee’s withdrawal will be effective as of the next business day.

In the course of administering the 2021 ESPP, the plan administrator is required to comply with the General Data Protection Regulation and the Irish Data Protection Act 2018 in all material respects.

In the case of and subject to the consummation of a “sale event,” the plan administrator, in its discretion, and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the plan administrator determines that such action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the 2021 ESPP or with respect to any right under the 2021 ESPP to facilitate such transactions or events: (a) to provide for either (i) termination of any outstanding option in exchange for an amount of cash, if any, equal to the amount that would have been obtained upon the exercise of such option had such option been currently exercisable or (ii) the replacement of such outstanding option with other options or property selected by the plan administrator in its sole discretion; (b) to provide that the outstanding options under the 2021 ESPP shall be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for similar options covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; (c) to make adjustments in the number and type of ordinary shares of Topco (or other securities or property) subject to outstanding options under the 2021 ESPP and/or in the terms and conditions of outstanding options and options that may be granted in the future; (d) to provide that the offering with respect to which an option relates will be shortened by setting a new exercise date on which such offering will end; and (e) to provide that all outstanding options shall terminate without being exercised and all amounts in the accounts of participants shall be promptly refunded.

Each participant agrees, by entering the 423 Component of the 2021 ESPP, to give Topco prompt notice of any disposition of shares purchased under the 2021 ESPP where such disposition occurs within two years after the date of grant of the option pursuant to which such shares were purchased or within one year after the date such shares were purchased. Also, neither the 2021 ESPP or any compensation paid hereunder will confer on any participant the right to continue as an employee or in any other capacity.

The 2021 ESPP will take effect on the date immediately preceding the Closing of the Business Combination, subject to approval by the holders of a majority of the votes cast at a meeting of shareholders at which a quorum is present or by written consent of the shareholders. The 2021 ESPP will automatically terminate on the 10-year anniversary of the 2021 ESPP effective date. The Board may, in its discretion, at any time, terminate or amend the 2021 ESPP.

Senior Executive Cash Incentive Bonus Plan

In [•] 2021, the Topco Board adopted the Senior Executive Cash Incentive Bonus Plan, or the Bonus Plan. The Bonus Plan will become effective on the closing of the Business Combination. The Bonus Plan provides for cash bonus payments based upon the attainment of performance targets established by our Board of Directors or compensation committee thereof. The payment targets will be related to financial and operational performance goals, as well as individual performance objectives.

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The Board of Directors, or compensation committee thereof, as applicable, may select corporate performance goals based upon the following: achievement of cash flow (including, but not limited to, operating cash flow and free cash flow); earnings before interest, taxes, depreciation, and amortization; net income (loss) (either before or after interest, taxes, depreciation, and/or amortization); changes in the market price of our ordinary shares; economic value-added; acquisitions or strategic transactions, including licenses, collaborations, joint ventures, or promotion arrangements; operating income (loss); return on capital, assets, equity, or investment; total shareholder returns; productivity; expense efficiency; margins; operating efficiency; working capital; earnings (loss) per share of our ordinary shares; sales or market shares; revenue; corporate revenue; operating income and/or net annual recurring revenue; achievement of significant product delivery milestones; achievement of other strategic corporate goals, any of which may be (i) measured in absolute terms or compared to any incremental increase, (ii) measured in terms of growth, (iii) compared to another company or companies or to results of a peer group, (iv) measured against the market as a whole and/or as compared to applicable market indices and/or (v) measured on a pre-tax or post-tax basis (if applicable).

Each executive officer who is selected to participate in the Bonus Plan will have a target bonus opportunity set for each performance period. The bonus formulas will be adopted in each performance period by the Board of Directors, or compensation committee thereof, as applicable, and communicated to each executive officer. The performance goals will be measured at the end of each performance period or such other appropriate time as the Board of Directors, or compensation committee thereof, as applicable, determines. If the corporate performance goals and individual performance objectives are met, payments will be made as soon as practicable following the end of each such performance period. Subject to the rights contained in any agreement between the executive officer and Circle, an executive officer must be employed by Circle on the bonus payment date to be eligible to receive a bonus payment, unless otherwise determined by the Board of Directors, or compensation committee thereof, as applicable. The Bonus Plan also permits the compensation committee to approve additional bonuses to executive officers in its sole discretion and provides the compensation committee with discretion to adjust the size of the award as it deems appropriate.

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DIRECTOR COMPENSATION

During fiscal year 2020, we provided one of our non-employee directors with a quarterly retainer of $25,000. These payments were made in the first two quarters of 2020 and then the arrangement was terminated.

2020 Director Compensation Table

The following table presents the total compensation for each person who served as a non-employee director of the Board during fiscal year 2020. Mr. Allaire, our Co-Founder and Chief Executive Officer, did not receive any additional compensation from Circle for his services on its board of directors. The compensation received by Mr. Allaire as an NEO is set forth above in “Executive Compensation — 2020 Summary Compensation Table.”

Name	Fees Earned or Paid in Cash ($)		Option Awards ($)(1)		All Other Compensation ($)		Total ($)
M. Michele Burns(2)		—		447,592(3)		—		447,592
Raj Date(4)		50,000		429,535(3)		—		479,535
P. Sean Neville(5)		—		288,313(3)		—		288,313
David Orfao(6)		—		—		—		—
Quan Zhou(7)		—		—		—		—

(1)

The amounts reported represent the aggregate grant date fair value of the option awards granted to the directors during 2020, calculated in accordance with FASB ASC Topic 718. Such grant date fair values do not take into account any estimated forfeitures. The assumptions used in calculating the grant date fair value of the option awards reported in this column are set forth in note 16 of our financial statements for the year ended December 31, 2020 included elsewhere in this proxy statement/prospectus. The amounts reported in this column reflect the accounting cost for these option awards and do not correspond to the actual economic value that may be received by our directors upon the exercise of the option awards or any sale of the underlying ordinary shares of Circle.

(2)

As of December 31, 2020, Ms. Burns held outstanding options to purchase 704,310 ordinary shares.

(3)

Includes the incremental fair value, calculated in accordance with FASB ASC Topic 718, of the repricing of certain options held by the applicable director.

(4)

As of December 31, 2020, Mr. Date held outstanding options to purchase 45,800 ordinary shares.

(5)

As of December 31, 2020, Mr. Neville held outstanding options to purchase 3,870,095 ordinary shares.

(6)

As of December 31, 2020, Mr. Orfao did not hold any outstanding awards.

(7)

As of December 31, 2020, Mr. Zhou did not hold any outstanding awards.

In connection with the Business Combination, Topco expects to approve the non-employee director compensation policy described below, which is designed to align compensation with Topco’s business objectives and the creation of shareholder value, while enabling Topco to attract and retain directors who contribute to the long-term success of the company.

Under the contemplated policy, our non-employee directors will be eligible to receive cash retainers, which will be pro-rated for partial years of service, and equity awards as set forth below:

Annual Retainer for Board Membership
Annual service on the board of directors	$	50,000
Additional retainer for annual service as a lead director of the board of directors	$	30,000
Additional Annual Retainer for Committee Membership
Annual service as audit committee chairperson	$	25,000
Annual service as member of the audit committee (other than chair)	$	10,000
Annual service as compensation committee chairperson	$	20,000

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Annual service as member of the compensation committee (other than chair)	$	7,500
Annual service as nominating and governance committee chairperson	$	15,000
Annual service as member of the nominating and governance committee (other than chair)	$	5,000

In addition, our policy will provide that, upon initial election or appointment to Topco’s Board, each new non-employee director will be granted a non-qualified stock option with a total value of $300,000 on the date of such director’s election or appointment to the board of directors, or the Director Initial Grant. The Director Initial Grant will vest . On the date of each annual meeting of shareholders of our company following the completion of this Business Combination, each non-employee director who will continue as a non-employee director following such meeting will be granted an annual award of a non-qualified stock option with a total value of $185,000, or the Director Annual Grant. The Director Annual Grant will vest in full on the earlier of the one-year anniversary of the grant date or on the date of our next annual meeting of shareholders. The Director Initial Grant and Director Annual Grant are subject to full acceleration of vesting upon the sale of Topco. All of the foregoing options would be granted with a per share exercise price equal to the fair market value of an ordinary share of Topco on the date of grant and would have a 10 year term.

The aggregate amount of compensation, including both equity compensation and cash compensation, paid to any non-employee director of Topco for service as a non-employee director in a calendar year period will not exceed $1,000,000 in the first calendar year such individual becomes a non-employee director and $750,000 in any other calendar year.

We will reimburse all reasonable out-of-pocket expenses incurred by directors for their attendance at meetings of the Board or any committee thereof.

Employee directors will receive no additional compensation for their service as a director.

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CIRCLE MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the financial conditions and results of operations of Circle Internet Financial Limited. should be read together with our consolidated financial statements as of March 31, 2021 and 2020 and for the three months ended March 31, 2021 and 2020, and our audited consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019, together with related notes thereto. The discussion and analysis should also be read together with the section entitled “The Business of Circle” and our pro forma financial information as of and for the year ended December 31, 2020. See “Unaudited Pro Forma Condensed Combined Financial Information.” This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those projected in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” or in other parts of this proxy statement/ prospectus. Certain amounts may not foot due to rounding. Unless the context otherwise requires, references in this “Circle’s Management’s Discussion and Analysis of Financial Condition and Results of Operations” section to “Circle,” “Company,” “us,” “our” or “we” refer to Circle Internet Financial Limited. prior to the Business Combination and to Circle Acquisition Public Limited Company following the consummation of the Business Combination.

Overview

To realize this mission, we believe that a new kind of global financial services company could be designed. One that was natively built on the internet, heralding a new kind of entirely software-powered financial institution, one that would make storing and using money and accessing financial services as frictionless and cost efficient as using content and communications on the internet.

Over the past eight years, we have relentlessly pursued this mission and vision, building fundamental technology for payments and banking in the age of digital assets and the internet. We have forged paths towards mainstream acceptance through persistent and active engagement with policymakers and regulators globally, and have built and operated a range of innovative products and services that have powered thousands of businesses, and have supported a significant scale of digital asset transactions.

Our Business Model

As a global financial services company utilizing open protocols on public blockchains, we believe that we are well-positioned to capitalize on the revolution and reimagining of how money works in the world. The future of payments and money is digital and we are at the center of this transformation, moving once aspirational business models to operational ones.

We envision significant growth in the adoption of our platforms, products and services as more and more businesses and financial institutions move to leverage digital assets and blockchain technology for transactions, treasury management and financial applications. We expect to continue to invest in significant new product capabilities designed to enhance the value provided to customers and increase our competitive position in the marketplace.

The growing depth of our customer base is built on a range of products, including the following:

USDC

We operate the core market infrastructure of USD Coin (“USDC”), including the underlying issuance and redemption infrastructure, treasury and liquidity management, and managing the dollar-denominated reserve assets that back USDC in circulation. We developed the core technology and operations behind USDC

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in 2017 and 2018, and then formed a joint-venture with Coinbase Global, Inc. (“Coinbase”) called the Centre Consortium (“Centre”), to further develop the technology, policy and governance standards.

To access and use USDC, corporations and institutional customers can enroll in a Circle Account and transfer funds to and from bank accounts in approximately 87 countries. Funds that arrive in a Circle Account are put into a segregated reserve account, and USDC digital asset tokens are minted. Likewise, customers who transfer USDC into a Circle Account can choose to redeem USDC digital asset tokens and transfer funds out of reserve and into a customer’s linked bank account as U.S. dollars.

Global demand for a trusted medium of exchange on public blockchain networks has grown, driving both circulation of USDC and on-chain transactions using USDC, supporting a range of payments, treasury, yield and other use cases. USDC has become one of the fastest growing dollar digital assets in the world. As of March 31, 2021, more than 11.1 billion of USDC in circulation has supported more than $366.0 billion of on-chain transactions.

The USDC protocol itself is defined and evolved collaboratively, and is an open source project managed by the Centre Consortium. Initially released as a protocol on the Ethereum blockchain, USDC is now supported on several other public blockchains including Algorand, Solana, and Stellar. We expect to introduce support for USDC on additional blockchains over time, as a means to ensure that dollar digital assets can continue to take advantage of the significant and continuous cycles of technical advances happening with blockchain infrastructure, and reducing the risk of technology obsolescence.

Today, USDC transactions can be settled with finality in seconds or less, with support for tens of thousands of transactions per second, at a fraction of a cent in transaction costs. These breakthroughs make USDC well suited as a robust, globally available dollar digital asset for payments, commerce and financial applications.

Broad industry adoption of USDC fuels growth and demand for our other products and services, which collectively are supporting an open and competitive flywheel of economic activity. Building on the rapid growth and early success of USDC, in 2020 we began rolling out a suite of new products and services aimed at helping businesses and financial institutions use digital assets for payments, commerce and financial applications. Our products help companies more efficiently accept and make payments, store value and gain access to yield and investments in digital assets.

TTS

Transaction and Treasury Services are provided through the Circle Account, which is also the entry point for issuing, redeeming and custodying of customers’ USDC. We earn TTS revenue from (1) Transaction Services, (2) Integration Services, and (3) Yield Services. All three of the services are components of a unified suite of services that are accessed by, and integrated with, the Circle Account by providing customers with the infrastructure required to process a wide variety of transactions and support their financial infrastructure. While each of these services provide a different value proposition for customers, they are materially driven by the adoption of the Circle Account infrastructure for processing transactions and executing commerce.

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Circle Account

The Circle Account provides corporations and institutions with an integrated account for converting, storing, sending and receiving digital asset payments. Circle Account is available free of charge to customers, and provides a critical bridge between existing banking, money and digital asset payments and financial services.

The Circle Account includes wallet services for securely storing USDC. Customers can make on-chain payments using USDC, or hold it as a store of value, relying on our digital asset storage capabilities.

The Circle Account aims to provide a comprehensive commercial financial solution spanning across various transaction and treasury use-cases. We also offer a supplementary set of Application Programming Interface (“API”) services to customers looking to build more advanced applications and services on top of the Circle Account.

The Circle Account sits on top of nearly seven years of research and development into core Transaction and Treasury systems for digital asset custody, treasury operations and payments, integration into existing banking networks, and sophisticated risk and compliance tools and operations.

Circle Yield

Circle Yield, which launched an early customer access program in the second quarter of 2021, offers customers the ability to generate enhanced yield on their USDC holdings by investing in Centralized Finance (“CeFi”) blockchain-based lending markets to generate enhanced yield on their USDC, with annual percentage yields of up to 5.8% as of August 1, 2021. Building on the market momentum for corporate treasury adoption of digital assets, Circle Yield offers accredited investors the ability to earn a higher fixed-term yield compared to traditional financial markets. Yield is generated through lending USDC out to centralized blockchain based lending markets.

Circle API Services

The foundation of Transaction and Treasury Services is our powerful suite of APIs or Circle API Services. Circle API Services are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce. Circle API Services extend the capabilities of a Circle Account with a comprehensive suite of APIs that allow businesses and financial institutions to fully automate and integrate Circle transaction and treasury infrastructure into their own payments, commerce and/or financial applications. The majority of TTS revenue generated by Circle API Services is volume-based, which is driven by Total Transaction Volume (“TTV”). We also earn subscription-based revenue based upon our agreements with customers.Circle API Services include:

•

Payments API. The Payments API allows companies to automate and accept payments into their Circle Account using USDC, credit cards and debit cards, ACH bank transfers, and global wire transfers. Card and bank transfers automatically settle into a customer’s Circle Account as USDC, making it immediately available for digital asset based payments and financial applications. The Payments API is also complemented by a built-in set of fraud management tools to assist customers with managing fraud risk with payments. We plan to also enable payments in BTC and ETH.

•

Payouts API. The Payouts API allows companies to automate and make payouts to customers, suppliers and partners with flexibility through payments to both traditional bank accounts and blockchain wallets. Customers can redeem USDC into payouts to traditional banks, or use on-chain payments to efficiently deliver payouts to digital wallets around the world, with the speed and efficiency of cryptocurrency and blockchain networks. We plan to also enable payouts in BTC and ETH.

•

Accounts API. The Accounts API provides customers with the ability to automate the storage of digital asset, including USDC, BTC and ETH, enabling embedded financial applications, complex treasury funds flows, or use within an existing business to consumer (“B2C”) or business to business (“B2B”) service that requires wallets and storage capabilities. Over time, the Accounts API is expected to support more forms of digital assets, such as NFTs.

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•

DeFi API. The DeFi API, which we plan to launch in the third quarter of 2021, will allow institutions to access new lending markets powered by decentralized finance (“DeFi”). Our DeFi API will simplify what has been historically a complex, risky, and cumbersome process for many institutions. With the DeFi API, institutions will be able to automate flows of USDC into third party DeFi lending markets to earn yield with real-time accrual and redemption, including protocol-specific governance tokens, and manage it all within Circle’s trusted account infrastructure. We plan to support our DeFi API with enhanced compliance and identity protocols over time. In return, we will receive a fixed and volume-based payment for our DeFi API.

Integration Services

Integration Services are provided to support the implementation of USDC onto new public blockchains, including the integration with the Circle Account and Circle API Services. This integration allows creation of enhanced features for USDC including higher transaction throughput and lower blockchain network fees.

SeedInvest

SeedInvest offers a digital platform for companies to raise capital through equity offerings directly on the internet and seeks to capitalize on interest in the digitization of early-stage investing. We offer our services to a wide range of customers, from small-scale seed funding through larger capital raises and growth funding. SeedInvest supports both accredited and unaccredited investor participation, which democratizes access to promising growth companies and levels the playing field for early-stage firms and entrepreneurs. Our vision of reducing friction in equity crowdfunding through planned future offerings such as tokenized representations of ownership interest, equity and value represent core opportunities for equity markets, as well as for how tangible and intangible assets are sold and exchanged on the internet.

The digitization of early-stage investing has created a range of benefits, both for issuers, who value the speed and versatility, as well as investors, who appreciate the accessibility and the pre-vetted opportunities. As of March 31, 2021, the SeedInvest platform reaches more than 500,000 investors, and is one of the largest equity crowdfunding services in the United States. In exchange for the fundraising services provided by SeedInvest, we receive a placement fee from issuers which is a function of the closed investment size as well as transaction fees paid by transacting investors.

Basis of Presentation

We operate our business and report results through two complementary operating and reportable segments: Circle and SeedInvest. Our Circle segment consists of USDC, the Circle Account and TTS. Our SeedInvest segment is related to our equity crowdfunding platform that connects start-up businesses (“issuers”) with venture investors (“investors”), by providing an online platform where issuers can solicit and raise capital.

The Circle segment provides certain administrative and operational functions to SeedInvest, including payroll administration, HR services, finance and accounting services. Costs incurred by Circle on behalf of SeedInvest are allocated under an expense sharing agreement between Circle and SeedInvest and are eliminated upon consolidation. The Circle segment also provides capital injections to the SeedInvest business as needed to support its business and enable its growth.

The Circle and SeedInvest segments are expected to be complementary and realize synergies as SeedInvest intends to develop tokenized securities as part of the effort to continue the democratization of capital raising for startup companies while Circle provides digital payment, marketplace and custody services to enable the future acquisition, sale and storage of the tokens at scale.

Pursuant to Accounting Standards Codification (“ASC”) Topic 280, the primary financial measure used by the Chief Operating Decision Maker (the “CODM”) to evaluate performance and allocate resources is contribution margin for Circle and net income for SeedInvest. Our accounting policies for segments are the same as those applied to our consolidated financial statements, except as described above. Inter-segment revenues and expenses are eliminated in consolidation. See Note 3 to our consolidated financial statements

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included elsewhere in this proxy statement/prospectus for a summary of our segment results and a reconciliation between Circle segment contribution margin and net income.

Significant Events and Transactions

The Business Combination

We entered into a business combination agreement with Concord Acquisition Corp on July 7, 2021. Pursuant to the agreement, and assuming the satisfaction or waiver of various closing conditions, including approval by the shareholders of Circle, Concord and Topco in exchange for the issuance of new shares in Topco, such that Circle will become a wholly-owned subsidiary of Topco, and (ii) Topco (Ireland) Merger Sub, Inc., a Delaware corporation (“Merger Sub”) will merge with and into Concord (the “Merger”), with Concord surviving the Merger as a wholly-owned subsidiary of Topco (collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”).

The Business Combination will be accounted for as a reverse recapitalization and Concord will be treated as the acquired company for financial statement reporting purposes. Circle will be deemed the predecessor and New Circle will be the successor SEC registrant, meaning that Circle’s financial statements for periods prior to the consummation of the Business Combination will be disclosed in New Circle’s future periodic reports. The most significant changes in the successor’s future reported financial position and results are expected to be an estimated net increase in cash (as compared to Circle’s Consolidated Balance Sheets as of March 31, 2021) of between approximately $717.3 million, assuming maximum Concord shareholder redemptions permitted pursuant to the terms of the Business Combination, and $967.6 million, assuming no shareholder redemptions, and in each case including $415.0 million in proceeds from the private placement by Concord. Total transaction costs are estimated at approximately $101.7 million. Of the $101.7 million, $14.1 million will be expensed. In addition, Circle may incur an additional share payment from the existing Circle shareholders in connection with the settlement of its dispute with a financial advisor regarding advisory fees related to the Business Combination. Refer to Note 21 to our consolidated financial statements elsewhere in this proxy statement/prospectus.

As a result of the Business Combination, we expect to become the operating successor to an SEC-registered and New York Stock Exchange-listed shell company, which will require us to hire additional personnel and implement controls, procedures, and processes to address public company regulatory requirements and practices. We expect to incur additional annual expenses as a public company for, among other things, directors’ and officers’ liability insurance, director fees, and additional internal and external accounting, marketing, sales, legal and administrative resources.

Acquisition of SeedInvest

We acquired SeedInvest in March 2019 (“SeedInvest Acquisition”) to help realize our vision of a more open, global, connected, and inclusive financial system.

SeedInvest is a FINRA registered broker dealer (CRD# 170937) and a member of the Securities Investor Protection Corporation. We facilitate capital raising for small businesses via our equity crowdfunding platform. All private placement offerings conducted are exempt from the Securities Act of 1933 under Regulations A, CF, or D.

The total consideration paid upon acquisition totaled $40.2 million in the form of $7.6 million of cash, convertible notes with a fair value of $29.6 million at the time of the acquisition, and contingent consideration with a fair value of $3.1 million at the time of the acquisition. The total identifiable net assets, at fair value, assumed from the SeedInvest Acquisition amounted to $2.3 million, comprised of $2.4 million of total assets acquired (inclusive of $1.9 million of intangible assets) and $0.1 million of total liabilities assumed. Accordingly, we recorded $38.0 million of goodwill at the time of acquisition. During 2019, we recorded impairment of $13.9 million related to the Acquisition of SeedInvest following the Sale of Poloniex and removal of synergies between the two businesses.

Sale of Circle Invest

On March 30, 2020, we sold the customer list and accounts related to the Circle Invest business, which provided cryptocurrency brokerage accounts to retail customers, to Voyager Digital Canada Limited

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(“Voyager Digital”) as part of our strategic effort to focus on our core business offerings (“Circle Invest Sale”). Voyager Digital paid $0.6 million in gross proceeds, comprised of $0.1 million of cash consideration and 3.5 million shares of common stock of Voyager Digital (equivalent to approximately 4.0% of Voyager Digital shares outstanding at the time of the sale) which had a value of $0.5 million at the time of the sale. During the three months ended March 31, 2021, we sold all 3.5 million shares in Voyager Digital for $27.9 million.

The intangible assets sold in the Circle Invest Sale were internally generated and had no book value, which resulted in a gain on the sale recorded in discontinued operations on the consolidated statements of operations included elsewhere in this proxy statement/prospectus.

Sale of Circle Trade

We sold the intangible assets of Circle Trade, an over-the-counter cryptocurrency institutional trading desk, to Payward, Inc. (“Kraken”), a privately held cryptocurrency exchange, on December 17, 2019 (“Circle Trade Sale”). This was a strategic effort to better align our business with the products we offer to our customers. Consideration received from the sale included $1.9 million in cash at closing and contingent stock in Kraken dependent on earnout, retention and referral conditions. The intangible assets of Circle Trade sold were internally generated and had no book value, which resulted in a gain on the sale recorded in discontinued operations on the consolidated statements of operations included elsewhere in this proxy statement/prospectus.

Pursuant to the agreement, we received 83,186 shares of Kraken in April 2021 at a contractual price of $19.84 per share based on the aforementioned earnout and retention conditions in the sale agreement.

Sale of Poloniex

On November 4, 2019 we closed a transaction to sell the assets of Poloniex, LLC (“Poloniex”), a digital asset trading platform, to Polo Digital Assets, Ltd (“PDAL”) (“Poloniex Sale”). The sale allowed us to concentrate on our core product and service offerings and the execution of our strategic objectives.

At the time of with the Poloniex Sale, we received $33.2 million of cash proceeds and expected to receive $15.0 million of contingent consideration constituting of future deferred payments subject to a successful operational transfer and indemnity holdbacks. During 2020, we received $10.0 million of the total $15.0 million. The deferred payments were recorded as a receivable as we remain confident of receipt based on the operational progress made by PDAL subsequent to closing of the Poloniex Sale and the subsequent receipt of $5.0 million of the deferred consideration as of March 31, 2021. The net assets sold to the buyer had a book value of $204.9 million and included goodwill of $185.5 million, other intangibles of $19.2 million and cryptocurrency working capital of $1.7 million. This resulted in a loss on disposal of $156.8 million which is reflected in discontinued operations in the consolidated statement of operations included elsewhere in this proxy statement/prospectus.

Poloniex also held cryptocurrency on behalf of its customers. At the time of the closing of the Poloniex Sale, these assets were valued at approximately $1,000 million. All assets held on behalf of international customers were transferred to PDAL. We retained all US and sanctioned customer assets which, as of March 31, 2021, had a value of approximately $17.3 million. These retained customers were restricted from any further trading on December 15, 2019 and their assets have been made available for withdrawal in USDC equivalent on a segmented Poloniex US web domain.

We are, from time to time, and we may become subject to various legal proceedings, consumer arbitrations, and regulatory investigation matters that arise in the ordinary course of our business, and in particular, concerning the legacy business of Poloniex. We record a provision for a liability when we believe that it is both probable that a liability has been incurred, and the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Such legal proceedings are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows. Refer to Note 20 to our

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consolidated financial statements included elsewhere in this proxy statement/prospectus for a summary of our open legal matters as of March 31, 2021.

Discontinuation of the Circle Pay Platform

As part of the shift in our business strategy, we closed down our consumer peer-to-peer payments app, Circle Pay, in September 2019. Dormant funds on the platform at the time Circle Pay ceased operations are in the process of being escheated to the relevant state regulatory bodies.

Impact of COVID-19 on the Business

The World Health Organization declared the global outbreak of COVID-19, a disease caused by the novel coronavirus, a pandemic in March 2020. This pandemic has resulted in worldwide government authorities and businesses issuing public health guidelines and enacting emergency measures intended to limit the spread of the virus. These measures include shelter-in-place orders, social distancing, mask requirements, travel restrictions, border closures, and unnecessary business shutdown. In response to the pandemic, we have implemented measures to ensure the health and safety of our employees and customers, including allowing our entire workforce to work remotely, restricting physical contact between our employees, and establishing safety protocols for the offices.

All our products and services are accessed through our online platform and do not involve physical customer interaction. Therefore, our ability to meet our business expectations and customers’ needs has not been materially impaired due to the COVID-19 pandemic. Even though the global economic implications remain uncertain, the pandemic has not yet had any measurable material impact on our operating results. However, we will continue to actively monitor the pandemic situation and may take further actions to modify our business practices as may be required by federal, state, or local authorities or that we determine are in the best interests of our employees and customers.

Key Factors Affecting Operating Results

The growth and success of our business as well as our financial condition and operating results have been, and will continue to be affected by a number of factors, including:

Adoption of Digital Assets and USDC

We believe dollar digital assets are the foundation for next generation financial services as they offer many of the benefits of being a digital asset such as security, privacy, fast transactions, and low fees, without the price volatility associated with other types of digital assets. Dollar digital assets have undergone tremendous growth in the past year, which coincides with the increasing adoption of digital assets and the blockchain-based financial services industry in general.

USDC operates as an open protocol on public blockchains. As an open protocol, companies and software developers can safely and easily implement USDC in their own products and services. The open nature of USDC on public blockchains has led to widespread support for USDC as a standard for prudentially regulated dollar digital assets. Additionally, in accordance with our prudential regulatory and equivalent licenses, along with Centre’s reserve management standards, all USDC in Circulation are fully backed by U.S. dollar denominated reserve assets at all times. Other developments on proof of reserves and ongoing collaboration with regulators and key stakeholders on improving the prudential and reserve management standards for digital assets are underway to further augment the trust and transparency of these standards.

To enhance USDC’s utility, we have entered into partnerships to enable the use of USDC on multiple public blockchains. Bringing USDC to multiple blockchains enables our users to take advantage of the speed, scalability, and cost efficiency provided by next-generation public blockchains. From settling payments to making on-chain pay-outs, all supported blockchains are integrated into these funds flows and woven into Circle products, which have accelerated the financial digital transformation agenda among large traditional financial services firms, as well as startups and other companies.

Given these broad market needs and the growth of the wider blockchain-based financial services industry, demand for USDC has grown exponentially. More than 1,500% compound annual growth has

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been achieved in the first three months of 2021, with USDC reaching 11.1 billion in circulation powering more than $366.0 billion in on-chain transactions.

Our financial performance is dependent on the continued adoption of digital assets. For the reasons described above, we believe that USDC is well-positioned to be the industry standard. The growth of USDC is contingent upon our ability to take market share. Moreover, our growth strategy depends on our continued ability to add customers and launch innovative products. Over time, we have observed a positive trend in the total market capitalization of digital assets, which indicates increased adoption and market utility. However, historical trends are not indicative of future adoption, and it is possible that the adoption of digital assets and blockchain technology may slow, take longer to develop, or never become widespread, which would negatively impact our business and operating results.

Investment in Growth and Geographic Expansion

Our investments in growth include new products and services, sales and marketing, and global expansion. We plan to continue to invest in the development of products and services to enhance the value proposition of our platform for our customers. In addition, we intend to meaningfully increase headcount to drive and support our anticipated growth. Although we expect these investments to benefit our business over the long term, we expect our total operating expenses will increase for the foreseeable future. In the short term, these investments may have negative effects on our operating results as an increase in operating expenses resulting from such investments may not be directly correlated to transaction revenue which fluctuates with market conditions.

We plan to significantly expand our sales and marketing functions in order to build upon the growing global interest and adoption of digital assets and internet-based financial services. We expect to meaningfully increase the headcount of quota carrying sales roles globally to drive and support our anticipated growth. We also intend to expand our investment in marketing and advertising activities, including initiatives such as sponsored webinars, content sponsorship, event sponsorship, and traditional advertising (e.g. search engine marketing/retargeting), which we believe will enhance further growth. As part of our strategy, we intend to advertise in new geographic regions as we continue to expand the business as described below. Investments in sales and marketing may not result in returns in the same period in which they are made but may be realized over subsequent periods, if ever, which could adversely affect near-term operating results. Additionally, our future financial results may be unfavorably impacted should we prove unable to expand our customer base through our sales and marketing efforts.

To continue the growth trajectory of our business, we intend to continue to expand our geographic footprint. To do so, we plan to develop several strategic initiatives such as obtaining regulatory licenses and registration in new jurisdictions, entering into strategic acquisitions, and securing strategic global partnerships. To promote our global expansion, we may obtain certain licenses and regulatory authorizations through the acquisition of companies which already have the authorization necessary to operate in a certain jurisdiction. Our ability to expand into new markets depends on many factors including, but not limited to, compliance with local rules and regulations, demand for digital assets, competition, and infrastructure.

Development of Additional Products and Services

We believe we have a sizable opportunity to grow our business through the expansion of our suite of products and services. We intend to continue our significant investment in research and development. Over the course of 2021 and 2022, we plan to continue to expand our products and services to support an increasing number of digital assets such as NFTs. We believe this will enhance the customer product experience as it relates to accessing digital asset borrowing and lending markets, provide solutions for corporate treasuries to gain exposure to digital assets, and undergo significant global expansion and support for international markets and currencies.

We plan to continue to invest in the integration of USDC on major emerging blockchain infrastructure to grow and scale the product. Additionally, with the growing global interest in digital assets, we plan to build and launch additional fiat-backed prudentially regulated digital assets in important markets and widely used, highly trusted currency zones. We believe that this expansion will open up more opportunities for digital

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asset transactions, and cross border trade and commerce on blockchains. In the future, it is expected that some national governments may seek to issue their own stable-value digital assets in the form of CBDCs. These digital assets could provide substitutes for privately-issued digital assets, such as USDC, but also represent significant opportunities for us as a digital asset native financial institution to integrate or support public sector financial offerings in the future, even though these experiments are far from becoming operational and could potentially pose a range of risks.

We also plan to continue to expand our product offerings to provide a full suite of transaction, treasury, and platform capabilities that will be appealing to any business conducting payments and commerce on the internet. We also expect to expand upon the Yield Services, which recently launched, and we see significant growth potential in these services.

We intend to expand our internet fundraising platform, SeedInvest, with investments in improving and scaling the investor and issuer experiences, and providing a fuller suite of issuer services that assist startups with ongoing interaction with investors. Additionally, with the growth in digital asset markets and exchanges, we aim to introduce services that will allow companies to issue digital asset securities, including equity, debt, and property.

Our ability to successfully navigate the aforementioned factors and continue to grow will impact our future operating results.

Strategic Acquisitions and Partnerships

We intend to continue growing our business through strategic acquisitions, investments, and partnerships. We expect to undertake mergers and acquisitions that may accelerate market entry, give us access to underlying licensing and regulatory relationships, and enable us to acquire talent, IP, customer bases and revenue streams that can accelerate our growth and strengthen our competitive position in the marketplace. Our strategic acquisitions, if any, may affect our future financial results.

We plan to continue to enter into strategic partnerships with various companies to expand our product and service offerings, including, but not limited to, our partnership in Centre, our partnerships with major payment networks such as Visa and partnerships with major financial institutions such as Signature Bank, both of which help to foster broader distribution of USDC and enhanced connectivity between existing payment rails and new digital asset-based payments and settlement. We believe these partnerships benefit our users by expanding the opportunities for users to enable digital commerce in a more global, scalable, and efficient way. Over the long term, we expect these partnerships will drive an increase in TTV, USDC in Circulation, the number of Transacting Circle API Services Customers, and Circle Accounts, which we believe, in turn, will drive an increase in Transaction and Treasury Services revenue.

Price and Volatility of Crypto Assets

Digital assets, such as Bitcoin, have historically experienced high levels of volatility far in excess of that experienced in fiat currencies. A number of factors contribute to changes in digital asset prices and volatility, including, but not limited to, changes in the supply and demand for a particular digital asset, market sentiment, macroeconomic factors, utility of a particular digital asset, and idiosyncratic events such as exchange outages or commentary on social media.

We are exposed to price volatility with respect to the corporate digital assets we hold. Though our fundamental business and growth strategy does not include acquiring digital assets for the purpose of value appreciation, we have a limited exposure to digital assets at the corporate level. Specifically, for certain services we perform, such as USDC Integration Services, our customers may pay us in digital assets. To the extent customers compensate us in the form of digital assets and we continue to hold these digital assets, we may be subject to the high degree of price volatility associated with these digital assets. A decline in price may require us to take an impairment charge on our digital assets and a decline in the value of the digital assets we hold in higher concentrations may have a larger impact on our operating results in any given period.

Our future earnings and cash flows will be impacted when we choose to monetize our digital assets and the variability of our earnings will be dependent on the future fair value of such digital assets. We have

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limited ability to predict whether the sale of digital assets received will be material to our future earnings, which is dependent on the future market viability and fair value of such digital assets.

Ability to Competitively Price our Products and Services

Our operating results depend on our ability to competitively price our products and services. Similar to other financial products, as the industry matures, we anticipate fee pressure to emerge over time. Our strategy is to maintain our position as a trusted brand for payments and treasury infrastructure for the internet and develop new products to enhance our customer value proposition and offset the effects of any future fee pressure. If we are unable to capture value through the development of new and existing products and services or if fee pressure emerges more rapidly than we anticipate, our operating results may be adversely affected.

Control of Transaction Expense

Our third-party transaction costs primarily consist of payment processing fees, interchange fees, and fraud loss expenses. We have made, and will continue to make, significant investments in our bank, payment processor, and vendor partnerships in order to manage our overall third-party transaction costs. Maintaining these relationships has always been and will continue to be a top priority for us.

Our strategy to manage fraud is to continue investing in advanced technology for fraud detection and prevention for our customers to reduce chargebacks. Managing fraud is essential to operating profitably and maintaining the trust of our customers and our transaction processing vendors. We believe our current efforts and our forward strategy put us in a strong position to reduce our fraud rate as a percentage of TTV and capture savings as we continue to scale our platform. If we are unsuccessful at managing these expenses, our operating results may be adversely affected.

Regulation in U.S. and International Markets

We operate in a complex and rapidly evolving global regulatory environment and are subject to a wide range of laws and regulations enacted by U.S. federal, state, and local, and foreign governments, and regulatory authorities. The breadth of laws, rules, and regulations we are subject to include financial services and banking, consumer protection, money transmission, virtual currency, stored value and prepaid access, electronic payments, payment services, securities, commodities, and unclaimed property, as well as bespoke digital asset and cryptocurrency laws that have been promulgated in some jurisdictions.

These laws, rules, and regulations may be modified, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another. As a result, we monitor these areas closely and invest significant resources in our legal, compliance, product, and engineering teams to ensure our business practices comply with, plan and prepare for, current and future changes in interpretations thereof.

In the United States, the significant uncertainty surrounding the regulation of the digital asset industry requires us to exercise our judgment as to whether certain laws, rules, and regulations apply to us, and it is possible that regulators may disagree with our conclusions. Globally, we are subject to increasingly strict legal and regulatory requirements relating to the detection and prevention of countering terrorist financing, AML, fraud, and other illicit activity, the regulation of competition, economic and trade sanctions, privacy, cybersecurity, information security, and data protection. These descriptions are not exhaustive, and these laws, regulations and rules (and the interpretations thereof) frequently change and are increasing in number.

We are an active participant in driving innovation in the industry and are founding members of several associations, such as the Blockchain Association, the Chamber of Digital Commerce, and the Crypto Rating Council. Additionally, we and our leaders are active voices driving global regulatory and policy harmonization in the digital asset and blockchain technology arena. This includes active participation in the World Economic Forum’s Digital Currency Governance Consortium and contributions to ongoing review among international, regional, and national bodies.

The bylaws and agreements between clearing house participants and bankcard companies impose specific responsibilities and liabilities for payments facilitators (“PayFac”) and third party processors

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(“TPS”). As both a PayFac and TPS, we are required to comply with the appropriate National Automated Clearing House Association, or NACHA, bylaws, operating rules, and agreements, as well as card network rules and guidelines. Additional new products and services that we offer may also impose additional obligations on us to comply with NACHA and card network obligations related to preventing fraud, money laundering, and IT security breaches.

Our strategy is to continue to invest significantly in our finance, legal, compliance, and security functions in order to remain at the forefront of digital asset policy initiatives and regulatory trends. Therefore, we may experience fluctuations in our operating results as a result of changes in the law and regulations that are applicable to our business, which may limit our ability to support new digital assets, onboard customers, and offer our products and services across jurisdictions.

Key Operating and Financial Indicators

We regularly review several key operating and non-GAAP financial indicators to evaluate our performance and trends and inform management’s budgets, financial projections, and strategic decisions.

The following table presents our key operating and financial indicators, as well as the relevant GAAP measures, for the periods indicated:

	Year ended December 31,						Three months ended March 31,
	2020			2019			2021			2020
	(in thousands, except Total Circle Accounts and Transacting Circle API Customers)
Key operating data:
USDC in Circulation			4,008,397			519,629			11,141,404			692,955
Total Transaction Volume (combined on-chain and fiat)		$	10,080,936		$	2,181,570		$	44,798,667		$	851,573
Total Circle Accounts			714			182			1,062			241
Transacting Circle API Customers			32			—			46			—
Closed Investment Volume (SI)		$	74,387		$	28,536		$	24,304		$	6,630
GAAP financial data:
Net income (loss)		$	3,790		$	(178,565)		$	(9,440)		$	(106)
Non-GAAP financial data:
Adjusted EBITDA		$	(15,709)		$	(55,572)		$	(3,242)		$	(7,421)

USDC in Circulation

USDC in Circulation is the total amount of USDC issued and outstanding as of the reporting date. Funds that customers send to Circle are put into a reserve account, and USDC digital asset tokens are minted, increasing the USDC in Circulation. Likewise, customers who transfer USDC into a Circle Account can redeem USDC which then burns digital asset tokens, and transfers funds out of reserve and into a customer’s linked bank account as USD, reducing the USDC in Circulation.

Neither Circle nor Centre form monetary or economic policies for USDC. Rather, as a dollar-denominated digital asset, subject to the prudential and regulatory standards of the U.S. and other key jurisdictions, USDC imports and conveys monetary policy, which is a public sector activity. Moreover, the USD denominated reserve assets backing USDC are held in the care, custody and control of the regulated U.S. financial system, resulting in no net new money creation or fractionalization of reserves.

USDC in Circulation is a major contributing factor to our USDC interest income, along with interest rates. As USDC in Circulation increases, the increases in our reserve will generally lead to increased USDC interest income recognized during the period.

In general, USDC in Circulation has increased steadily since its inception in September 2018, due both to the continued interest and adoption of digital asset markets and blockchain-based financial infrastructure,

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and to the unique features of USDC such as reliability, security, transparency and the backing of regulated financial institutions. USDC is now one of the fastest growing dollar digital assets in the world; USDC in Circulation grew to 11.1 billion as of March 31, 2021, a year-over-year increase of over 1,500%.

USDC is fundamental to the growth of our platform and is central to the majority of our product offerings. USDC in Circulation provides us with a measure of the breadth of the Circle ecosystem. Preeminent digital asset standards and governance arrangements such as those created and overseen by Centre are set to usher in much larger scale adoption of dollar digital assets and other currency-referenced digital assets, while global and domestic policy maker and regulatory engagement around open internet finance is rapidly increasing. We expect that the continued growth in digital asset markets, the continued proliferation of use cases for digital asset payments, and the rollout of our Yield Services will further drive growth of USDC in Circulation.

Total Transaction Volume (combined on-chain and fiat)

TTV is the total gross volume generated from both on-chain and fiat transactional activity on the Circle platform. On-chain transaction volume is the gross value of all blockchain transactions across Circle API Services and the Circle Account. Fiat transaction volume is equal to the gross value of all fiat transactions, including domestic bank transfers using automated clearing house (“ACH”) transfers, credit and debit card transactions, and wires from both Circle API Services and the Circle Account. Should a transaction fail to be executed or is subject to a charge-back, or a similar reversal, the original transaction amount is excluded from the fiat currency transaction volume.

TTV allows us to better understand and analyze the transaction activity for a given period. TTV has a strong correlation to our Transaction Services revenue as the majority of this revenue is volume-based. TTV also provides insights into the scale and strength of our Transaction Services, the engagement level of our customers, and underlying activity and trends which are indicators of current and future performance. We believe that the growth of TTV is also indicative of the sustainability of our platform as well as our long-term revenue growth potential.

Total Circle Accounts

Total Circle Accounts is the number of accounts registered and approved as of the reporting date. Total Circle Accounts is an indication of the scale of our customer base and the overall Circle platform and is used to evaluate potential revenue growth as each Circle Account represents a customer who may enter into a revenue-generating transaction. We expect the number of Total Circle Accounts to grow as we attract and retain customers in new and existing jurisdictions and expand our offerings, such as Yield Services, to appeal to a wider audience.

As part of our business model, customers may elect to complement the services provided by their Circle Account with additional functionality. For example, for an incremental fee, companies can access Circle API Services which offers users a powerful suite of payments and treasury infrastructure. We believe that converting Circle Account customers to Circle API Services customers provides another channel through which we can continue to grow revenues.

Transacting Circle API Services Customers

Transacting Circle API Services Customers is a measure of the number of customers who have signed a contract, deployed our Circle API Services production keys, and have conducted a transaction in the past month. Customers typically will initially sign up for a Circle Account and then supplement their treasury and transaction capabilities by subscribing to the comprehensive suite of APIs. As Circle API Services launched in mid-2020, there were no Transacting Circle API Services Customers during the periods ended December 31, 2019 and March 31, 2020.

In general, we earn more revenue from Transacting Circle API Services Customers relative to customers who only have a Circle Account without any Circle API Services functionality. We may earn subscription-based revenue from customers using Circle API Services as well as volume-based revenue based on the number

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of customer wallets on our platform and transaction fees when a customer makes a payment, receives a payout, or certain other transaction use cases.

We believe that Transacting Circle API Services Customers is a meaningful metric as it measures the growth and health of our Circle API Services platform. The popularity of USDC has been a strong driver of Transacting Circle API Services Customers growth. We believe the increase in USDC in Circulation, coupled with the expected rollout of more features on the Circle API Services suite and the planned expansion of our marketing efforts, will drive an increase in the number of Transacting Circle API Services Customers.

Closed Investment Volume

Closed Investment Volume is the aggregate amount of capital that is funded to, and accepted by, issuers on the SeedInvest platform during the reporting period. As we earn investment banking fees upon the closing of a transaction, we believe that Closed Investment Volume is a primary driver of SeedInvest revenue.

On November 2, 2020, the SEC approved an amendment to Regulation A that allows companies to be able to raise a maximum of $75 million from $50 million under Tier 2 offerings, which became effective on January 2, 2021. This amendment made it easier for early-stage start-ups to raise capital, which we believe has expanded our addressable market.

We have observed that the general acceleration of digitization is increasing the demand for tech-enabled investing platforms. We have observed growing demand from investors to diversify their portfolios from traditional stocks and bonds into alternative asset investments. Similarly, demand from issuers to raise capital through means other than traditional venture capital fundraising has steadily increased, particularly as issuers seek financing that minimizes the level of dilution associated with typical venture capital transactions. We believe these factors have us well positioned in the market to sustain the growth of Closed Investment Volume in the coming years.

Adjusted EBITDA

Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss), adjusted to exclude depreciation and amortization expense, interest expense, net of amortization of discounts and premiums, interest income, income tax expense/(benefit for income taxes), and further adjusted to exclude stock compensation expense, impairment of goodwill, intangible assets, and digital assets, legal expense, realized and unrealized gains (losses), net, on equity investments, gain (loss) on disposal of assets, unrealized gains (losses) on liabilities at fair value (convertible debt, warrants), foreign currency exchange gain (loss), transaction expenses, and other miscellaneous income. See “— Non-GAAP Financial Measures” below for a reconciliation of our Adjusted EBITDA to net loss from continuing operations, the most closely comparable GAAP measure and additional information about the limitations of our non-GAAP measures.

Adjusted EBITDA is used by management to evaluate our core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. This measure is also commonly used by investors and analysts to compare the underlying performance of companies in our industry. We believe this measure provides investors with meaningful period over period comparisons of our underlying performance, adjusted for certain charges that are non-recurring, non-cash, not directly related to our revenue-generating operations.

Key Components of Revenue and Expenses

Revenue

Transaction and Treasury Services Revenue

Transaction and Treasury Services revenue is currently earned via three different services and product types: Transaction Services, Integration Services, and Yield Services. While each of these services provide a

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different value proposition for customers, they are materially driven by the Circle Account and ultimately the adoption of the Circle Account infrastructure for processing transactions and executing commerce.

Transaction Services relate to the processing of USDC-native payments, payouts to sellers, vendors or users, ledger management and custody services. Transaction Services are provided primarily through Circle API Services, which provide a powerful suite of payments and banking infrastructure products and APIs in one unified platform. Revenue earned is either volume-based or subscription-based. Volume-based revenue makes up the majority of Transaction Services revenue today and is driven by TTV. Subscription-based revenue is earned based on agreements with customers, typically billed on a month-to-month basis, granting them access to our APIs and payment processing services.

Integration Services revenue is earned in connection with connecting and integrating Circle products, such as USDC and the Circle Account, with third-party technology platforms. To date, Integration Services revenue has been by assisting third-party public blockchains with the implementation of USDC and the integration of the Circle Account and Circle API Services on their blockchain, in exchange for fees. The majority of these fees are typically recognized upon completion of the implementation, which may take three to six months, depending on the complexity of the blockchain system.

Yield Services, which launched in the second quarter of 2021, is designed to allow businesses to deposit USDC to earn attractive yield on their corporate balance sheet via their Circle Account or offer the same experience at scale to end users.

USDC Interest Income

As the sole minting issuer of USDC, we expect to generate meaningful economic benefits directly from the growth of USDC as a digital asset. We earn interest income on the US dollar-denominated assets held in the reserves that back USDC. This activity is subject to bank supervisory and money transmission standards where Circle is regulated, as well as a series of more conservative reserve and asset management standards established in collaboration with Centre.

As a part of our partnership with Coinbase, interest income earned on USDC is subject to a revenue share agreement. We record all USDC interest income on a gross basis before the impact of the sharing of income with Coinbase.

SeedInvest Revenue

SeedInvest offers a digital platform for companies to raise capital through equity offerings directly on the internet and seeks to capitalize on interest in the digitization of early-stage investing. SeedInvest earns revenue primarily through investment banking fees paid by the issuers and transaction processing fees paid by the investors. Should an offering fail to successfully close, no fees are charged and we do not record any such revenue. As of March 31, 2021, all transactions on the SeedInvest platform have been consummated in accordance with either Regulation A, which allows private companies to raise up to $75 million from the public, Regulation D, which allows private companies to raise an unlimited amount of funds directly from accredited investors, or Regulation CF, which allows private companies to raise up to $5 million from the public.

For most transactions, 7.5% of the total amount raised is remitted to us in the form of cash investment banking fees. These fees are earned upon each applicable closing of an offering, which occurs when the issuer receives its funds. In addition, for most offerings, we also receive an equity stake in the respective company equal to 5.0% of the amount of capital raised through our platform. The equity stake is classified as a component of the investment banking fee and is recorded based upon the total equity raised on our platform.

We also earn transaction processing fees from the investors in return for facilitating the transfer of their capital to issuers. For a given investment, investors are charged the lesser of 2% of their investment amount and $300 per investor. These fees are recognized upon the successful transmittal of capital from investors to escrow. This fee covers various administrative costs associated with processing investments on

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behalf of investors. Should an investor commit to fund an issuer that ultimately does not meet its minimum fundraising goal and/or is no longer deemed to be a suitable investment, the investor is not charged and we do not earn a fee.

Over the near term, we expect investment banking fees to continue to be the major driver of SeedInvest revenue. As these fees are a direct function of Closed Investment Volume, these revenues are dependent on our ability to continue to attract issuers, particularly those seeking larger transactions, to our platform.

Third-party Transaction Costs

Transaction and Treasury Services Costs

Transaction and Treasury Services costs are primarily comprised of payment processing costs such as interchange fees, ACH fees, chargebacks, and wire fees paid to third-party fiat payment processors and third-party credit card companies. These costs are primarily driven by volume-based Transaction Services. As we continue to scale our business and pursue certain strategic initiatives to improve our unit economics, Transaction and Treasury Services costs as a percentage of volume-based Transaction Services may be reduced.

USDC Income Sharing and Transaction Costs

Interest income allocated to Coinbase in accordance with our revenue share agreement is based on the total USDC holdings and the gross issuance of USDC during the prior 365 days and is accounted for as USDC income sharing costs. We have limited control over these costs as they are based on contractual terms with Coinbase; as the volume of USDC issuance and assets held on respective platforms by Circle and Coinbase increase, we expect USDC income sharing costs to increase.

We may sometimes also enter into revenue share agreements to incentivize certain digital asset exchanges or other digital asset market-makers to tokenize and hold USDC on their platform (“USDC Rebate”). Pursuant to these agreements, a portion of the interest income earned on the fiat currency reserves held in custody accounts by us is shared with the exchanges which is recorded as USDC transaction costs. We do not expect this to be a material expense going forward as USDC has seen tremendous organic growth, but we may utilize these incentives in certain strategic partnerships in support of widening the adoption, merchant acceptance and prevalence of USDC on exchanges, which in turn supports the flywheel of digital assets and related activities for USDC.

We also incur USDC transaction costs to pay for the blockchain network transaction fees necessary to complete transactions on supported blockchains. For a given blockchain, we purchase the necessary digital assets in advance and, upon initiation of a transaction, we pay blockchain transactions fees using our inventory of digital assets. Historically these expenses have not been material to our financial results. However, we expect this expense to increase going forward due to increases in volume and rising fees on certain popular blockchain networks.

Operating Expenses

Compensation Expenses

Compensation expenses are primarily driven by employee compensation, including salaries and wages, stock-based compensation, bonuses, pension contribution expenses, commissions, and severance payments. As we expand our business and team, we expect compensation expenses to increase.

General and Administrative Expenses

General and administrative expenses include costs incurred to support our business operations. Specifically, expenses incurred related to rent, insurance policies, dues and subscriptions, professional services, bank fees, and travel and business lodging.

We expect general and administrative expenses to grow as we continue to invest to support the overall growth of our business. In addition, following the consummation of the business combination, we expect to incur additional general and administrative expenses as a result of operating as a public company.

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Depreciation and Amortization Expenses

Depreciation and amortization expenses are incurred primarily from the amortization of internally developed software. We also incur amortization expense from the amortization of intangible assets held by the SeedInvest segment such as the technology platform, customer relationships, brand names, and licenses.

We expect that our depreciation and amortization expenses will increase in future periods as we continue to invest in the development of our various digital platforms.

IT Infrastructure Costs

IT infrastructure costs include costs incurred in operating and maintaining our platform, including network, website hosting, and infrastructure costs. IT infrastructure costs also include software and technology costs incurred to support our general business operations including cloud hosting costs, cyber security, electronic communications archiving software, change management, and compliance technology such as AML and KYC software.

Digital Assets Impairment

Digital assets are accounted for as intangible assets in accordance with ASC 350, Intangibles — Goodwill and Other. As there is no inherent limit imposed on the useful life of digital assets, they are classified as indefinite-lived intangible assets and are not subject to amortization. Instead, they are tested for impairment annually on December 31, or more frequently if events or circumstances change that indicate that it’s more likely than not that the asset is impaired (i.e., if an impairment indicator exists). We recognize impairment on digital assets to the extent the carrying value of the digital asset exceed the fair value of the digital asset.

We hold digital assets at the corporate level because, for certain services we perform such as Integration Services, our customers may pay us in digital assets. To the extent customers compensate us in the form of digital assets, and we continue to hold these digital assets, we may incur impairment losses.

Marketing and Advertising Expenses

Marketing and advertising expenses are incurred to drive additional customers to our platform, capitalize on cross-sell opportunities from our user base, and build awareness of our products and brand with the objective of growing our customer base.

We plan to significantly increase our investment in marketing and advertising in the near term as our business continues to grow.

Goodwill Impairment

Goodwill impairment results primarily from declines in the fair value of a reporting unit which has goodwill.

We review and evaluate our goodwill for potential impairment at a minimum annually, on December 31, or more frequently if circumstances indicate that impairment is possible. When we conclude that it is more likely than not that the fair value of a reporting unit containing goodwill is less than its carrying value, the goodwill balance is written down. Concurrently, we record a goodwill impairment loss to the extent the carrying value of the reporting unit exceeds the fair value of the reporting unit.

Other income, net

Other income, net is comprised of multiple income (expense) categories including, but not limited to, the following:

•

Income received for the administration of dormant accounts

•

Subleasing income

•

Reimbursement of expenses in connection with Centre

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•

Mark-to-market adjustments on outstanding warrants

•

Mark-to-market gains (losses) related to the investment in Centre

•

Interest expense; net of accretion of discounts and amortization of premiums

Income tax expense/(benefit for income taxes)

Income tax expense/(benefit for income taxes) includes income taxes related to foreign jurisdictions and U.S. Federal and state income taxes.

As we conduct business activities internationally, any changes in the U.S. and foreign taxation of such activities may increase our overall provision for income taxes in the future.

Results of Operations

We discuss our historical results of operations below, on a consolidated basis and by segment. Past financial results are not necessarily indicative of future results.

Three Months Ended March 31, 2021 Compared to Three Months Ended March 31, 2020

The following table sets forth a summary of our unaudited consolidated results of operations for the months indicated, and the changes between periods. These unaudited quarterly results of operations have been prepared on the same basis as our audited consolidated financial statements included elsewhere in this proxy statement/prospectus. In the opinion of management, the financial information set forth in the table below reflects all normal recurring adjustments necessary for the fair statement of results of operations for these periods. The following unaudited quarterly consolidated results of operations should be read together with our consolidated financial statements and related notes, included elsewhere in this proxy statement/prospectus.

	Three months ended March 31,
	2021			2020		$ Change			% Change
	(in thousands, except percentages)
Revenue and USDC interest income
Transaction and Treasury Services		$	11,465		—		$	11,465		n.m
USDC interest income			3,168		1,289			1,879		145.8%
SeedInvest revenue			2,641		813			1,828		224.8%
Total revenue and USDC interest income from continuing operations			17,274		2,102			15,172		721.8%
Third-party transaction costs
Transaction and Treasury Services costs			6,951		—			6,951		n.m
USDC income sharing and transaction costs			2,024		601			1,423		236.8%
Total third-party transaction costs			8,975		601			8,374		n.m
Operating expenses
Compensation expenses			7,015		5,342			1,673		31.3%
General and administrative expenses			5,466		3,900			1,566		40.2%
Depreciation and amortization expense			934		1,152			(218)		-18.9%
IT infrastructure costs			933		1,072			(139)		-13.0%
Marketing and advertising expenses			229		111			118		106.3%
Digital assets impairment			9		151			(142)		-94.0%
Total operating expenses			14,586		11,728			2,858		24.4%
Operating loss from continuing operations			(6,287)		(10,227)			3,940		-38.5%

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	Three months ended March 31,
	2021		2020		$ Change		% Change
	(in thousands, except percentages)
Other income, net		684		5,537		(4,853)		-87.6%
Net loss before income taxes		(5,603)		(4,690)		(913)		19.5%
Income tax expense/(benefit for income taxes)		3,852		(3,791)		7,643		-201.6%
Net loss from continuing operations		(9,455)		(899)		(8,555)		951.4%
Discontinued operations, net of taxes
Gain from operations of discontinued Circle Trade business		—		60		(60)		n.m
Gain from operations of discontinued Circle Invest business (including gain on disposal of $0.6 million for the three months ended March 31, 2020)		15		733		(718)		-98.0%
Net loss		(9,440)		(106)		(9,334)		n.m.

n.m. = not meaningful

Revenue

Transaction and Treasury Services. Transaction and Treasury Services revenue was $11.5 million in the three months ended March 31, 2021. There was no Transaction and Treasury Services revenue recognized in the three months ended March 31, 2020 as Transaction Services did not launch until the third quarter of 2020 and we did not recognize Integration Services revenue until the second quarter of 2020.

USDC interest income. USDC interest income increased $1.9 million, or 145.8%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020, primarily driven by an increase of 1,507.8% in USDC in Circulation. This increase was largely offset by the significant decrease in interest rates. Historically, the interest earned on the US dollar denominated reserves backing USDC has approximated the Federal Funds Rate, which decreased 93.7% from the three months ended March 31, 2020 to the three months ended March 31, 2021.

SeedInvest revenue. SeedInvest revenue increased $1.8 million, or 224.8%, in the three months ended March 31, 2021. The increase was primarily attributable to a $1.5 million increase in investment banking fees and a $0.3 million increase in transaction processing fees. The increased investment banking fees and transaction processing fees were driven by a 266.6% increase in Closed Investment Volume in the three months ended March 31, 2021 compared to the three months ended March 31, 2020. Specifically, the Closed Investment Volume attributable to Regulation A offerings increased from $5.1 million during the three months ended March 31, 2020 to $20.5 million during the three months ended March 31, 2021. Additionally, the Closed Investment Volume on Regulation D offerings increased by $2.3 million between these two periods.

Third-party Transaction Costs

Transaction and Treasury Services costs. We did not earn any Transaction and Treasury Services revenue during the three months ended March 31, 2020 for the reasons described above and therefore there were no Transaction and Treasury Services costs reported during this period. Transaction and Treasury Services costs were $7.0 million in the three months ended March 31, 2021, driven by $44,799 million of TTV, and was primarily composed of third-party interchange, network, and other fees related to transaction processing for Circle Accounts.

USDC income sharing and transaction. USDC income sharing and transaction costs increased $1.4 million, or 236.8%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020. The increase was driven by the increase in USDC interest income earned during the first three months of 2021 for the reasons described above. As a direct result of the growth in USDC interest income, the USDC income sharing costs increased during the period.

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Operating Expenses

Compensation expenses. Compensation expenses increased by $1.7 million, or 31.3%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020. This $1.7 million increase in salaries, commissions, bonuses, payroll taxes and benefits largely due to a 43.4% rise in headcount to meet the needs for the strong growth and business development experienced in the first quarter of 2021.

General and administrative expenses. General and administrative expenses increased by $1.6 million, or 40.2%, in the three months ended March 31, 2021. The increase in general and administrative expenses for the three months ended March 31, 2021 was primarily driven by the accrual of $0.9 million of estimated state-imposed penalties resulting from a delay in escheatment payments to customers related to our legacy businesses and $0.7 million of increased professional services fees driven by legal fees incurred in the first quarter of 2021 in support of the ongoing legal matters related to our legacy Poloniex business as described in “— Significant Events and Transactions — Sale of Poloniex”. We incurred an additional $0.2 million of bank charges and insurance relative to the same period in 2020, which was a function of the growth and expansion of our company and products.

These increases were partially offset by a $0.4 million decrease in rent expenses for the first three months of 2021 as the majority of our employees continued working remotely in response to the COVID-19 pandemic.

Depreciation and amortization expenses. Depreciation and amortization expenses declined by $0.2 million, or 18.9%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020. This decrease was due to the revision of our business strategy and operations in late 2019 and early 2020. During this time of transition, our operations were lean in the three months ending March 31, 2020 relative to the same three months in 2021, resulting in less prepaid expenses subject to depreciation, such as furniture and fixtures, leasehold improvements, and computers. In addition, certain expenses which were capitalized in periods prior to 2020 were fully depreciated or amortized by 2021 which led to the reduction in this expense.

Beginning in 2021, we have resumed investing in the growth of our technology platform which has increased the capitalized expenses balance. Therefore, we expect depreciation and amortization expenses to increase in future periods.

IT infrastructure costs. IT infrastructure costs decreased by $0.1 million, or 13.0%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020, driven primarily by the changes to our business model. In the first quarter of 2020, we incurred IT infrastructure costs in part to support divested businesses. As we stopped maintaining these products and services throughout 2020 and into 2021, our IT infrastructure costs decreased. Additionally, the costs incurred in the first quarter of 2021 related to our internally developed software moved from the planning stage to the application development stage and were therefore capitalized. As we continue to ramp up our operations to support the growth of our technology platform, we expect IT infrastructure costs to increase in future periods.

Marketing and advertising expenses. Marketing and advertising expenses increased by $0.1 million, or 106.3%, in the three months ended March 31, 2021, mainly driven by the increased business operations in the first quarter of 2021 as we were in the process of transitioning our business model. As we continue to grow our business, we expect our marketing and advertising expenses to increase significantly to help drive awareness and demand for our products.

Digital assets impairment. Digital assets impairment decreased by $0.1 million, or 94.0%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020. This fluctuation is due to the recognition of impairment expense in the first quarter of 2020 due to the depressed prices of digital assets in March 2020. In contrast, the three-month period ending March 31, 2021 generally saw digital asset prices steadily increase. Therefore, a minimal amount of impairment expense was recorded for this period.

Other income, net. Other income, net decreased by 4.9 million, or 87.6%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020. The decrease in other income, net was primarily driven by a $18.6 million period-over-period increase in the fair value, and the associated liability, of our outstanding convertible debt, as well as the reversal of $13.5 million unrealized gains which

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were previously recorded in relation to our shares of Voyager Digital, and $3.5 million of debt issuance expenses related to the convertible debt issued in March 2021. This was partially offset by a $26.1 million realized gain resulting from the sale of our shares in Voyager Digital, and a $5.5 million gain on the sale of certain of our corporate digital asset holdings.

Income tax expense/(benefit for income taxes). Income tax expense/(benefit for income taxes) increased by $7.6 million in the three months ended March 31, 2021 compared to the same three months of the prior year which was primarily driven by $3.7 million of income tax benefit associated with net operating loss carryback claims made in 2020 after passage of the Coronavirus Aid, Relief, and Economic Security Act relative to $4.1 million of capital gains tax recorded upon the sale of our shares in Voyager Digital during the first quarter of 2021.

Discontinued operations, net of taxes

Gain from operations of discontinued Circle Trade business. Gain from operations of discontinued Circle Trade business was substantially unchanged during the three months ended March 31, 2021 from the same period in the prior year.

Gain from operations of discontinued Circle Invest business (including gain on disposal of $0.6 million for the three months ended March 31, 2020) Gain from operations of discontinued Circle Invest business (including gain on disposal of $0.6 million for the three months ended March 31, 2020) decreased by $0.7 million, or 98.0%, in the three months ended March 31, 2021 compared to the three months ended March 31, 2020.

Year Ended December 31, 2020 Compared to Year Ended December 31, 2019

The following table sets forth a summary of our consolidated results of operations for the years indicated, and the changes between periods.

	Year ended December 31,
	2020			2019		$ Change			% Change
	(in thousands, except percentages)
Revenue and USDC interest income
Transaction and Treasury Services		$	2,589		—		$	2,589		n.m
USDC interest income			4,435		6,232			(1,797)		-28.8%
SeedInvest revenue			8,417		3,191			5,226		163.8%
Total revenue and USDC interest income from continuing operations			15,441		9,423			6,018		63.9%
Third-party transaction costs
Transaction and Treasury Services costs			785		—			785		n.m
USDC income sharing and transaction costs			2,826		4,908			(2,082)		-42.4%
Total third-party transaction costs			3,611		4,908			(1,297)		-26.4%
Operating expenses
Compensation expenses			18,932		43,460			(24,528)		-56.4%
General and administrative expenses			13,916		19,120			(5,204)		-27.2%
Depreciation and amortization expense			4,500		4,495			5		0.1%
IT infrastructure costs			3,716		5,823			(2,107)		-36.2%
Digital assets impairment			1,256		—			1,256		n.m
Marketing and advertising expenses			400		879			(479)		-54.5%
Goodwill impairment			—		13,947			(13,947)		-100.0%
Total operating expenses			42,720		87,724			(45,004)		-51.3%

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	Year ended December 31,
	2020		2019		$ Change		% Change
	(in thousands, except percentages)
Operating loss from continuing operations		(30,890)		(83,209)		52,319		-62.9%
Other income, net		13,692		64,660		(50,968)		-78.8%
Net loss before income taxes		(17,198)		(18,549)		1,351		-7.3%
Income tax expense/(benefit for income taxes)		115		7,731		(7,616)		-98.5%
Net loss from continuing operations		(17,313)		(26,280)		8,967		-34.1%
Discontinued operations, net of taxes
Gain (loss) from operations of discontinued Circle Trade business (including gain on disposal of $1.9 million and income tax expense of $0.9 million for the year ended December 31, 2019)		(58)		3,268		(3,326)		-101.8%
Gain (loss) from operations of discontinued Poloniex business (including loss on disposal of $156.8 million for the year ended December 31, 2019)		20,431		(155,796)		176,227		-113.1%
Gain from operations of discontinued Circle Invest business (including gain on disposal of $0.6 million for the year ended December 31, 2020 and income tax expense of $0 million for the year ended December 31, 2019)		730		243		487		200.4%
Net Income (loss)		3,790		(178,565)		182,355		-102.1%

n.m. = not meaningful

Revenue

Transaction and Treasury Services. Transaction and Treasury Services revenue was $2.6 million in 2020. There was no Transaction and Treasury Services revenue recognized in 2019 as the Circle API Services platform was launched in July 2020 and we did not recognize any revenue related to Integration Services revenue until the second quarter of 2020.

USDC interest income. USDC interest income declined $1.8 million, or 28.8%, in 2020 as compared to the prior period. This was primarily driven by a steep decline in interest rates in 2020. Historically, the interest earned on the US dollar denominated reserves backing USDC has approximated the Federal Funds Rate which decreased 82.6% from 2019 to 2020. This decrease was partially offset by a 671.4% increase of USDC in Circulation.

SeedInvest revenue. SeedInvest revenue increased $5.2 million, or 163.8%, in 2020. The increase was primarily attributable to a $4.1 million increase in investment banking fees and a $1.1 million increase in transaction processing fees. The increased investment banking fees and transaction processing fees were driven by a 160.7% increase in Closed Investment Volume in 2020. Specifically, the Closed Investment Volume increased beginning in the second quarter of 2020, driven by an increase in the number and size of Reg A+ transactions. This increase in Closed Investment Volume drove increased transaction fees received from investors and larger investment banking fees received from issuers.

Third-party transaction costs

Transaction and Treasury Services costs. We did not recognize any Transaction and Treasury Services revenue until 2020 and therefore there were no Transaction and Treasury Services costs reported in 2019. Transaction and Treasury Services costs were $0.8 million in 2020, driven by $10,081 million of TTV, and was primarily composed of third-party interchange, network, and other fees related to transaction processing for the Circle Accounts.

USDC income sharing and transaction costs. USDC income sharing and transaction costs decreased $2.1 million, or 42.4%, in 2020. The decrease was driven principally by our decision to reduce our utilization

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of the USDC Rebate program offered to market-makers and exchanges, which led to a $3.1 million decline from 2019 to 2020. The decrease in USDC income sharing and transaction costs was partially offset by a $1.0 million increase in the interest income allocated to Coinbase in 2020.

Operating expenses

Compensation expenses. Compensation expenses decreased by $24.5 million, or 56.4%, in 2020 compared to 2019. This decrease was largely due to a 58.6% year-over-year reduction in average headcount resulting from the Poloniex and Circle Trade sales in late 2019. This decrease was partially offset by an increase in the hiring of employees in the second half of 2020 as we began to scale our core business offerings.

General and administrative expenses. General and administrative expenses declined by $5.2 million, or 27.2%, in 2020. General and administrative expenses in 2019 were primarily driven by $3.5 million of transaction expenses incurred on behalf of customers of the Circle Pay platform. As Circle Pay ceased operations in 2019, we did not incur any such costs in 2020. The decline was also the result of a $2.1 million decline in the expenses associated with business travel and lodging, office supplies, and employee meals due to a reduction in headcount and the remote working environment for the majority of the year. The decline was slightly offset by a $0.2 million increase in professional services fees incurred to support the expansion of our business operations as we rolled out new products in 2020.

Depreciation and amortization expenses. Depreciation and amortization expenses were relatively unchanged in 2020 compared to the prior period.

IT infrastructure costs. IT infrastructure costs decreased by $2.1 million, or 36.2%, in 2020 compared to 2019, driven primarily by the changes to our business model. The Circle Trade Sale and Circle Invest Sale decreased our technological footprint and, as a result, the requirements needed to support our technology infrastructure, such as web hosting services, identity verification software, and push notification software, were reduced.

Digital assets impairment. Digital assets impairment was $1.3 million in 2020. We did not record any digital assets impairment loss in 2019. During 2020, we received payments in the form of digital assets for Integration Services performed. The impairment loss recognized in 2020 was primarily due to the decline in the fair value of these digital assets below their cost basis during the year.

Marketing and advertising expenses. Marketing and advertising expenses decreased by $0.5 million, or 54.5%, in 2020, mainly driven by the shift in our business model as, historically, our marketing and advertising spend were in support of the now discontinued Poloniex and Circle Pay products.

Goodwill impairment. Goodwill impairment was $13.9 million in 2019. We did not record any goodwill impairment loss in 2020. In 2019, we recognized $13.9 million of impairment loss attributable to the SeedInvest segment due to loss of synergies after the Poloniex Sale and lower than expected revenues in 2019.

Other income, net. Other income, net decreased $51.0 million, or 78.8%, in 2020 compared to the previous year. Other income reported in 2019 was largely driven by the $59.5 million one-time gain resulting from a change in the fair value of the warrants issued in connection with the acquisition of Poloniex. The decrease in other income, net was also driven by the $3.5 million increase in the fair value, and the associated liability, of our outstanding convertible debt in 2020. The decrease in other income, net was partially offset by a $13.2 million unrealized gain on the shares in Voyager Digital recognized in 2020.

Income tax expense/(benefit for income taxes). Income tax expense declined by $7.6 million, or 98.5%, in 2020 compared to the prior year primarily due to the addition of an $8.0 million valuation allowance against certain of our deferred tax assets in 2019 which was partially offset by current income tax benefit from NOL carryback made in 2020 after the passage of the CARES Act.

Discontinued operations, net of taxes

Gain (loss) from operations of discontinued Circle Trade business (including gain on disposal of $1.9 million). 2019 gain from operations of discontinued Circle Trade business (including gain on disposal

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of $1.9 million) was $3.3 million compared to a loss of $0 million in 2020 representing a decrease of $3.3 million, or 101.8%.

Gain (loss) from operations of discontinued Poloniex business (including loss on disposal of $156.8 million). 2019 loss from operations of discontinued Poloniex business (including loss on disposal of $156.8 million) was $155.8 million compared to a gain of $20.4 million in 2020 representing a decrease of $176.2 million, or 113.1%.

Gain from operations of discontinued Circle Invest business (including gain on disposal of $0.6 million). Gain from operations of discontinued Circle Invest business (including gain on disposal of $0.6 million) increased by $0.5 million, or 200.4%, in 2020 compared to 2019.

Non-GAAP Financial Measures

The non-GAAP financial measure described in this proxy statement/prospectus should be considered only as a supplement to the results prepared in accordance with GAAP and should not be considered as substitutes for GAAP results. This measure, Adjusted EBITDA, has not been calculated in accordance with GAAP and is therefore not necessarily indicative of our trends or profitability in accordance with GAAP. This measure excludes or otherwise adjusts for certain cost items that are required by GAAP. Further, this measure may be defined and calculated differently than similarly-titled measures reported by other companies, making it difficult to compare our results with the results of other companies. We caution investors against undue reliance on our non-GAAP financial measure as a substitute for our results in accordance with GAAP.

Management uses this non-GAAP financial measure, in conjunction with GAAP financial measures to: (i) monitor and evaluate the growth and performance of our business operations; (ii) facilitate internal comparisons of the historical operating performance of our business operations; (iii) facilitate external comparisons of the results of our overall business to the historical operating performance of other companies that may have different capital structures or operating histories; (iv) review and assess the performance of our management team and other employees; and (v) prepare budgets and evaluate strategic planning decisions regarding future operating investments.

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to our net loss from continuing operations, the most closely comparable GAAP financial measure, for the periods indicated:

	Three months ended March 31,
	2021			2020
	(in thousands)
Net loss from continuing operations		$	(9,455)		$	(899)
Adjusted for:
Depreciation and amortization expense			934			1,152
Interest expense, net of amortization of discounts and premiums			1,268			445
Interest income(1)			(3)			(36)
Income tax expense/(benefit for income taxes)			3,852			(3,791)
EBITDA			(3,404)			(3,129)
Adjusted for:
Stock compensation expense			474			699
Impairment of goodwill, intangible assets, and digital assets			9			151
Legal expense(2)			829			726
Realized and unrealized (gains) losses, net, on equity investments(3)			(12,394)			96
(Gain) loss on disposal of assets(4)			(5,525)			12
Unrealized (gains) losses on liabilities at fair value (convertible debt, warrants)(5)			13,300			(5,409)

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	Three months ended March 31,
	2021		2020
	(in thousands)
Foreign currency exchange (gain) loss		175		(31)
Transaction expenses(6)		3,451		—
Other miscellaneous income(7)		(157)		(536)
Adjusted EBITDA		(3,242)		(7,421)

(1)

For the avoidance of doubt, this amount does not include the impact of USDC interest income

(2)

Reflects one-time legal fees incurred in connection with the settlement of the acquisition of Poloniex from Ophelix. Refer to Note 20 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for a summary of this legal matter.

(3)

Includes, in the three months ended March 31, 2021, the realized gain recorded on the sale of Voyager Digital shares net of previously recorded unrealized gains and, in the three months ended March 31, 2021 and March 31, 2020, the loss on equity-method investments

(4)

Reflects the gain (loss), net on the sale of fixed assets and digital assets outside the ordinary course of business

(5)

Reflects changes in the fair value of our convertible debt and warrant liabilities

(6)

Reflects one-time transaction fees incurred in connection with the 2021 Convertible Notes

(7)

Comprised of revenues and expenses associated with transition services provided to PDAL in connection with the Poloniex Sale, one-time gain on stock settlement expense related to the acquisition of Poloniex, and gains on digital assets between the time a contract was signed and the receipt of digital assets in connection with Integration Services delivered

	Year ended December 31,
	2020			2019
	(in thousands)
Net loss from continuing operations		$	(17,313)		$	(26,280)
Adjusted for:
Depreciation and amortization expense			4,500			4,495
Interest expense, net of amortization of discounts and premiums			3,363			3,453
Interest income(1)			(199)			(417)
Income tax expense			115			7,731
EBITDA			(9,534)			(11,018)
Adjusted for:
Stock compensation expense			3,583			6,872
Impairment of goodwill, intangible assets, and digital assets			1,256			13,947
Legal expense(2)			2,277			511
Realized and unrealized gains, net, on equity investments(3)			(12,451)			(2,000)
(Gain) loss on disposal of assets(4)			(165)			6
Unrealized (gains) losses on liabilities at fair value (convertible debt, warrants)(5)			3,624			(61,884)
Foreign currency exchange (gain) loss			138			(407)
Other miscellaneous income(6)			(4,437)			(1,599)
Adjusted EBITDA			(15,709)			(55,572)

(1)

For the avoidance of doubt, this amount does not include the impact of USDC interest income.

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(2)

(3)

Includes, in 2020, unrealized gain on investments in Voyager Digital and loss on equity-method investments and, in 2019, the gain on exchange of intellectual property for the Centre investment.

(4)

Reflects the gain (loss), net on the sale of fixed assets and digital assets outside the ordinary course of business.

(5)

Reflects changes in the fair value of our convertible debt and warrant liabilities.

(6)

Liquidity and Capital Resources

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including our working capital and capital expenditure needs and other commitments. Our recurring working capital requirements relate mainly to our cash operating costs. Our capital expenditure requirements consist mainly of software development related to our blockchain payments infrastructure.

We had $62.0 million in cash and cash equivalents as of March 31, 2021. We believe our operating cash flows, together with our cash on hand, the proceeds of our debt financing (discussed below under “Debt”) and the cash proceeds from the Business Combination and the related private placement, will be sufficient to meet our working capital and capital expenditure requirements for a period of at least twelve months from the date of this proxy statement/prospectus.

On a pro forma basis, assuming the Business Combination closed on that date, our cash and cash equivalents would have amounted to between approximately $779.3 million and $1,030.0 million as of March 31, 2021, depending on the extent of pre-consummation redemptions by Concord’s shareholders. We expect our capital expenditures and working capital requirements to continue to increase in the immediate future, as we continue to invest in the expansion of our products and services. To the extent that our current resources are insufficient to satisfy our cash requirements due to factors including, but not limited to, changing business conditions or other developments, including unanticipated regulatory developments and competitive pressures, we may need to seek additional equity or debt financing. If the needed financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to scale back our existing operations, which could have an adverse impact on our business and financial prospects.

Off Balance Sheet Arrangements

As of December 31, 2020 and 2019 and as of March 31, 2021 and 2020, we held digital assets on behalf of customers in wallets in our custody or with selected custodians, which are not recognized on the consolidated balance sheets. Such digital assets held on behalf of our customers do not meet the definition of an asset as we do not receive any financial benefits under these arrangements. Digital assets held on behalf of our customers are not reasonably likely to have a current or future material effect on our financial performance or liquidity.

Debt

Refer to Note 11 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for a summary of our outstanding debt as of March 31, 2021.

PPP loan

On May 6, 2020, we entered into an agreement with Silicon Valley Bank to receive a loan of $1.8 million under the Paycheck Protection Program as part of the CARES Act and administered by the Small Business Administration (“SBA”) (“the PPP Loan”). The PPP Loan matures on May 6, 2022 and has an annual interest rate of 1.0%. Payments on the PPP Loan were not due during the six-month period beginning May 6,

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2020 (“Deferral Period”). Principal and interest payments commenced one month following the expiration of the Deferral Period. In accordance with the loan terms, the borrowed funds are required to be used to retain our workers, maintain our payroll, or make mortgage payments, lease payments, and utility payments. Loan forgiveness may be provided if we meet certain criteria defined by SBA. At any time without penalty or premium, we may prepay the PPP Loan. On March 4, 2021, we repaid the remaining principal and associated interest of $1.8 million.

Poloniex Acquisition Loan

On February 21, 2018, we entered into a loan agreement with Silicon Valley Bank for $20.0 million, at an 8.0% interest rate, less discounts of $1.5 million to facilitate the acquisition of Poloniex (“Poloniex Acquisition Loan”). The Poloniex Acquisition Loan’s maturity date was February 21, 2021, however we repaid the loan in full in November 2019. In connection with the loan, we issued to the lenders warrants to purchase an aggregate of 1.5 million ordinary shares of Circle at an exercise price of $16.23 per share. The warrants expire seven years from the date of issuance. The warrants remain outstanding after repayment of the loan.

Genesis Loan

On July 16, 2020 (“Loan Effective Date”), we executed an agreement with Genesis Global Capital, LLC (“Genesis”), where Genesis will lend us USDC or any stablecoin (“Digital Currency”) or USD (collectively “Loaned Assets”). As part of the agreement, we have agreed to pay interest (“Loan Fee”) and return any Digital Currency or USD to Genesis at the termination of the agreement. On the Loan Effective Date, we received a $25.0 million two-year note (“Genesis Loan”) from Genesis, which matures on July 16, 2022 (“Maturity Date”). The Genesis Loan carries an annual Loan Fee of 15.5%, provided that on September 30, 2020 (the “Reset Date”) we had less than $10.0 million of debt to creditors other than Genesis that rank pari passu on the balance sheet (on a proforma, unaudited basis) with the Loaned Assets. If this condition was not met, the Loan Fee payable on the Genesis Loan shall be 16.8% effective retroactively to the Loan Effective Date. As of September 30, 2020, the debt to creditors that Genesis ranked pari passu to was greater than $10.0 million and, accordingly, the Loan Fee was 16.8% for the period.

We have the option to prepay the loan. In order to do so, we must notify Genesis at least two business days prior to the date on which we will repay all or a portion of the loan balance.

The Genesis Loan is subject to customary affirmative and negative covenants, including limits on the incurrence of debt and restrictions on acquisitions, sales of assets, dividends and certain restricted payments.

On October 19, 2020, we executed an amendment to the agreement dated July 16, 2020, which amended certain provisions related to the Loan Fee charged on the outstanding loan. Specifically, if we reach certain milestones as defined in the amendment, the Loan Fee shall be reduced based on the terms specified within the amended agreement. The initial milestone will result in a reduction of the Loan Fee to 9.0%, upon (a) the establishment of the Circle Yield platform and (b) our loan of $20 million in current outstanding customer assets to Genesis. The Loan Fee will be further reduced to the extent we increase the amount of current outstanding customer assets to Genesis. The final milestone will be reached upon loaning $500 million in current outstanding customer assets, upon which the Loan Fee will be reduced to 0.3%.

Convertible Debt and Embedded Derivatives

In February 2018, we entered into a Convertible Promissory Agreement (the “Agreement”) and a Warrant Purchase Agreement to authorize the issuance of $69.4 million in convertible promissory notes (the “2018 Notes”) as well as warrants to certain investors. The 2018 Notes had a maturity date of two years and an annual interest rate of 8.0% and included certain conversion provisions requiring conversion upon the next equity financing at a conversion price per share equal to seventy-five percent of the price per new share or an elective conversion into Series D preferred at a conversion price per share equal to $2.76.

In May 2018, the 2018 Notes were converted into Series E preferred shares at a price of $16.23 per share as required per the Agreement. The warrants issued with the 2018 Notes were legally detachable and

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exercisable. Therefore, the warrants met the definition of freestanding and are not embedded in the 2018 Notes. These warrants were classified as long-term liability and were recorded at a fair value of $0.1 million on December 31, 2019. The warrants expired unexercised in February of 2020 and as such, no value related to the warrants was recorded on the consolidated balance sheets for all subsequent dates.

On March 1, 2019, we entered into an agreement with North Capital Private Securities Corporation (the “Holder”) to issue two convertible promissory notes in connection with the SeedInvest Acquisition (collectively, the “2019 Convertible Notes”). Pursuant to the agreement, we agreed to pay the Holder the principal amount together with any interest on the unpaid principal balance for the two notes beginning on the date of the agreement.

•

The first note has a principal amount of $24.0 million and is convertible into Series E preferred shares subject to the conversion provisions in the agreement (collectively, the “First 2019 Note”). The First 2019 Note matures on March 1, 2026, unless earlier converted, and has an annual interest rate of 2.9% due annually in arrears on the last day of each calendar year. At any time during the term and at the sole discretion of the Holder, but only once in any given 12 month period, all or a portion of the principal amount with any accrued and unpaid interest (collectively the “Conversion Amount”) can at the election of the Holder be converted into Series E preferred shares. The outstanding Conversion Amount will convert into a specified number of shares of Series E preferred stock at a conversion price per share equal to $16.23.

•

The second note has a principal amount of $10.0 million and is convertible into new shares issued at our next equity financing subject to the conversion provisions in the agreement (collectively, the “Second 2019 Note”). The Second 2019 Note matured on March 1, 2021 and had an annual interest rate of 6.0% due annually in arrears on the last day of each calendar year. Prior to the initial closing of an equity financing subsequent to the issuance of the Second 2019 Note on March 1, 2019, the Holder may at their election convert the principal amount and any accrued interest (“Note Amount”) to new shares at the next equity financing or receive payment in cash of the Note Amount. The outstanding Note Amount will convert into a specified number of shares of new shares at a conversion price per share equal to the lesser of: (i) 80.0% of the price per new share or (ii) the liquidity price as defined in the agreement. On March 1, 2021, we repaid the remaining principal of $10.7 million and interest of $0.1 million related to the Second 2019 Note.

On March 6, 2021, we entered into a convertible note purchase agreement pursuant to which we issued a Convertible Unsecured Promissory Note (“Note”) for $50.7 million. The Note matures on March 8, 2023 and does not accrue interest. We are obliged to repay the outstanding principal amount upon maturity. As of March 31, 2021, the fair value of the Note was $51.0 million.

We subsequently amended the convertible note purchase agreement to provide for several additional closings, which resulted in the sale of approximately $400.3 million of additional Notes.

The terms of the Notes contain several conversion provisions contingent upon specific events occurring within one year of the Initial Closing including consummating a deSPAC transaction, securing qualified financing, securing non-qualified financing, or consummating an Initial Public Offering. The holders may elect to convert the Notes if, at the one-year anniversary of the Initial Closing, we have signed a term sheet for a deSPAC transaction or signed a term sheet to sell the Company to a prospective acquirer.

The consummation of the Business Combination is expected to occur within one year of issuing the Notes. Should this occur, the Note balance will convert into ordinary shares. The number of ordinary shares that the note will convert to is calculated by dividing (i) the outstanding principal amount on the Note by (ii) the lower of:

If the deSPAC transaction is consummated on or prior to October 8, 2021, 80% of the price per share attributable to the ordinary shares in the deSPAC transaction; or if the deSPAC transaction is consummated after October 8, 2021 but prior to March 8, 2022, 75% of the price per share attributable to the ordinary shares in the deSPAC transaction.

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The price obtained by dividing $3,600,000,000 by the number of outstanding ordinary shares immediately prior to the deSPAC transaction (assuming conversion of all securities convertible into ordinary shares and exercise of all issued or outstanding options and warrants, but excluding any of our equity securities issuable upon the conversion of the Notes).

Other commitments and contingencies

Our commitments for facilities leases under non-cancelable operating leases amounted to $4.7 million as of March 31, 2021, of which $1.2 million is payable in 2021. Refer to Note 20 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for a summary of our future commitments. Our headquarters lease expires in 2024. As of the date of this proxy statement/prospectus, we did not have any other material commitments for cash expenditures.

We are involved in claims, lawsuits, government investigations, and proceedings arising from the ordinary course of our business. We record a contingent liability when we believe that it is both probable that a liability has been incurred, and that the amount can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Such legal proceedings are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows. If we determine there is a reasonable possibility that we may incur a loss and the loss or range of loss can be estimated, we disclose the possible loss in the accompanying notes to the consolidated financial statements to the extent material. See “— Critical Accounting Estimates — Loss Contingencies” below for further details.

As of March 31, 2021, we recorded contingent liabilities amounting to $13.9 million. Refer to Note 20 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for a summary of our contingent liabilities. Significant judgment is required to determine both probability and the estimated amount of loss. Such matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows.

Cash flows

The following table summarizes our cash flows for the periods indicated:

	Three months ended March 31,
	2021			2020
	(in thousands)
Net cash (used in) operating activities		$	(3,537)		$	(9,055)
Net cash provided by (used in) investing activities			24,785			1,970
Net cash provided by financing activities			7,176,735			198,971

Operating Activities

In the three months ended March 31, 2021, net cash used by operating activities decreased by $5.5 million compared to the same period of 2020. This decrease was mainly the result of improved profitability in the three months ended March 31, 2021 for the reasons discussed above in the Results of Operations.

Non-cash adjustments increased by $2.6 million period-over-period, driven mainly by one-time transactions. Net loss of $9.4 million for the three months ended March 31, 2021 was decreased by non-cash adjustments to arrive at net cash used in operating activities. Specifically, for the three months ended March 31, 2021, non-cash adjustments included a $26.1 million realized gain resulting from the sale of our shares in Voyager Digital and a $5.5 million gain on the sale of certain of our corporate digital asset holdings. This was partially offset by the reversal of $13.7 million of previously recorded unrealized gains attributable to our investment in Voyager Digital, which was sold during the period, as well as a $13.2 million increase in the fair value of our convertible notes.

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Net loss of $0.1 million for the three months ended March 31, 2020 was further decreased by non-cash adjustments. Primarily, a $5.3 million decrease in the fair value of our convertible notes during the period partially offset by $1.2 million of depreciation and amortization expense related to internally developed software and acquired intangible assets.

Investing Activities

Our capital expenditures have historically consisted mainly of costs incurred in the development of internally developed software.

In the three month ended March 31, 2021, net cash provided by investing activities was $24.8 million, driven mainly by $26.0 million of proceeds received upon the sale of our shares in Voyager Digital and $9.5 million of proceeds from the sale of digital assets, partially offset by payments of $4.5 million to purchase digital assets, $3.8 million settlement payment related to the Ophelix litigation (refer to Note 21 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for additional details), and a $2.4 million payment from the release of an indemnity holdback associated with the SeedInvest Acquisition.

In the three months ended March 31, 2020, net cash provided by investing activities was $2.0 million, and reflected mainly $5.0 million of proceeds received in connection with the Poloniex Sale, partially offset by $1.3 million paid for the purchase of digital assets and by $1.1 million payment from the release of an indemnity holdback associated with the SeedInvest Acquisition.

Financing Activities

Net cash provided by financing activities was $7,176.7 million in the three months ended March 31, 2021, reflecting mainly the receipt of $7,138.3 million of customer deposits and $50.7 million of proceeds from the issuance of the initial Note. The net cash provided by financing activities was partially offset by the repayment of $10.7 million of principal on the Second 2019 Note.

Net cash provided by financing activities was $199.0 million in the three months ended March 31, 2020, primarily reflecting $198.3 million of receipts from deposits held for customers.

Discontinued Operations

See Note 4 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for the cash flows attributable to the discontinued operations for the pertinent periods.

	Year ended December 31,
	2020			2019
	(in thousands)
Net cash (used in) operating activities		$	(14,923)		$	(59,701)
Net cash provided by (used in) investing activities			(17,934)			37,225
Net cash provided by financing activities			3,526,936			242,657

Operating Activities

In 2019 and 2020 the cash used in operating activities exceeded the cash provided by operating activities for the reasons described in the Results of Operations section. Net cash used by operating activities decreased by $44.8 million in 2020 compared to 2019, mainly reflecting improved profitability in 2020 relative to 2019, for the reasons discussed above in the Results of Operations, net of non-cash cost items, and changes in operating working capital.

Non-cash adjustments increased $159.3 million period-over-period, driven by one-time transactions. 2020 net income of $3.8 million was decreased by non-cash adjustments to determine net cash used in operating activities. Primarily, a $33.2 million gain on the extinguishment of debt in connection with the settlement with Ophelix and a $13.2 million unrealized gain on the shares of Voyager Digital.

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2019 net loss of $178.6 million was decreased by non-cash adjustments to determine the net cash used in operating activities. Mainly, a $156.8 million loss on the Poloniex Sale partially offset by a $59.5 million decline in the fair value of warrants issued in connection with the Poloniex acquisition.

Investing Activities

Our capital expenditures have historically consisted mainly of costs incurred in the development of internally developed software.

In 2020, net cash used in investing activities was $17.9 million, and reflected mainly the payment of $20.7 million of contingent consideration in connection with the Poloniex acquisition, partially offset by $10.0 million of additional proceeds received from the Poloniex Sale which had deferred contingent acquisition payments as part of the deal structure. We also purchased $3.9 million of digital assets and capitalized $3.2 million in development costs related to software.

In 2019, net cash provided by investing activities was $37.2 million, and reflected mainly $33.2 million of proceeds received from the Poloniex Sale and $15.4 million received from the disposal of digital assets. We also capitalized $5.5 million in software development costs in 2019.

Financing Activities

Net cash provided by financing activities was $3,526.9 million in 2020, reflecting mainly the receipt of $3,499.5 million of customer deposits.

Net cash provided by financing activities was $242.7 million in 2019, primarily reflecting $262.0 million from deposits held for customers, partially offset by the $20.0 million of repayment of loans used in connection with the acquisition of Poloniex.

Discontinued Operations

See Note 5 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for the cash flows attributable to the discontinued operations for the pertinent periods.

Critical Accounting Policies and Estimates

Our consolidated financial statements and the related notes included elsewhere in this prospectus are prepared in accordance with GAAP. The preparation of consolidated financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs, and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from our estimates. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, operating results, and cash flows will be affected.

We believe that the accounting policies described below involve a significant degree of judgment and complexity. Accordingly, we believe these are the most critical to aid in fully understanding and evaluating our consolidated financial condition and results of operations. For more information, see Note 2 to our consolidated financial statements included elsewhere in this prospectus.

Revenue recognition

Application of the accounting principles in U.S. GAAP related to the measurement and recognition of revenue requires us to make judgments and estimates. Complex arrangements with nonstandard terms and conditions may require significant contract interpretation to determine the appropriate accounting. Specifically, the determination of whether we are a principal to a transaction (gross revenue) or an agent (net revenue) can require considerable judgment. Changes in judgments with respect to these assumptions and estimates could impact the amount of revenue recognized.

Stock-based compensation including valuation of common stock

We account for share-based awards under the recognition and measurement provisions of Accounting Standards Codification Topic 718, Stock-Based Compensation. Share-based compensation cost is measured

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at the grant date based on the fair value of the underlying common stock and is recognized as expense over the requisite service period. We use the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to estimate the grant-date fair value of grants. Our policy is to value their common shares at least annually with significant events potentially requiring additional valuations.

Following the Business Combination, the fair value of our common stock will be determined based on the quoted market price. Prior to the Business Combination, our management and board of directors considered various objectives and subjective factors to determine the fair value of Circle’s common stock as of each grant date, including the value determined by a third-party valuation firm. These factors included, among other things, the following:

•

our actual operating and financial performance and estimated trends and prospects for our future performance;

•

the composition of, and changes to, our management team and Board;

•

consideration of the lack of liquidity of the common stock as a private company;

•

our stage of development, business strategy and the material risks related to its business and industry;

•

the valuations of publicly traded companies in the financial services sector, as well as recently completed mergers and acquisitions of peer companies;

•

external market conditions affecting the financial services sector;

•

the likelihood of achieving a liquidity event for the holders of the common stock, such as a SPAC business combination, or a sale of the Company, given prevailing market conditions;

•

the prices, rights, preferences, and privileges of our convertible preferred stock relative to those of our common stock;

•

the prices of our convertible preferred stock and common stock sold to investors in arms-length transactions or offered to investors through a tender offer; and

•

a discount for lack of marketability involving securities in a private company

The Black-Scholes model requires management to make a number of key assumptions, including expected volatility, expected term, risk-free interest rate and expected dividends. The expected term represents the period of time that the options are expected to be outstanding and is estimated using the midpoint between the requisite service period and the contractual term of the option. The risk-free interest rate is estimated using the rate of return on U.S. treasury notes with a life that approximates the expected term.

The assumptions underlying these valuations represent management’s best estimates, which involve inherent uncertainties and the application of management judgment. As a result, if factors or expected outcomes change and our management uses significantly different assumptions or estimates, our stock-based compensation expense for future periods could be materially different, including as a result of adjustments to stock-based compensation expense recorded for prior periods.

Valuation of digital assets

We own digital assets, which are accounted for under ASC 350, Intangibles — Goodwill and Other (“ASC 350”), as they lack physical substance and there is no inherent limit on its useful life. Accordingly, these digital assets are not subject to amortization. Instead, they must be tested for impairment annually and more frequently if events or circumstances change that indicate that it’s more likely than not that the asset is impaired. We initially measure digital assets at cost. Impairment exists when the carrying amount of the digital asset exceeds its fair value, which is measured using the quoted price of the digital asset from a major U.S.-based digital asset exchange at the time its fair value is being measured. For the three months ended March 31, 2021, impairment on digital assets was immaterial.

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Income taxes/uncertain tax positions

When recognizing the tax benefit, a tax position must be more likely than not to be sustained upon examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. We also recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense.

We utilize the asset and liability method for computing our income tax provision. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss, capital loss, and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Management makes estimates, assumptions, and judgments to determine our provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that recovery is not likely, we establish a valuation allowance.

For U.S. Federal tax purposes, crypto currency transactions (other than stablecoins) are treated on the same tax principles as property transactions. We recognize a gain or loss when crypto currency is exchanged for other property, in the amount of the difference between the fair market value of the property received and the tax basis of the exchanged digital asset. Receipts of crypto currency in exchange for goods or services are included in taxable income at the fair market value on the date of receipt.

Impairment of Goodwill

Goodwill is tested for impairment at the reporting unit level, which is the same or one level below an operating segment. In accordance with ASC Topic 350, Intangibles — Goodwill and Other, our business is classified into two reporting units: Circle (inclusive of USDC and TTS) and SeedInvest. As of March 31, 2021, we recorded goodwill of $24.0 million, all of which was allocated to our SeedInvest reporting unit. We review and evaluate our goodwill and indefinite life intangible assets for potential impairment at a minimum annually, on December 31, or more frequently if circumstances indicate that impairment is possible.

In testing goodwill for impairment, we have the option to begin with a qualitative assessment, commonly referred to as “Step 0”, to determine whether it is more likely than not that the fair value of a reporting unit containing goodwill is less than its carrying value. This qualitative assessment may include, but is not limited to, reviewing factors such as macroeconomic conditions, industry and market considerations, cost factors, entity-specific financial performance and other events, such as changes in our management, strategy and primary user base. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we then perform a quantitative goodwill impairment analysis. Depending upon the results of that measurement, the recorded goodwill may be written down, and impairment expense is recorded in the consolidated statements of operations when the carrying amount of the reporting unit exceeds the fair value of the reporting unit.

The quantitative impairment test for goodwill utilizes a variety of valuation techniques, all of which require us to make estimates and judgments. Our estimates are based upon assumptions that we believe to be reasonable, but which are inherently uncertain and unpredictable. These valuations require the use of management’s assumptions, which do not reflect unanticipated events and circumstances that may occur. Fair value is determined by employing discounted cash flow analysis, which utilizes expected cash flows and an appropriate discount rate. The use of comparative market multiples (the “market approach”) compares us to other comparable companies (if such comparables are present in the marketplace) based on valuation multiples to arrive at a fair value. In assessing the fair value, we utilize the results of the valuations (including the market approach to the extent comparables are available) and consider the range of fair values determined under all methods and the extent to which the fair value exceeds the carrying amount.

Based on the assessment performed in 2020 we determined it was more likely than not that goodwill was not impaired. In 2019, we determined that the carrying amount of SeedInvest exceeded its fair value and recorded a $13.9 million impairment expense.

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Loss Contingencies

We are currently involved in various claims, regulatory and legal proceedings, and investigations of potential operating violations by regulatory oversight authorities. We regularly review the status of each significant matter and assess our potential financial exposure. If the potential loss from any claim, legal proceeding, or potential regulatory violation is considered probable and the amount can be reasonably estimated, we accrue a liability for the estimated loss. Significant judgment is required in both the determination of probability and whether an exposure is reasonably estimable. Our judgments are subjective and are based on the status of the legal or regulatory proceedings, the merits of our defenses, and consultation with in-house and outside legal counsel. Because of uncertainties related to these matters, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to pending claims, litigation, or other violations and may revise our estimates. Due to the inherent uncertainties of the legal and regulatory process in the multiple jurisdictions in which we operate, our judgments may differ materially from the actual outcomes.

Convertible Debt

We have elected the fair value option for our convertible debt. We believe the estimate of fair value of these financial instruments requires significant judgment. We measured the fair value of our convertible debt using the probability weighted “as converted” model which uses both observable and unobservable inputs and reflects our best estimates of the assumptions a market participant would use to calculate fair value. The significant unobservable inputs used includes, but is not limited to:

•

timing and probability of the Business Combination and the associated deSPAC transaction;

•

discount rates; and

•

fair value of the underlying stock.

Under the fair value election, changes in fair value are reported as “other income” in the statements of operations in each reporting period subsequent to the issuance. In the future, depending on the valuation approaches used and the expected timing and weighting of each, the inputs described above, or other inputs, may have a greater or lesser impact on our estimates of fair value. For the three months ended March 31, 2021, we recognized a $13.2 million expense related to the increase in the fair value of convertible notes. These inputs are based on historical performance of loans facilitated through our platform, as well as the consideration of market participant requirements. See Note 2 and Note 8 to our consolidated financial statements included elsewhere in this proxy statement/prospectus for the fair value measurements of convertible debt.

Emerging Growth Company Accounting Election

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. Concord is an “emerging growth company” as defined in Section 2(a) of the Securities Act of 1933, as amended, and has elected to take advantage of the benefits of this extended transition period. Following the consummation of the Business Combination, we expect to remain an emerging growth company at least through the end of 2021 and will have the benefit of the extended transition period. This may make it difficult to compare our financial results with the financial results of other public companies that are either not emerging growth companies or emerging growth companies that have chosen not to take advantage of the extended transition period.

Quantitative and Qualitative Disclosures about Market Risk

Interest rate risk

Our results of operations are directly exposed to changes in interest rates, among other macroeconomic conditions. Interest rate risk, our primary risk exposure, is highly sensitive to many factors, including

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governmental monetary and tax policies, domestic and international economic and political considerations, and other factors beyond our control. Fluctuations in interest rates may impact the interest income earned from the prudential management of the US dollar denominated reserves backing USDC, which as of March 31, 2021 was 11.1 billion. An increase in interest rates may correspondingly increase the nominal rate of return of USDC reserve assets subject to our prudentially regulated reserve management and asset allocation policy. A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a $37.1 million increase or decrease in total interest income for the three months ended March 31, 2021.

We also have exposure to interest rate risk from our fixed rate debt. Fluctuations in market interest rates will not have a material impact on our resulting interest expense. However, an increase in interest rates will decrease the market value of fixed-rate debt liabilities and, conversely, a decrease in interest rates will increase the fair market value of fixed-rate debt liabilities. We do not hedge our exposure to changes in interest rates. As of March 31, 2021, the fair value of our fixed rate convertible debt, net of debt discount, was $83.5 million. A 10.0% change in interest rates at March 31, 2021 would result in a $0.7 million change in the fair value of this debt.

Foreign currency risk

Our reporting currency is the USD and the functional currency of our international operations is its local currency. The assets and liabilities of each of our international operations, which are primarily Great British Pounds (“GBP”), Euros, Canadian Dollars (“CAD”), and Hong Kong Dollars (“HKD”) are translated into USD at exchange rates in effect at each balance sheet date. Revenues and expenses are translated using the average exchange rate for the relevant period. Equity transactions are translated using historical exchange rates. Decreases in the relative value of the USD to other currencies may negatively affect revenues and other operating results as expressed in USD. Foreign currency translation adjustments are accounted for as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Gains or losses due to transactions in foreign currencies are included in “other income, net” on our consolidated statements of operations. We have not engaged in hedging of foreign currency transactions to date, although we may choose to do so in the future. Based on our current projections, we do not believe that an immediate 10.0% increase or decrease in the relative value of the USD to other currencies would have a material effect on our operating results or financial condition.

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CERTAIN CIRCLE RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

The following is a description of each transaction since January 1, 2018 and each currently proposed transaction in which:

•

Circle has been or is to be a participant;

•

the amount involved exceeded or exceeds $120,000; and

•

any of Circle’s directors, executive officers or holders of more than 5% of Circle’s capital stock, or any immediate family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.

Circle believes the terms of the transactions described below were comparable to terms it could have obtained in arms-length dealings with unrelated third parties.

Sales of Securities

Convertible Note and Warrant Financing

In January 2018, Circle issued an aggregate of $69,404,038 of convertible promissory notes and warrants to purchase a future-created preferred security. The following table summarizes purchases of these securities by related persons:

Participant	Principal Amount of Warrant ($)		Principal Amount of Note ($)
General Catalyst Group VI, L.P.(1)		N/A		1,000,000
Breyer Capital L.L.C.(2)		2,666,666.67		4,000,000
Wide Palace Limited(3)		30,000,000		45,000,000
Accel XI L.P.(4)		N/A		846,500

(1)

General Catalyst Group VI, L.P. is an affiliate of General Catalyst Partners and is a holder of five percent or more of Circle’s capital stock. David Orfao is a Partner at General Catalyst and a member of Circle’s board of directors.

(2)

Breyer Capital L.L.C. is a holder of five percent or more of Circle’s capital stock.

(3)

Wide Palace Limited is a holder of five percent or more of Circle’s capital stock.

(4)

Accel XI L.P. is an affiliate of Accel and is a holder of five percent or more of Circle’s capital stock.

Series E Preferred Share Financing

In May 2018, Circle sold an aggregate of 8,665,591 shares of its Series E Preferred Stock at a purchase price of $16.23 per share. The convertible promissory notes discussed above automatically converted into Series E Preferred Shares at a 25% discount. The following table summarizes purchases of Series E Preferred Shares by related persons:

Participant	Series E Preferred Shares Issued upon Conversion of Convertible Promissory Notes
General Catalyst Group VI, L.P.(1)		82,152
Breyer Capital L.L.C.(2)		328,609
Wide Palace Limited(3)		3,696,857
Accel XI L.P.(4)		69,542

(1)

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(2)

Breyer Capital L.L.C. is a holder of five percent or more of Circle’s capital stock.

(3)

Wide Palace Limited is a holder of five percent or more of Circle’s capital stock.

(4)

Accel XI L.P. is an affiliate of Accel and is a holder of five percent or more of Circle’s capital stock.

Agreements With Stockholders

In connection with the Series E Financing, Circle and certain of its stockholders, including General Catalyst, Breyer, Wide Palace and Accel, each of which currently holds more than 5% of Circle’s capital stock, entered into the fourth amended and restated investors’ rights agreement (the “Investors’ Rights Agreement”), the fourth amended and restated voting agreement (the “Voting Agreement”) and the fourth amended and restated share sale agreement (the “Share Sale Agreement”).

The Investors’ Rights Agreement provides certain holders of Circle’s capital stock, including entities affiliated with General Catalyst, Breyer, Wide Palace and Accel, with a participation right to purchase their pro rata share of new securities that we may propose to sell and issue, subject to certain exceptions, certain information rights, the right to require Circle to file certain registration statements and covenants regarding the operation of its business. The Investors’ Rights Agreement will terminate upon the closing of the Business Combination.

The Voting Agreement contains provisions with respect to the composition and election of Circle’s board of directors and provides for drag along rights. Pursuant to the Voting Agreement, General Catalyst and Accel received the right to designate one member of Circle’s board of directors. The Voting Agreement will terminate upon the closing of the Business Combination.

The Share Sale Agreement provides Circle the right to purchase shares of its capital stock which certain stockholders propose to sell to other parties. Certain holders of Circle’s capital stock, including General Catalyst, Accel, Breyer and Wide Palace, have rights of first refusal under the Share Sale Agreement. The Share Sale Agreement will terminate upon the closing of the Business Combination.

Indemnification Of Directors And Officers

In connection with the closing of the Business Combination, Circle plans to enter into indemnification agreements with each of Circle’s directors and executive officers, the form of which is attached as an exhibit to the registration statement of which this proxy statement/prospectus is a part. For additional information, see “Comparison of Stockholders’ and Shareholders’ Rights — Indemnification of Directors and Officers”.

Other Transactions

Circle has entered into compensation arrangements, including employment, termination of employment and change in control arrangements and indemnification arrangements, which are, when required, described herein under the sections titled “Management of the Company Following the Business Combination” and “Executive Compensation of Circle”.

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INFORMATION ABOUT CONCORD

Overview

We are a Delaware corporation formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this proxy statement/prospectus as our initial business combination. While we may pursue a merger opportunity in any industry or sector, we have capitalized on the ability of our management team and Sponsor to identify, acquire and manage a business in the financial services and financial technology sectors, including payments, enterprise software, and data analytics, that can benefit from our differentiated deal flow and global network. We seek to acquire established and growing businesses that we believe are fundamentally sound with an attractive financial profile and poised for continued and accelerating growth, but potentially in need of some form of financial, operational, strategic or managerial guidance to maximize value. Following our initial business combination, our objective will be to implement or support the acquired business’ growth and operating strategies.

The registration statements on Form S-1 (File Nos. 333-249654 and 333-251189) for our IPO were declared effective by the SEC on December 7, 2020. On December 10, 2020, we consummated our IPO of 27,600,000 Concord Units (which includes 3,600,000 Concord Units sold pursuant to the underwriters exercising their over-allotment option), with each Concord Unit consisting of one share of Concord Class A common stock and one-half of one redeemable Concord Warrant. Each Concord Warrant entitles the holder to purchase one share of Concord Class A common stock, $0.0001 par value per share, at $11.50 per share. The Concord Warrants will expire at 5:00 p.m., New York City time, five years after the completion of Concord’s initial business combination, or earlier upon redemption or liquidation. The Concord Units in our IPO were sold at an offering price of $10.00 per unit, generating total gross proceeds of $276,000,000.

Simultaneously with the consummation of our IPO, we consummated a private placement of 510,289 Private Units to the Sponsor and 241,711 Private Units to CA Co-Investment, each at a price of $10.00 per Private Unit, generating total proceeds of $7,520,000.

In connection with the IPO, we incurred transaction costs of $5,975,708, consisting of $5,520,000 of underwriting discount and $455,708 of other offering costs. Of the gross proceeds received from the IPO and the private placements of Private Units, $276,000,000 was placed in the Trust Account, with Continental Stock Transfer & Trust Company acting as trustee.

Initial Business Combination

Our initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount). We refer to this as the 80% of net assets test. If our board of directors is not able to independently determine the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions, with respect to the satisfaction of such criteria. We do not currently intend to purchase multiple businesses in unrelated industries in conjunction with our initial business combination, although there is no assurance that will be the case.

Submission of Our Initial Business Combination to a Stockholder Vote

We are providing the Public Stockholders with redemption rights upon consummation of the Business Combination. Public stockholder electing to exercise their redemption rights will be entitled to receive cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, including any amounts representing interest earned on the Trust Account, less taxes payable, provided that such stockholders follow the specific procedures for redemption set forth in this proxy statement/prospectus relating to the stockholder vote on the Business Combination. The Public Stockholders are not required to vote against the Business Combination in order to exercise their redemption rights. If the Business Combination is not completed, then Public Stockholders electing to exercise their redemption rights will not be entitled to receive such payments.

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Our initial stockholders and our officers and directors have agreed (1) to vote any shares of common stock owned by them in favor of any proposed business combination, including the Founder Shares and the shares of common stock underlying the Private Units, (2) not to redeem any shares of common stock in connection with a stockholder vote to approve a proposed initial business combination, and (3) not sell any shares of common stock in any tender in connection with a proposed initial business combination. As a result, in addition to our initial stockholders’ Founder Shares and Private Shares, we would need 9,974,001, or 36.1% (assuming all issued and outstanding shares are voted), or an additional 1,161,001, or 4.2% (assuming only the minimum number of shares representing a quorum are voted), of the 27,600,000 Public Shares sold in our IPO to be voted in favor of a transaction, in order to have such initial business combination approved.

Permitted Purchases of Our Securities

Our sponsors, directors, officers, advisors or any of their respective affiliates may purchase Public Shares or Public Warrants in privately negotiated transactions or in the open market either prior to or following the completion of the Business Combination.

There is no limit on the number of securities such persons may purchase. Additionally, at any time at or prior to the Business Combination, subject to applicable securities laws (including with respect to material nonpublic information), our sponsors, directors, officers, advisors or any of their respective affiliates may enter into transactions with investors and others to provide them with incentives to acquire Public Shares, vote their Public Shares in favor of the Business Combination or not redeem their Public Shares. However, they have no current commitments, plans or intentions to engage in such purchases or other transactions and have not formulated any terms or conditions for any such purchases or other transactions. None of the funds held in the Trust Account will be used to purchase Public Shares or Public Warrants in such transactions. Such persons will be subject to restrictions in making any such purchases when they are in possession of any material non-public information or if such purchases are prohibited by Regulation M under the Exchange Act. Such a purchase may include a contractual acknowledgement that such stockholder, although still the record holder of our shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights.

In the event that our sponsors, directors, officers, advisors or any of their respective affiliates purchase Public Shares in privately negotiated transactions from Public Stockholders who have already elected to exercise their redemption rights or submitted a proxy to vote against our initial business combination, such selling stockholders would be required to revoke their prior elections to redeem their shares and any proxy to vote against the Business Combination. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will be required to comply with such rules.

The purpose of any such transaction could be to (1) vote such shares in favor of the Business Combination and thereby increase the likelihood of obtaining stockholder approval of the Business Combination, (2) reduce the number of Public Warrants outstanding or to vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial business combination or (3) satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. Any such transactions may result in the completion of our initial business combination that may not otherwise have been possible.

In addition, if such purchases are made, the public “float” of our shares of Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.

Our sponsors, officers, directors, advisors and/or any of their respective affiliates anticipate that they may identify the stockholders with whom our sponsors, officers, directors, advisors or any of their respective affiliates may pursue privately negotiated transactions by either the stockholders contacting us directly or

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by our receipt of redemption requests submitted by stockholders (in the case of Public Shares) following our mailing of proxy materials in connection with our initial business combination. To the extent that our sponsors, officers, directors, advisors or any of their respective affiliates enter into a private transaction, they would identify and contact only potential selling or redeeming stockholders who have expressed their election to redeem their shares for a pro rata share of the trust account or vote against our initial business combination. Such persons would select the stockholders from whom to acquire shares based on the number of shares available, the negotiated price per share and such other factors as any such person may deem relevant at the time of purchase. The price per share paid in any such transaction may be different than the amount per share a public stockholder would receive if it elected to redeem its shares in connection with our initial business combination. Our sponsors, officers, directors, advisors or any of their respective affiliates will be restricted from purchasing shares if such purchases do not comply with Regulation M under the Exchange Act and the other federal securities laws.

Redemption Rights for Public Stockholders

We will provide our Public Stockholders with the opportunity to redeem all or a portion of their shares of common stock upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the initial business combination, including interest (which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares, subject to the limitations described herein. At completion of the business combination, we will be required to purchase any Public Shares properly delivered for redemption and not withdrawn. The amount in the Trust Account is initially anticipated to be $10.00 per public share. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Our initial stockholders, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private placement shares and any Public Shares held by them in connection with the completion of our initial business combination.

Limitation on Redemption Rights

Notwithstanding the foregoing redemption rights, our amended and restated certificate of incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in our IPO, which we refer to as the “Excess Shares,” without our prior consent. We believe the restriction described above will discourage stockholders from accumulating large blocks of shares and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our sponsors or their affiliates to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a Public Stockholder holding more than an aggregate of 15% of the shares sold in our IPO could threaten to exercise its redemption rights against a business combination if such holder’s shares are not purchased by us or our sponsors or their affiliates at a premium to the then-current market price or on other undesirable terms. By limiting our stockholders’ ability to redeem to no more than 15% of the shares sold in our IPO, we believe we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination.

Redemption of Public Shares and Liquidation if No Initial Business Combination

Our amended and restated certificate of incorporation provides that we will have only until June 10, 2022 (or December 10, 2022 if we extend the period of time to consummate a business combination) to complete our initial business combination. If we have not completed our initial business combination within such period or during any Extension Period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem

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the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete our initial business combination within the prescribed time period.

Our initial stockholders, officers and directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from the trust account with respect to any founder shares and private placement shares held by them if we fail to complete our initial business combination within the prescribed time period. However, if our sponsors or any of our officers, directors or any of their respective affiliates then hold any Public Shares, they will be entitled to liquidating distributions from the trust account with respect to such Public Shares if we fail to complete our initial business combination within the allotted time frame to complete our initial business combination.

Our sponsors, officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated certificate of incorporation (A) to modify the substance or timing of our obligation to allow redemptions in connection with our initial business combination or to redeem 100% of our Public Shares if we have not consummated our initial business combination by June 10, 2022 (or December 10, 2022, as applicable) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then outstanding Public Shares. However, we may not redeem our Public Shares in an amount that would cause our net tangible assets to be less than $5,000,001 following such redemptions.

We expect that all costs and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the proceeds held outside the trust account, although we cannot assure you that there will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan of dissolution, to the extent that there is any interest accrued in the trust account not required to pay taxes, we may request the trustee to release to us an additional amount of up to $100,000 of such accrued interest to pay those costs and expenses.

If we were to expend all of the net proceeds of our initial public offering and the sale of the private placement units, other than the proceeds deposited in the trust account, and without taking into account interest, if any, earned on the trust account and any tax payments or expenses for the dissolution of the trust, the per-share redemption amount received by stockholders upon our dissolution would be $10.00. The proceeds deposited in the trust account could, however, become subject to the claims of our creditors which would have higher priority than the claims of our public stockholders. We cannot assure you that the actual per-share redemption amount received by stockholders will not be substantially less than $10.00. Please see “Risk Factors — If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00 per share” and other risk factors described above. Under Section 281(b) of the DGCL, our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be made in full, as applicable, if there are sufficient assets. These claims must be paid or provided for before we make any distribution of our remaining assets to our stockholders. While we intend to pay such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide for all creditors’ claims.

Although we will seek to have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public stockholders, there is no guarantee that they will execute such

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agreements or even if they execute such agreements that they would be prevented from bringing claims against the trust account including but not limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account, our management will perform an analysis of the alternatives available to it and will only enter into an agreement with a third party that has not executed a waiver if management believes that such third party’s engagement would be significantly more beneficial to us than any alternative. Examples of possible instances where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where we are unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the trust account for any reason. In order to protect the amounts held in the trust account, our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount of funds in the trust account to below (1) $10.00 per public share; or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of our initial public offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to the extent of any liability for such third-party claims. We have not independently verified whether our sponsor, which is a newly formed entity, has sufficient funds to satisfy its indemnity obligations and believe that our sponsor’s only assets are securities of our company and, therefore, our sponsor may not be able to satisfy those obligations. We have not asked our sponsor to reserve for such obligations. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the trust account, the funds available for our initial business combination and redemptions could be reduced to less than $10.00 per public share. In such event, we may not be able to complete our initial business combination, and you would receive such lesser amount per share in connection with any redemption of your Public Shares. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

In the event that the proceeds in the trust account are reduced below: (1) $10.00 per public share; or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so in certain instances. For example, the cost of such legal action may be deemed by the independent directors to be too high relative to the amount recoverable or the independent directors may determine that a favorable outcome is not likely. Accordingly, we cannot assure you that due to claims of creditors the actual value of the per-share redemption price will not be substantially less than $10.00 per public share. Please see “Risk Factors — If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00 per share” and other risk factors described above.

We seek to reduce the possibility that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims under our indemnity of the underwriters of our initial public offering against certain liabilities, including liabilities under the Securities Act. We have

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access to a portion of the proceeds of our initial public offering and the sale of the private placement units with which to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $100,000). In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, stockholders who received funds from our trust account could be liable for claims made by creditors.

Under the DGCL, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption of our Public Shares in the event we do not complete our initial business combination within the required time period may be considered a liquidating distribution under Delaware law. If the corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder’s pro rata share of the claim or the amount distributed to the stockholder, and any liability of the stockholder would be barred after the third anniversary of the dissolution.

Furthermore, if the pro rata portion of our trust account distributed to our public stockholders upon the redemption of our Public Shares in the event we do not complete our initial business combination within the required time period, is not considered a liquidating distribution under Delaware law and such redemption distribution is deemed to be unlawful, then pursuant to Section 174 of the DGCL, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years, as in the case of a liquidating distribution. If we have not completed our initial business combination by June 10, 2022 or during any Extension Period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is our intention to redeem our Public Shares as soon as reasonably possible following the end of our acquisition period and, therefore, we do not intend to comply with those procedures. As such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of our stockholders may extend well beyond the third anniversary of such date.

Because we will not be complying with Section 280, Section 281(b) of the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of all existing and pending claims or claims that may be potentially brought against us within the subsequent ten years. However, because we are a blank check company, rather than an operating company, and our operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. As described above, pursuant to the obligation contained in our underwriting agreement, we will seek to have all vendors, service providers (other than our independent registered public accounting firm), prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account.

As a result of this obligation, the claims that could be made against us are significantly limited and the likelihood that any claim that would result in any liability extending to the trust account is remote. Further, our sponsor may be liable only to the extent necessary to ensure that the amounts in the trust account are not reduced below: (1) $10.00 per public share; or (2) such lesser amount per public share held in the trust account as of the date of the liquidation of the trust account due to reductions in the value of the trust assets, in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by

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a third party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters of our initial public offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to the extent of any liability for such third-party claims.

If we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will be able to return $10.00 per share to our public stockholders. Additionally, if we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, any distributions received by stockholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a “preferential transfer” or a “fraudulent conveyance.” As a result, a bankruptcy court could seek to recover some or all amounts received by our stockholders. Furthermore, our board of directors may be viewed as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, and thereby exposing itself and our company to claims of punitive damages, by paying public stockholders from the trust account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons. Please see “Risk Factors — If, after we distribute the proceeds in the trust account to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed, a bankruptcy court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.”

A public stockholder will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) the completion of our initial business combination and then, only in connection with those Public Shares that such stockholder has properly elected to redeem, subject to the certain limitations; (2) the redemption of any Public Shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation (A) to modify the substance or timing of our obligation to allow redemptions in connection with our initial business combination or to redeem 100% of our Public Shares if we do not complete our initial business combination by June 10, 2022 (or December 10, 2022 if we extend the period of time to consummate a business combination by an additional six months, subject to the sponsor depositing additional funds into the trust account as described herein) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity; and (3) the redemption of all of our Public Shares if we have not completed our initial business combination by June 10, 2022 (or December 10, 2022 if we extend the period of time to consummate a business combination by an additional six months, subject to the sponsor depositing additional funds into the trust account as described herein), subject to applicable law. In no other circumstances will a public stockholder have any right or interest of any kind to or in the trust account. In the event we seek stockholder approval in connection with our initial business combination, a stockholder’s voting in connection with our initial business combination alone will not result in a stockholder’s redeeming its shares to us for an applicable pro rata share of the trust account. Such stockholder must have also exercised its redemption rights described above. Holders of warrants will not have any rights of proceeds held in the trust account with respect to the warrants.

Employees

Concord currently has two officers and does not intend to have any full-time employees prior to the completion of our initial business combination. Members of our management team are not obligated to devote any specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to our affairs until we have completed our initial business combination. The amount of time that any such person will devote in any time period to our company will vary based on whether a target business has been selected for our initial business combination and the current stage of the business combination process.

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Directors and Executive Officers

Concord’s current directors and executive officers are listed below.

Name	Age	Title
Bob Diamond	70	Chairman of the Board
Jeff Tuder	48	Chief Executive Officer
Michele Cito	32	Chief Financial Officer
David Schamis	47	Director
Peter Ort	50	Director
Thomas King	60	Director
Larry Leibowitz	61	Director

Bob Diamond serves as Chairman of our board of directors. Mr. Diamond is Founding Partner and Chief Executive Officer of Atlas Merchant Capital LLC. Since February 2021, Mr. Diamond has also been the Chairman of Concord Acquisition Corp II (“Concord II”) and Concord Acquisition Corp III (“Concord III”), each a blank check company incorporated by members of Concord’s management team, for substantially similar purposes as Concord. Until 2012, Mr. Diamond was Chief Executive of Barclays, having previously held the position of President of Barclays, responsible for Barclays Capital and Barclays Global Investors (“BGI”). He became an executive director of Barclays in 2005 and had been a member of the Barclays Executive Committee since 1997. Prior to Barclays, Mr. Diamond held senior executive positions at Credit Suisse First Boston and Morgan Stanley in the United States, Europe and Asia. Mr. Diamond worked at Credit Suisse First Boston from 1992 to 1996, where his roles included Vice Chairman and Head of Global Fixed Income and Foreign Exchange in New York, as well as Chairman, President and CEO of Credit Suisse First Boston Pacific. Mr. Diamond worked at Morgan Stanley from 1979 to 1992, including as the Head of European and Asian Fixed Income Trading. Mr. Diamond is currently a member of the Board of Directors of South Street Securities Holdings, Inc., Crux Informatics and Atlas Mara Limited. He is also a Trustee of The American Foundation of the Imperial War Museum Inc., a Life Member of The Council on Foreign Relations and is involved in several non-profit initiatives, including being a Director of the Diamond Foundation. He is also Life Trustee and former Chair of the Colby College Board of Trustees.

Jeff Tuder serves as our Chief Executive Officer. Mr. Tuder is currently an Operating Partner of Atlas, having joined in September 2020. Since February 2021, Mr. Tuder has also been the Chief Executive Officer of Concord II and Concord III, and a director of Concord III. Previously, Mr. Tuder founded Tremson Capital Management, LLC to invest in undervalued public equities and to make private equity and credit investments in partnership with a number of family offices. Prior to founding Tremson, Mr. Tuder held various investment positions at JHL Capital Group, a $3 billion multi-strategy hedge fund, KSA Capital Management, a deep value long/short equity fund, and CapitalSource Finance, where he was a Managing Director and Head of its Special Opportunity credit investment business. Mr. Tuder began his career as a private equity professional at Fortress Investment Group, where he underwrote and managed private equity investments for Fortress’ various investment vehicles; Nassau Capital, LLC, which managed the private assets of Princeton University’s Endowment; and ABS Capital Partners, a private equity firm affiliated with Alex. Brown & Sons. Mr. Tuder is currently a member of the Board of Directors of Inseego Corporation (Nasdaq: INSG), Unico American (Nasdaq: UNAM), and Seachange International (Nasdaq: SEAC). Mr. Tuder received a B.A. in English Literature from Yale College.

Michele Cito serves as our Chief Financial Officer. Ms. Cito is Chief Financial Officer of Atlas Merchant Capital LLC, having joined in June 2014. Ms. Cito joined Atlas as Controller and later served as Vice President of Finance and Operations prior to becoming Chief Financial Officer. Since February 2021, Ms. Cito has also been the Chief Financial Officer of Concord II and Concord III. Previously, Ms. Cito worked as an Auditor at Deloitte & Touche LLP in financial services. Ms. Cito is a Certified Public Accountant and received a B.A. in Public Accounting, and an MBA from Pace University.

David Schamis is on our board of directors. Mr. Schamis is Founding Partner and Chief Investment Officer of Atlas Merchant Capital LLC. Previously, Mr. Schamis worked at J.C. Flowers from 2000 to

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January 2014, most recently as a Managing Director and member of the management committee. Mr. Schamis joined J.C. Flowers at its inception and has significant experience investing in financial services and related businesses globally. Prior to J.C. Flowers, Mr. Schamis worked in the financial institutions investment banking group at Salomon Brothers from 1995 to 2000. Mr. Schamis is currently a member of the Board of Directors of South Street Securities Holdings, Inc., Panmure Gordon & Co plc, and Kepler Cheuvreux SA. Mr. Schamis received a B.A. in Economics from Yale College.

Peter Ort serves on our board of directors. Mr. Ort is Co-Founder of CurAlea Associates LLC, which provides customized software and advisory solutions to wealth and asset managers. Mr. Ort is also a General Partner at Cambium Capital Partners, an early stage venture capital firm focused on advanced computing in areas such as machine learning specific chips, quantum computing, and application specific devices. Previously, Mr. Ort spent the bulk of his career at Goldman Sachs, where he was a Managing Director and co-head of the Hedge Fund Strategies Group, overseeing manager selection for a $25 billion portfolio, and also worked in the firm’s Private Equity Group and Financial Institutions Group in New York and Tokyo. Mr. Ort was also a Managing Director at Karsch Capital, a $3 billion equity long/short hedge fund. Mr. Ort is a member of the board or advisory board of a number of privately held technology companies. Mr. Ort graduated from Duke University, obtained J.D. and M.B.A. degrees from New York University, and is a member of the New York and New Jersey State Bars. He was a Fulbright Scholar in Japan, and is the Treasurer and a member of the board of the Fulbright Association’s New Jersey Chapter.

Thomas King serves on our board of directors. Mr. King is an Operating Partner of Atlas. He has more than 30 years of experience in the investment banking and financial services industry. Most recently, Mr. King served as Chief Executive Officer of Investment Banking at Barclays and Chairman of the Investment Banking Executive Committee. Mr. King was also a member of the Barclays Group Executive Committee, which oversees all of the Barclays plc businesses. Mr. King began his career at Salomon Brothers, which was later acquired by Citigroup. During his tenure at Citi, he served as Global Head of Mergers and Acquisitions, Head of Investment Banking for the EMEA (Europe, Middle East and Africa) Region and Head of Corporate and Investment Banking for the EMEA region. In 2009, Mr. King moved to Barclays Investment Bank and held several senior roles before becoming CEO, including Head of European Investment Banking, Co-Head of Global Corporate Finance, Global Head of Investment Banking. Mr. King received his MBA with distinction from the Wharton School, University of Pennsylvania and his Bachelor of Arts degree from Bowdoin College. He currently serves on the Board of Directors of Radius Global Infrastructure, Inc. (Nasdaq: RADI) and Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) and various private boards and Chairs the Board of Trustees at the King School in Stamford, Connecticut.

Larry Leibowitz serves on our board of directors. Mr. Leibowitz is a finance and technology entrepreneur who specializes in business transformation and capital markets. Mr. Leibowitz is an Operating Partner of Atlas, and is a Strategic Advisor and Board Director of Crux Informatics. Mr. Leibowitz currently serves on the Board of Directors of Cowen, Inc (NASDAQ: COWN), an independent investment bank, as well as Vice Chairman of XCHG Xpansiv, an intelligent commodities exchange focusing on renewable energy products, and is on the board of various other private companies in the cryptocurrency, asset management technology and digital law businesses. Most recently, Mr. Leibowitz served as Chief Operating Officer, Head of Global Equities Markets and as a Member of the board of directors of NYSE Euronext, from 2007 to 2013. Prior to that, Mr. Leibowitz served as Chief Operating Officer of Americas Equities at UBS, Co-head of Schwab Soundview Capital Markets, and CEO of Redibook. Mr. Leibowitz was formerly a founding partner at Bunker Capital, and Managing Director and Head of Quantitative Trading and Equities technology at CS First Boston.

Number and Terms of Office of Officers and Directors

Our board of directors consists of five members. Our board of directors is divided into three classes, with only one class of directors being elected in each year, and with each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. The term of office of the first class of directors, consisting of Peter Ort, will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting of David Schamis and Thomas King, will expire at our second annual meeting of stockholders. The term of office of the third class of directors, consisting of Bob Diamond and Larry Leibowitz, will expire at our third annual meeting of stockholders.

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Prior to consummation of our initial business combination, holders of our Class B common stock will have the right to elect all of our directors and remove members of our board of directors for any reason. Holders of our Public Shares will not have the right to vote on the election of directors during such time. These provisions of our amended and restated certificate of incorporation may only be amended if approved by holders of a majority of at least 90% of the outstanding shares of our common stock voting at a stockholder meeting. Approval of our initial business combination will require the affirmative vote of a majority of our board directors, which must include a majority of our independent directors. Subject to any other special rights applicable to the stockholders, prior to our initial business combination, any vacancies on our board of directors may be filled by the affirmative vote of a majority of the directors present and voting at the meeting of our board of directors that includes any directors representing our sponsor then on our board of directors, or by holders of a majority of the outstanding shares of our Class B common stock.

Our officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws will provide that our officers may consist of a Chairman of the Board, a Chief Executive Officer, a Chief Financial Officer, a Secretary and such other officers (including without limitation, a President, Vice Presidents, Assistant Secretaries, and a Treasurer) as our board of directors from time to time may determine.

Director Independence

The rules of the NYSE require that a majority of our board of directors be independent within one year of our initial public offering. An “independent director” is defined generally as a person that, in the opinion of Concord’s board of directors, has no material relationship with the listed company (either directly or as a partner, stockholder or officer of an organization that has a relationship with Concord). We have three “independent directors” as defined in the NYSE rules and applicable SEC rules. Our board of directors has determined that each of Peter Ort, Thomas King and Larry Leibowitz is an independent director under applicable SEC and NYSE rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present.

Committees of the Board of Directors

Our board of directors has three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee, each of which is composed solely of independent directors. Each committee operates under a charter that has been approved by our board of directors and has the composition and responsibilities described below. The charter of each committee is available on our website.

Audit Committee

The members of our audit committee are Peter Ort, Thomas King and Larry Leibowitz. Mr. Ort serves as chairman of the audit committee.

Each member of the audit committee is financially literate and our board of directors has determined that Mr. Ort qualifies as an “audit committee financial expert” as defined in applicable SEC rules and has accounting or related financial management expertise.

We have adopted an audit committee charter, which details the purpose and principal functions of the audit committee, including:

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assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent auditor’s qualifications and independence, and (4) the performance of our internal audit function and independent auditors;

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the appointment, compensation, retention, replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm engaged by us;

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pre-approving all audit and non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;

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reviewing and discussing with the independent auditors all relationships the auditors have with us in order to evaluate their continued independence;

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setting clear hiring policies for employees or former employees of the independent auditors;

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setting clear policies for audit partner rotation in compliance with applicable laws and regulations;

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obtaining and reviewing a report, at least annually, from the independent auditors describing (1) the independent auditor’s internal quality-control procedures and (2) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues;

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meeting to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent auditor, including reviewing our specific disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;

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reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and

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reviewing with management, the independent auditors, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.

Compensation Committee

The members of our compensation committee are Peter Ort, Thomas King and Larry Leibowitz. Thomas King serves as chairman of the compensation committee.

We have adopted a compensation committee charter, which details the purpose and responsibilities of the compensation committee, including:

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reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;

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reviewing and making recommendations to our board of directors with respect to the compensation, and any incentive-compensation and equity-based plans that are subject to board approval of all of our other officers;

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reviewing our executive compensation policies and plans;

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implementing and administering our incentive compensation equity-based remuneration plans;

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assisting management in complying with our proxy statement and annual report disclosure requirements;

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approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;

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producing a report on executive compensation to be included in our annual proxy statement; and

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reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

The charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser and will be directly

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responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by the NYSE and the SEC.

Nominating and Corporate Governance Committee

The members of our nominating and corporate governance committee are Peter Ort, Thomas King and Larry Leibowitz. Larry Leibowitz serves as chair of the nominating and corporate governance committee.

We have adopted a nominating and corporate governance committee charter, which details the purpose and responsibilities of the nominating and corporate governance committee, including:

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identifying, screening and reviewing individuals qualified to serve as directors, consistent with criteria approved by the board, and recommending to the board of directors candidates for nomination for election at the annual meeting of stockholders or to fill vacancies on the board of directors;

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developing and recommending to the board of directors and overseeing implementation of our corporate governance guidelines;

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coordinating and overseeing the annual self-evaluation of the board of directors, its committees, individual directors and management in the governance of the company; and

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reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary.

The charter will also provide that the nominating and corporate governance committee may, in its sole discretion, retain or obtain the advice of, and terminate, any search firm to be used to identify director candidates, and will be directly responsible for approving the search firm’s fees and other retention terms.

We have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our stockholders. Prior to our initial business combination, holders of our Public Shares will not have the right to recommend director candidates for nomination to our board of directors.

Code of Ethics, Corporate Governance Guidelines and Committee Charters

We have adopted a Code of Ethics applicable to our directors, officers and employees in accordance with applicable federal securities laws. We have filed a copy of our Code of Ethics, our Audit Committee Charter, our Compensation Committee Charter and our Nominating and Corporate Governance Committee Charter as exhibits to our registration statement for our initial public offering. You may review these documents by accessing our public filings at the SEC’s web site at www.sec.gov. We intend to disclose any amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K.

Our board of directors has also adopted Corporate Governance Guidelines in accordance with the corporate governance rules of the NYSE that serve as a flexible framework within which our board of directors and its committees operate. Copies of our Corporate Governance Guidelines, our Code of Ethics, our Audit Committee Charter, our Compensation Committee Charter and our Nominating and Corporate Governance Committee Charter are available on our corporate website. The information contained on or accessible through our corporate website or any other website that we may maintain is not incorporated by reference into this report.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires our officers, directors and persons who beneficially own more than ten percent of our common stock to file reports of ownership and

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changes in ownership with the SEC. These reporting persons are also required to furnish us with copies of all Section 16(a) forms they file. Based solely upon a review of such forms, we believe that during the period from August 20, 2020 (inception) through December 31, 2020 there were no delinquent filers, except that the Form 3s required to be filed by our Sponsor and officers and directors upon the effectiveness of the registration statement from our initial public offering were filed one day late.

Executive Officer and Director Compensation

None of our officers or directors have received any compensation for services rendered to us. Our sponsors, officers, directors and their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on a quarterly basis all payments that were made by us to our sponsor, officers, directors or our or any of their respective affiliates.

After the completion of our initial business combination, directors or members of our management team who remain with us may be paid consulting, management or other compensation from the combined company. All compensation will be fully disclosed to stockholders, to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a proposed business combination. It is unlikely the amount of such compensation will be known at the time such materials are distributed, because the directors of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to be paid to our officers after the completion of our initial business combination will be determined by a compensation committee constituted solely by independent directors.

We are not party to any agreements with our officers and directors that provide for benefits upon termination of employment. The existence or terms of any such employment or consulting arrangements may influence our management’s motivation in identifying or selecting a target business, and we do not believe that the ability of our management to remain with us after the consummation of our initial business combination should be a determining factor in our decision to proceed with any potential business combination.

Principal Accountant Fees and Services

The firm of Marcum LLP, or Marcum, acts as our independent registered public accounting firm. The following is a summary of fees paid to Marcum for services rendered.

Audit Fees. Audit fees consist of fees billed for professional services rendered for the audit of our year-end financial statements and services that are normally provided by Marcum in connection with regulatory filings. During the period from August 20, 2020 (inception) through December 31, 2020, fees for our independent registered public accounting firm were $62,170 for the services Marcum performed in connection with our initial public offering and the audit of our December 31, 2020 consolidated financial statements included in this report.

Audit-Related Fees. Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards. During the period from August 20, 2020 (inception) through December 31, 2020, our independent registered public accounting firm did not render assurance and related services related to the performance of the audit or review of consolidated financial statements.

Tax Fees. We did not pay Marcum for tax planning and tax advice during the period from August 20, 2020 (inception) through December 31, 2020.

All Other Fees. We did not pay Marcum for other services during the period from August 20, 2020 (inception) through December 31, 2020.

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CERTAIN CONCORD RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

In September 2020, Concord’s initial stockholders purchased an aggregate of 7,187,500 Founder Shares for a capital contribution of $25,000. On December 2, 2020, Concord’s Sponsor forfeited 1,150,000 Founder Shares and CA Co-Investment forfeited 287,500 Founder Shares, such that Concord’s initial stockholders own an aggregate of 5,750,000 Founder Shares. On December 7, 2020, Concord effected a stock dividend of 1,150,000 shares with respect to Concord’s Class B common stock, resulting in Concord’s initial stockholders holding an aggregate of 6,900,000 Founder Shares.

Concord’s sponsors purchased an aggregate of 752,000 Private Units for a purchase price of $10.00 per unit in a private placement that will occurred simultaneously with the closing of Concord’s IPO on December 10, 2020. Among the Private Units, 510,289 units were purchased by Concord’s Sponsor and 241,711 units were purchased by CA Co-Investment.

If any of Concord’s officers or directors becomes aware of a business combination opportunity which is suitable for one or more entities to which he or she has fiduciary, contractual or other obligations or duties, he or she will honor these obligations and duties to present such business combination opportunity to such entities first, and only present it to us if such entities reject the opportunity and he or she determines to present the opportunity to us. Concord’s officers and directors currently have other relevant fiduciary, contractual or other obligations or duties that may take priority over their duties to us.

On December 7, 2020, Concord entered into an Administrative Services Agreement pursuant to which Concord pays an affiliate of Concord’s Sponsor a total of $10,000 per month for office space, administrative and support services. Upon completion of Concord’s initial business combination or Concord’s liquidation, Concord will cease paying these monthly fees. Accordingly, in the event the consummation of Concord’s initial business combination takes the maximum 18 months (or 24 months) from the closing of the IPO, an affiliate of Concord’s Sponsor will be paid a total of up to $240,000 ($10,000 per month) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket expenses.

Concord’s sponsors, officers and directors or any of their respective affiliates are reimbursed for any out-of-pocket expenses incurred in connection with activities on Concord’s behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Concord’s audit committee reviews on a quarterly basis all payments that were made by Concord to its sponsor, officers, directors or Concord’s or any of their respective affiliates and determines which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on Concord’s behalf.

Prior to Concord’s IPO, Concord’s sponsors agreed to loan Concord up to $200,000 to be used for a portion of the expenses of the offering. The loan was repaid upon completion of the IPO out of the portion of offering proceeds that was allocated for the payment of offering expenses (other than underwriting commissions) not held in the Trust Account.

In addition, in order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, Concord’s sponsors, an affiliate of Concord’s sponsors or Concord’s officers and directors may, but are not obligated to, loan funds to Concord as may be required. If Concord completes its initial business combination, it may repay such loaned amounts out of the proceeds of the Trust Account released to Concord. In the event that Concord’s initial business combination does not close, Concord may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from Concord’s Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into Concord Units at a price of $10.00 per unit at the option of the lender. The units would be identical to the Private Units issued to Concord’s sponsors. The terms of such loans by Concord’s sponsors, an affiliate of Concord’s sponsors or Concord’s officers and directors, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of Concord’s business combination, we do not expect to seek loans from parties other than Concord’s sponsors, an affiliate of Concord’s sponsors or Concord’s officers and directors, if any, as Concord does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in Concord’s Trust Account.

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After Concord’s initial business combination, members of Concord’s management team who remain with us, if any, may be paid consulting, management or other fees from the combined company with any and all amounts being fully disclosed to Concord’s stockholders, to the extent then known, in the tender offer or proxy solicitation materials, as applicable, furnished to Concord’s stockholders. It is unlikely the amount of such compensation will be known at the time of distribution of such tender offer materials or at the time of a stockholder meeting held to consider Concord’s initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine executive officer and director compensation.

We entered into a letter agreement with Concord’s initial stockholders, officers and directors pursuant to which (x) they agreed to waive: (1) their redemption rights with respect to any Founder Shares, the Private Shares and Public Shares held by them, as applicable, in connection with the completion of Concord’s initial business combination; (2) their redemption rights with respect to any Founder Shares, the Private Shares and Public Shares held by them in connection with a stockholder vote to approve an amendment to Concord’s amended and restated certificate of incorporation (A) to modify the substance or timing of Concord’s obligation to allow redemptions in connection with Concord’s initial business combination or to redeem 100% of Concord’s Public Shares if Concord has not consummated its initial business combination by June 10, 2022 (or December 10, 2022, as applicable) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity; and (3) their rights to liquidating distributions from the Trust Account with respect to any Founder Shares and Private Shares they hold if Concord fails to complete its initial business combination by June 10, 2022 or during any Extension Period (although they will be entitled to liquidating distributions from the trust account with respect to any Public Shares they hold if Concord fails to complete its initial business combination within the prescribed time frame), and (y) the Founder Shares are subject to certain transfer restrictions, as described under “Description of Securities — Founder Shares.”

Concord entered into a registration rights agreement with respect to the Founder Shares, Private Units, the Private Shares, Private Warrants and units that may be issued upon conversion of working capital loans or the extension loan and the shares and warrants included therein (and any shares of common stock issuable upon the exercise of the Private Warrants or warrants included in the units issued upon conversion of working capital loans or the extension loan).

Related Party Policy

Concord’s Code of Ethics requires it to avoid, wherever possible, all conflicts of interests, except under guidelines or resolutions approved by Concord’s board of directors (or the appropriate committee of Concord’s board of directors) or as disclosed in Concord’s public filings with the SEC. Under Concord’s Code of Ethics, conflict of interest situations include any financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving Concord.

In addition, Concord’s audit committee, pursuant to a written charter, is responsible for reviewing and approving related party transactions to the extent that Concord enters into such transactions. An affirmative vote of a majority of the members of the audit committee present at a meeting at which a quorum is present will be required in order to approve a related party transaction. A majority of the members of the entire audit committee will constitute a quorum. Without a meeting, the unanimous written consent of all of the members of the audit committee will be required to approve a related party transaction. Concord’s audit committee reviews on a quarterly basis all payments that were made by Concord to its sponsor, officers or directors, or Concord’s or any of their affiliates.

These procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part of a director, employee or officer.

To further minimize conflicts of interest, Concord has agreed not to consummate an initial business combination with an entity that is affiliated with any of Concord’s sponsor, officers or directors unless it, or a committee of independent and disinterested directors, has obtained an opinion from an independent investment banking firm which is a member of FINRA or an independent accounting firm that Concord’s initial business combination is fair to Concord from a financial point of view. There will be no finder’s fees, reimbursements or cash payments made by Concord to its sponsors, officers or directors or Concord’s or

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any of their respective affiliates, for services rendered to Concord prior to or in connection with the completion of Concord’s initial business combination, other than the following payments, none of which will be made from the proceeds of Concord’s IPO and the sale of the Private Units held in the Trust Account prior to the completion of Concord’s initial business combination:

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repayment of an aggregate of up to $200,000 in loans made to Concord by its sponsors to cover offering-related and organizational expenses;

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payment to an affiliate of Concord’s sponsor of a total of $10,000 per month, for up to 24 months, for office space, administrative and support services;

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reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination;

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payment to Cowen and Company, LLC of its underwriting discount, Marketing Fee, fees for any financial advisory, placement agency or other similar investment banking services Cowen and Company, LLC may provide to Concord in the future, and reimbursement of Cowen and Company, LLC for any out-of-pocket expenses incurred by it in connection with the performance of such services; and

•

repayment of loans which may be made by Concord’s sponsors, an affiliate of Concord’s sponsors or Concord’s officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit at the option of the lender.

These payments may be funded using the net proceeds of Concord’s IPO and the sale of the Private Units not held in the Trust Account or, upon completion of the initial business combination, from any amounts remaining from the proceeds of the Trust Account released to us in connection therewith.

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CONCORD MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The statements in the discussion and analysis regarding industry outlook, our expectations regarding the performance of our business and the forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” Our actual results may differ materially from those contained in or implied by any forward-looking statements. You should read the following discussion together with the sections entitled “Risk Factors”, “Information About Concord” and the audited consolidated financial statements, including the related notes, appearing elsewhere in this proxy statement/prospectus. All references to years, unless otherwise noted, refer to our fiscal years, which end on December 31. As used in this section, unless the context suggests otherwise, “we,” “us,” “our,” the “Company” or “Concord” refer to Concord Acquisition Corp.

Overview

We are a blank check company incorporated on August 20, 2020 as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

On December 10, 2020, we completed our IPO of 27,600,000 Concord Units, including the issuance of 3,600,000 Concord Units as a result of the exercise in full of the underwriters’ over-allotment option, each unit consisting of one share of Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder to purchase one share of Concord Class A common stock at an exercise price of $11.50 per share, subject to adjustment. The Concord Units were sold at an offering price of $10.00 per unit, generating gross proceeds of $276,000,000. Simultaneously with the closing of the IPO, we consummated the sale of an aggregate of 752,000 Private Units at a price of $10.00 per Private Unit in a private placement to the Sponsor and CA Co-Investment.

For the year ended December 31, 2020, we had a net loss of $230,981, driven by transaction costs of $254,150 and formation and operating costs of $121,735, partially offset by a change in the fair value of the warrant liability of $138,962 and interest income of $5,942.

Upon the closing of the IPO and the private placement, a total of $276,000,000 ($10.00 per unit) was placed in a U.S.-based trust account, with Continental Stock Transfer & Trust Company acting as trustee.

As indicated in the accompanying financial statements, as of March 31, 2021 we held cash of $951,848 and investments in our Trust Account of $276,029,393. Further, we expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete our initial Business Combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare for the IPO. We do not expect to generate any operating revenues until after completion of our initial business combination. We will generate non-operating income in the form of interest income on cash and cash equivalents in the form of specified U.S. government treasury bills or specified money market funds after the IPO. There has been no significant change in our financial or trading position and no material adverse change has occurred since the date of our audited financial statements. Until the completion of our initial business combination, we expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended March 31, 2021, we had a net loss of $1,011,231 which consisted of an unrealized loss of $853,358 from the change in the fair value of our warrant liability and general operating expenses of $181,324, partially offset by interest earned on our investments of $23,451.

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Liquidity and Capital Resources

As of December 31, 2020, we had available to us approximately $1.1 million of proceeds held outside the trust account. As of March 31, 2021, we had cash of $951,848.

Upon the closing of the IPO and the private placement, a total of $276,000,000 ($10.00 per unit) was placed in the trust account, with Continental Stock Transfer & Trust Company acting as trustee. As of March 31, 2021, we had marketable securities held in the Trust Account of $276,029,393 (including approximately $29,393 of income since the IPO) consisting of money market funds. Income on the balance in the Trust Account may be used to pay taxes. Through March 31, 2021, we did not withdraw any interest earned on the Trust Account to pay our taxes.

For the three months ended March 31, 2021, cash used in operating activities was $130,253 which was used to pay expenses. Cash used in investing activities consisted of the maturities of treasury securities and the purchase of a money market fund. There were no financing activities during the three months ended March 31, 2021.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the trust account (less deferred underwriting commissions and income taxes payable), to complete our Business Combination. To the extent that our capital stock or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete an initial Business Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, provide non-interest-bearing loans to us as may be required. If we complete our initial Business Combination, we would repay such loaned amounts. In the event that our initial Business Combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from our trust account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial Business Combination. The units would be identical to the Private Units.

We do not believe we will need to raise additional funds following the IPO in order to meet the expenditures required for operating our business. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial Business Combination. Moreover, we may need to obtain additional financing either to complete our initial Business Combination or because we become obligated to redeem a significant number of our Public Shares upon completion of our initial Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. In addition, we intend to target businesses larger than we could acquire with the net proceeds of the IPO and the sale of the Private Units, and may as a result be required to seek additional financing to complete such proposed initial Business Combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial Business Combination. If we are unable to complete our initial Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

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MANAGEMENT OF THE COMPANY FOLLOWING THE BUSINESS COMBINATION

Concord and Circle anticipate that the current executive officers of Circle will become the executive officers of Topco and certain directors of Concord and Circle will become the directors of Topco. The following persons are expected to serve as Topco’s executive officers and directors following the Business Combination.

Name	Age	Position(s)
Executive Officers:
Jeremy Allaire	50	Chief Executive Officer, President and Director
Jeremy Fox-Geen	48	Chief Financial Officer
Elisabeth Carpenter	55	Chief Operating Officer
Flavia Naves	47	General Counsel
Dante Disparte	44	Chief Strategy Officer and Head of Global Policy
Directors:
M. Michele Burns	63	Director
Raj Date	50	Director
Bob Diamond	70	Director
P. Sean Neville	50	Director

Executive Officers and Directors

Jeremy Allaire has served as Chief Executive Officer, President and Director of Circle since its inception in August 2013. Mr. Allaire previously served as co-founder and CEO of Brightcove, technologist and entrepreneur in residence at General Catalyst, CTO of Macromedia, and co-founder and CTO of Allaire Corporation. Mr. Allaire holds an B.A. in Political Science and Philosophy from Macalester College. As the co-founder and CEO of Circle, we believe Mr. Allaire is qualified to serve as a member of our board of directors.

Jeremy Fox-Geen has served as Chief Financial Officer of Circle since May 2021. Prior to joining, Mr. Fox-Geen served as the Chief Financial Officer for both iStar, Inc. and Safehold, Inc., NYSE-listed real estate finance companies, from March 2020 to May 2021. Prior to that, Mr Fox-Geen served as the Chief Financial Officer for McKinsey & Company, North America, from August 2016 to March 2020. Mr Fox-Geen previously held senior leadership positions with PwC LLP, Citigroup, Inc., and McKinsey & Company. Mr Fox-Geen holds an M.A. in Mathematics and Philosophy from Oxford University.

Elisabeth Carpenter has served as Circle’s Chief Operating Officer since July 2017 and served as its Chief People Officer from June 2016 through June 2017. Ms. Carpenter previously held executive leadership positions at Evertrue, Brightcove, News Corporation and British Sky Broadcasting. Ms. Carpenter is a Fulbright Scholar and holds an MBA from Harvard Business School, JD from Columbia Law School, and an AB from Harvard University.

Flavia Naves, LL.B. has served as General Counsel of Circle since September 2020. Ms. Naves previously served as General Counsel and Chief Compliance Officer at Qwil from December 2019 to September 2020, General Counsel and Chief Compliance Officer at Velo Payments from February 2019 to December 2019, and as Assistant General Counsel, Payments at Intuit from July 2016 to February 2019. She previously held legal positions at Worldpay and Univision. Ms. Naves attended Widener University Commonwealth Law School in anticipation of taking the District of Columbia Bar Exam, and holds an LL.B. degree from Pontificia Universidade Catolica de Minas Gerais.

Dante Disparte has served as Circle’s Chief Strategy Officer and Head of Global Policy since April 2021. Mr. Disparte previously served as Vice Chairman and Executive Vice President at Diem Association from June 2019 to April 2021. He also serves as founder and Chairman of Risk Cooperative since November 2014. Mr. Disparte is a graduate of Harvard Business School and holds an MSc. in Risk Management from the NYU Stern School of Business and a B.A. in International and Intercultural Studies from Goucher College.

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M. Michele Burns has served as a member of Circle’s board of directors since December 2013. Ms. Burns is a member of the board of directors of Goldman Sachs, Anheuser-Busch InBev, Cisco Systems and Etsy, and is a former member of the board of directors of Walmart and Alexion Pharmaceuticals. Ms. Burns was the CEO of Mercer, a subsidiary of Marsh McLennan. Prior positions included serving as CFO of MMC, CFO of Mirant, CFO of Delta Airlines and Partner at Arthur Andersen & Co. Ms. Burns holds bachelor’s and master’s degrees in accounting from the University of Georgia. We believe that Ms. Burns’ expertise in corporate finance, accounting, governance, human resources and strategy and her experience as a public company CFO and director qualifies her to serve on our board of directors.

Raj Date has served as a member of Circle’s board of directors since October 2013. Mr. Date has served as Managing Director of Fenway Summer LLC and FS Venture Capital LLC since April 2013 and has over twenty years in the financial services industry, including serving as the first Deputy Director of the U.S. Consumer Financial Protection Bureau and as Managing Director in the Financial Institutions Group at Deutsche Bank Securities. Mr. Date currently serves on the board of directors of Green Dot Corporation and formerly served on the board of directors of Prosper Marketplace, Inc. and Megalith Financial Acquisition Corp. Mr. Date holds a J.D. from Harvard Law School and a B.S. in Engineering from the University of California at Berkeley. We believe Mr. Date should serve as a member of our board of directors based on his extensive experience in the private and public sector, the perspective he brings as both an investor and board member at leading Fintech companies and his understanding of the unique needs of operations and governance at regulated companies.

Bob Diamond serves as Chairman of the board of directors of Concord and is Founding Partner and Chief Executive Officer of Atlas Merchant Capital LLC. Until 2012, Mr. Diamond was Chief Executive of Barclays, having previously held the position of President of Barclays, responsible for Barclays Capital and Barclays Global Investors. He became an executive director of Barclays in 2005 and had been a member of the Barclays Executive Committee since 1997. Mr. Diamond is currently a member of the Board of Directors of South Street Securities Holdings, Inc., Crux Informatics and Atlas Mara Limited. We believe that Mr. Diamond’s decades of operating experience, having previously held senior executive positions at leading global financial services firms, qualifies him to serve on our board of directors.

P. Sean Neville has served as a member of Circle’s board of directors since its inception in August 2013. Mr. Neville is a co-founder of Circle and served as CTO and President from August 2013 to December 2019. Mr. Neville is currently founder and CEO of crypto venture studio Xdotzero, and he is a Strategic Advisor to the Centre Consortium. Mr. Neville previously served in product and engineering leadership roles at Adobe, Brightcove, Macromedia, Allaire, and was founder of Sevenchord Studios. We believe that Mr. Neville’s experience as a co-founder of Circle and as a technologist in the digital asset industry qualifies him to serve on our board of directors.

Corporate Governance Guidelines and Code of Business Conduct

The Topco Board will adopt Corporate Governance Guidelines that address items such as the qualifications and responsibilities of its directors and director candidates and corporate governance policies and standards applicable. In addition, the Topco Board will adopt a Code of Business Conduct and Ethics that applies to all of its employees, officers and directors, including its Chief Executive Officer and other executive and senior financial officers. The full text of Topco’s Corporate Governance Guidelines and its Code of Business Conduct and Ethics will be posted on the Corporate Governance portion of Topco’s website. Topco will post amendments to its Code of Business Conduct and Ethics or waivers of its Code of Business Conduct and Ethics for directors and officers on the same website.

Board Composition

The board of directors of Topco will consist of seven directors immediately following the closing of the Business Combination. Each of the directors will continue to serve as a director until the election and qualification of his or her successor or until his or her earlier death, resignation or removal. The authorized number of directors may be changed by resolution of the board of directors. Vacancies on the board of directors can be filled by resolution of the board of directors.

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Director Independence

In connection with the Business Combination, Topco Ordinary Shares will be listed on the NYSE. Under the rules of the NYSE, independent directors must comprise a majority of a listed company’s board of directors. In addition, the rules of the NYSE require that, subject to specified exceptions, each member of a listed company’s audit, compensation and nominating and corporate governance committees be independent. Under the rules of the NYSE, a director will only qualify as an “independent director” if that company’s board of directors affirmatively determines that such person does not have a material relationship with the listed company. Audit committee members must also satisfy the additional independence criteria set forth in Rule 10A-3 under the Exchange Act and the rules of the NYSE. Compensation committee members must also satisfy the additional independence criteria set forth in Rule 10C-1 under the Exchange Act and the rules of the NYSE.

In order to be considered independent for purposes of Rule 10A-3 under the Exchange Act and under the rules of the NYSE, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the committee, the board of directors, or any other board committee: (1) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or (2) be an affiliated person of the listed company or any of its subsidiaries.

To be considered independent for purposes of Rule 10C-1 under the Exchange Act and under the rules of NYSE, the board of directors must affirmatively determine that the member of the compensation committee is independent, including a consideration of all factors specifically relevant to determining whether the director has a relationship to the company which is material to that director’s ability to be independent from management in connection with the duties of a compensation committee member, including, but not limited to: (i) the source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the company to such director; and (ii) whether such director is affiliated with the company, a subsidiary of the company or an affiliate of a subsidiary of the company.

The Topco Board has undertaken a review of the independence of each director and considered whether each of the directors has a material relationship with Topco that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities. As a result of this review, Topco anticipates that will be considered “independent directors” as defined under the listing requirements and rules of the NYSE and the applicable rules of the Exchange Act.

Committees of the Topco board of directors

The Topco Board will have an audit committee, compensation committee and nominating and corporate governance committee. The composition and responsibilities of each of the committees of the Topco board of directors is described below. Members will serve on these committees until their resignation or until as otherwise determined by the Topco board of directors.

Audit Committee

will serve as members of our Audit Committee. Under the NYSE listing standards and applicable SEC rules, all the directors on the Audit Committee must be independent; our board of directors has determined that each of are independent under the NYSE listing standards and applicable SEC rules. will serve as the Chairman of the Audit Committee. Each member of the Audit Committee is financially literate and our board of directors has determined that qualifies as an “audit committee financial expert” as defined in applicable SEC rules. The Audit Committee will be responsible for, among other things:

•

selecting a qualified firm to serve as the independent registered public accounting firm to audit Topco’s financial statements;

•

helping to ensure the independence and performance of the independent registered public accounting firm;

•

discussing the scope and results of the audit with the independent registered public accounting firm and reviewing, with management and the independent registered public accounting firm, Topco’s interim and year-end financial statements;

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•

developing procedures for employees to submit concerns anonymously about questionable accounting or audit matters;

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reviewing and overseeing Topco’s policies on risk assessment and risk management, including enterprise risk management;

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reviewing the adequacy and effectiveness of internal control policies and procedures and Topco’s disclosure controls and procedures; and

•

approving or, as required, pre-approving, all audit and all permissible non-audit services, other than de minimis non-audit services, to be performed by the independent registered public accounting firm.

The Topco board of directors will adopt a written charter for the Audit Committee which will be available on Topco’s website upon the completion of the Business Combination.

Compensation Committee

will serve as members of our Compensation Committee. Under the NYSE listing standards, we are required to have a Compensation Committee composed entirely of independent directors; our Board of Directors has determined that each of are independent. will serve as Chairman of the Compensation Committee. Topco’s Compensation Committee will be responsible for, among other things:

•

reviewing, approving and determining the compensation of Topco’s officers and key employees;

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reviewing, approving and determining compensation and benefits, including equity awards, to directors for service on the Topco board of directors or any committee thereof;

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administering Topco’s equity compensation plans;

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reviewing, approving and, in certain situations, making recommendations to the Topco board of directors regarding incentive compensation and equity compensation plans; and

•

establishing and reviewing general policies relating to compensation and benefits of Topco’s employees.

The Topco board of directors will adopt a written charter for the Compensation Committee, which will be available on its website upon the completion of the Business Combination.

Nominating and Corporate Governance Committee

will serve as members of our Nominating and Corporate Governance Committee. Under the NYSE listing standards, we are required to have a nominating and corporate governance committee composed entirely of independent directors; our Board of Directors has determined that each of are independent. will serve as Chairman of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for, among other things:

•

identifying, evaluating and selecting, or making recommendations to the Topco board of directors regarding, nominees for election to the Topco board of directors and its committees;

•

evaluating the performance of the Topco board of directors and of individual directors;

•

considering, and making recommendations to the Topco board of directors regarding the composition of the Topco board of directors and its committees;

•

reviewing developments in corporate governance practices;

•

evaluating the adequacy of the corporate governance practices and reporting;

•

reviewing related person transactions; and

•

developing, and making recommendations to the Topco board of directors regarding, corporate governance guidelines and matters.

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The Topco board of directors will adopt a written charter for the Nominating and Corporate Governance Committee, which will be available on its website upon the completion of the Business Combination.

Code of Conduct and Ethics

Following the Business Combination, Topco intends to post its Code of Conduct and Ethics and to post any amendments to or any waivers from a provision of its Code of Conduct and Ethics on its website, and also intends to disclose any amendments to or waivers of certain provisions of its Code of Conduct and Ethics in a manner required by applicable rules or regulations of the SEC or securities exchange.

Compensation Committee Interlocks and Insider Participation

None of Topco’s officers currently serves, and in the past year has not served, (i) as a member of the compensation committee or the board of directors of another entity, one of whose officers served on Topco’s compensation committee, or (ii) as a member of the compensation committee of another entity, one of whose officers served on the Topco board of directors.

Related Person Policy

Topco will adopt a formal written policy that will be effective upon the Business Combination that sets forth the following policies and procedures for the review and approval or ratification of related person transactions. A “Related Person Transaction” is a transaction, arrangement or relationship in which Topco or any of its subsidiaries was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has or will have a direct or indirect material interest. A “Related Person” means:

•

any person who is, or at any time during the applicable period was, one of Topco’s officers or one of Topco’s directors;

•

any person who is known by Topco to be the beneficial owner of more than five percent (5%) of its voting stock;

•

any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, officer or a beneficial owner of more than five percent (5%) of its voting stock, and any person (other than a tenant or employee) sharing the household of such director, officer or beneficial owner of more than five percent (5%) of its voting stock; and

•

any firm, corporation or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in which such person has a ten percent (10%) or greater beneficial ownership interest.

Topco will enact policies and procedures designed to minimize potential conflicts of interest arising from any dealings it may have with its affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts of interest that may exist from time to time. Specifically, pursuant to its charter, the Audit Committee will have the responsibility to review related person transactions.

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COMPARISON OF STOCKHOLDERS’ AND SHAREHOLDERS’ RIGHTS

This section describes the material differences between the rights of Concord stockholders and the rights of Topco shareholders. Concord is incorporated under the DGCL and therefore the rights of Concord’s stockholders are governed by the DGCL and Concord’s amended and restated certificate of incorporation and bylaws. Topco is incorporated under the Irish Companies Act and therefore the rights of Topco’s shareholders are governed by the Irish Companies Act and the Topco Constitution, as well as other Irish laws affecting companies. The differences between the rights of Concord stockholders and Topco shareholders generally result from the differences between the DGCL and the Concord’s amended and restated certificate of incorporation and bylaws, on the one hand, and the Irish Companies Act and the Topco Constitution, on the other hand. As a result of the Merger, Concord stockholders will become Topco Ordinary Shareholders. Thus, following the Merger, the rights of Concord stockholders who become Topco Ordinary Shareholders in the Merger will be governed by the laws of Ireland, and will also then be governed by the Topco Constitution. In this section, references to “Topco shareholders” include Topco Ordinary Shareholders.

The section does not include a complete description of all differences among the rights of Concord stockholders and Topco Ordinary Shareholders, nor does it include a complete description of the specific rights referred to below. Furthermore, the description of some of the differences in these rights in this section is not intended to indicate the other difference that may be equally important do not exist. All Concord stockholders are urged to read carefully and compare the relevant provisions of the Irish Companies Act and the DGCL, as well as each company’s governing documents; this summary is qualified in its entirety by reference to the full text of each of the Topco Constitution and the Concord’s amended and restated certificate of incorporation and bylaws. See the section entitled “Where You Can Find More Information” beginning on page 308 for information on how to obtain a copy of these documents.

	Concord Stockholders			Topco Shareholders
	Authorized Capital
	Concord’s amended and restated certificate of incorporation authorizes 221,000,000 shares, par value US$0.0001 per share, consisting of 220,000,000 shares of Concord common stock, including 200,000,000 shares of Concord Class A Common Stock and 20,000,000 shares of Concord Class B Common Stock, and 1,000,000 shares of preferred stock, par value US$0.001 per share.			At Closing, Topco’s authorized share capital will be US$2,100,000 and €25,000 divided into 1,600,000,000 ordinary shares of US$0.001 each (nominal value) (i.e., the Topco Ordinary Shares), 500,000,000 preference shares of US$0.001 each (nominal value) and 25,000 euro deferred shares of €1.00 each (nominal value).
	Voting Rights
	Concord’s amended and restated certificate of incorporation provides that except as otherwise required by law or such certificate of incorporation, the holders of shares of Concord common stock (including the Concord Class A Common Stock and the Concord Class B Common Stock) are entitled to one vote per share on each matter properly submitted to the stockholders on which such holders are entitled to vote.			The Topco Constitution provides that each Topco Ordinary Shareholder is entitled to one vote for each Topco Ordinary Share held by him or her on the record date of the relevant general meeting.
	Quorum and Adjournment
	Concord’s bylaws provide that except otherwise provided by applicable law, Concord’s certificate of incorporation or specific provision of Concord’s bylaws, the presence, in person or by proxy, of the holders of shares of outstanding stock of Concord representing a majority of the voting power of all outstanding shares of stock of Concord entitled to vote at such meeting constitutes a quorum sufficient for the transaction of business at such meeting.			The Topco Constitution provides that no business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business. A quorum comprises Topco shareholders, represented in person or by proxy, who together are entitled to cast at least the majority of the voting rights of all the Topco shareholders entitled to vote at the relevant general meeting on a poll.

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	Concord Stockholders			Topco Shareholders
	If a quorum is not present in person or by proxy at a meeting of stockholders of Concord, the chairman of the meeting may adjourn the meeting from time to time as provided in Concord’s bylaws until a quorum shall attend. Concord’s bylaws provide that notice of an adjourned meeting of Concord’s stockholders need not be given if the date, time and place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjournment are announced at the meeting at which the adjournment is taken. If the adjournment is for more than 30 days, notice of the adjourned meeting is required to be given to each stockholder of record entitled to vote at the meeting. If, after adjournment, a new record date for stockholders entitled to vote is fixed for the adjourned meeting, Concord’s board of directors is required to fix a new record date for notice of such adjourned meeting and Concord is required to give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting. At the adjourned meeting, any business which might have been transacted at the original meeting may be transacted.			If a quorum is not present, the meeting, if convened on the requisition of Topco shareholders, shall be dissolved and, in any other case, shall stand adjourned to the same day in the next week or to such other time and place as the chairperson of the meeting may determine. If a quorum is present, the chairperson of the meeting may, with the consent of the meeting, adjourn the meeting from time to time (or indefinitely). No business may be transacted at any adjourned meeting other than the business which might have properly been transacted at the meeting from which the adjournment took place.
	Number of Directors and Composition of Board of Directors
	Concord’s certificate of incorporation provides that other than any directors who may be elected by the holders of one or more series of preferred stock of Concord, the number of directors shall be fixed from time to time exclusively by the Concord board of directors pursuant to a resolution adopted by a majority of the Concord board of directors. The Concord amended and restated certificate of incorporation provides that the Concord board of directors shall be divided into three classes, as nearly equal in number as possible and designated Class I, Class II and Class III. The Concord amended and restated certificate of incorporation provides that the Class I directors serve until the first annual meeting of stockholders following December 7, 2020, the Class II directors serve until the second annual meeting of stockholders following such date and the Class III directors serve until the third annual meeting of stockholders following such date.			The Topco Constitution provides that the number of Topco directors shall be not more than 15 and not less than two, with the exact number of Topco directors, from time to time, determined solely by the Topco Board may determine from time to time. From Closing, there will be seven directors on the Topco Board. The Topco Board shall be divided into three classes, designated Class I, Class II and Class III, with the directors of each class serving for staggered three-year terms. At Closing, Class I shall consist of two directors, Class II shall consist of three directors and Class III shall consist of two directors. The Class I directors shall be appointed to serve as directors until the conclusion of Topco’s 2022 annual general meeting, the Class II directors shall be appointed to serve as directors until the conclusion of Topco’s 2023 annual general meeting and Class III directors shall be appointed to serve as directors until the conclusion of Topco’s 2024 annual general meeting.

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	Concord Stockholders			Topco Shareholders
	Concord’s certificate of incorporation provides that if the number of directors constituting the board of directors is changed, any increase or decrease shall be apportioned by the Concord board of directors among the classes so as to maintain the number of directors in each class as nearly equal as possible. Concord’s certificate of incorporation provides that no decrease in the number of directors constituting the board of directors is permitted to shorten the term of any incumbent director.			If the size of the Topco Board is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Topco directors in each class as nearly equal as possible or as the chairperson of the Topco Board may otherwise direct, provided that a decrease will not shorten the term of any incumbent Topco director.
	Appointment of Directors
	Concord’s certificate of incorporation provides that, except as otherwise required by law or specific provision of such certificate of incorporation, the holders of the Concord Class A Common Stock and the holders of the Concord Class B Common Stock, voting together as a single class, have the exclusive right to vote for the election of directors. Concord’s certificate of incorporation provides that, subject to the rights of any series of preferred stock of Concord, at all meetings of stockholders at which a quorum is present, the election of directors shall be determined by a plurality of the votes cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote thereon. Concord’s certificate of incorporation provides that notwithstanding any other provision of Concord’s certificate of incorporation, prior to the closing of Concord’s initial business combination, the holders of Concord Class B Common Stock have the exclusive right to elect, remove and replace any director, and the holders of Concord Class A Common Stock have no right to vote on the election, removal or replacement of any director. Concord’s certificate of incorporation provides that, except for directors elected by one or more series of Concord preferred stock, voting separately as a single class or series, newly created directorships resulting from an increase in the number of directors and any vacancies on the Concord board of directors may be filled solely and exclusively by a majority vote of the remaining directors then in office, even if less than a quorum, or by the sole remaining director (and not by the stockholders).			The Topco Constitution provides that the Topco directors may be appointed by ordinary resolution of the Topco shareholders in general meeting. In the event of a contested election (i.e., where the number of Topco director nominees exceeds the number of Topco directors to be elected), each of those nominees shall be voted upon as a separate resolution and the Topco directors shall be elected by a plurality of the votes cast in person or by proxy at any such meeting. “Elected by a plurality” means the election of those Topco director nominees equaling in number the number of positions to be filled at the relevant general meeting that receive the highest number of votes. The Topco Constitution also provides that the Topco Board may appoint any person who is willing to act as a Topco director, either to fill a vacancy or as an addition to the existing Topco Board or as a successor to a Topco director who is not re-elected at an annual general meeting
	Removal of Directors
	Concord’s certificate of incorporation provides that other than directors elected by one or more series of Concord preferred stock, voting separately as a single class or series, any or all of the directors may be removed from office only for cause and only by the affirmative vote of the holders of a majority of			Under Irish law, Topco shareholders may remove a director without cause by ordinary resolution, provided that at least 28 clear days’ notice of the resolution is given to Topco, and the Topco shareholders comply with the relevant procedural requirements. Under Irish law, one or more

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	Concord Stockholders			Topco Shareholders
	the voting power of all of the then outstanding shares of stock of Concord entitled to vote generally in the election of directors, voting together as a single class. Concord’s certificate of incorporation provides that notwithstanding any other provision of Concord’s certificate of incorporation, prior to the closing of Concord’s initial business combination, the holders of Concord Class B Common Stock have the exclusive right to remove any director, and the holders of Concord Class A Common Stock have no right to vote on the removal of any director.			shareholders representing not less than 10% of the paid-up share capital of Topco carrying voting rights may requisition the holding of an extraordinary general meeting at which a resolution to remove a director and appoint another person in his or her place may be proposed.
	Fiduciary Duties of Directors
	Under Delaware law, the directors of Concord owe the fiduciary duties of loyalty (encompassing good faith) and care to all of Concord’s stockholders. The DGCL permits a Delaware corporation to include in its certificate of incorporation to contain a provision limiting or eliminating the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, acts or omissions not in good faith, involving intentional misconduct or a knowing violation of law, unlawful repurchases, redemptions or dividends, or transactions from which the director derived an improper personal benefit. Concord’s certificate of incorporation contains such provision. The DGCL permits a Delaware corporation to renounce, in its certificate of incorporation, any interest or expectancy of the corporation in, or being offered an opportunity to participate in, specified business opportunities or specified classes or categories of business opportunities that are presented to the corporation or one or more of its officers, directors or stockholders. Concord’s certificate of incorporation provides that to the extent allowed by law, the corporate opportunity doctrine shall not apply to Concord or any of its officers or directors or any of their affiliates where the application of such doctrine would conflict with any fiduciary duties or contractual obligations such persons had as of December 7, 2021 and that Concord renounces any expectancy that any of Concord’s directors or officers will offer any such corporate opportunity of which he or she becomes aware to Concord, except that the corporate opportunity doctrine shall apply with respect to any of Concord’s directors or officers only with respect to a corporate opportunity that is offered to him or her solely in his or her capacity as a director or			Under Irish law, a fiduciary relationship exists between the Topco directors and Topco, whereby the Topco directors serve as fiduciaries with respect to the care of the Topco’s property and interests. The Irish Companies Act sets out eight principal fiduciary duties for directors, derived from common law and equitable principles which have been developed by the courts in Ireland over many years. The eight principal fiduciary duties are: (i) to act in good faith in what the director considers to be the interests of the company; (ii) to act honestly and responsibly in relation to the conduct of the affairs of the company; (iii) to act in accordance with the company’s memorandum of association and articles of association and to exercise his or her powers only for the purposes allowed by law; (iv) not to use the company’s property, information or opportunities for his or her own benefit, or that of anyone else; (v) not to agree to restrict the director’s power to exercise an independent judgement; (vi) to avoid conflict of interest; (vii) to exercise due care, skill and diligence; and (viii) to have regard to the interests of the company’s employees in general and its shareholders. Such duties are owed by the Topco directors to Topco (not to individual Topco shareholders or third parties) and only Topco may take an action for breach of duty against a Topco director. Upon liquidation, this power may be exercised by the liquidator. In limited situations, Topco shareholders may be able to bring a derivative action on behalf of Topco.

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	Concord Stockholders			Topco Shareholders
	officer of Concord and such opportunity is one Concord is legally and contractually permitted to undertake and would otherwise be reasonable for it to pursue and that the director or officer is permitted to refer that opportunity to Concord without violating any legal obligations. In limited circumstances, Concord’s stockholders may be able to bring derivative actions on behalf of Concord.
	Director Nominations by Stockholders and Shareholders
	Concord’s bylaws provide that nominations of individuals for election to Concord’s board of directors at any annual meeting of stockholders or any special meeting of stockholders called for the purpose of electing directors may be made (i) by or at the direction of the board of directors or (ii) by any stockholder who complies with the nomination procedures established by Concord’s bylaws and who is a stockholder of record at appropriate time or times provided in Concord’s bylaws. For a nomination to be made by a stockholder pursuant to Concord’s bylaws, the stockholder must give timely notice in proper written form to Concord’s secretary. To be timely, the notice must be delivered in accordance with Concord’s bylaws (i) in the case of an annual meeting of stockholders, not later than the close of business on the 90th day nor earlier than the close of business on the 120th day before the anniversary date of the immediately preceding annual meeting of stockholders (provided that if the annual meeting is more than 30 days before or more than 70 days after such anniversary date, the stockholder’s notice must be delivered not earlier than the close of business on the 120th day before the meeting and not later than the later of either the close of business on the 90th day before the annual meeting or the close of business on the 10th day following the day on which pubic announcement of the date of the annual meeting was first made by Concord) and (ii) in the case of a special meeting called for the purpose of electing directors, not later than the close of business on the 10th day following the day on which public announcement of the date of the special meeting is first made by Concord. The notice must set forth, among other things, the information relating to the nominee that would be required to be disclosed in a proxy statement or other filing filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Exchange			The Topco Constitution provides that, in the case of a resolution proposed to be moved at an annual general meeting (including a resolution to appoint a director), Topco Shareholders must deliver a request in writing to the secretary of Topco not earlier than the close of business on the 120th day nor later than the close of business on the 90th day prior to the first anniversary of the preceding year’s annual meeting (subject to adjustment if the date of the annual general meeting is more than 30 days before or more than 60 days after such anniversary, as provided for in the Topco Constitution). The request shall set forth, amongst other requirements, all information related to the proposed nominee for director that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required by Regulation 14A of the Exchange Act, including the person’s written consent to being named in the proxy statement and to serving as director if elected.

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	Act and the rules and regulations promulgated thereunder and must be accompanied by a written consent of each proposed nominee to being named as a nominee and to serve as a director if elected.
	Action by Stockholders and Shareholders
	Concord’s certificate of incorporation provides that, subject to the rights of any series of preferred stock of Concord, at all meetings of stockholders at which a quorum is present, the election of directors shall be determined by a plurality of the votes cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote thereon. Concord’s bylaws provide that all other matters presented to the stockholders at a meeting at which a quorum is present shall be determined by the vote of a majority of the votes cast by the stockholders present in person or represented by proxy at the meeting and entitled to vote thereon, unless the matter is one upon which, by applicable law, Concord’s certificate of incorporation or bylaws or applicable stock exchange rules, a different vote is required, in which case such provision shall govern and control the decision of such matter. Concord’s certificate of incorporation provides that other than directors elected by one or more series of Concord preferred stock, voting separately as a single class or series, any or all of the directors may be removed from office only for cause and only by the affirmative vote of the holders of a majority of the voting power of all of the then outstanding shares of stock of Concord entitled to vote generally in the election of directors, voting together as a single class.			Except where a greater majority is required by the Irish Companies Act or otherwise prescribed by the Topco Constitution, any question, business or resolution proposed at any general meeting shall be decided by a resolution approved by a simple majority of votes cast, in person or by proxy, at a general meeting of Topco shareholders at which a quorum is present (referred to under Irish law as an “ordinary resolution”). An ordinary resolution is needed, among other matters, to appoint a Topco director (where the appointment is by Topco shareholders), to remove a Topco director and to provide, vary or renew the Topco directors’ authority to allot relevant securities. Irish law requires approval of certain matters by a resolution approved by not less than 75% of the votes cast, in person or by proxy, at a general meeting of shareholders at which a quorum is present (referred to under Irish law as a “special resolution”). A special resolution is needed, among other matters, to amend the Topco Constitution, to dis-apply statutory pre-emption rights on the issuance of equity securities of Topco and to reduce Topco’s company capital.
	Dividends and Distributions
	Under the DGCL, the board of directors, subject to any restrictions in the corporation’s certificate of incorporation, may declare and pay dividends out of (i) surplus of the corporation, which is defined as net assets less capital (as each is defined in the DGCL), or (ii) if no surplus exists, out of the net profits of the corporation for the fiscal year in which the dividend is declared and/or the preceding fiscal year. The DGCL also provides that if the capital of the corporation has been diminished by depreciation in the value of its property, or by losses, or otherwise, to an amount less than the aggregate amount of capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets, the board of directors may not declare and pay dividends out of the			Under Irish law, Topco may only pay dividends and make other distributions (and, generally, make share repurchases and redemptions) out of distributable profits. In addition, no dividend may be paid or other distribution, share repurchase or redemption made by Topco unless the net assets of Topco are equal to, or exceed, the aggregate of Topco’s called-up share capital plus its un-distributable reserves and the dividend or other distribution, share repurchase or redemption does not reduce Topco’s net assets below such aggregate. The Topco Constitution authorizes the Topco Board to pay such dividends as appears to the Topco Board to be justified by the profits of Topco.

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	corporation’s net profits until the deficiency in the capital has been repaired. Under the DGCL, a corporation may purchase or redeem its own shares, except that, generally, it may not purchase or redeem such shares if such repurchase or redemption would impair the capital of the corporation. A corporation may, however, purchase or redeem out of capital any of its own shares which are entitled upon any distribution of its assets to a preference over another class or series of its stock if such shares will be retired and the capital reduced as provided in the DGCL. Concord’s certificate of incorporation provides that Concord will provide all Public Stockholders with the opportunity to have their Public Shares redeemed in connection with the Business Combination, subject to the limitations set forth therein, for cash equal to the applicable redemption price per share; provided, however, that Concord will not redeem Public Shares to the extent that such redemption would result in Concord’s failure to have net tangible assets of at least $5,000,001 immediately prior to or upon the consummation of the Business Combination or any greater net tangible asset or cash requirement which may be contained in the Business Combination Agreement.			The Topco Board may also recommend a dividend to be approved and declared by the Topco shareholders at a general meeting, provided that no such dividend may exceed the amount recommended by the Board.
	Stockholder and Shareholder Proposals
	Concord’s bylaws provide that no business (other than nominations of individuals for election as directors) may be transacted at an annual meeting of stockholders other than business that is either (i) specified in Concord’s notice of the meeting (or any supplement thereto), (ii) otherwise brought before the annual meeting by or at the direction of Concord’s board of directors or (iii) otherwise properly brought before the annual meeting by a stockholder who complies with the procedures established by Concord’s bylaws and who is a stockholder of record at appropriate time or times provided in Concord’s bylaws. For a business (other than nominations) to be brought before an annual meeting by a stockholder pursuant to Concord’s bylaws, the stockholder must give timely notice in proper written form to Concord’s secretary and such business must otherwise be a proper matter for stockholder action. To be timely, the notice must be delivered in accordance with Concord’s bylaws not later than the close of business on the 90th day nor earlier than the close of business on the 120th day before the anniversary date of the immediately preceding			The Topco Constitution provides that, in the case of a resolution proposed to be moved at an annual general meeting (including a resolution to appoint a director), Topco Shareholders must deliver a request in writing to the secretary of Topco not earlier than the close of business on the 120th day nor later than the close of business on the 90th day prior to the first anniversary of the preceding year’s annual meeting (subject to adjustment if the date of the annual general meeting is more than 30 days before or more than 60 days after such anniversary, as provided for in the Topco Constitution). In a request, other than for the nomination of directors, the relevant Topco shareholder must, among other matters, provide a comprehensive description of the business to be brought at the meeting, the reasons for conducting such business at the meeting, the complete text of any proposed resolution and a declaration of any material interest in such business by the shareholder and any associated persons.

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	annual meeting of stockholders (provided that if the annual meeting is more than 30 days before or more than 70 days after such anniversary date, notice by the stockholder to be timely must be so delivered not earlier than the close of business on the 120th day before the meeting and not later than the later of the close of business on the 90th day before the meeting or the close of business on the 10th day following the day on which public announcement of the date of the annual meeting is first made by Concord). The notice must set forth, among other things, a brief description of the business desired to be brought before the annual meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event such business includes a proposal to amend Concord’s bylaws, the language of the proposed amendment) and the reasons for conducting such business at the annual meeting. The notice must also set forth any material interest of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made in such business.
	Amendments to Governing Documents
	Under the DGCL, a certificate of incorporation may be amended if (i) the board of directors adopts resolutions setting forth the proposed amendment, declaring the advisability of the amendment and directing that the amendment be submitted to a vote at a meeting of stockholders and (ii) the holders of at least a majority of shares of stock entitled to vote, voting as a single class, approve the amendment, unless the certificate of incorporation requires the vote of a greater number of shares. In addition, under the DGCL, class voting rights exist with respect to amendments to the certificate of incorporation that increase or decrease the aggregate number of authorized shares of a class of stock, increase or decrease the par value of the shares of a class or stock or that alter or changes the powers, preferences or special rights of the shares of a class so as to affect them adversely. Class voting rights do not exist as to other matters, unless the certificate of incorporation expressly provides otherwise. Article IX of Concord’s certificate of incorporation — captioned “Business Combination Requirements; Existence” — provides that no amendment to such article shall be effective prior to the consummation of Concord’s initial business combination unless approved by the affirmative vote			Under Irish law, a special resolution of the shareholders is required to amend any provision of the Topco Constitution. The Topco Board does not have the power to amend the Topco Constitution.

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	of the holders of at least 662∕3% of all then outstanding shares of Concord common stock. Under the DGCL, the board of directors may amend a corporation’s bylaws if so empowered in the certificate of incorporation. Concord’s certificate of incorporation empowers Concord’s board of directors to amend Concord’s bylaws by the affirmative vote of a majority of the board of directors. The stockholders of a Delaware corporation also have the power to amend bylaws.
	Special Meetings of Stockholders and Shareholders
	Under the DGCL, meetings of stockholders may be called by or in the manner provided in the certificate of incorporation or the bylaws or, if not so provided, by the board of directors. Concord’s certificate of incorporation and bylaws provide that, subject to the rights of the holders of any series of preferred stock of Concord, a special meeting of the stockholders may be called only by the chairman of the board of directors, the chief executive officer or Concord’s board of directors pursuant to a resolution adopted by a majority of the board of directors, and may not be called by any other person. Concord’s bylaws provide that only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to Concord’s notice of meeting.			Under Irish law, all general meetings other than annual general meetings are called extraordinary general meetings. As provided under Irish law and the Topco Constitution, extraordinary general meetings may be convened: (i) by the Topco Board whenever it thinks fit, (ii) by the Topco Board on the requisition of Topco shareholders holding not less than 10% of the paid-up share capital of Topco carrying voting rights, and, if the Topco Board defaults, by the requisitioning shareholders themselves and (iii) in exceptional cases, by order of the High Court of Ireland. No business may be transacted at an extraordinary general meeting other than business that: (i) is proposed by, or at the direction of the Topco directors, (ii) is proposed by the requisitioning shareholders in accordance with the Irish Companies Act, (iii) is proposed at the direction of the High Court of Ireland or (iv) the chairperson of the general meeting determines in his, or her, sole and absolute discretion may properly be regarded as within the scope of the meeting.
	Notice of Meetings of Stockholders and Shareholders
	Concord’s bylaws provide that the annual meeting of stockholders shall be called by the board of directors. Concord’s bylaws require notice of a meeting of stockholders to be given not less than 10 nor more than 60 days before the date of the meeting unless otherwise provided by the DGCL.			The Topco Constitution requires that an annual general meeting shall be convened by not less than twenty-one clear days’ and no more than sixty clear days’ notice. The Topco Constitution requires that, subject to the Irish Companies Act, all extraordinary general meetings shall be convened by not less than fourteen clear days’ and no more than sixty clear days’ notice. Under the Irish Companies Act, at least 21 clear days’ notice is required to convene an extraordinary general meeting at which a special resolution is to be proposed. “Clear days” means calendar days and excludes: (i) the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect

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	Proxies
	The DGCL permits each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action by consent in lieu of a meeting to authorize another person or persons to act for such stockholder by proxy. The DGCL also provides that no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period.			The Topco Constitution provides that every Topco shareholder entitled to attend and vote at a general meeting may appoint a proxy to attend, speak and vote on his or her behalf and may appoint more than one proxy to attend, speak and vote at the same meeting. Under Irish law, proxies must be deposited at the registered office of Topco or as it directs not later than 48 hours before the relevant meeting (or such later time as determined by the Topco Board pursuant to the Topco Constitution).
	Mergers and Acquisitions
	Generally, under the DGCL, the consummation of a merger, consolidation, dissolution, or the sale, lease, or exchange of substantially all of a corporation’s assets requires approval by the board of directors and by the holders of a majority (unless the certificate of incorporation requires a higher percentage) of the outstanding shares of stock of the corporation entitled to vote. Concord’s certificate of incorporation requires Concord’ initial business combination to be approved by the affirmative vote of a majority of the board of directors, which must include a majority of Concord’s independent directors. Under the DGCL, mergers in which one corporation owns 90% or more of each class of the outstanding voting stock of a second corporation may be consummated with approval of the first corporation’s board of directors and without the vote of the second corporation’s board of directors or stockholders. Section 203 of the DGCL provides that a corporation may not engage in any business combination with any “interested stockholder” for a period of three years following the time that such stockholder became an “interested stockholder” unless (i) prior to such time the corporation’s board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an “interested stockholder,” (ii) upon consummation of the transaction which resulted in the stockholder becoming an “interested stockholder,” the “interested stockholder” owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (x) by persons who are directors and also officers and (y) employee stock plans in which			Under Irish law but subject to applicable U.S. securities laws and NYSE rules and regulations, where Topco proposes to acquire another company, the approval of Topco’s shareholders is generally not required unless: (i) the acquisition is effected as a direct domestic merger by Topco under Part 17 of the Irish Companies Act or a direct cross-border merger with another company incorporated in the European Economic Area under the European Communities (Cross Border Merger) Regulations 2008 of Ireland, as amended, (ii) the acquisition involves the issuance of new Topco shares or other securities carrying voting rights, which would otherwise trigger the mandatory bid requirements under the Irish Takeover Rules as further described in the section of this document entitled “Description of Topco’s Securities” under the heading “The Irish Takeover Rules and the Substantial Acquisition Rules”) or would constitute a “reverse takeover” under the Irish Takeover Rules or (iii) the acquisition involves the issuance of new Topco shares or rights to subscribe for, or convert another security into, Topco shares and Topco has insufficient headroom in its authorized share capital or its directors do not have sufficient general shareholder authority to issue such shares or rights free from statutory pre-emption rights. A “reverse takeover” means a transaction whereby Topco acquires securities of another company or a business or assets of any kind and pursuant to which it is, or may be, obliged to increase by more than 100%, its then existing issued share capital carrying voting rights. Under Irish law, where another company proposes to acquire Topco, the requirement of the approval of Topco Shareholders will depend on the method of acquisition, as described below.

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	employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer, or (iii) at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by consent in lieu of a meeting, by the affirmative vote of at least 662∕3% of the outstanding voting stock which is not owned by the “interested stockholder.” Generally, Section 203 defines an “interested stockholder” as any person (other than the corporation and any direct or indirect majority-owned subsidiary of the corporation) that (i) is the owner of 15% or more of the outstanding voting stock of the corporation or (ii) is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such person is an “interested stockholder,” and the affiliates and associates of such person.			Takeover Offer Under a takeover offer, the bidder will make a general offer to the target company shareholders to acquire their shares. The offer must be conditional on the bidder acquiring, or having agreed to acquire (pursuant to the offer, or otherwise) securities conferring more than 50% of the voting rights of the target company, albeit the percentage will typically be set higher to enable the bidder to trigger statutory squeeze-out rights under Irish law and require any non-accepting shareholders to sell and transfer their shares to the bidder on the terms of the offer. Statutory Scheme of Arrangement Under Irish law, a scheme of arrangement under chapter 1 of part 9 of the Irish Companies Act is a procedure whereby the target company makes a proposal (i.e., the scheme) to its shareholders to: (i) transfer their shares to the bidder or (ii) cancel their shares, in each case in exchange for the relevant consideration to be provided by the bidder, with the result that the bidder will become the 100% owner of the target company. A scheme requires the approval of a majority in number of the registered shareholders of each class of the target company’s shares affected, representing at least 75% of the shares of each class, present and voting, in person or by proxy, at a meeting of shareholders, together with the sanction of the High Court of Ireland. Once approved by the requisite shareholder majority and sanctioned by the High Court of Ireland, all target company shareholders are bound by the terms of the scheme. Statutory Merger It is possible for Topco to be acquired by way of a direct domestic merger or direct cross-border merger, as described above. Such mergers must be approved by a special resolution of Topco shareholders and sanctioned by the High Court of Ireland.
	Rights of Dissenting Stockholders and Shareholders
	Under the DGCL, a stockholder of a corporation who did not vote in favor or consent to a merger and whose shares are converted in a merger may, in certain circumstances, be entitled to appraisal rights pursuant to which the stockholder may, subject to taking certain prescribed actions and a proceeding in the Court of Chancery of the State of Delaware, receive cash in the amount determined by the Court			Irish law provides for dissenters’ rights in the event of certain mergers and acquisitions. Takeover Offer In the case of a takeover offer for Topco, where a bidder has acquired or contracted to acquire not less than 80% of the Topco shares (or relevant class of Topco shares) to which the offer relates, the

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	of Chancery of the State of Delaware to be the fair value of such stockholder’s shares in lieu of the consideration such stockholder would otherwise receive in the merger.			bidder may, under Irish law, require any non-accepting Topco shareholders to sell and transfer their Topco shares of the same class on the terms of the offer. In such circumstances, a non-accepting shareholder has the right to apply to the High Court of Ireland for an order permitting him, or her, to retain his, or her, shares or to vary the terms of the offer as they pertain to him or her (including a variation such as to require payment of a cash consideration). Statutory Scheme of Arrangement In the case of a takeover by statutory scheme of arrangement under chapter 1 of part 9 of the Irish Companies Act which has been approved by the requisite majority of shareholders, dissenting shareholders have the right to appear at the High Court of Ireland sanction hearing and make representations in objection to the scheme. Statutory Merger In the case of a direct domestic merger or direct cross-border merger, which has been approved by the requisite majority of Topco shareholders, if the consideration that is proposed to be paid to Topco shareholders is not all in the form of cash, dissenting Topco shareholders may be entitled to require that their Topco shares be acquired for cash.
	Forum Selection
	Concord’s certificate of incorporation provides that unless Concord consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of Concord, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of Concord to Concord or its stockholders, (iii) any action asserting a claim against Concord, its directors, officers or employees arising pursuant to any provision of the DGCL or Concord’s certificate of incorporation or bylaws or (iv) any action asserting a claim against Concord, its directors, officers or employees governed by the internal affairs doctrine, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), which is vested in the exclusive			The Topco Constitution provides that the Courts of Ireland shall have exclusive jurisdiction to determine any dispute related to or connected with (i) any derivative claim in respect of a cause of action vested in Topco or seeking relief on behalf of Topco, (ii) any action asserting a claim of breach of a fiduciary or other duty owed by any director, officer or other employee of Topco to Topco or Topco shareholders or (iii) any action asserting a claim against Topco or any director, officer or other employee of Topco arising under the laws of Ireland or pursuant to any provision of the Topco Constitution.

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	jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction.
	Concord’s certificate of incorporation provides that the foregoing exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act, the Securities Act or any other claims for which the federal courts have jurisdiction.
	Limitations on Enforcement of Civil Liabilities under U.S. Federal or State Securities Laws
	As a company listed on the NYSE, Concord and its directors and officers are subject to U.S. federal and state securities laws, and investors may initiate civil lawsuits in the United States against Concord and its directors and officers for breaches of such laws.			As a company listed on the NYSE, Topco and its directors and officers will be subject to U.S. federal and state securities laws, and investors could initiate civil lawsuits in the United States against Topco and its directors and officers for breaches of such laws. There is some uncertainty as to whether the courts of Ireland would recognize or enforce judgments of U.S. courts obtained against Topco or its directors or officers based on the civil liabilities provisions of the U.S. federal or state securities laws or hear actions against Topco or those persons based on those laws. The U.S. and Ireland do not currently have a treaty providing for the reciprocal recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters, and, accordingly, common law rules apply in determining whether a judgment of obtained in a U.S. court is enforceable in Ireland. Although there are processes under Irish law for enforcing a judgment of a U.S. court, including by seeking summary judgment in a new action in Ireland, those processes are subject to certain established principles and conditions, and there can be no assurance that an Irish court would enforce a judgment of a U.S. court in this way and thereby impose civil liberty on Topco or its directors or officers.
	Indemnification of Directors and Officers
	The DGCL permits a Delaware corporation to include in its certificate of incorporation to contain a provision limiting or eliminating the monetary liability of a director to a corporation or its stockholders, except with regard to breaches of duty of loyalty, acts or omissions not in good faith, involving intentional misconduct or a knowing violation of law, unlawful repurchases, redemptions or dividends or transactions from which the director derived an improper personal benefit. Concord’s certificate of incorporation contains such provision. The DGCL permits a corporation to purchase and maintain insurance on behalf of any person who is			Subject to exceptions, the Irish Companies Act does not permit a company to exempt a director or certain officers from, or indemnify a director against, liability in connection with any negligence, default, breach of duty or breach of trust by a director in relation to the company. The exceptions, which are provided for in the Topco Constitution, allow a company to (i) purchase and maintain director and officer insurance against any liability attaching in connection with any negligence, default, breach of duty or breach of trust owed to the company and (ii) indemnify a director or other officer against any liability incurred in defending

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	or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify such person against such liability under the DGCL. The DGCL generally permits a corporation to indemnify its directors and officers against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with a third-party action, other than a derivative action, and against expenses actually and reasonably incurred in the defense or settlement of a derivative action, provided that it is determined that the individual acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the corporation. Unless otherwise ordered by a court, such determination shall be made, in the case of an individual who is a director or officer at the time of the determination, (i) by a majority vote of the directors who are not parties to the relevant action, even though less than a quorum, (ii) by a committee of such directors designated by a majority vote of such directors, even though less than a quorum, (iii) by independent legal counsel, if there are no such directors or if such directors direct, or (iv) by the stockholders. The DGCL requires the corporation to indemnify a present or former director of the corporation who has been successful on the merits or otherwise in defense of any action, suit or proceeding for which such director may be indemnified under the DGCL, or in defense of any claim, issue or matter therein, against expenses (including attorneys’ fees) actually and reasonably incurred in connection therewith. Without court approval, however, no indemnification may be made in respect of any derivative action in which an individual is adjudged liable to the corporation unless and only to the extent that the Court of Chancery of Chancery of the State of Delaware or the court in which such action was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such individual is fairly and reasonably entitled to indemnity for such expenses which such court deems proper.			proceedings, whether civil or criminal (a) in which judgement is given in his or her favor or in which he or she is acquitted or (b) in respect of which an Irish court grants him or her relief from any such liability on the grounds that he or she acted honestly and reasonably and that, having regard to all the circumstances of the case, he or she ought fairly to be excused for the wrong concerned. Additionally, subject to the Irish Companies Act, the Topco Constitution provides that Topco shall indemnify any current or former executive officer of Topco (excluding directors and secretaries) or any person serving at the request of Topco as a director or executive officer of another company, joint venture, trust or other enterprise against expenses, judgments, fines and settlement amounts actually and reasonably incurred in connection with threatened and actual legal proceedings by reason of his or her role, save for liability arising out of the covered person’s fraud or dishonesty or conscious, intentional or willful breach of his or her obligation to act honestly in good faith with a view to the best interests of Topco. Any determination of entitlement to indemnification shall be made by any person or persons given authority by the Topco Board to act on the matter on behalf of Topco. In addition to the provisions of the Topco Constitution, at, or prior to Closing, Topco will enter into separate deeds of indemnity with its directors and certain officers to indemnity them against claims brought by third parties (including on behalf of Topco) to the fullest extent permitted by law, except in the case of fraud or dishonesty proved against the indemnitee.

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	Stockholder/Shareholder Rights’ Plan
	Under the DGCL, the certificate of incorporation of a corporation may expressly authorize the board of directors to create one or more series preferred stock with voting, conversion, dividend distribution and other rights to be determined by the board of directors at the time of issuance, the creation and issuance. In addition, Delaware law does not prohibit a corporation from adopting a stockholder rights plan, or “poison pill.”			Subject to applicable law, the Topco Constitution provides the Topco Board with the power to adopt a shareholder rights’ plan upon such terms as the Topco directors deem expedient in the best interests of Topco, and to exercise any power of Topco to grant rights (including approving the execution of any documents relating to the grant of such rights) to subscribe for Topco Ordinary Shares or preference shares in the capital of Topco in accordance with the terms of such rights’ plan. Topco’s ability to adopt a rights’ plan or to take other anti-takeover measures after the Topco Board has received an approach which may lead to an offer or has reason to believe an offer is, or may be, imminent would be restricted by the frustrating actions’ prohibition of the Irish Takeover Rules. A number of Irish companies have pre-existing rights’ plans which automatically trigger in specified circumstances without the need for a target board decision (other than a decision to disarm), although the validity of these plans has not been tested with the Irish Takeover Panel or in the Irish courts.

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DESCRIPTION OF TOPCO’S SECURITIES

The following is a summary of Topco’s share capital as specified in the Topco Constitution which will be adopted prior to the Scheme Effective Time, and certain related provisions of Irish law. You are encouraged to read the proposed Topco Constitution, which will be adopted in the form, or substantially the form, contained in Exhibit 3.2 in its entirety.

This summary does not purport to be complete and the statements herein are qualified in their entirety by reference, and are subject, to the provisions of the Topco Constitution, as well as the Irish Companies Act and the other applicable provisions of Irish law to which we have referred you. Where we refer to “we”, “us”, or “our” in this section, we mean Topco, excluding, unless expressly otherwise stated or the context otherwise requires, the subsidiaries of Topco. In this section, references to “Topco shareholders” include Topco Ordinary Shareholders.

Authorized Share Capital

At Closing, Topco’s authorized share capital will be US$2,100,000 and €25,000 divided into 1,600,000,000 ordinary shares of US$0.001 each (nominal value) (i.e., the Topco Ordinary Shares), 500,000,000 preference shares of US$0.001 each (nominal value) and 25,000 euro deferred shares of €1.00 each (nominal value).

Topco may allot and issue new shares up to the maximum authorized but unissued share capital contained in the Topco Constitution. The maximum authorized share capital may be increased or reduced from time to time by a resolution approved by a simple majority of votes cast, in person or by proxy, at a general meeting of Topco shareholders at which a quorum is present (referred to under Irish law as an “ordinary resolution”).

The preference shares in the capital of Topco may be allotted and issued in one or more classes or series designated by Topco’s directors, and the Topco directors may fix, for each such class or series, such voting power, full or limited, or no voting power, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereon as shall be stated and expressed in the resolution or resolutions adopted by the Topco Board providing for the issuance of such class or series.

The euro deferred shares in the capital of Topco have been authorized to satisfy the minimum statutory capital requirements for all Irish public limited companies. With effect from the Scheme Effective Time, a holder of euro deferred shares will: (i) not be entitled to receive notice of, attend, speak or vote at, any general meeting of Topco shareholders, (ii) not be entitled to receive any dividend or other distribution declared, made or paid by Topco and (iii) have no rights to participate in the assets of Topco on a winding-up of, or other return of capital by, Topco, save in respect of the nominal value paid-up on such shares.

Irish law does not recognize fractional shares held of record. Accordingly, the Topco Constitution does not provide for the issuance of fractional shares, and Topco’s register of members (i.e., share register) will not reflect any fractional shares.

Directors’ Allotment Authority

Under Irish law, the directors of a company may only allot and issue “relevant securities” (comprising, subject to certain exceptions, new shares and rights to subscribe for, or convert any security into, new shares) once generally or specifically authorized to do so by its constitution or by an ordinary resolution of its shareholders. A general authorization may be granted in respect of up to the entirety of a company’s authorized but unissued share capital and for a maximum period of five years, at which point it must be renewed by another ordinary resolution of the company’s shareholders.

The current constitution of Topco adopted on July 7, 2021 authorizes Topco’s directors to allot and issue new shares and rights to subscribe for, or convert any security into, new shares in the capital of Topco up to the maximum of Topco’s authorized but unissued share capital for a period of five years from July 7, 2021. From Closing, the Topco Constitution will provide a similar authorization to Topco’s directors for a period of five years from its date of adoption. This authorization will need to be renewed by ordinary

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resolution upon its expiration and at periodic intervals thereafter. While an allotment authority may be given for up to five years at each renewal, governance considerations may result in renewals for shorter periods or in respect of less than the maximum permitted number of relevant securities being sought or approved.

Statutory Pre-emption Rights

Subject to certain exceptions, Irish law provides shareholders with statutory pre-emption rights when “equity securities” (comprising, subject to certain exceptions, new shares and rights to subscribe for, or convert any security into, new shares) are issued for cash. However, it is possible for such statutory pre-emption rights to be generally or specifically dis-applied in a company’s constitution or by a resolution approved by not less than 75% of the votes cast, in person or by proxy, at a general meeting of shareholders at which a quorum is present (referred to under Irish law as a “special resolution”). Such general dis-application of pre-emption rights may be given in respect of up to the entirety of a company’s authorized but unissued share capital and for a maximum period of five years, at which point it must be renewed by another special resolution of the company’s shareholders.

The current constitution of Topco adopted on July 7, 2021 dis-applies statutory pre-emption rights up to the maximum of Topco’s authorized but unissued share capital for a period of five years from July 7, 2021. From Closing, the Topco Constitution will dis-apply, statutory pre-emption rights up to the maximum of Topco’s authorized but unissued share capital for a period of five years from its date of its adoption. This dis-application will need to be renewed by special resolution upon its expiration and at periodic intervals thereafter. While a statutory pre-emption dis-application may be given for up to five years at each renewal, governance considerations may result in renewals for shorter periods or in respect of less than the maximum permitted number of equity securities being sought or approved. If the dis-application is not renewed, any further equity securities proposed to be issued for cash will require to be first offered to the Topco shareholders at the relevant time on a pro rata basis to their then existing shareholdings before the equity securities may be issued to non-shareholders.

Statutory pre-emption rights do not apply to: (i) equity securities to be issued for non-cash consideration (such as in a share-for-share acquisition), (ii) non-equity shares (i.e., shares which as respects dividends and capital carry a right to participate only up to a specified amount in a distribution) and rights to subscribe for, or convert any security, into non-equity shares, or (iii) shares to be issued pursuant to an employees’ share scheme and rights to subscribe for, or convert any security, into such shares.

Options and Share Warrants

Under the Topco Constitution, subject to any requirement to obtain the approval of shareholders under any laws, regulations or the rules of any stock exchange to which Topco is subject, the Topco Board is authorized, from time to time, in its discretion, to grant such persons, for such periods and upon such terms as the Topco Board deems advisable, options to purchase or subscribe for such number of shares of any class or classes or of any series of any class as the Board may deem advisable, and to cause warrants or other appropriate instruments evidencing such options to be issued. In addition to the requirements for the Topco directors to be authorized to allot new shares (or rights to subscribe for, or convert any security into, new shares) and the disapplication of statutory pre-emption rights, Topco will be subject to the requirements of the rules of the NYSE and U.S. federal tax laws that require shareholder approval of certain equity plans and share issuances.

Dividends and Distributions

Under Irish law, Topco may only pay dividends and make other distributions (and, generally, make share repurchases and redemptions) out of distributable profits. Distributable profits are the accumulated realized profits of Topco that have not previously been utilized in a distribution or capitalization less accumulated realized losses that have not previously been written off in a reduction or reorganization of capital, and include reserves created by way of a reduction of capital.

The determination of whether Topco has sufficient distributable profits must be made by reference to its relevant financial statements. Topco’s relevant financial statements are either its last set of audited entity financial statements prepared in accordance with the requirements of the Irish Companies Act and laid

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before Topco shareholders at a general meeting or, to the extent that the company does not have a prior set of audited entity financial statements or such financial statements do not display sufficient distributable profits to implement a contemplated dividend or other distribution, unaudited financial statements prepared in accordance with the requirements of the Irish Companies Act which are sufficient to enable a reasonable judgment to be made as to its distributable profits and which are filed with the Irish Companies Registration Office.

In addition, no dividend may be paid or other distribution, share repurchase or redemption made by Topco unless the net assets of Topco are equal to, or exceed, the aggregate of Topco’s called-up share capital plus its un-distributable reserves and the dividend or other distribution, share repurchase or redemption does not reduce Topco’s net assets below such aggregate. Un-distributable reserves include the un-denominated capital, the capital redemption reserve fund and the amount by which Topco accumulated unrealized profits that have not previously been utilized by any capitalization exceed Topco’s accumulated unrealized losses that have not previously been written off in a reduction or reorganization of capital.

The Topco Constitution authorizes the Topco Board to pay such dividends as appears to the Topco Board to be justified by the profits of Topco. If, at any time, the share capital is divided into different classes, the Topco Board may pay such dividends on shares which rank after shares conferring preferential rights with regard to dividend as well as on shares conferring preferential rights, unless at the time of payment any preferential dividend is in arrears. A dividend shall be declared and paid according to the amounts paid-up (otherwise than in advance of calls) on the nominal value of the shares on which the dividend is paid, including Topco Ordinary Shares.

The Topco Board may also recommend a dividend to be approved and declared by the Topco shareholders at a general meeting, provided that no such dividend may exceed the amount recommended by the Board.

The Topco Constitution provides that a general meeting declaring a dividend, may upon the recommendation of the Topco Board, direct that it shall be satisfied by the distribution of assets (including paid-up shares or securities of any other body corporate).

The Topco Constitution provides that all unclaimed dividends or other monies payable by Topco in respect of a share may be invested or otherwise made use of by the Topco Board for the benefit of Topco until claimed. Furthermore, any dividend unclaimed after a period of twelve years from the date the dividend became due for payment shall be forfeited and shall revert to Topco.

Share Repurchases, Redemptions and Treasury Shares

Under Irish law, a company may acquire its own shares by: (i) on-market purchase on a recognized stock exchange, which includes the NYSE or (ii) off-market purchase (i.e., other than on a recognized stock exchange).

For Topco to make on-market purchases of Topco Ordinary Shares, Topco shareholders must provide general authorization to Topco to do so by way of ordinary resolution. Such authority can be given for a maximum period of five years before it is required to be renewed and must specify: (i) the maximum number of Topco Ordinary Shares that may be purchased and (ii) the maximum and minimum prices that may be paid for the Topco Ordinary Shares, either by specifying particular sums or providing a formula. For an off-market purchase, the proposed purchase contract must be authorized by a special resolution of Topco shareholders before being entered into.

Separately, a company may acquire redeemable shares by redemption (as opposed to purchase) once permitted to do by it constitution without the need for separate shareholder authority.

The Topco Constitution provides that, unless the Topco directors determine to treat such acquisition as a purchase for the purposes of the Irish Companies Act, a Topco Ordinary Share shall be automatically deemed to be a redeemable share on, and from the time of, the existence or creation of an agreement, transaction or trade between Topco (including any agent or broker acting on behalf of Topco) and any person, pursuant to which Topco acquires or agrees to acquire Topco Ordinary Shares or interests therein, such that the acquisition of those Topco Ordinary shares will be effected as a redemption. If the Topco

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Constitution did not contain such provision, the acquisition of Topco Ordinary Shares by Topco would need to be effected as an on-market purchase or off-market purchase, as described above.

Under Irish law, the acquisition of Topco shares by purchase or redemption, is required to be made out of: (i) distributable profits or (ii) the proceeds of a new issue of shares made for the purpose of the redemption or purchase.

Under Irish law, purchased and redeemed shares may be cancelled or held as treasury shares, provided that the aggregate nominal value of treasury shares held by Topco at any time must not exceed 10% of Topco’s company capital (consisting of the aggregate of all amounts of nominal share capital plus share premium paid for Topco shares, plus certain other sums that may be credited as such). Topco cannot exercise any voting rights in respect of any treasury shares. Treasury shares may be re-issued on-market or off-market or cancelled. Depending on the circumstances of their acquisition, treasury shares may be held indefinitely or may be required to be cancelled after one or three years. The off-market re-issuance of treasury shares must be made pursuant to a valid and subsisting shareholder authority granted by way of a special resolution of Topco’s shareholders setting the maximum and minimum prices at which such shares may be re-issued.

Purchases by Subsidiaries

Under Irish law, a subsidiary of Topco may purchase Topco shares either on-market or off-market, provided such purchases are authorized by Topco shareholders, as described above. The redemption option is not available to a subsidiary of Topco.

Topco shares held by Topco’s subsidiaries at any time will count as treasury shares and will be included in any calculation of the permitted treasury share threshold of 10% described above. While a subsidiary holds any Topco Shares, it cannot exercise any voting rights in respect of those shares. The acquisition of Topco shares by a subsidiary must be funded out of distributable profits of the subsidiary.

Liens on Shares, Calls on Shares and Forfeiture of Shares

The Topco Constitution provides that Topco will have a first and paramount lien on every issued Topco share (not being a fully paid share) for all amounts payable to Topco in respect of such share. Subject to the terms of their allotment, the Topco Board may call for any unpaid amounts in respect of any Topco shares to be paid, and if payment is not made, the shares shall be subject to forfeiture.

Consolidation and Subdivision

Under Irish law and the Topco Constitution, Topco may, by ordinary resolution of the Topco shareholders, consolidate all or any of its share capital into shares of larger nominal value, or subdivide all or any of its share capital into shares of smaller nominal value, than are fixed by the Topco Constitution.

Reduction of Capital

Under the Topco Constitution, Topco may reduce its company capital in any way it thinks expedient as permitted by the Irish Companies Act. Under the Irish Companies Act, a reduction of company capital requires the approval by special resolution of Topco’s shareholders and the confirmation of the High Court of Ireland.

Variation of Rights Attaching to a Class of Series of Shares

Under Irish law and the Topco Constitution, any variation of class rights attaching to Topco’s issued shares must be approved: (i) in writing by the holders of at least 75% of the issued shares of that class (excluding any shares held as treasury shares) or (ii) with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class, but not otherwise.

Serious Loss of Capital

If the directors of Topco becomes aware that Topco’s net assets are half or less of the amount of Topco’s called-up share capital, they must convene an extraordinary general meeting of Topco shareholders

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no later than 28 days after the earliest date that fact is known to any director for the purpose of considering whether any, and if so what, measures should be taken to deal with the situation (the meeting to be held within 56 days of that earliest date).

Annual General Meetings

Under Irish law, Topco is required to hold an annual general meeting within 18 months of incorporation and in each calendar year thereafter, at intervals of no greater than 15 months from the previous annual general meeting and no more than nine months after Topco’s financial year-end date, which is currently 31 December.

Following Closing, in addition to any SEC mandated resolutions and any shareholder’s resolution properly proposed in accordance with the provisions of the Topco Constitution, the business of Topco’s annual general meeting will be required to include: (i) the consideration of Topco’s statutory financial statements, (ii) a review by Topco shareholders of Topco’s affairs, (iii) the election and re-election of Topco directors in accordance with the Topco Constitution, (iv) the appointment or reappointment of Irish statutory auditors, (v) the authorization of the Topco Board to approve the remuneration of the Irish statutory auditors and (vi) if relevant, the declaration of dividends by Topco shareholders (but not including any dividends resolved to be paid by the Topco Board).

The Topco Constitution provides that, in the case of a resolution proposed to be moved at an annual general meeting (including a resolution to appoint a director), Topco Shareholders must deliver a request in writing to the secretary of Topco not earlier than the close of business on the 120th day nor later than the close of business on the 90th day prior to the first anniversary of the preceding year’s annual meeting (subject to adjustment if the date of the annual general meeting is more than 30 days before or more than 60 days after such anniversary, as provided for in the Topco Constitution).

•

In the case of a request for the nomination of a director, the request shall set forth, among other requirements, all information relating to the proposed nominee that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required by Regulation 14A of the Exchange Act, including the person’s written consent to being named in the proxy statement and to serving as a director, if elected.

•

In the case of a request other than for the nomination of directors, the relevant Topco shareholder must, among other matters, provide a comprehensive description of the business to be brought at the meeting, the reasons for conducting such business at the meeting, the complete text of any proposed resolution and a declaration of any material interest in such business by the shareholder and any associated persons.

No business may be transacted at an annual general meeting other than business that: (i) is proposed by, or at the direction of the Topco directors, (ii) is properly proposed by shareholders in accordance with the Topco Constitution, as aforesaid or (iii) the chairperson of the annual general meeting determines in his, or her, sole and absolute discretion may properly be regarded as within the scope of the meeting.

Extraordinary General Meetings

Under Irish law, all general meetings other than annual general meetings are called extraordinary general meetings.

As provided under Irish law and the Topco Constitution, extraordinary general meetings may be convened: (i) by the Topco Board whenever it thinks fit, (ii) by the Topco Board on the requisition of Topco shareholders holding not less than 10% of the paid-up share capital of Topco carrying voting rights, and, if the Topco Board defaults, by the requisitioning shareholders themselves and (iii) in exceptional cases, by order of the High Court of Ireland.

No business may be transacted at an extraordinary general meeting other than business that: (i) is proposed by, or at the direction of the Topco directors, (ii) is proposed by the requisitioning shareholders in accordance with the Irish Companies Act, (iii) is proposed at the direction of the High Court of Ireland

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or (iv) the chairperson of the general meeting determines in his, or her, sole and absolute discretion may properly be regarded as within the scope of the meeting.

Notice of General Meetings

The Topco Constitution requires that an annual general meeting shall be convened by not less than twenty-one clear days’ and no more than sixty clear days’ notice.

The Topco Constitution requires that, subject to the Irish Companies Act, all extraordinary general meetings shall be convened by not less than fourteen clear days’ and no more than sixty clear days’ notice. Under the Irish Companies Act, at least 21 clear days’ notice is required to convene an extraordinary general meeting at which a special resolution is to be proposed.

“Clear days” means calendar days and excludes: (i) the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect.

Quorum for General Meetings

The Topco Constitution provides that no business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business. A quorum comprises Topco shareholders, represented in person or by proxy, who together are entitled to cast at least the majority of the voting rights of all the Topco shareholders entitled to vote at the relevant general meeting on a poll.

Voting

The Topco Constitution provides that each Topco Ordinary Shareholder is entitled to one vote for each Topco Ordinary Share held by him or her on the record date of the relevant general meeting.

Except where a greater majority is required by the Irish Companies Act or otherwise prescribed by the Topco Constitution, any question, business or resolution proposed at any general meeting shall be decided by an ordinary resolution.

Irish law requires approval of certain matters by special resolution of Topco shareholders. Examples of matters requiring special resolutions include:

(i)

amending the Topco Constitution;

(ii)

approving a change of Topco’s name;

(iii)

dis-applying statutory pre-emption rights on the issuance of equity securities of Topco;

(iv)

authorizing the purchase by Topco of its own shares either on-market or off-market;

(v)

setting the maximum and minimum prices at which treasury shares may be re-issued off-market;

(vi)

reducing Topco’s company capital;

(vii)

re-registering Topco as another company type under the Irish Companies Act;

(viii)

resolving that Topco be wound-up by the Irish courts; and

(ix)

resolving in favor of a members’ voluntary winding-up of Topco.

See also “Appointment of Topco Directors” for disclosure in respect of the voting thresholds that apply to the election of Topco directors.

Corporate Governance

Subject to the requirements of law and the Irish Companies Act, the Topco Constitution generally delegates the management of Topco’s business to the Topco Board. The Topco Board, in turn, is empowered to delegate any of its powers, authorities and discretions (with further power to sub-delegate) to any director, committee (consisting of such person or persons (whether directors or not) as it thinks fit, local or

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divisional board or agent (including officers and employees), but regardless, the Topco Board will remain responsible, as a matter of Irish law, for the proper management of Topco’s business and affairs.

Directors

Number of Directors and Composition of Topco Board

The Topco Constitution provides that the number of Topco directors shall be not more than 15 and not less than two, with the exact number of Topco directors, from time to time, determined solely by the Topco Board may determine from time to time. From Closing, there will be seven directors on the Topco Board.

The Topco Board shall be divided into three classes, designated Class I, Class II and Class III, with the directors of each class serving for staggered three-year terms. At Closing, Class I shall consist of two directors, Class II shall consist of three directors and Class III shall consist of two directors. The Class I directors shall be appointed to serve as directors until the conclusion of Topco’s 2022 annual general meeting, the Class II directors shall be appointed to serve as directors until the conclusion of Topco’s 2023 annual general meeting and Class III directors shall be appointed to serve as directors until the conclusion of Topco’s 2024 annual general meeting.

If the size of the Topco Board is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Topco directors in each class as nearly equal as possible or as the chairperson of the Topco Board may otherwise direct, provided that a decrease will not shorten the term of any incumbent Topco director.

Appointment of Topco Directors

The Topco Constitution provides that the Topco directors may be appointed by ordinary resolution of the Topco shareholders in general meeting.

In the event of a contested election (i.e., where the number of Topco director nominees exceeds the number of Topco directors to be elected), each of those nominees shall be voted upon as a separate resolution and the Topco directors shall be elected by a plurality of the votes cast in person or by proxy at any such meeting. “Elected by a plurality” means the election of those Topco director nominees equaling in number the number of positions to be filled at the relevant general meeting that receive the highest number of votes.

The Topco Constitution also provides that the Topco Board may appoint any person who is willing to act as a Topco director, either to fill a vacancy or as an addition to the existing Topco Board or as a successor to a Topco director who is not re-elected at an annual general meeting.

Removal of Directors

Under Irish law, Topco shareholders may remove a director without cause by ordinary resolution, provided that at least 28 clear days’ notice of the resolution is given to Topco, and the Topco shareholders comply with the relevant procedural requirements. Under Irish law, one or more shareholders representing not less than 10% of the paid-up share capital of Topco carrying voting rights may requisition the holding of an extraordinary general meeting at which a resolution to remove a director and appoint another person in his or her place may be proposed.

Transactions

General

Under Irish law but subject to applicable U.S. securities laws and NYSE rules and regulations, where Topco proposes to acquire another company, the approval of Topco’s shareholders is generally not required unless: (i) the acquisition is effected as a direct domestic merger by Topco under Part 17 of the Irish Companies Act or a direct cross-border merger with another company incorporated in the European Economic Area under the European Communities (Cross Border Merger) Regulations 2008 of Ireland, as amended, (ii) the acquisition involves the issuance of new Topco shares or other securities carrying voting

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rights, which would otherwise trigger the mandatory bid requirements under the Irish Takeover Rules as described below or would constitute a “reverse takeover” under the Irish Takeover Rules or (iii) the acquisition involves the issuance of new Topco shares or rights to subscribe for, or convert another security into, Topco shares and Topco has insufficient headroom in its authorized share capital or its directors do not have sufficient general shareholder authority to issue such shares or rights free from statutory pre-emption rights. A “reverse takeover” means a transaction whereby Topco acquires securities of another company or a business or assets of any kind and pursuant to which it is, or may be, obliged to increase by more than 100%, its then existing issued share capital carrying voting rights.

Under Irish law, where another company proposes to acquire Topco, the requirement of the approval of Topco Shareholders will depend on the method of acquisition, as described below.

Takeover Offer

Under a takeover offer, the bidder will make a general offer to the target company shareholders to acquire their shares. The offer must be conditional on the bidder acquiring, or having agreed to acquire (pursuant to the offer, or otherwise) securities conferring more than 50% of the voting rights of the target company, albeit the percentage will typically be set higher to enable the bidder to trigger statutory squeeze-out rights under Irish law and require any non-accepting shareholders to sell and transfer their shares to the bidder on the terms of the offer.

In the case of a takeover offer for Topco, where a bidder has acquired or agreed to acquire not less than 80% of the Topco shares (or relevant class of Topco shares) to which the offer relates, the bidder may require any non-accepting shareholders to sell and transfer their shares of the same class on the terms of the offer. In such circumstances, a non-accepting Topco shareholder has the right to apply to the High Court of Ireland for an order permitting him, or her, to retain his, or her, shares or to vary the terms of the offer as they pertain to him or her (including a variation such as to require payment of a cash consideration).

Statutory Scheme of Arrangement

Under Irish law, a scheme of arrangement under chapter 1 of part 9 of the Irish Companies Act is a procedure whereby the target company makes a proposal (i.e., the scheme) to its shareholders to: (i) transfer their shares to the bidder or (ii) cancel their shares, in each case in exchange for the relevant consideration to be provided by the bidder, with the result that the bidder will become the 100% owner of the target company. A scheme requires the approval of a majority in number of the registered shareholders of each class of the target company’s shares affected, representing at least 75% of the shares of each class, present and voting, in person or by proxy, at a meeting of shareholders, together with the sanction of the High Court of Ireland.

Once approved by the requisite shareholder majority and sanctioned by the High Court of Ireland, all target company shareholders are bound by the terms of the scheme. Dissenting shareholders have the right to appear at the High Court of Ireland hearing and make representations in objection to the scheme.

Statutory Merger

It is possible for Topco to be acquired by way of a direct domestic merger or direct cross-border merger, as described above. Such mergers must be approved by a special resolution of Topco shareholders and sanctioned by the High Court of Ireland. If the consideration that is proposed to be paid to Topco shareholders is not all in the form of cash, dissenting Topco shareholders may be entitled to require that their Topco shares be acquired for cash.

Dissenters’ Rights, Appraisal Rights

As described above, Irish law provides for dissenters’ rights in the event of certain mergers and acquisitions.

In the case of a takeover offer for Topco, where a bidder has acquired or contracted to acquire not less than 80% of the Topco shares (or relevant class of Topco shares) to which the offer relates, the bidder may, under Irish law, require any non-accepting Topco shareholders to sell and transfer their Topco shares of the

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same class on the terms of the offer. In such circumstances, a non-accepting shareholder has the right to apply to the High Court of Ireland for an order permitting him, or her, to retain his, or her, shares or to vary the terms of the offer as they pertain to him or her (including a variation such as to require payment of a cash consideration).

In the case of a takeover by statutory scheme of arrangement under chapter 1 of part 9 of the Irish Companies Act which has been approved by the requisite majority of shareholders, dissenting shareholders have the right to appear at the High Court of Ireland sanction hearing and make representations in objection to the scheme.

In the case of a direct domestic merger or direct cross-border merger, as described above, which has been approved by the requisite majority of Topco shareholders, if the consideration that is proposed to be paid to Topco shareholders is not all in the form of cash, dissenting Topco shareholders may be entitled to require that their Topco shares be acquired for cash.

Disclosure of Interests in Shares

Under the Irish Companies Act, there is a notification requirement for persons who acquire or cease to be interested in 3% of Topco’s voting share capital, or any class thereof. “Interested” is broadly defined and includes direct and indirect holdings, beneficial interests and, in some cases, derivative interests. Furthermore, a person’s interests are aggregated with the interests of certain related persons and entities (including controlled companies). A person must notify Topco if, as a result of a transaction, that person will be interested in 3% or more of the Topco Ordinary Shares (or any other voting class) or if, as a result of a transaction, a person who was interested in more than 3% of the Topco Ordinary Shares (or any other voting class) ceases to be so interested. Where a person is interested in more than 3% of the Topco Ordinary Shares (or any other voting class), any alteration of his or her interest that brings his or her total holding through the nearest whole percentage number, whether an increase or a reduction, must be notified to Topco.

The relevant percentage figure is calculated by reference to the aggregate nominal value of the Topco Ordinary Shares (or shares of another voting class) in which the person is interested as a proportion of the entire nominal value of the issued Topco Ordinary Shares (or shares of another voting class). Where the percentage level of the person’s interest does not amount to a whole percentage, this figure may be rounded down to the previous whole number. All such disclosures should be notified to Topco within five business days of the transaction or the alteration that gave rise to the notification requirement.

Where a person fails to comply with the notification requirements described above, no right or interest of any kind whatsoever in respect of any Topco Ordinary Shares (or shares of another voting class) held by such person shall be enforceable by such person, whether directly or indirectly, by action or legal proceeding. However, a person so affected may apply to the High Court of Ireland for relief.

In addition to the above disclosure requirement, under the Irish Companies Act, Topco may, by notice in writing, require a person whom it knows or has reasonable cause to believe, to be, or at any time during the three years immediately preceding the date on which such notice is issued, to have been, interested in shares comprised in Topco’s share capital: (i) to indicate whether or not it is the case and (ii) where such person holds, or has during that time held, an interest in Topco’s shares, to give such further information as Topco may require, including particulars of such person’s own past or present interests in the shares. Any information given in response to the notice is required to be given in writing within such reasonable time as Topco may specify in the notice.

Where such a notice is served by Topco on a person who is, or was, interested in Topco’s shares and that person fails to give us any of the requested information within the reasonable time specified, Topco may apply to the High Court of Ireland for an order directing that the affected shares be made subject to certain restrictions. Under the Irish Companies Act, the restrictions that may be placed on the shares by the High Court of Ireland are as follows:

(i)

any transfer of those shares, or, in the case of unissued shares, any transfer of the right to be issued with shares and any issue of shares, shall be void;

(ii)

no voting rights shall be exercisable in respect of those shares;

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(iii)

no further shares shall be issued in right of those shares or in pursuance of any offer made to the holder of those shares; and

(iv)

no payment shall be made of any sums due from Topco on those shares, whether in respect of capital or otherwise.

Where the shares are subject to these restrictions, the High Court of Ireland may order the shares to be sold and may also direct that the shares shall cease to be subject to these restrictions.

The Irish Takeover Rules and the Substantial Acquisition Rules

Following Closing, Topco will be subject to the Irish Takeover Panel Act 1997, as amended, and the Irish Takeover Rules, which regulate the conduct of takeovers of, and certain other relevant transactions affecting, Irish incorporated public limited companies listed on certain stock exchanges, including the NYSE. The Irish Takeover Rules are administered by the Irish Takeover Panel, which has supervisory jurisdiction over such transactions. In particular, transactions in which a person or persons acting in concert seeks to acquire securities carrying 30% or more of Topco’s voting rights (the control threshold under the Irish Takeover Rules) will be subject to the Irish Takeover Rules and the jurisdiction of the Irish Takeover Panel.

The Irish Takeover Rules impose obligations on Topco and its directors (and on transaction counterparties) in the circumstances of a takeover offer (solicited or unsolicited, recommended or hostile) and other relevant transactions. Among other matters, the Irish Takeover Rules operate to ensure that no offer is frustrated or unfairly prejudiced and, in situations involving multiple bidders, that there is a level playing field.

The “General Principles” and certain other important features of the Irish Takeover Rules are summarized below.

The General Principles

The Irish Takeover Rules are based on (and interpreted by the Panel in accordance with) the following General Principles:

(i)

in the event of an offer, all holders of securities of the target company must be afforded equivalent treatment and, if a person acquires control of a company, the other holders of securities must be protected;

(ii)

the holders of securities of the target company must have sufficient time and information to enable them to reach a properly informed decision on the offer; where it advises the holders of securities, the board of directors of the target company must give its views on the effects of the implementation of the offer on employment, employment conditions and the locations of the target company’s place of business;

(iii)

a target company’s board of directors must act in the interests of the target company as a whole and must not deny the holders of securities the opportunity to decide on the merits of the offer;

(iv)

false markets must not be created in the securities of the target company, the bidder or any other company concerned by the offer in such a way that the rise or fall of the prices of the securities becomes artificial and the normal functioning of the markets is distorted;

(v)

a bidder can only announce an offer after ensuring that such bidder can fulfill in full the consideration offered, if such is offered, and after taking all reasonable measures to secure the implementation of any other type of consideration;

(vi)

a target company may not be hindered in the conduct of its affairs longer than is reasonable by an offer for its securities; and

(vii)

a substantial acquisition of securities, whether to be effected by one transaction or a series of transactions, shall take place only at an acceptable speed and shall be subject to adequate and timely disclosure.

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Directors Obliged to Take Independent advice and Give Considered Views.

The Topco directors will be obliged to take competent independent advice from a financial adviser on every formal takeover offer (and new equity issuances involving a change of control) and to issue a circular to Topco shareholders setting out the substance and source of that advice and the considered views of the directors.

Mandatory Bid Requirements

In certain circumstances, a person, or persons acting in concert, who acquire(s), or consolidate(s), control of Topco may be required to make a mandatory cash offer for the remaining shares of Topco at a price not less than the highest price paid for the shares by that person or its concert parties during the previous 12 months. Save with the consent of the Irish Takeover Panel, this mandatory offer requirement is triggered: (i) if an acquisition of shares would result in a person or persons acting in concert holding shares representing 30% or more of the voting rights of Topco and (ii) where a person, or persons acting in concert, already hold(s) shares representing 30% or more of the voting rights of Topco, if an acquisition of shares would result in the percentage of the voting rights of Topco held by such person, or persons acting in concert, increasing by more than 0.05% within a 12-month period. In the case of an issuance of new shares, the Irish Takeover Panel will typically waive the mandatory offer requirement in circumstances where the issuance has been approved in advance by simple majority vote given at a general meeting of independent Topco shareholders convened in accordance with the requirements (including as to disclosure) of the Irish Takeover Rules. The mandatory offer requirements do not apply to a single holder, holding shares representing more than 50% of the voting rights of Topco.

Minimum Price Requirements and Requirements to Make a Cash Offer

If a person makes a voluntary takeover offer to acquire Topco Ordinary Shares, the offer price must not be less than the highest price paid for the Topco Ordinary Shares by the bidder or its concert parties during the three-month period prior to the commencement of the offer period (which generally commences at the time of the first announcement of that offer as a proposed offer or a possible offer (with or without terms)). The Irish Takeover Panel has the power to extend the look back period to 12 months if, taking into account the General Principles, it believes it is appropriate to do so.

If the bidder or any of its concert parties has acquired or acquires Topco Ordinary Shares: (i) during the 12 month period prior to the commencement of the offer period that represent more than 10% of the Topco Ordinary Shares or (ii) at any time after the commencement of the offer period, the offer must be in cash or accompanied by a full cash alternative and the price per Topco Ordinary Share must not be less than the highest price paid by the bidder or its concert parties during, in the case of clause (i), the 12-month period prior to the commencement of the offer period or, in the case of (2), the offer period. The Irish Takeover Panel may apply this rule to a bidder who, together with its concert parties, has acquired less than 10% of the Topco Ordinary Shares in the 12 month period prior to the commencement of the offer period if the Irish Takeover Panel, taking into account the General Principles, considers it just and proper to do so.

Frustrating Action

Save with the approval of Topco shareholders given at a duly convened general meeting of Topco shareholders or, in the case of certain actions, with the prior written consent of the Irish Takeover Panel, once the Topco Board has received an approach which may lead to an offer or has reason to believe an offer is, or may be, imminent, Topco will not be permitted to take (and is obliged to procure that none of its subsidiaries takes) any action (other than seeking alternative offers) which might result in the frustration of that offer or possible offer or in Topco’s shareholders being denied the opportunity to decide on the merits of that offer or possible offer. These include, without limitation, actions such as (i) the issue or grant of shares, (ii) the issue or grant of options to subscribe for shares, (iii) the creation or issue of securities conferring rights of conversion into shares, (iv) acquisitions or disposals of material assets and (v) entering into contracts other than in the ordinary course of business.

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Substantial Acquisition Rules

The Irish Takeover Panel is also responsible for administering the Substantial Acquisition Rules 2007 (or SARs), which govern substantial acquisitions of shares and other voting securities in an Irish incorporated public limited company listed on certain stock exchanges, including the NYSE. Among other matters, the SARs regulate the speed at which a person may increase such person’s holding of shares and rights over shares. to an aggregate of between 15% and 30% of the voting rights of a relevant company. Except in certain circumstances, an acquisition or series of acquisitions of shares or rights over shares representing 10% or more of the voting rights of a relevant company is prohibited, if such acquisition(s), when aggregated with shares or rights already held, would result in the acquirer holding 15% or more but less than 30% of the voting rights of the company and such acquisitions are made within a period of seven days. These rules also require accelerated disclosure of acquisitions of shares or rights over shares relating to such holdings.

Shareholder Rights’ Plan and Anti-Takeover Measures

Subject to applicable law, the Topco Constitution provides the Topco Board with the power to adopt a shareholder rights’ plan upon such terms as the Topco directors deem expedient in the best interests of Topco, including, without limitation, where the Topco directors are of the opinion that a rights’ plan could grant them additional time to gather relevant information or pursue strategies in response to or anticipation of, or could prevent, a potential change of control of Topco or accumulation of shares in the capital of Topco or interests therein, and to exercise any power of Topco to grant rights (including approving the execution of any documents relating to the grant of such rights) to subscribe for Topco Ordinary Shares or preference shares in the capital of Topco in accordance with the terms of such rights’ plan.

Topco’s ability to adopt a rights’ plan or to take other anti-takeover measures after the Topco Board has received an approach which may lead to an offer or has reason to believe an offer is, or may be, imminent would be restricted by the frustrating actions’ prohibition of the Irish Takeover Rules, described above. A number of Irish companies have pre-existing rights’ plans which automatically trigger in specified circumstances without the need for a target board decision (other than a decision to disarm), although the validity of these plans has not been tested with the Irish Takeover Panel or in the Irish courts.

Duration, Dissolution, Rights Upon Liquidation

Topco’s duration of existence is unlimited. Topco may be dissolved and wound-up at any time by way of a members’ voluntary winding-up or a creditors’ winding-up. In the case of a members’ voluntary winding-up, a special resolution is required. Topco may also be dissolved by way of court order on the application of a creditor, by the Irish Registrar of Companies as an enforcement measure where Topco has failed to file certain returns or by the Irish Director of Corporate Enforcement where its affairs have been investigated by an inspector and it appears from the inspector’s report or any information obtained by the Irish Director of Corporate Enforcement that Topco should be wound-up.

The Topco Constitution provides that the Topco Ordinary Shareholders shall be entitled to participate in Topco’s surplus assets available for distribution in a winding-up, (i.e., following the settlement of all claims of creditors), pro rata to their respective holdings of Topco Ordinary Shares).

The Topco Constitution provides that from the Scheme Effective Time, on a winding up of Topco, or other return of capital by Topco (other than on a redemption of any class of shares in the capital of Topco), the holders of the euro deferred shares shall be entitled to participate in such winding up or return of capital, provided that such entitlement shall be limited to the repayment of the amount paid-up or credited as paid-up on the euro deferred shares and shall be paid only after the holders of Topco Ordinary Shares shall have received payment in respect of such amount as is paid-up or credited as paid-up on the Topco Ordinary Shares held by them at that time, plus the payment in cash of €5,000,000 on each such Topco Ordinary Share.

The rights Topco Ordinary Shareholders and the holders of euro deferred shares will be subject to the preferential rights of any class or series of preference shares in issue from time to time (which might include preferential rights to participate in Topco’s surplus assets available for distribution in a winding-up in priority to the Topco Ordinary Shareholders and the holders of euro deferred shares).

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Warrants

Each Concord Warrant entitles the registered holder to purchase one share of Concord Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of our IPO or 30 days after the completion of the Proposed Transactions. The Public Warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of completion of the IPO, or earlier upon redemption or liquidation.

No Concord Warrants will be exercisable for cash unless there is an effective and current registration statement covering the warrant shares issuable upon exercise of the warrants and a current prospectus relating to such warrant shares. Notwithstanding the foregoing, if a registration statement covering the issuance of the warrant shares issuable upon exercise of the public warrants is not effective within 90 days from the closing of the IPO, warrant holders may, until such time as there is an effective registration statement and during any period when Concord shall have failed to maintain an effective registration statement or a current prospectus, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available, holders will not be able to exercise their warrants on a cashless basis. In no event will Concord be required to net cash settle any warrant, or issue securities or other compensation in exchange for the warrants in the event that Concord is unable to register or qualify the shares underlying the warrants under the Securities Act or applicable state securities laws.

Redemption of Warrants When the Price per Share of Concord Class A Common Stock Equals or Exceeds $18.00

Once the warrants become exercisable, Concord may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

•

if, and only if, the last reported sale price of the shares of Concord Class A common stock for any 20 trading days within a 30-trading day period ending three business days before Concord sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Concord Class A common stock and equity-linked securities).

If and when the warrants become redeemable by Concord, it may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. However, Concord will not redeem the warrants unless an effective registration statement under the Securities Act covering the shares of Concord Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Concord Class A common stock is available throughout the 30-day redemption period.

Concord has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and Concord issues a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. Any such exercise would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised. However, the price of the shares of Concord Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Concord Class A common stock and equity-linked securities) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

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Redemption of Warrants When the Price per Share of Concord Class A Common Stock Equals or Exceeds $10.00

Once the warrants become exercisable, Concord may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of Concord Class A common stock (as defined below);

•

if, and only if, the Reference Value (as defined above under “Redemption of Warrants When the Price per Share of Concord Class A Common Stock Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Concord Class A common stock and equity-linked securities); and

•

if the Reference Value is less than $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Concord Class A common stock and equity-linked securities) the private placement warrants must also be concurrently called for redemption on the same terms (except as described above with respect to a holder’s ability to cashless exercise its warrants) as the outstanding public warrants, as described above.

The numbers in the table below represent the number of shares of Concord Class A common stock that a warrant holder will receive upon exercise in connection with a redemption by Concord pursuant to this redemption feature, based on the “fair market value” of Concord Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined based on volume-weighted average price of Concord Class A common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. Concord will provide its warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends.

Pursuant to the warrant agreement, references above to shares of Concord Class A common stock shall include a security other than shares of Concord Class A common stock into which the shares of Concord Class A common stock have been converted or exchanged for in the event Concord is not the surviving company in its initial business combination. The numbers in the table below will not be adjusted when determining the number of shares of Concord Class A common stock to be issued upon exercise of the warrants if we are not the surviving entity following its initial business combination.

The stock prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “— Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted stock prices in the column headings will equal the stock prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment and the denominator of which is the exercise price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of the warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of the warrant as so adjusted. If the exercise price of a warrant is adjusted, as a result of raising capital in connection with the initial business combination, the adjusted stock prices in the column headings will by multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “— Anti-dilution Adjustments” and the denominator of which is $10.00.

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Redemption Date (period to expiration of warrants)	Fair Market Value of Class A Common Stock
Redemption Date (period to expiration of warrants)	≤$10.00	$11.00	$12.00	$13.00	$14.00	$15.00	$16.00	$17.00	≥$18.00
60 months	0.261	0.281	0.297	0.311	0.324	0.337	0.348	0.358	0.361
57 months	0.257	0.277	0.294	0.310	0.324	0.337	0.348	0.358	0.361
54 months	0.252	0.272	0.291	0.307	0.322	0.335	0.347	0.357	0.361
51 months	0.246	0.268	0.287	0.304	0.320	0.333	0.346	0.357	0.361
48 months	0.241	0.263	0.283	0.301	0.317	0.332	0.344	0.356	0.361
45 months	0.235	0.258	0.279	0.298	0.315	0.330	0.343	0.356	0.361
42 months	0.228	0.252	0.274	0.294	0.312	0.328	0.342	0.355	0.361
39 months	0.221	0.246	0.269	0.290	0.309	0.325	0.340	0.354	0.361
36 months	0.213	0.239	0.263	0.285	0.305	0.323	0.339	0.353	0.361
33 months	0.205	0.232	0.257	0.280	0.301	0.320	0.337	0.352	0.361
30 months	0.196	0.224	0.250	0.274	0.297	0.316	0.335	0.351	0.361
27 months	0.185	0.214	0.242	0.268	0.291	0.313	0.332	0.350	0.361
24 months	0.173	0.204	0.233	0.260	0.285	0.308	0.329	0.348	0.361
21 months	0.161	0.193	0.223	0.252	0.279	0.304	0.326	0.347	0.361
18 months	0.146	0.179	0.211	0.242	0.271	0.298	0.322	0.345	0.361
15 months	0.130	0.164	0.197	0.230	0.262	0.291	0.317	0.342	0.361
12 months	0.111	0.146	0.181	0.216	0.250	0.282	0.312	0.339	0.361
9 months	0.090	0.125	0.162	0.199	0.237	0.272	0.305	0.336	0.361
6 months	0.065	0.099	0.137	0.178	0.219	0.259	0.296	0.331	0.361
3 months	0.034	0.065	0.104	0.150	0.197	0.243	0.286	0.326	0.361
0 months	—	—	0.042	0.115	0.179	0.233	0.281	0.323	0.361

The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of shares of Concord Class A common stock to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume-weighted average price of Concord Class A common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the volume-weighted average price of Concord Class A common stock as reported during the ten trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Concord Class A common stock for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Concord Class A common stock per warrant (subject to adjustment).

This redemption feature differs from the typical warrant redemption features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the shares of Concord Class A common stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the shares of Concord Class A common stock are trading at or above $10.00 per share, which may be at a time when the trading price of shares of Concord Class A common stock is below the exercise price of the warrants. Concord has established this redemption feature to provide it with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per

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share threshold set forth above under “— Redemption of Warrants When the Price per Share of Concord Class A Common Stock Equals or Exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input. This redemption right provides Concord with an additional mechanism by which to redeem all of the outstanding public warrants, and therefore have certainty as to Concord’s capital structure as the public warrants would no longer be outstanding and would have been exercised or redeemed. Concord will be required to pay the applicable redemption price to warrant holders if Concord chooses to exercise this redemption right and it will allow Concord to quickly proceed with a redemption of the public warrants if Concord determines it is in Concord’s best interest to do so. As such, Concord would redeem the warrants in this manner when it believes it is in its best interest to update its capital structure to remove the warrants and pay the redemption price to the warrant holders.

As stated above, Concord can redeem the warrants when the shares of Concord Class A common stock are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to Concord’s capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If Concord chooses to redeem the warrants when the shares of Concord Class A common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Concord Class A common stock than they would have received if they had chosen to wait to exercise their warrants for Concord Class A common stock if and when such Concord Class A common stock were trading at a price higher than the exercise price of $11.50.

No fractional shares of Concord Class A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, Concord will round down to the nearest whole number of the number of shares of Concord Class A common stock to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the shares of Concord Class A common stock pursuant to the warrant agreement (for instance, if Concord is not the surviving company in the initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the shares of Concord Class A common stock, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

Redemption Procedures. A holder of a warrant may notify Concord in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the shares of Concord Class A common stock issued and outstanding immediately after giving effect to such exercise.

Anti-dilution Adjustments. If the number of outstanding shares of Concord Class A common stock is increased by a stock capitalization or stock dividend payable in shares of Concord Class A common stock, or by a split-up of common stock or other similar event, then, on the effective date of such stock capitalization or stock dividend, split-up or similar event, the number of shares of Concord Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders to purchase Class A common stock at a price less than the “historical fair market value” (as defined below) will be deemed a stock dividend of a number of shares of Concord Class A common stock equal to the product of (i) the number of shares of Concord Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A common stock) and (ii) one minus the quotient of (x) the price per share of Concord Class A common stock paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for shares of Concord Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “historical fair market value” means the volume-weighted average price of shares of Concord Class A common stock as reported during the ten trading day period ending on the trading day prior to the first date on which the shares of Concord Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

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In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of shares of Concord Class A common stock on account of such Class A common stock (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the shares of Concord Class A common stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of shares of Concord Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Concord Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of Concord Class A common stock in connection with a stockholder vote to amend Concord’s amended and restated certificate of incorporation (A) to modify the substance or timing of its obligation to allow redemption in connection with its initial business combination or to redeem 100% of its Public Shares if Concord does not complete its initial business combination within 18 months from the closing of its IPO (or 24 months from the closing of its IPO if it extends the period of time to consummate its initial business combination by an additional six months, subject to the sponsor depositing additional funds into the Trust Account) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity, or (e) in connection with the redemption of Public Shares upon Concord’s failure to complete its initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Concord Class A common stock in respect of such event.

If the number of outstanding shares of Concord Class A common stock is decreased by a consolidation, combination, reverse share split or reclassification of Concord Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of shares of Concord Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of Concord Class A common stock.

Whenever the number of shares of Concord Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Concord Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of shares of Concord Class A common stock so purchasable immediately thereafter.

In addition, if (x) Concord issues additional shares of Concord Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of its initial business combination at an issue price or effective issue price of less than $9.20 per share of Concord Class A common stock (with such issue price or effective issue price to be determined in good faith by Concord’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by its initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of its initial business combination on the date of the completion of its initial business combination (net of redemptions), and (z) the volume-weighted average trading price of Concord Class A common stock during the 20 trading day period starting on the trading day prior to the day on which Concord completes its initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described adjacent to “Redemption of Warrants When the Price per Share of Concord Class A common stock Equals or Exceeds $18.00” and “Redemption of Warrants When the Price per Share of Concord Class A common stock Equals or Exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

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In case of any reclassification or reorganization of the outstanding Class A common stock (other than those described above or that solely affects the par value of such Class A common stock), or in the case of any merger or consolidation of Concord with or into another corporation (other than a consolidation or merger in which Concord is the continuing corporation and that does not result in any reclassification or reorganization of outstanding Concord Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of Concord as an entirety or substantially as an entirety in connection with which Concord is dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of Concord Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Concord Class A common stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Concord Class A common stock in such a transaction is payable in the form of Concord Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Concord Warrant Agreement based on the Black-Scholes value (as defined in the Concord Warrant Agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

The warrants will be issued in registered form under the Concord Warrant Agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The Concord Warrant Agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then-outstanding public warrants to make any change that adversely affects the interests of the registered holders.

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance of Concord Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, Concord will, upon exercise, round down to the nearest whole number, the number of shares of Concord Class A common stock to be issued to the warrant holder.

Topco Warrants

In connection with the Proposed Transactions, at the Merger Effective Time, each Concord Warrant that is outstanding immediately prior to the Merger Effective Time will cease to represent a right to acquire one share of Concord Class A common stock and will be converted in accordance with the terms of the Concord Warrant Agreement, at the Merger Effective Time, into a Topco Warrant on substantially the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the Concord Warrant Agreement.

Stock Exchange Listing

Following Closing, we expect the Topco Ordinary Shares and Topco Warrants to be listed on the NYSE under the symbols “CRCL” and “CRCL WS,” respectively. We have no current plans to list the Topco Ordinary Shares and Topco Warrants on any other stock exchange.

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Transfer and Registration of Shares

Topco’s register of members, which Topco is required to maintain under the Irish Companies Act, will be maintained by Topco’s transfer agent. Registration in the register of members is determinative of membership. A person who holds Topco shares beneficially will not have his or her name entered in Topco’s register of members, and for the purposes of Irish law, will not be the registered holder of such Topco shares. Instead, any depository or other nominee whose name is entered in Topco’s register of members will be the registered holder of such Topco shares. Accordingly, a transfer of Topco shares from a person who holds Topco shares beneficially to a person who also holds Topco shares beneficially through a depository or other nominee will not be registered in Topco’s register of members, as the depository or other nominee will remain the registered holder of such Topco shares.

A written instrument of transfer generally is required under Irish law in order to effect a transfer of the registered interest in Topco shares and to update Topco’s register of members. Accordingly, a written instrument of transfer will be required for transfers of Topco shares: (i) from a registered holder of Topco shares to any other person, (ii) from a person who holds Topco shares beneficially (where the registered interest is held by the depository or other nominee) to another person who wishes, on transfer, to be registered as the registered holder of such Topco shares, (iii) from a person who holds Topco shares beneficially to another person who also wishes, on transfer, to hold such Topco shares beneficially but where the transfer involves a change in the depository or other nominee that is the registered holder of the Topco shares to be transferred or (iv) by a registered holder into his or her own broker account (or vice versa).

Such instruments of transfer may give rise to Irish stamp duty, which must be paid prior to registration of the transfer in Topco’s register of members. However, a registered holder may transfer Topco shares into his or her own broker account (or vice versa) without giving rise to Irish stamp duty, provided that there is no change in the beneficial ownership of the Topco shares as a result of the transfer and the transfer is not made in contemplation of a subsequent sale of the Topco shares to a third party.

Any transfer of Topco shares that is subject to Irish stamp duty will not be registered in the name of the transferee unless an instrument of transfer is duly stamped and provided to the Topco’s transfer agent. Topco, in its absolute discretion and insofar as the Irish Companies Act or any other applicable law permits, may, or may provide that a subsidiary of Topco will, pay Irish stamp duty arising on a transfer of Topco shares on behalf of the transferee of such Topco shares. If stamp duty resulting from the transfer of Topco shares which would otherwise be payable by the transferee is paid by Topco or any subsidiary of Topco on behalf of the transferee, then, in those circumstances, Topco shall, on its behalf or on behalf of its subsidiary (as the case may be), be entitled to: (i) seek reimbursement of the stamp duty from the transferee, (ii) set-off the stamp duty against any dividends payable to the transferee of those Topco shares and (iii) claim a first and permanent lien on the Topco shares on which stamp duty has been paid by Topco or its subsidiary for the amount of stamp duty paid. Topco’s lien shall extend to all dividends paid on those Topco Shares.

The Topco Constitution provides that the instrument of transfer of any Topco share(s) may be executed for and on behalf of the transferor by the secretary of Topco or any person that the secretary nominates for that purpose (whether in respect of specific transfers or pursuant to a general standing authorization), and the secretary or the relevant nominee shall be deemed to have been irrevocably appointed agent for the transferor of such Topco share(s) with full power to execute, complete and deliver in the name of and on behalf of the transferor of such Topco share(s) all such transfers of Topco shares.

To help ensure that Topco’s register of members is regularly updated to reflect trading of Topco Ordinary Shares occurring through electronic systems, Topco intends to regularly produce such instruments of transfer as may be required to effect any transfers of registered interests in Topco Ordinary Shares. These may involve transactions for which Topco pays stamp duty, subject to the reimbursement and set-off rights described above. In the event that Topco notifies one or both of the parties to a share transfer that it believes stamp duty is required to be paid in connection with any such transfer and that Topco will not pay such stamp duty, such parties may either themselves arrange for the execution of the required instrument of transfer (and may request a form of instrument of transfer from Topco for this purpose) or request that Topco execute an instrument of transfer on behalf of the transferring party in a form determined by us. In either event, if the parties to the share transfer have the instrument of transfer duly stamped (to the extent required)

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and then provide it to Topco’s transfer agent, the transferee named therein will be registered as the registered holder of the relevant Topco Shares in Topco’s register of members, save the registration of transfers may be suspended by the Topco Board at such times and for such periods, not exceeding 30 days in any year, as the Topco Board may from time to time determine.

Lock-Up

The Topco Constitution provides that, subject to certain exceptions, no Topco Ordinary Shares issued during the Lock-up Period (“Lock-up Shares”) shall be capable of transfer for the duration of the Lock-up Period. The “Lock-up Period” is the period commencing on the date on which the Scheme takes effect and ending on the earlier of (i) the date that is 180 days after such date or (ii) the date on which a Change of Control is consummated.

The following Topco Ordinary Shares shall not be subject to the lock-up nor shall they constitute Lock-up Shares:

(i)

Topco Ordinary Shares issued pursuant to the Merger;

(ii)

Topco Ordinary Shares issued pursuant to the exercise, conversion or exchange of any warrant or other security which is assumed by Topco pursuant to the Merger;

(iii)

Topco Ordinary Shares issued pursuant to the Scheme in exchange for the transfer to Topco of Circle Shares were derived from a conversion of the Circle Convertible Notes;

(iv)

Topco Ordinary Shares issued pursuant to the exercise, conversion or exchange of any option, warrant or other subscription right issued by Topco on or after the Scheme Effective Date but excluding, for the avoidance of doubt, any such rights or securities assumed by Topco from Circle;

(v)

the Escrow Shares, save to the extent released from escrow and distributed to certain Topco shareholders in accordance with the Scheme and the terms of such escrow (from which distribution, the lock-up shall apply to such distributed Escrow Shares); and

(vi)

subject to the prior identification of such shares by the Topco Board, Topco Ordinary Shares to be transferred to Subscribers who have entered into subscription agreements with Topco and Concord.

Notwithstanding the foregoing, a holder of Lock-Up Shares may transfer some or all of their Lock-up Shares during the Lock-up Period to each of the following (each a “Permitted Transferee”):

(i)

Topco, whether by surrender or transfer and whether for valuable consideration or otherwise;

(ii)

any other holder of Lock-up Shares or any direct or indirect partners, members or equity holders of a holder of Lock-up Shares or any related investment funds or vehicles controlled or managed by such persons or entities;

(iii)

in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is the individual or a member of the individual’s immediate family, or to a charitable organization;

(iv)

in the case of an individual, to any person by operation of any laws of descent and distribution upon death of the individual;

(v)

in the case of an individual, to any person pursuant to a qualified domestic order, court order or in connection with a divorce settlement;

(vi)

in the case of a company or corporation (including a partnership (whether general, limited or otherwise), limited liability company, trust or other business entity), to another corporation, partnership, limited liability company, trust or other business entity that controls, is controlled by or is under common control or management with the such holder of Lock-up Shares;

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(vii)

in the case of a company or corporation (including a partnership (whether general, limited or otherwise), limited liability company, trust or other business entity), to partners, limited liability company members or stockholders of such holder of Lock-up Shares, including, for the avoidance of doubt, where such holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership;

(viii)

in the case of a trust, to a trustee or beneficiary of the trust or to the estate of a beneficiary of such trust;

(ix)

in connection with any bona fide mortgage, encumbrance or pledge, to a financial institution in connection with any bona fide loan or debt transaction or enforcement thereunder, including foreclosure thereof; or

(x)

any person in connection with a liquidation, merger, share exchange, reorganization, tender offer or takeover (whether conducted by way of general offer, scheme of arrangement or otherwise) approved by the Topco Board or a duly authorized committee thereof or other similar transaction which results in all of the Topco shareholders having the right to exchange their Topco Ordinary Shares for cash, securities, a mixture of cash and securities, or other property.

Following a transfer of Lock-up Shares to a Permitted Transferee, those Lock-up Shares shall continue to be Lock-up Shares and shall be subject to the lock-up.

The Topco Board may, in its sole discretion, waive, amend, or repeal any provision of the lock-up.

For the purposes of the lock-up provisions, and in particular the length of the Lock-up Period, a “Change of Control” means: (i) the sale, conveyance or disposition in one or a series of transactions of all or substantially all of the assets of Topco and its subsidiaries to a third party, or any transaction that is subject to Rule 13e-3 of the Exchange Act, (ii) the consummation of a transaction by which any person or group is or becomes the beneficial owner, directly or indirectly, of 50% or more of the voting power of the securities issued by Topco having the power to vote (measured by voting power rather than number of shares) in the election of Topco directors (“Voting Stock”) or (iii) the consolidation, merger or other business combination of Topco with or into any other person or persons, provided, however, that a Change of Control will not be deemed to have occurred in the case of clause (iii) above in the case of: (a) a consolidation, merger or other business combination in which holders of the Voting Stock immediately prior to the transaction continue after the transaction to hold, directly or indirectly, the same relative percentage of the Voting Stock as before any such transaction and the Voting Stock of the surviving entity or entities necessary to elect a majority of the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities, including pursuant to a holding company merger or (b) a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of Topco.

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SHARES ELIGIBLE FOR FUTURE SALE

Upon completion of the Business Combination, Topco will have [•] Topco Ordinary Shares authorized and, based on the assumptions set out elsewhere in this proxy statement/prospectus, up to [•] Topco Ordinary Shares issued and outstanding, assuming no shares of Concord Class A common stock are redeemed in connection with the Business Combination. All of the Topco Ordinary Shares issued in connection with the Business Combination will be freely transferable by persons other than by Topco’s “affiliates” without restriction or further registration under the Securities Act. Sales of substantial amounts of the Topco Ordinary Shares in the public market could adversely affect prevailing market prices of the Topco Ordinary Shares.

Lock-up Agreements

Pursuant to the terms of the Topco Constitution certain Topco Ordinary Shares to be issued to Circle Holders pursuant to the Scheme will be subject to certain restrictions on their transfer during the period commencing on the date on which the Scheme takes effect and ending on the earlier of (i) the date that is 180 days after such date or (ii) the date on which a change of control is consummated.

For more information about the lock-up provisions in the Topco Constitution, see the section entitled “Description of Topco’s Securities — Lock-Up”.

Rule 144

A person who has beneficially owned restricted Topco Ordinary Shares or restricted Topco Warrants for at least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were required to file as reports) preceding the sale. Persons who have beneficially owned restricted Topco Ordinary Shares or restricted Topco Warrants for at least six months but who are Topco affiliates at the time of, or any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period a number of securities that does not exceed the greater of either of the following:

•

1% of the then outstanding equity shares of the same class which, immediately after the Business Combination, will equal [•] Topco Ordinary Shares and [•] Topco Warrants; or

•

the average weekly trading volume of Topco Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

Sales by affiliates of Topco under Rule 144 are also subject to certain requirements relating to manner of sale, notice and the availability of current public information about Topco.

Rule 701

In general, under Rule 701 of the Securities Act as currently in effect, each of Circle’s employees, consultants or advisors who purchases equity shares from Topco in connection with a compensatory stock plan or other written agreement executed prior to the completion of the Business Combination is eligible to resell those equity shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

Registration Rights

In connection with, and as a condition to the consummation of the Business Combination, the Business Combination Agreement provides that Topco, certain Circle Holders and certain Concord securityholders will enter into the Registration Rights Agreement. Pursuant to the terms of the Registration Rights Agreement, Topco will be obligated to file a registration statement to register the resale of certain securities of Topco held by such Circle Holders and Concord securityholders. In addition, pursuant to the

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth information regarding the beneficial ownership of Concord common stock as of the record date and of Topco Ordinary Shares immediately following consummation of the Business Combination by:

•

each person known by Concord to be the beneficial owner of more than 5% of Concord’s outstanding common stock on the record date;

•

each person known by Concord who may become beneficial owner of more than 5% of Topco Ordinary Shares immediately following the Business Combination;

•

each of Concord’s current executive officers and directors;

•

each person who will become an executive officer or a director of Circle upon consummation of the Business Combination;

•

all of Concord’s current executive officers and directors as a group; and

•

all of Circle’s executive officers and directors as a group after the consummation of the Business Combination.

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security. Under those rules, beneficial ownership includes securities that the individual or entity has the right to acquire, such as through the exercise of warrants or stock options or the vesting of restricted stock units, within 60 days of the record date. Shares subject to warrants or options that are currently exercisable or exercisable within 60 days of the record date or subject to restricted stock units that vest within 60 days of the record date are considered outstanding and beneficially owned by the person holding such warrants, options or restricted stock units for the purpose of computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership of any other person. Shares issuable pursuant to restricted stock units or underlying warrants and options of Circle listed in the table below are represented in shares of Topco Ordinary Shares, after giving effect to the Business Combination, including application of the Exchange Ratio which, for the purposes of the table below, has been assumed to equal [•]. Except as noted by footnote, and subject to community property laws where applicable, based on the information provided to Concord, Concord believes that the persons and entities named in the table below have sole voting and investment power with respect to all shares shown as beneficially owned by them.

							After Business Combination
	Prior to Business Combination(2)						Assuming No Redemptions(3)				Assuming Maximum Redemptions(4)
Name and Address of Beneficial Owners(1)	Number of Class A Common Stock		Number of Class B Common Stock		% of Voting Power		Number of Shares		% of Voting Power		Number of Shares		% of Voting Power
Directors and officers prior to the Business Combination:
Bob Diamond(5)(18)		—		—		—		—		—		—		—
Jeff Tuder(5)(18)		—		—		—		—		—		—		—
Michele Cito(5)		—		—		—		—		—		—		—
David Schamis(5)(18)		—		—		—		—		*		—		*
Peter Ort(5)		—		30,000		*		30,000		*		30,000		*
Thomas King(5)		—		30,000		*		30,000		*		30,000		*
Larry Leibowitz(5)		—		30,000		*		30,000		*		30,000		*

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							After Business Combination
	Prior to Business Combination(2)						Assuming No Redemptions(3)				Assuming Maximum Redemptions(4)
Name and Address of Beneficial Owners(1)	Number of Class A Common Stock		Number of Class B Common Stock		% of Voting Power		Number of Shares		% of Voting Power		Number of Shares		% of Voting Power
All directors and officers prior to the Business Combination (seven persons)		—		90,000		*		90,000		*		90,000		*
Directors and officers after the Business Combination:
Jeremy Allaire(6)		—		—		—		[•]		[•]%		[•]		[•]%
M. Michele Burns(7)		—		—		—		[•]		*		[•]		*
Raj Date(8)		—		—		—		[•]		*		[•]		*
P. Sean Neville(9)		—		—		—		[•]		[•]%		[•]		[•]%
Bob Diamond(10)		—		—		—		—		—		—		—
Jeremy Fox-Geen(11)		—		—		—		—		—		—		—
Elisabeth Carpenter(12)		—		—		—		—		—		—		—
Flavia Naves(13)		—		—		—		—		—		—		—
Dante Disparte(14)		—		—		—		—		—		—		—
[•](15)		—		—		—		—		—		—		—
All directors and officers after the Business Combination as a group ([10] persons)		—		—		—		[•]		[•]%		[•]		[•]%
Five Percent Holders:
Accel XI L.P.(16)		—		[•]		[•]%		[•]		[•]%		[•]		[•]%
Breyer Capital L.L.C.(17)		—		—		—		[•]		[•]%		[•]		[•]%
Concord Sponsor Group LLC(18)		510,289		5,430,000		16.9%		5,940,289		[•]		5,940,289		[•]
General Catalyst Group VI, LP(19)		—		—		[•]%		[•]		*		[•]		*
Oak Investment Partners XIII, LP(20)		[•]		—		[•]%		[•]		*		[•]		*
Wide Palace Limited (IDG China)(21)		[•]		—		[•]%		[•]		*		[•]		*

Less than 1%.

(1)

Unless otherwise noted, the business address of each of the directors and officers prior to the Business Combination for Concord Acquisition Corp is 477 Madison Avenue, 22nd Floor, New York, NY 10022.

(2)

Prior to the Business Combination, the percentage of beneficial ownership of Concord on the record date is calculated based on (i) 28,352,000 shares of Concord Class A common stock and (ii) 6,900,000 shares of Concord Class B common stock, in each case, outstanding as of such date.

(3)

The expected beneficial ownership of Circle immediately upon consummation of the Business Combination, assuming no holders of public shares exercise their redemption rights in connection

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therewith and the Closing occurs, is based on [•] Topco Ordinary Shares outstanding as of such date, and consists of (i) [•] shares of Concord Class A common stock that will convert into a like number of shares of Topco Ordinary Shares, (ii) [•] shares of Concord Class B common stock that will convert into a like number of shares of Topco Ordinary Shares, (iii) [•] Topco Ordinary Shares that may be issued to the Circle Holders in connection with the Business Combination and (iv) [•] Topco Ordinary Shares that will be issued in connection with the PIPE Financing pursuant to the Subscription Agreements.

(4)

The expected beneficial ownership of Circle immediately upon consummation of the Business Combination, assuming the holders of [•] Public Shares exercise their redemption rights in connection therewith and the Closing occurs, is based on [•] Topco Ordinary Shares outstanding as of such date, and consists of (i) [•] shares of Concord Class A common stock that will convert into a like number of shares of Topco Ordinary Shares, (ii) [•] shares of Concord Class B common stock that will convert into a like number of Topco Ordinary Shares, (iii) [•] Topco Ordinary Shares that may be issued to the Circle Holders in connection with the Business Combination and (iv) [•] Topco Ordinary Shares that will be issued in connection with the PIPE Financing pursuant to the Subscription Agreements.

(5)

Does not include certain shares indirectly owned by this individual as a result of his or her membership interest in the Sponsor.

(6)

[•]

(7)

[•]

(8)

[•]

(9)

[•]

(10) [•]

(11) [•]

(12) [•]

(13) [•]

(14) [•]

(15) [•]

(16) [•]

(17) [•]

(18)

Concord Sponsor Group LLC, the Sponsor, is the record holder of the shares of Class B common stock reported herein. The Sponsor is governed by a board of managers consisting of three managers, Bob Diamond, David Schamis and Jeff Tuder. Each manager has one vote, and the approval of a majority of the managers is required to approve an action of the Sponsor. Under the so-called “rule of three,” if voting and dispositive decisions regarding an entity’s securities are made by three or more individuals, and a voting or dispositive decision requires the approval of a majority of those individuals, then none of the individuals is deemed a beneficial owner of the entity’s securities. Based upon the foregoing analysis, no manager of the Sponsor exercises voting or dispositive control over any of the securities held by the Sponsor, even those in which he or she directly holds a pecuniary interest. Accordingly, none of them will be deemed to have or share beneficial ownership of such shares.

(19) [•]

[•]

(20) [•]

(21) [•]

(22) [•]

(23) [•]

(24) [•]

(25) [•]

(26) [•]

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COMPARATIVE PER SHARE DATA

Comparative Per Share Data of Concord

The following table sets forth the closing market price per share of the Concord Class A common stock on the NYSE on July 7, 2021, the last trading day before the Business Combination was publicly announced, and on , the last practicable trading day before this proxy statement/prospectus.

Trading Date	Concord Class A common stock (Concord)
July 7, 2021		$	9.89
, 2021		$

The market price of the Concord Class A common stock could change significantly. Because the consideration payable in the Business Combination pursuant to the Business Combination Agreement will not be adjusted for changes in the market prices of the Concord Class A common stock, the value of the consideration that Circle Holders will receive in the Business Combination may vary significantly from the value implied by the market prices of shares of Concord Class A common stock on the date of the Business Combination Agreement, the date of this proxy statement/prospectus, and the date on which Concord stockholders vote on the approval of the Business Combination Agreement. Concord stockholders are urged to obtain current market quotations for Concord Class A common stock before making their decision with respect to the approval of the Business Combination Agreement.

Comparative Per Share Data of Circle

Historical market price information regarding Circle is not provided because there is no public market for Circle Shares.

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MARKET PRICE AND DIVIDEND INFORMATION

Concord

Concord’s equity securities trade on the NYSE. Each of the Concord Units consists of one share of Concord Class A common stock and one-half of one Concord Warrant and, commencing on December 7, 2020, trades on the NYSE under the symbol “CND.U.” The Concord Class A common stock and Concord Warrants underlying the Concord Units began trading separately on the NYSE under the symbols “CND” and “CND WS,” respectively, on January 28, 2021.

Price Range of Concord Securities

The most recent closing price of each of the Concord Units, Concord Class A common stock and Concord Warrants as of July 7, 2021, the last trading day before announcement of the execution of the Business Combination Agreement, was $10.37, $9.89 and $0.99, respectively. As of [•], 2021, the record date for the special meeting, the most recent closing price of each of the Concord Units, Concord Class A common stock and Concord Warrants was $[•], $[•] and $[•], respectively.

Holders of the public shares should obtain current market quotations for their securities. The market price of Concord’s securities could vary at any time before the Business Combination.

Holders

As of [•], 2021, there were [•] holders of record of the Concord Units and [•] holders of record of Concord Class A common stock and of Concord Warrants. Such numbers do not include beneficial owners holding Concord securities through nominee names.

Dividends

Concord has not paid any cash dividends on its Concord common stock to date and does not intend to pay cash dividends prior to the completion of the Business Combination.

Circle

Price Range of Circle Securities

Historical market price information regarding Circle is not provided because there is no public market for its securities.

Holders

As of the date of this proxy statement/prospectus, Circle had [•] holders of record.

Dividends

Circle has not paid any cash dividends on its shares to date and does not intend to pay cash dividends prior to the completion of the Business Combination.

Topco

Price Range of Topco Securities

Historical market price information regarding Topco is not provided because there is no public market for its securities. We are applying to list the Topco Ordinary Shares and Topco Warrants on the NYSE upon the completion of the Proposed Transactions under the ticker symbols “CRCL” and “CRCL WS”, respectively.

Holders

As of the date of this proxy statement/prospectus, Topco had [•] holders of record.

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ADDITIONAL INFORMATION

Submission of Future Stockholder Proposals

Concord’s board of directors is aware of no other matter that may be brought before the special meeting. Under Delaware law, only business that is specified in the notice of special meeting to stockholders may be transacted at the special meeting.

Concord does not expect to hold a 2021 annual meeting of stockholders because it will not be a separate public company if the Business Combination is completed. Alternatively, if Concord does not consummate a business combination by June 10, 2022 (or December 10, 2022, as applicable), Concord is required to begin the dissolution process provided for in its amended and restated certificate of incorporation. Concord will liquidate as soon as practicable following such dissolution and will conduct no annual meetings thereafter.

Legal Matters

The validity of the Topco Ordinary Shares to be issued in connection with the Business Combination will be passed upon by Matheson. The validity of the Topco Warrants to be issued in connection with the Business Combination will be passed upon by Greenberg Traurig, LLP.

Experts

The audited consolidated financial statements of Circle Internet Financial Limited included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

The financial statements of SI Securities, LLC as of December 31, 2020 and for the year then ended, not separately presented in this prospectus, have been audited by Mazars USA LLP, an independent registered public accounting firm, whose report thereon appears herein, given on the authority of said firm as experts in accounting and auditing.

The financial statements of Concord Acquisition Corp as of December 31, 2020 and for the period from August 20, 2020 (inception) through December 31, 2020, appearing in this proxy statement/prospectus have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report thereon, appearing elsewhere in this proxy statement/prospectus, and are included in reliance on the report of such firm given upon their authority as experts in auditing and accounting.

Delivery of Documents to Stockholders

Pursuant to the rules of the SEC, Concord and servicers that it employs to deliver communications to its stockholders are permitted to deliver to two or more stockholders sharing the same address a single copy of the proxy statement. Upon written or oral request, Concord will deliver a separate copy of the proxy statement to any stockholder at a shared address to which a single copy of the proxy statement was delivered and who wishes to receive separate copies in the future. Stockholders receiving multiple copies of the proxy statement may likewise request delivery of single copies of the proxy statement in the future. Stockholders may notify Concord of their requests by calling or writing Concord at its principal executive offices at (212) 883-4330 and 477 Madison Avenue, 22nd Floor, New York, NY 10022.

Transfer Agent; Warrant Agent and Registrar

The registrar and transfer agent for the shares of Class A common stock of Concord and the warrant agent for Concord Warrants is Continental Stock Transfer & Trust Company. Concord has agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

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WHERE YOU CAN FIND MORE INFORMATION

Concord files reports, proxy statements/prospectuses and other information with the SEC as required by the Exchange Act. You can read Concord’s SEC filings, including this proxy statement/prospectus, over the Internet at the SEC’s website at http://www.sec.gov.

If you would like additional copies of this proxy statement/prospectus or if you have questions about the Business Combination or the proposals to be presented at the special meeting, you should contact us by telephone or in writing:

Concord Acquisition Corp
477 Madison Avenue, 22nd Floor
New York, NY 10022
Telephone: (212) 883-4330
Attention: Secretary

You may also obtain these documents by requesting them in writing or by telephone from our proxy solicitor at:

If you are a stockholder of Concord and would like to request documents, please do so by [•], 2021 to receive them before the Concord special meeting of stockholders. If you request any documents from us, we will mail them to you by first class mail, or another equally prompt means.

All information contained or incorporated by reference in this proxy statement/prospectus relating to Concord has been supplied by Concord, and all such information relating to Circle has been supplied by Circle. Information provided by either Concord or Circle does not constitute any representation, estimate or projection of any other party.

Neither Concord nor Circle has authorized anyone to give any information or make any representation about the Business Combination or their companies that is different from, or in addition to, that contained in this proxy statement/prospectus or in any of the materials that have been incorporated in this proxy statement/prospectus. Therefore, if anyone does give you information of this sort, you should not rely on it. If you are in a jurisdiction where offers to exchange or sell, or solicitations of offers to exchange or purchase, the securities offered by this proxy statement/prospectus or the solicitation of proxies is unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this proxy statement/prospectus does not extend to you. The information contained in this proxy statement/prospectus speaks only as of the date of this proxy statement/prospectus unless the information specifically indicates that another date applies.

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CIRCLE INTERNET FINANCIAL LIMITED AND SUBSIDIARIES

Condensed Consolidated Balance Sheets
March 31, 2021 and December 31, 2020

(In thousands, except share information)	March 31, 2021 (unaudited)			December 31, 2020
Assets
Current assets
Cash and cash equivalents		$	61,987		$	26,421
Cash segregated for benefit of customers and USDC holders			11,167,155			4,024,735
Equity securities, at fair value (cost of $1,130 and $1,486 at March 31, 2021 and December 31, 2020, respectively)			1,244			14,707
Accounts receivable			2,352			1,590
Divestment consideration receivable, current			3,000			3,000
Prepaid expenses and other current assets			7,791			5,922
Total current assets			11,243,529			4,076,375
Restricted cash for operations			20,967			961
Divestment consideration receivable, non-current			2,000			2,000
Fixed assets, net			462			443
Digital assets, net			4,363			4,675
Intangible assets, net			3,297			3,462
Goodwill			24,014			24,014
Investment in affiliate, equity method			1,003			1,231
Total assets			11,299,635			4,113,161
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued expenses			38,948			23,678
Deferred revenue			845			888
Loans payable			—			1,758
Convertible debt, net of debt discount			—			10,740
Acquisition payables, current			—			2,371
Deposits from customers and USDC holders			11,159,589			4,021,302
Total current liabilities		$	11,199,382		$	4,060,737
Long-term liabilities
Deferred rent			390			411
Deferred tax liabilities			—			4,733
Acquisition payables, non-current			6,062			9,905
Convertible debt, net of debt discount			83,489			19,874
Loans payable, net of debt discount			24,829			24,800
Warrant liability			282			212
Total long-term liabilities			115,052			59,935
Total liabilities		$	11,314,434		$	4,120,672

The accompanying notes are an integral part of these consolidated financial statements.

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CIRCLE INTERNET FINANCIAL LIMITED AND SUBSIDIARIES

Condensed Consolidated Balance Sheets
March 31, 2021 and December 31, 2020

(In thousands, except share information)	March 31, 2021 (unaudited)			December 31, 2020
Commitments and contingencies (see Note 20)
Redeemable convertible preferred stock
Series A redeemable convertible preferred stock ($0.0001 par value; 33,620,690 issued and outstanding; $9,078 liquidation preference at March 31, 2021 and December 31, 2020, respectively)			9,000			9,000
Series B redeemable convertible preferred stock ($0.0001 par value; 17,586,205 issued and outstanding; $17,059 liquidation preference at March 31, 2021 and December 31, 2020, respectively)			17,000			17,000
Series C redeemable convertible preferred stock ($0.0001 par value; 18,445,443 issued and outstanding; $30,034 liquidation preference at March 31, 2021 and December 31, 2020, respectively)			40,050			40,050
Series D redeemable convertible preferred stock ($0.0001 par value; 23,202,679 issued and outstanding; $64,039 liquidation preference at March 31, 2021 and December 31, 2020, respectively)			64,061			64,061
Series E redeemable convertible preferred stock ($0.0001 par value; 9,077,030 issued and outstanding; $147,320 liquidation preference at March 31, 2021 and December 31, 2020, respectively)			148,891			148,891
Stockholders’ equity
Common Stock ($0.0001 par value; 255,000,000 authorized; 44,008,122 issued and outstanding at March 31, 2021 and 41,449,497 at December 31, 2020)			4			4
Treasury stock, at cost (4,960,362 shares held at March 31, 2021 and December 31, 2020)			(2,877)			(2,877)
Additional paid-in capital			92,878			91,798
Accumulated deficit			(384,360)			(374,920)
Accumulated other comprehensive losses			554			(518)
Total stockholders’ equity (deficit)			(293,801)			(286,513)
Total liabilities, redeemable preferred stock and stockholders’ equity		$	11,299,635		$	4,113,161

The accompanying notes are an integral part of these consolidated financial statements.

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CIRCLE INTERNET FINANCIAL LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Operations (Unaudited)
For the three months ended March 31, 2021 and March 31, 2020

	Three months ended March 31,
(In thousands, except share and per share information)	2021		2020
Revenue and USDC interest income
Transaction and Treasury services		11,465		—
USDC interest income		3,168		1,289
SeedInvest revenue		2,641		813
Total revenue and USDC interest income from continuing operations		17,274		2,102
Third-party transaction costs
Transaction and Treasury services costs		6,951		—
USDC income sharing and transaction costs		2,024		601
Total third-party transaction costs		8,975		601
Operating expenses
Compensation expenses		7,015		5,342
General and administrative expenses		5,466		3,900
Depreciation and amortization expense		934		1,152
IT infrastructure costs		933		1,072
Marketing and advertising expenses		229		111
Digital assets impairment		9		151
Total operating expenses		14,586		11,728
Operating loss from continuing operations		(6,287)		(10,227)
Other income, net		684		5,537
Net loss before income taxes		(5,603)		(4,690)
Income tax expense/(benefit for income taxes)		3,852		(3,791)
Net loss from continuing operations		(9,455)		(899)
Discontinued operations, net of taxes
Gain from operations of discontinued Circle Trade business		—		60
Gain from operations of discontinued Circle Invest business (including gain on disposal of $0.6 million for the three months ended March 31, 2020)		15		733
Net loss		(9,440)		(106)
Earnings (loss) per share:
Basic earnings (loss) per share:
Continuing operations		(0.22)		(0.03)
Discontinued operations		0.00		0.02
Basic earnings (loss) per share		(0.22)		(0.01)
Diluted earnings (loss) per share:
Continuing operations		(0.22)		(0.04)
Discontinued operations		0.00		0.02
Diluted earnings (loss) per share		(0.22)		(0.02)
Weighted-average shares used to compute earnings (loss) per share:
Basic		42,732,965		35,188,607
Diluted		42,732,965		36,667,832

The accompanying notes are an integral part of these consolidated financial statements.

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CIRCLE INTERNET FINANCIAL LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (unaudited)
For the three months ended March 31, 2021 and 2020

	Temporary Equity																						Permanent Equity
	Preferred Stock Series A Redeemable Convertible				Preferred Stock Series B Redeemable Convertible				Preferred Stock Series C Redeemable Convertible				Preferred Stock Series D Redeemable Convertible				Preferred Stock Series E Redeemable Convertible				Total Redeemable Convertible Preferred Stock		Common stock				Treasury Stock				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive losses		Total Stockholders’ Equity
(In thousands, except share information)	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Total Redeemable Convertible Preferred Stock		Shares		Amount		Shares		Amount		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive losses		Total Stockholders’ Equity
Balance, January 1, 2020		33,620,690		9,000		17,586,205		17,000		18,445,443		40,050		23,202,679		64,061		9,077,030		148,891		279,002		35,188,607		4		—		—		87,527		(378,710)		(683)		(291,862)
Issuance of common stock																								40,075		—						(20)						(20)
Cancellation of options
Share based compensation																																699						699
Warrants and discount on debts																																						—
Other comprehensive loss																																				(96)		(96)
Net Income																																		(106)				(5,290)
Balance, March 31, 2020		33,620,690		9,000		17,586,205		17,000		18,445,443		40,050		23,202,679		64,061		9,077,030		148,891		279,002		35,228,682		4		—		—		88,206		(378,816)		(779)		(291,385)
Balance, January 1, 2021		33,620,690		9,000		17,586,205		17,000		18,445,443		40,050		23,202,679		64,061		9,077,030		148,891		279,002		41,449,497		4		4,960,362		(2,877)		91,798		(374,920)		(518)		(286,513)
Issuance of common stock																								2,558,625		—						226						226
Receipt of treasury stock																																						—
Cancellation of options																																						—
Share based compensation																																854						854
Warrants and discount on debts																																						—
Other comprehensive income																																				1,072		1,072
Net income																																		(9,440)				(9,440)
Balance, March 31, 2021		33,620,690		9,000		17,586,205		17,000		18,445,443		40,050		23,202,679		64,061		9,077,030		148,891		279,002		44,008,122		4		4,960,362		(2,877)		92,878		(384,360)		554		(293,801)

The accompanying notes are an integral part of these consolidated financial statements.

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CIRCLE INTERNET FINANCIAL LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)
For the three months ended March 31, 2021 and 2020
All amounts are in thousands, except per share data

	Three months ended March 31
(in thousands, except share information)	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(9,440)		$	(106)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense			934			1,152
Change in fair value of convertible debt			13,230			(5,332)
Equity securities received for services			(178)			(76)
Digital assets impairment loss			9			151
Change in fair value of digital assets trust			—			(60)
Deferred taxes			(4,733)			(80)
Realized gains on investments			(26,078)			—
Unrealized loss on investments			13,731			—
Gain on long lived intangible assets			(5,500)			—
Gain on sale of fixed assets			(24)			—
Change in fair value of warrant liability			70			(77)
Gain on sale of Circle Invest			—			(625)
Loss on equity method investment in Centre IP			228			96
Net amortization of discount/accretion of premium			(73)			119
Capitalization of interest on debt			858			698
Stock compensation expense			854			—
Deferred rent			(21)			(19)
Changes in operating assets and liabilities:
Accounts receivable			(762)			426
Prepaid expenses and other current assets			(1,869)			(3,409)
Accounts payable and accrued expenses			15,270			(1,913)
Deferred revenue			(43)			—
Net cash used in operating activities			(3,537)			(9,055)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of Poloniex			—			5,000
Proceeds from the sale of Circle Invest			—			100
Proceeds from the sale of equity securities			25,988			—
Seedinvest acquisition consideration paid			(2,400)			(1,100)
Poloniex acquisition consideration paid			(3,843)			—
Purchase of digital assets			(4,462)			(1,348)
Proceeds from the sale of digital assets			9,532			33
Capitalization of software development costs			—			(715)
Proceeds from fixed asset sales			(30)			—
Net cash provided by investing activities			24,785			1,970

The accompanying notes are an integral part of these consolidated financial statements.

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CIRCLE INTERNET FINANCIAL LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)
For the three months ended March 31, 2021 and 2020
All amounts are in thousands, except per share data

	Three months ended March 31
(in thousands, except share information)	2021			2020
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of PPP loans			(1,758)			—
Repayment of convertible notes			(10,730)			—
Issuance of convertibles notes			50,710			—
Deposits held for customers			7,138,287			198,292
Proceeds from issuance of common stock			226			679
Net cash provided by financing activities			7,176,735			198,971
Cumulative foreign translation adjustment			9			(96)
Net increase in cash and cash equivalents, restricted and customer cash			7,197,992			191,790
Cash and cash equivalents, restricted and customer cash at the beginning of the year			4,052,117			557,873
Cash and cash equivalents, restricted and customer cash at the end of the period		$	11,250,109		$	749,663
Cash, cash equivalents, and restricted cash consisted of the following:
Cash and cash equivalents		$	61,987		$	28,461
Restricted cash			20,967			1,070
Cash segregated for benefit of customers			11,167,155			720,132
Total cash, cash equivalents, and restricted cash		$	11,250,109		$	749,663
Supplemental disclosure of cash flow information
Cash paid during the period for income taxes			—			—
Cash paid for interest			566			380
Unrealized gain on convertible notes – credit risk			1,063			—

The accompanying notes are an integral part of these consolidated financial statements.

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CIRCLE INTERNET FINANCIAL LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Description of business

Overview of the Business

Circle Internet Financial Limited and Subsidiaries (together, “Circle,” the “Company,” “we,” “us,” or “our,”) was formed in 2013 in Ireland. The consolidated financial statements include the accounts of Circle Internet Financial, Limited (the “Parent”) and its wholly-owned subsidiaries. Circle primarily provides platform services around its stablecoin US Dollar Coin (“USDC”).

The Company commenced a plan in late 2019 to divest from businesses related to speculative cryptocurrency trading and better align our business with the products we offer to our customers. In November 2019, the Company disposed of the assets of the Poloniex business, wholly — owned subsidiaries, which the Company purchased in 2018, the intangible assets of the Circle Trade business in December 2019, and sold the intangible assets of the Circe Invest business in early 2020.

After divesting from these businesses the Company changed its focus to creating platform services around its stablecoin USDC. USDC is a top ten market capitalization cryptocurrency and the new platform which was launched in June 2020 allows businesses to process USDC native payments and payouts and provide digital wallet and custody services using Application Programming Interfaces (“APIs”). This allows for enhancement of existing marketplace models and new digital businesses to be created. The Company has secured licenses with the majority of state banking departments including a Bitlicense with New York Department of Financial Services and from the UK’s Financial Conduct Authority (“FCA”) and from the Bermuda Monetary Authority (“BMA”).

Liquidity

These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of operations as they come due. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the date the financial statements are available for issuance. The Company had an accumulated deficit of $384.4 million and $375.0 million at March 31, 2021 and December 31, 2020, respectively. The Company has historically experienced unprofitable financial results due to the Company’s reliance on trading revenue and speculative cryptocurrency markets. The Company’s ability to continue operations after its current cash resources are exhausted depends on its successfully securing additional financing or achieving profitable operations in the medium term.

Accounting principles generally accepted in the United States of America (“U.S. GAAP”) require that a Company evaluate at each reporting period its ability to continue as a going concern. A company’s ability to continue as a going concern is dependent on its ability to generate future profitable operations or to obtain the necessary financing to meet its obligations and cover its liabilities for twelve months from the date the financial statements are available for issuance. If a company has no assurance that it will be successful in generating positive cash flows or that sufficient funds can be raised in a timely manner, these conditions indicate the existence of a material uncertainty which casts doubt about the company’s ability to continue as a going concern.

Last year there was substantial doubt of the Company’s ability to continue as a going concern, but that substantial doubt has since been resolved through the issuance of convertible notes. The Company has received significant financing in the form of a convertible note for a total of $451.0 million as of July 2021. The Company believes proceeds received from the financing subsequent to year-end is sufficient to meet the Company’s cash needs and support their operations for at least the next twelve months from the issuance date of the interim financial statements.

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2. Summary of significant accounting policies and notes

Basis of Presentation and Principles of Consolidation

The Company prepares its consolidated financial statements in conformity with U.S. GAAP and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). References to the Accounting Standard Codification (“ASC”) and Accounting Standard Updates (“ASU”) included hereinafter refer to the Accounting Standards Codification and Updates issued by the Financial Accounting Standards Board (“FASB”) as the source of authoritative U.S. GAAP. The consolidated financial statements of Circle Internet Financial Limited and Subsidiaries include the accounts of Circle Internet Financial Limited (the “Parent”) and its wholly-owned subsidiaries Circle Internet Financial, Inc. (“Circle, LLC.”), Circle Internet Financial Trading Company Limited, Circle UK Trading Limited, Circle Payments, LLC, Circle CYMN Limited, Circle CYMN HK Limited, Circle Japan K.K., Tianjin Circle Technologies Co., Ltd., Circle US Holdings, Inc (“Circle Holdings”) Circle Pay Europe Limited, Circle Internet International Limited, Pluto Holdings, Inc, SI Securities, LLC (“SeedInvest”) and Poloniex, LLC (“Poloniex”). All intercompany transactions have been eliminated on consolidation. As of November 4, 2019, the Company sold the assets of Poloniex, LLC. As of December 17, 2019, and March 30, 2020, the Company sold the assets from the Circle Trade and Circle Invest businesses, respectively, which were within the Circle, LLC. legal entity.

The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2020. Interim results are not necessarily indicative of the results for a full year.

Accounting Principles and Use of Estimates

Preparing our consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures in the accompanying notes.

On an ongoing basis, we evaluate our estimates. Signification estimates that are particularly susceptible to significant change related to valuation of digital assets, revenue earned in digital assets, valuation of intangible assets acquired in business combinations, including goodwill and deferred taxes. We based our estimates on historical experience and various other assumptions which we believe to be reasonable under the circumstances. These estimates may change as new events occur, and additional information becomes available. Actual results could differ from these estimates and any such differences may be material to the financial statements.

Reclassifications

In the year ended December 31, 2020, the Company reclassified certain assets and liabilities, and expenses within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations, respectively. Prior-period amounts were revised to conform with the current presentation. These changes have no impact on the Company’s previously reported consolidated net income (loss) for prior periods, including total operating expenses, financial position, or cash flows for the year ended December 31, 2019.

The reclassification primarily relates to a refinement of the Company’s shared expenses allocation methodology to allocate a larger share of such shared expenses among the departments. The refined methodology primarily allocated expenses out of General and administrative into IT infrastructure, and Marketing and advertising.

Cash and Cash Equivalents

Cash and cash equivalents are cash and highly liquid investments with original maturities of three months or less at the date of purchase. At March 31, 2021 and December 31, 2020, the Company’s

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cash and cash equivalents equal to $62.0 million and $26.4 million, respectively. The Company may, at times have cash balances which exceed the Federal Deposit Insurance Corporation (“FDIC”) deposit insurance limit of $250 thousand per institution.

The Company mitigates credit risk by placing deposits with major financial institutions and has not suffered any losses of cash and cash equivalents to date.

Cash Restricted for Operations

Restricted cash for operations represents amounts held at financial institutions related to the Company’s related to banking collateral requirements. Restricted cash at March 31, 2021 and December 31, 2020 was $21.0 million and $1.0 million, respectively. Restricted cash is restricted from withdrawal due to a contractual or regulatory banking requirements or not available for general use and as such is classified as restricted in the accompanying Condensed Consolidated Balance Sheets.

Cash Segregated for Customers and USDC Holders

Cash segregated for the benefit of customers and USDC holders was $11,167.2 million as of March 31, 2021 and $4,024.7 million as of December 31, 2020. This represents cash and cash equivalents maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. The Company segregates the use of the assets underlying the customer funds to meet regulatory requirements and classifies the assets as current based on their purpose and availability to fulfill its direct obligation under custodial funds due to customers. The Company has cash balances that exceed the FDIC deposit insurance limit of $250 thousand per institution.

Certain jurisdictions where the Company operates requires the Company to hold eligible liquid assets, as defined by applicable regulatory requirements and commercial law in these jurisdictions, equal to at least 100.0% of the aggregate amount of all custodial funds due to customers. Depending on the jurisdiction, eligible liquid assets can include cash and cash equivalents, customer custodial funds, and in-transit funds receivable. As of March 31, 2021 and December 31, 2020, the Company’s eligible liquid assets were greater than the aggregate amount of custodial funds due to customers.

Investments

Investment in equity securities

Under ASC 321, Investments — Equity Securities, equity securities are recorded at fair value based upon a quoted market price reported on recognized securities exchanges on the last business day of the year. Any change in unrealized holding gains or losses on equity securities are reported as a component of other income, net in the accompanying Condensed Consolidated Statements of Operations.

The Company received common stock in Voyager Digital Canada, Ltd (“Voyager Digital”) as consideration for the asset sale of Circle Invest. The share consideration received was recorded in accordance with ASC 321 Investments — Equity Securities as an equity security, which has a readily determinable fair value and is traded on over-the-counter (“OTC”) markets. OTC markets are a decentralized market in which market participants trade stocks, commodities, currencies, or other instruments directly between two parties and without a central exchange or broker.

Investment in equity securities carried under measurement alternatives

The Company has strategic investments in equity instruments which were received from SeedInvest as consideration for services where the Company (1) holds less than 20.0% ownership in the entity, and (2) does not exercise significant influence. In accordance with the guidance on recognition and measurement of equity investments, the Company has elected to use a measurement alternative for its equity investments without a readily determinable fair value, pursuant to which these investments are initially recognized at cost and remeasured through earnings when there is an observable transaction involving the same or similar investment of the same issuer, or due to an impairment.

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Investment in Centre Consortium

In June 2019, Circle Holdings and Coinbase Asset Management, Inc. (“Coinbase”), founded the Centre Consortium (“Centre”). Centre is a joint venture aimed at establishing a standard for digital fiat backed stablecoins and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins created by its members.

The first stablecoin to be developed by Centre is USDC. The Company via Circle US Holdings, Inc, the company’s subsidiary, contributed the smart contract and other intellectual property it had developed to Centre and in turn Coinbase contributed $2.0 million in cash.

Both the Company and Coinbase have a 50.0% membership interest in Centre. The Company performed an analysis and determined that this investment would be accounted for as an equity method investment under ASC 323 — Investments — Equity Method and Joint Ventures. There was no operating activity within Centre in 2019 aside from the initial investments by its members. The Company recorded a loss on equity method investments related to Centre of $0.2 million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively, which is included in the Condensed Consolidated Statement of Operations. The resulting carrying amount of its investment in Centre was $1.0 million and $1.2 million at March 31, 2021 and December 31, 2020.

Fair Value measurements

ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value.

The three levels of the fair value hierarchy under ASC 820 are as follows:

Level 1

Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.

Level 2

Pricing inputs are other than quoted prices included within Level 1 that are observable for the investment, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, inputs other than quoted prices that are observable for the investment, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3

Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.

In some cases, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the investment is categorized in its entirety is determined based on the lowest level input that is significant to the investment. Assessing the significance of a particular input to the valuation of an investment in its entirety requires judgment and considers factors specific to the investment. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the perceived risk of that investment.

Cash and cash equivalents, restricted cash, USDC cash and USDC deposits, receivables, prepaid expenses and other assets, accounts payable and accrued expenses, loans payable approximate fair value and are therefore excluded from the leveling table seen in Note 8 — Fair value of financial instruments. The

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cost basis is determined to approximate fair value due to the short-term duration of the financial instruments. See Note 8 — Fair value of financial instruments for further detail regarding the leveling classifications for assets as of March 31, 2021 and December 31, 2020.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are contractual rights to receive cash either on demand or on fixed or determinable dates, and are recognized as assets on the Company’s balance sheet. Accounts receivable consists of customer funds receivable, and other receivables.

The Company had amounts from customers and other third party counterparts at March 31, 2021 and December 31, 2020 of $2.3 million and $1.5 million, respectively. Collectability risks related to these accounts are remote.

Accounts receivable are presented net of an allowance for doubtful accounts, which is an estimate of amounts that may not be collectible. The Company performs ongoing evaluations of its accounts receivable and, if necessary, provides an allowance for doubtful accounts and expected losses. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable.

As of March 31, 2021 and December 31, 2020, the Company had no allowance for doubtful accounts. During the three months ended March 31, 2021 and 2020 the Company recorded no bad debt expense. During the three months ended March 31, 2021 and 2020 the Company recorded no expense for provisions for doubtful accounts.

Digital assets, net

The Company owns digital assets, under ASC 350, Intangibles — Goodwill and Other., The digital assets owned by the Company meet the definition of indefinite lived intangible assets because the digital assets lack physical substance and there is no inherent limit on their useful life. Accordingly, these digital assets are not subject to amortization. Instead, they must be tested for impairment annually and more frequently if events or circumstances change that indicate that it’s more likely than not that the asset is impaired. The Company reviews the carrying value of its digital assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Due to a change in market conditions, uncertainty and increased volatility among other factors, the Company recorded impairment on digital assets of $0.0 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. The cost of digital assets held approximated fair value. The Company stores all digital assets it holds on behalf of its customers, which includes custody and control of the users’ private keys, or components to cryptographic signatures necessary to transfer associated user digital assets for assets and custodies and maintains access controls for assets stored with selected custodians. For security reasons, the Company uses consolidated addresses to pool user digital assets, but maintains separate ledger entries to designate each user’s digital asset balance. Digital assets are reflected within digital assets, net on the accompanying Condensed Consolidated Balance Sheets. Impairment losses are reflected within digital assets impairment in the accompanying Condensed Consolidated Statements of Operations.

Intangible assets, net

Intangible assets with definite lives are amortized on a straight-line basis over their estimated useful lives. The Company’s finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and intangibles are also evaluated periodically to determine their remaining useful life.

The Company classifies the cost to acquire the domain name as an intangible asset and amortize the cost over a period of seven years. Unamortized domain names as of March 31, 2021 and December 31, 2020 are included in intangible assets, net on the accompanying Condensed Consolidated Balance Sheets.

Internally developed software represents direct costs incurred to develop software for internal use and are capitalized and amortized over an estimated useful life of two years. Amortization expense on internally developed software was $0.8 million and $0.9 million for the three months ended March 31, 2021 and

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2020, respectively. Unamortized internally developed software development costs as of March 31, 2021 and December 31, 2020 are included in intangible assets, net on the accompanying Condensed Consolidated Balance Sheets.

Acquired intangible assets

The Company acquired intangible assets in connection with its acquisitions of Poloniex in 2018 and SeedInvest in 2019. The Company reviews the carrying value of its long-lived assets, including intangible assets with finite life, at least annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Amortization expense on the acquired intangible assets was $0.1 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively. Unamortized acquired intangible assets as of March 31, 2021 and December 31, 2020 are included in intangible assets, net on the accompanying Condensed Consolidated Balance Sheets.

As of March 31, 2021, the Company had acquired intangible assets related to its acquisition of SeedInvest of $1.9 million. The useful life of the Company’s acquired intangible assets is as follows:

SeedInvest acquired intangible assets			Useful life
Developed technology			2 years
Customer relationships			4 years
Regulatory licenses			5 years
Trade name			1 year

There was no impairment recorded for intangible assets for the three months ended March 31, 2021 and 2020.

Revenue Recognition

On January 1, 2019, the Company adopted ASU 2014-09 Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, “ASC 606”), which (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (ii) revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets.

The Company determines revenue recognition from contracts with customers through the following steps:

•

identification of the contract, or contracts, with the customer,

•

identification of the performance obligations in the contract,

•

determination of the transaction price,

•

allocation of the transaction price to the performance obligations in the contract, and

•

recognition of the revenue when, or as, the Company satisfies a performance obligation.

Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services.

The Company’s services that fall within the scope of ASC 606 are presented on a product line basis and are recognized as revenue as the Company satisfies its obligation to customers. Services within the scope of ASC 606 include Transaction and Treasury services, SeedInvest Revenue, Circle Invest revenue, Circle Trade revenue, and Poloniex Revenue. Revenue from Circle Invest, Circle Trade and Poloniex are no longer apart of the Company’s core business operations, and as such are included within discontinued operations, net of

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tax on the accompanying Condensed Consolidated Statements of Operations. USDC interest income and interest income are outside the scope of ASC 606. See Note 9 — Revenue Recognition for further detail.

Deferred Revenue

Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue for the three months ended March 31, 2021 are reflected in the following table. There was no deferred revenue for the three months beginning or ended March 31, 2020 as these services were launched during the second quarter of 2020. All of the Deferred Revenue is attributable to the Circle Segment.

	Transaction and Treasury services
Balance at December 31, 2020		$	888
Deferred revenue billed in the current period, net of recognition			—
Revenue recognized that was included in the beginning period			(43)
Balance at March 31, 2021		$	845

Income Taxes

The consolidated income tax expense/(benefit) from continuing operations was $3.9 million and ($3.8) million for the three months ended March 31, 2021 and 2020, respectively. The change in income taxes was primarily due to $4.2 million of Irish capital gains taxes and a $3.5 million U.S. tax benefit recorded as a result of net operating loss carryback claims pursuant to the CARES Act in the three months ended March 31, 2021 and 2020, respectively. The Company maintained a full valuation allowance against its net deferred tax assets in both periods.

As of March 31, 2021 and 2020, the Company maintained uncertain tax positions of $0.3 million and $0.3 million, respectively. No interest or penalties were incurred during the three months ended March 31, 2021 and 2020.

Foreign Currency

The functional currency for the Company and its wholly-owned subsidiaries is the U.S. dollar, with the exception of Circle UK Trading Limited and Circle Trade Europe Limited, whose functional currency is GBP. Assets and liabilities from these entities with a GBP functional currency are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Revenues, costs, and expenses from these entities with a GBP functional currency are translated to U.S. dollars using daily exchange rates. Gains and losses resulting from these translations are recorded as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as other income, net in our accompanying Condensed Consolidated Statements of Operations.

Concentration of credit risk

The Company’s cash, cash equivalents, restricted cash, and accounts receivable are potentially subject to concentration of credit risk. Cash, cash equivalents, and restricted cash are placed with financial institutions which are of high credit quality. The Company invests cash, cash equivalents, and customer accounts primarily in highly liquid, highly rated instruments which are uninsured. The Company may also have deposit balances with financial institutions which exceed the FDIC insurance limit of $ 250 thousand.

Related party transactions

Certain of the Company’s directors, executive officers, and principal owners, including immediate family members, are users of the Company’s products and services. Fees charged to these users are on terms no more favorable than terms generally available to an unaffiliated third party under the same or similar

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circumstances. The Company did not have any other material related party transactions for the three months ended March 31, 2021 and March 31,2020 respectively.

Risks and uncertainties

The COVID-19 global pandemic has caused national and global economic and financial market disruptions. On the onset of the pandemic, the Company braced and anticipated uncertain disruption to our business. As a consequence of the pandemic and evolving public health orders, the Company’s customers will continue to be exposed to various uncertainties that could negatively impact their ability to repay outstanding amounts, or even continue in business. The Company continues to monitor and react to business disruptions caused by the pandemic but we cannot predict with certainty the duration of the pandemic or its impact on the Company’s financial condition and results of operations, as well as business operations and workforce.

Recently issued and adopted accounting pronouncements

No new accounting policies were recently issued and adopted in the three months ended March 31, 2021.

Recently issued but not adopted accounting pronouncements

In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight-line basis over the term of the lease. The amendments in this update are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. In June 2020, the FASB issued ASU 2020-05, Revenue From Contracts With Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which extended the adoption date of ASU 2016-02 for all other entities. Under ASU 2020-05, the effective date for adoption of ASU 2016-02 is fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Accounting for lessors remains largely unchanged from current U.S. GAAP. ASU 2016-02 will be effective for the Company’s fiscal year beginning January 1, 2022 and subsequent interim periods. The Company is currently evaluating the impact the adoption of ASU 2016-02 will have on the Company’s financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) (“ASU 2016-13”). The amendments in this and the related ASUs introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss (“CECL”) model that is based on expected rather than incurred losses and amendments to the accounting for impairment of held-to-maturity securities and available for sale securities. The amendments in this update are effective for public entities that are SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For other public entities, the amendment is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. For all other entities, the amendment is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are finalizing the effect this new guidance will have on our consolidated financial statements and related disclosures. The Company is still in the process of evaluating the new standard but expects it to be not significant to the consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04, Intangibles — Goodwill and Other (Topic 350), simplifying Accounting for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The amendments in this update are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendment is effective for fiscal years beginning after December 15, 2022, including interim

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periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2017-04 will have on the Company’s financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”). ASU 2018-15 requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to defer and recognize as an asset. The amendments in this update are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, the amendment is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is still in the process of evaluating the new standard but expects it to be non-significant to the consolidated financial statements. We have not early adopted this standard.

In August 2020, FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity; Own Equity (“ASU 2020-06”), as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other changes, the new guidance removes from GAAP separation models for convertible debt that require the convertible debt to be separated into a debt and equity component, unless the conversion feature is required to be bifurcated and accounted for as a derivative or the debt is issued at a substantial premium. As a result, after adopting the guidance, entities will no longer separately present such embedded conversion features in equity, and will instead account for the convertible debt wholly as debt. The new guidance also requires use of the “if-converted” method when calculating the dilutive impact of convertible debt on earnings per share, which is consistent with the Company’s current accounting treatment under the current guidance. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, but only at the beginning of the fiscal year. The Company is currently evaluating the impact the adoption of ASU 2020-06 will have on the Company’s financial statements.

3. Segment information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (the “CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a vertical basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company has revenue from multiple products and measures of profitability by product, which have discrete financial information and are reviewed by the CODM. As such, the Company has determined that it operates with two operating segments and two reportable segments.

A description of each of our reportable segments is as follows:

•

Circle — The Circle segment consists of our USDC, Circle APIs Services and Integration Services, collectively Transaction and Treasury Services. Circle provides digital payment, marketplace and custody services to enable the future acquisition, sale and storage of the tokens at scale.

•

SeedInvest — The SeedInvest segment is related to our equity crowdfunding platform which connects start-up businesses (“issuers”) with venture investors (“investors”), by providing an online platform where issuers can solicit and raise capital. SeedInvest intends to develop tokenized securities to continue to democratize capital raising for startup companies

The CODM assesses performance of and allocates resources to Circle based on contribution margin and net income for SeedInvest. Contribution margin is calculated as segment revenues less the direct variable costs associated with those revenues. The CODM does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not included.

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The table below presents information about the Company’s reportable segments for the three months ended March 31, 2021 and 2020:

	Circle Segment
	Three months ended March 31
	2021		2020
Segment contribution margin		5,658		688
Net income (loss) before income taxes		(6,821)		(4,009)

	Seed Invest Segment
	Three months ended March 31
	2021		2020
Net income (loss)		1,218		(681)

The table below provides a reconciliation of total segment contribution margin to net income for the month ended March 31, 2021 and year ended December 31, 2020:

	Three months ended March 31
	2021		2020
Segment contribution margin		5,658		688
Costs and expenses:
Compensation expense		(5,995)		(4,347)
General and administrative expenses		(5,187)		(3,602)
Depreciation and amortization expense		(934)		(1,152)
IT infrastructure costs		(839)		(951)
Digital assets impairment		(9)		(151)
Marketing and advertising expenses		(199)		(31)
Other income, net		684		5,537
Net income (loss) before income taxes		(6,821)		(4,009)

4. Divestitures

2020 Divestitures

Sale of Circle Invest

On March 30, 2020. the Company sold the intangible assets related to the Circle Invest business to Voyager Digital, a Canadian publicly traded company, for $0.6 million in gross proceeds, comprised of $0.1 million in cash payment and stock in Voyager Digital equivalent to approximately 4.0% of total shares outstanding on the date the sale was closed. The stock consideration received in Voyager Digital totaled 3,495,156 shares at a price of $0.15 per share, with a fair market value of $0.5 million. The intangible assets of Circle Invest sold were internally generated and had no book value, which resulted in a gain on the sale recorded in discontinued operations on the accompanying Condensed Consolidated Statements of Operations. The related amounts were previously reported under the Circle segment. This was a strategic effort to better align our business with the products we offer to our customers. Refer to table below:

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The following table summarizes the calculation of the gain on the sale of the Circle Invest business:

	Consideration received:
	Cash					100
	Common stock fair value					525
	Net assets sold:
	Intangible and other assets, net					—
	Gain on sale of Circle Invest					625

In connection with the transaction the Company agreed to continue to operate the Circle Invest platform on behalf of prospective Voyager customers while Voyager acquires the appropriate licenses in three US states: New York, Alaska and North Carolina. As of March 2021, given that Voyager has not completed its obligations in terms of securing relevant licenses in a timely manner, the Company is beginning to embark on a plan to shut down the Invest product for these customers and begin an escheatment program.

The cash flow statement impact of discontinued operations was an increase to cash flow from operating activities of $0.1 million and $0.1 million for the three months ended March 31, 2021 and 2020 and an increase to cash flow from investing cash flows of $0.1 million for the three months ended March 31, 2020. There was no impact of discontinued operations on financing cash flows for the three months ended March 31, 2021 and 2020.

Sale of Poloniex

The Company closed a transaction to sell the assets of Poloniex to Polo Digital Assets, Ltd (“PDAL”), an investment consortium, on November 4, 2019. This was a strategic effort to better align our business with the products we offer to our customers.

Contingent consideration was comprised of future deferred payments of $15.0 million subject to a successful operational transfer and indemnity holdbacks. The company received $10.0 million of the total $15.0 million during 2020 and received $2.0 million in May 2021. The company expects to receive future payments on the following schedule: $1.0 million in November 2021, $1.0 million in May 2022 and $1.0 million in November 2024. The remaining deferred payments are recorded as divestment consideration receivable as the Company is confident of receipt based on the progress of the operational transfer subsequent to closing the sale.

The statement of cash flows impact of discontinued operations was an increase to cash flow from investing activities of $5.0 million for the three months ended March 31, 2020. There was no impact of discontinued operations on operating or financing cash flows for the three months ended March 31, 2021 and 2020.

5. Intangible assets, net

Intangible assets consists of the following:

As of March 31, 2021	Gross carrying amount		Accumulated amortization(1)		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Domain names		284		(269)		15		0.3
Internally developed software		19,263		(16,305)		2,958		1.4
SeedInvest acquired intangible assets		1,882		(1,558)		324		2.4
Indefinite life intangible assets
Digital assets held		5,628		(1,265)		4,363		—
Total intangible assets, net		27,057		(19,397)		7,660

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(1)

Digital assets held are indefinite life intangible assets and as such not amortized. The Company recorded an impairment loss on digital assets of $0.0 million as of March 31, 2021, which is reflected within digital assets impairment in the accompanying Condensed Consolidated Statements of Operations.

As of December 31, 2020	Gross carrying amount		Accumulated amortization(2)		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Domain names		284		(269)		15		0.5
Internally developed software		18,530		(15,545)		2,985		1.4
SeedInvest acquired intangible assets		1,882		(1,420)		462		2.1
Indefinite life intangible assets
Digital assets held		5,931		(1,256)		4,675		—
Total intangible assets, net		26,626		(18,490)		8,137

(2)

Digital assets held are indefinite life intangible assets and as such not amortized. The Company recorded an impairment loss on digital assets of $1.3 million as of December 31, 2020, which is reflected within digital assets impairment in the accompanying Condensed Consolidated Statements of Operations.

Total amortization expense of intangible assets was $0.9 million and $1.1 million for the years ended March 31, 2021 and March 31, 2020, respectively.

The expected future amortization expense for intangible assets as of March 31,2021 is as follows:

2021	$	1,760
2022		1,406
2023		123
2024		8
Thereafter		—
Total amortization expense	$	3,297

6. Fixed assets, net

The following table presents our major categories of fixed assets, net:

	March 31, 2021			December 31, 2020
Computers & Equipment		$	304		$	249
Fixtures & Furniture			630			630
Software Licenses			14			15
App and Web Design			144			143
Leasehold Improvements			128			128
Security Equipment			4			4
Total Fixed assets			1,224			1,169
Less: Accumulated depreciation and amortization			(762)			(726)
Total Fixed Assets, net		$	462		$	443

Depreciation expense as of March 31,2021 and year ended March 31, 2020 was $0.0 million and $0.0 million, respectively, which is included within depreciation and amortization on the Condensed Consolidated Statements of Operations.

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7. Investments

Investment in equity securities

The Company held an investment in Voyager Digital, a crypto-asset broker, which trades on the Canadian Stock Exchange. The cost and estimated fair value of equity securities are as follows:

	March 31, 2021						December 31, 2020
	Cost			Estimated Fair Value			Cost			Estimated Fair Value
Common Stock		$	—		$	—		$	524		$	13,631
Total		$	—		$	—		$	524		$	13,631

In January and February 2021, the Company liquidated its position in Voyager Digital for total proceeds of $26.1 million net of $0.1 million in commissions and foreign currency loss and recognized a realized gain of $26.1 million. There was a change in unrealized gains on investment of $13.4 million for the three months ended March 31, 2021, and no change in unrealized losses for the three months ended March 31, 2020.

Investment in equity securities carried under measurement alternatives

The Company has acquired an investment for which it does not have the ability to exert significant influence over operating and financial policies. The changes in value of this investment are included as a part of other income, net on the accompanying Condensed Consolidated Statements of Operations. The carrying value of this investment was $1.2 million and $1.1 million and is included in equity securities, at fair value on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively.

8. Fair value of financial instruments

The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis. The carrying amounts of certain financial instruments, including accounts receivable, prepaid expenses, accounts payable, accrued expenses and loans payable approximate their fair values due to their short-term nature

	March 31, 2021						December 31, 2020
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Equity securities, at fair value		—		—		1,244		13,631		—		1,076
Divestment consideration receivable		—		—		5,000		—		—		5,000
Total Assets		—		—		6,244		13,631		—		6,076
Liabilities
Convertible debt, net of debt discount		—		—		83,489		—		—		30,614
Acquisition payables		—		—		6,062		—		—		12,276
Warrant liability		—		—		282		—		—		212
Total Liabilities		—		—		89,833		—		—		43,102

The Company did not make any transfers between the levels of the fair value hierarchy during the three months ended March 31, 2021 and year ended December 31, 2020.

Equity Securities, at fair value

The Company has acquired an investment for which the determination of fair value requires unobservable inputs and there is little to no market activity for the investment. The changes in value of this investment are included as a part of other income, net on the accompanying Condensed Consolidated

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Statements of Operations. The carrying value of this Level 3 investment is presented below and are included in equity securities, at fair value on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2021.

Balance as of January 1, 2020	$	541
Consideration received for new deals	$	421
Fair value adjustment	$	114
Balance as of December 31, 2020	$	1,076
Consideration received for new deals		168
Fair value adjustment		—
Balance as of March 31, 2021	$	1,244

Divestment consideration receivable

In connection with the sale of Poloniex, a portion of the consideration received included contingent consideration, which was comprised of future deferred payments of $15.0 million subject to a successful operational transfer and indemnity holdbacks. The remaining deferred payments are recorded as divestment consideration receivable as the Company is confident of receipt based on the progress of the operational transfer subsequent to closing the sale. The carrying value of the receivable approximates the fair value and the collection is certain.

Balance as of December 31, 2020	$	5,000
Payments received		—
Balance as of March 31, 2021	$	5,000

Warrant Liability

In May 2018, the Notes were converted into Series E preferred shares at a price of $16.23 per share as required per the Agreement. The warrants issued with the notes are legally detachable and exercisable and therefore meet the definition of freestanding and are not embedded in the notes. These warrants are classified as long-term liability and recorded at fair value of $0.3 million and $0.2 million as of March 31, 2021 and December 31, 2020, respectively. The Company revalues the warrants at each reporting period and record the change in fair value in the Condensed Consolidated Statements of Operations.

Balance as of December 31, 2020	$	212
Fair Value adjustment	$	70
Balance as of March 31, 2021	$	282

Convertible Debt, net of debt discount

On March 1, 2019, the Company issued convertible notes in connection with the acquisition of SeedInvest. The first note had a par value of $24.0 million, matures in seven years and is convertible into Series E preferred shares with a 6.0% interest rate. The second note had a par value of $10.0 million and matures in two years with a 2.8% interest rate. The Company elected the fair value option for recording these notes which were recorded at a net discount on acquisition date. Their fair value was $83.5 million and $30.6 million at March 31, 2021 and December 31, 2020, respectively. The change in fair value of the notes is recorded in other income, net on the accompanying Condensed Consolidated Statements of Operations.

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Balance as of January 1, 2021	$	30,614
Issuance of convertible notes		50,710
Net discount on convertible notes		(130)
Capitalized interest		858
Fair value adjustment		13,230
Fair value adjustment – credit risk		(1,063)
Principal payments		(10,730)
Balance as of March 31, 2021	$	83,489

The following significant unobservable inputs were used in the valuation:

	March 31, 2021		December 31, 2020
Discount rate		12.0%		13.0%
Volatility	42.5% – 54.8%			42.3%
Risk-free rate		0.9%		0.4%

Acquisition payables

Contingent payables from acquisitions are related to the SeedInvest acquisition during 2019 and the Poloniex acquisition in 2018. For both, the carrying value of the payable approximates the fair value.

In connection with the SeedInvest acquisition, a portion of the purchase consideration consisted of contingent payables. The fair value of the contingent consideration comprised of two indemnity holdback payments discounted to fair value on the date of the transaction. $1.1 million was paid on March 1, 2020 and the remaining $2.4 million was paid on March 1, 2021. The discount on the contingent consideration payments is amortized and included in interest expense, net of amortization of discounts and premiums in the accompanying Condensed Consolidated Statements of Operations.

In connection with the Poloniex acquisition during 2018, a portion of the consideration paid was contingent consideration. This was determined based on a percentage of gross revenues over a two-year period from closing are payable to the seller.

Balance as of January 1, 2021	$	12,276
Gain on extinguishment of debt		—
Payment on settlement		(3,843)
SeedInvest Payment		(2,400)
Fair Value adjustment		29
Balance as of March 31, 2021	$	6,062

9. Revenue recognition

Disaggregation of Revenue:

The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2021 and 2020:

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	Three months ended March 31, 2021
	Circle		SeedInvest
Continuing Operations
Transaction and Treasury Services		11,465
USDC interest income(1)		3,168
SeedInvest revenue				2,641
Discontinued Operations
Invest Revenue		32		—
Poloniex Revenue		—		—
Circle Trade Revenue		—		—

	Three months ended March 30, 2020
	Circle		SeedInvest
Continuing Operations
Transaction and Treasury Services		—		—
USDC interest income(1)		1,289		—
SeedInvest revenue		—		813
Discontinued Operations
Invest Revenue		138		—
Poloniex Revenue		—		—
Circle Trade Revenue		—		—

(1)

USDC interest income is outside the scope of ASC 606

Transaction and Treasury Services

Transaction and Treasury Services is a unified suite of platform services centered around the USDC stablecoin and integrated with the Circle Account by providing customers with the infrastructure required to process a wide variety of transactions and support their financial infrastructure. The services relate to the Company’s integrated set of product offerings, including Circle API Services, that share a common functionality and allows businesses to manage their accounts (“Circle Account”). The components of Transaction and Treasury Services include revenue from Transaction Services and Integration Services. Transaction Services relate to the processing of USDC native payments, payouts to sellers, vendors or users as well as ledger management and custody services. Integration Services relate to the implementation of USDC on new public blockchains including the integration with the Circle Account. The Circle Account is the entry point for the Company’s suite of Transaction and Treasury Services.

Transaction Services include payment platform services whereby customers engage the Company to provide access to certain USDC (or other stablecoin) wallet and Circle API Services for its customer and the customer’s buyers (“Buyers”) and sellers (“Sellers”) (collectively, “Users”) of merchandise acting within the customer’s API. Those APIs may include access to and the facilitation of flexible transactions across Buyers and Sellers, USDC (or other stablecoin, and other non-currency digital assets) wallet infrastructure and custody for Buyers and Sellers, shared Buyer payment method information across multiple Sellers, the ability for the customer’s API to monetize Circle USDC Credits transactions, and related functions for multi-sided marketplaces and other electronic commerce platforms services that may be offered by Circle and its affiliates.

All customers receive access to a Circle Account, a dollar digital asset banking account, that is free to customers, and optionally choose to add paid products connected to their Circle Account. The paid products are as follows: Payments API, Accounts API, DeFi API, and Payouts API. The Circle API Services contracts provide the customers with a single performance obligation of integrated payment services. For each of the products, invoices are sent to customers monthly and include monthly subscription and volume-based fees based upon prior months transaction activity. Therefore, revenue is recognized over time as the

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performance obligation is met. In certain instances, customers prepay their monthly subscription by paying annually. In those instances, we amortize revenue over the life of the contract.

The company receives either USD or non-cash consideration in the form of digital assets. As the company has the USD equivalent price established in the contract, the Company deems this to be the transaction price in the contract. The digital asset payment is received from daily settlement activity for volume based services and monthly for subscription based services. Payments received in USDC stablecoin are liquidated to USD on a regular basis such that there is no price fluctuation between non cash consideration earned in USDC and realized in USD.

In accordance with ASC 606, the Company controls the specified integrated payment services before those services are transferred to the customer. This is because the Company first obtains control of the inputs to the specified integrated payment service (which include services from other parties) and directs their use to create the combined output that is the specified integrated payment service. In addition, the Company contracts directly with its customer and is viewed by its customer as the party responsible for fulfilling the promised services stipulated in the Circle API Services agreement, and the Company has the unilateral right to determine the prices for all promised services. Based on these considerations, the Company determined it is the principal for the promised integrated payment services and, accordingly, will recognize revenue and expense on a gross basis.

Integration Services relate to agreements with third party blockchain companies where the Company enables and integrates USDC stablecoins into the third party public blockchains which allow for the issuance and redemption of USDC on their platform. The agreements can include upfront payments, milestone or phase payments, multiple distinct services, and are often settled in digital assets.

The contracts are structured with two performance obligations: technical implementation of the USDC onto the public blockchain and support. Support involves assisting with the onboarding of any of the customer’s end users on the new blockchain implementation and providing assistance related to the technical implementation. These obligations are distinct goods or services and revenue is recognized at the time that the obligation has been met for technical implementation and over time for support.

The Company receives noncash consideration based on the executed contract value in the form of digital assets. As the company has the USD equivalent price established in the contract the Company deems this to be the transaction price in the contract. The digital asset payment generally occurs as a pre-payment and then either milestone payments or a final payment once the goods or service have been provided. During the period from contract inception to completion of the performance obligation the value of digital assets may fluctuate. This change in value will be assessed under ASC 350 — Intangibles- Goodwill and Other for accounting for the change in value of the assets.

USDC Interest Income

USDC is a cryptographic token that allows financial market participants to transact in a crypto asset. USDC is a token which is implemented on public blockchains. The total number of USDC tokens issued and outstanding at a current point in time is fully and transparently viewable through any publicly available block explorer for USDC approved blockchains. All USDC tokens issued and outstanding are backed by equivalent amounts of USD Dollars held in custody accounts. The Company earns interest on the USD Dollars held in custody accounts. The Company enters into revenue share agreements whereby the interest income earned on the USD Dollars held in custody accounts is shared with digital asset exchanges who tokenize and hold USDC on platform.

SeedInvest

SeedInvest is our equity crowdfunding platform which connects start-up businesses (“issuers” or “issuer”) with venture investors (“investors”), by providing an online platform where issuers can solicit and raise capital. SeedInvest earns revenue primarily through investment banking fees paid by the issuer and transaction processing fees paid by the investor(s). These fees are only charged upon successfully closing a deal which occurs when the funds have been transferred from the investor to the issuer.

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Investment banking fees for services in private placements are recorded when the performance obligation is satisfied, which is generally at the time deal is completed, which occurs when the issuer receives their funds. For a given transaction, 7.5% of the total amount raised is remitted to us in the form of investment banking fees. In addition, upon completion of a deal, we retain 5.0% of the total equity an issuer raised on our platform. The equity stake is classified as a component of the investment banking fee and is recorded based upon the total equity raised on our platform. If contractual arrangements provide for a fee in the absence of closing, fees are recorded when earned. In some instances, as compensation in lieu of cash, the Company may receive convertible notes, crowd notes, equity or warrants in the issuer they are assisting in raising investor capital. These investments in privately held companies that are received in lieu of cash are deemed illiquid securities without a publicly traded market. The performance obligation is met when the transaction is completed as this is when the issuer has obtained control over the promised good or service. These amounts are included in SeedInvest Revenue on the Consolidated Statements of Operations, at estimated fair market value as of the date earned.

Transaction processing fees are earned for facilitating the transfer of investor capital to an issuer. These fees are paid to us by investor(s) upon the successful placement of an equity security and are intended to cover the costs of account opening and maintenance, transaction processing, and other administrative costs associated with processing investments on behalf of investors in compliance with federal law. Investors pay 2.0% of the value of any given investment, capped at $300 per investor, and are returned in full if a company does not meet its minimum fundraising goal and/or is no longer deemed to be a suitable investment. We recognize revenue from transaction processing fees upon completion of the performance obligation, which is when subscriptions from investors are received.

Expense reimbursement revenues are agreed upon and received from clients to reimburse the Company for expenses it incurs to complete a successful transaction. In the event a successful transaction closes, and the Client has agreed to reimburse the Company for these expenses, the Company earns the expense reimbursement revenue at the close of the transaction.

Revenue from Discontinued Operations

All Circle Trade, Invest Platform, and Poloniex revenues, realized gains and losses, fair value adjustments and trade costs are presented each on a separate gain (loss) from discontinued operations line in the accompanying Condensed Consolidated Statements of Operations in accordance with ASC 205 requirements as this component of Circle, Inc was discontinued after being disposed. See Note 4 — Divestitures for further detail.

10. Other income, net

The following table presents our major categories of other income, net for the three months ended March 31, 2021 and 2020. The total other income, net for three months ended March 31, 2021 and 2020 is reported within our accompanying Condensed Consolidated Statements of Operations.

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	Three months ended March 31, 2021			Three months ended March 31, 2020
Realized gains on investments		$	26,078		—
Unrealized gains on investments			(13,456)		—
Change in fair value of convertible debt			(13,230)		5,332
Gain on long lived intangible assets			5,500		(12)
Transaction advisory expenses			(3,451)		—
Interest expense and amortization of discount			(1,268)		(445)
Income generated from winding down platforms			479		—
Transitional support income			—		536
Loss on equity method investments			(228)		(96)
Foreign currency exchange gain			(175)		31
Interest income			3		36
Other, net			432		155
Total, net			684		5,537

11. Debt

Loans Payable

To facilitate the acquisition of Poloniex during 2018, the Company entered into a loan agreement with a bank for $20.0 million, at an 8.0% interest rate for a three year term, less discounts of $1.5 million. The loan was repaid in full in November 2019. In connection with the loan, the bank was issued warrants over 1,450,000 ordinary shares of Parent with an expiration date seven years from the date of issuance (February 21, 2018), which are classified in equity. There are an additional 85,000 Series-E warrants with a strike price of $16.23 per share and an expiration date of February 21, 2025, which are classified as liabilities. These warrants are still outstanding after repayment of the loan and as of March 31, 2021 and December 31, 2020 have a fair value of $0.3 million and $0.2 million, respectively, and are reflected in warrant liability on the Condensed Consolidated Balance Sheets.

On July 16, 2020 (“Loan Effective Date”), the Company executed an agreement with Genesis Global Capital, LLC (“Genesis” or “Lender”), where Genesis will lend the Company USDC or any stablecoin (“Digital Currency”) or U.S. Dollars (collectively “Loaned Assets”). As part of the agreement, the Company has agreed to pay interest (“Loan Fee”) and return any Digital Currency or U.S. Dollars to Genesis at the termination of the agreement. On the Loan Effective Date, the Company received a $25.0 million two year note (“Genesis Loan”) from Genesis, which matures on July 16, 2022 (“Maturity Date”). The Genesis Loan carries an annual Loan Fee of 15.5%, provided that on September 30, 2020 (the “Reset Date”) the Company has greater than $10.0 million of debt to creditors other than Genesis that rank pari passu on the balance sheet (on a proforma, unaudited basis) with the Loaned Assets. If this condition was not met, the Loan Fee payable on the Genesis Loan shall be 16.8% effective retroactively to the Loan Effective Date. As of the Reset Date, the debt to creditors that Genesis ranked pari passu to was greater than $10.million and, accordingly, the Loan Fee was 16.8% for the period.

If at any time after the Reset Date, but before February 1, 2021, the Company maintained less than $10.0 million of debt to creditors other than Genesis that rank pari passu with the Loaned Assets as a result of the full or partial repayment of such debt in connection with closing of the SeedInvest business, on the balance sheet (on a proforma, unaudited basis) then the Loan Fee shall revert back to 15.5% effectively retroactively to the Loan Effective Date. On October 19, 2020, the Company executed an amendment to the agreement dated July 16, 2020, which amended certain provisions related to the Loan Fee charged on the outstanding loan. Specifically, if the Company reaches certain milestones as defined in the amendment, the Loan Fee shall be reduced based on the terms specified within the contractual agreement with Genesis. There were no principal payments made on the Genesis Loan during the year ended March 31, 2021. Each month, the unpaid principal balance was increased for paid-in-kind interest. Paid-in-kind interest was

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considered and referred to as principal when accrued. The Genesis Loan is shown as Loan Payable, net of debt discount in the accompanying Condensed Consolidated Balance Sheets. The debt discount is amortized and included in interest expense, net of amortization of discounts and premiums in the accompanying Condensed Consolidated Statements of Operations.

On May 6, 2020, as part of the CARES Act the Company entered into an agreement with Silicon Valley Bank to receive a loan of $1.8 million under the Paycheck Protection Program (“PPP”) administered by the Small Business Association (“SBA”)(“the PPP Loan”). The PPP Loan matures on May 6, 2022 and has an annual interest rate of 1.0%. At any time without penalty or premium the Company may prepay the PPP Loan. On March 4, 2021, the Company repaid the principal balance including interest accrued on the loan of $1.8 million.

The Company’s loans consisted of the following:

	March 31			December 31
	2021			2020
Genesis Loan:
Outstanding principal		$	25,000		$	25,000
Accrued interest			3,012			1,966

During the year ended March 31, 2021, $1.0 million of interest related to the Genesis Loan was treated as paid-in-kind and added to the principal balance. Interest expense for the three months ended March 31, 2021 was $1.0 million included in interest expense, net of amortization of discounts and premiums in the accompanying Condensed Consolidated Statements of Operations. There was no interest expense for the three months ended March 31, 2020.

As a result of the Company’s acquisition of SeedInvest in 2019, the Company agreed to pay contingent consideration following the closing of the transaction. The fair value of the contingent consideration comprised of two indemnity holdback payments discounted to fair value on the date of the transaction. $2.4 million was paid on March 1, 2021. The discount on the contingent consideration payments is amortized and included in interest expense, net of amortization of discounts and premiums in the accompanying Condensed Consolidated Statements of Operations.

Convertible Debt and Embedded Derivatives

In February 2018, the Company entered into a Convertible Promissory Agreement (“the Agreement”) and a Warrant Purchase Agreement to authorize the issuance of $69.4 million in convertible promissory notes (“the Notes”) as well as warrants to certain investors. The Notes had a maturity date of two year and an annual interest rate of 8.0% and included certain conversion provisions requiring (a) conversion upon next equity financing at a conversion price per share equal to seventy-five percent of the price per new share or (b) an elective conversion into Series D preferred at a conversion price per share equal to $2.76.

In May 2018, the Notes were converted into Series E preferred shares at a price of $16.23 per share as required per the Agreement. The warrants issued with the notes are legally detachable and exercisable and therefore meet the definition of freestanding and are not embedded in the notes. These warrants are classified as long-term liability and recorded at fair value of $0.0 million at March 31, 2021. As of March 31, 2021, the warrants issued have expired, and as such have no fair value recorded on accompanying Condensed Consolidated Balance Sheets.

On March 1, 2019, the Company entered into an agreement with North Capital Private Securities Corporation (the “Holder”) to issue two convertible promissory notes in connection with the acquisition of SeedInvest (collectively the “Convertible Notes”). Pursuant to the agreement, the Company agrees to pay the Holder the principal amount together with any interest on the unpaid principal balance for the two notes beginning on the date of the agreement. The first note has a principal amount of $24.0 million and is convertible into Series E preferred stock subject to the conversion provisions in the agreement (collectively the “First Note”). The First Note matures on March 1, 2026, unless earlier converted, and has an annual interest rate of 2.9% due annually in arrears on the last day of each calendar year. At any time during the term and at the sole discretion of the holder, all or a portion of the principal amount with any accrued and

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unpaid interest (collectively the “Conversion Amount”) can at the election of the Holder be converted in Series E preferred shares. The outstanding Conversion Amount will convert into a specified number of shares of Series E preferred stock at a conversion price per share equal to $16.23.

The second note has principal amount of $10.0 million and is convertible into new shares issued at the Company’s next equity financing subject to the conversion provisions in the agreement (collectively the “Second Note”). The Second Note matures on March 1, 2021 and has an annual interest rate of 6.0% due annually in arrears on the last day of each calendar year. Prior to the initial closing of the Company’s next equity financing, the Holder may at their election convert the principal amount and any accrued interest (“Note Amount”) to new shares at the next equity financing or receive payment in cash of the Note Amount. The outstanding Note Amount will convert into a specified number of shares of new shares at a conversion price per share equal to the lesser of: (i) 80.0% of the price per New Share or (ii) the liquidity price as defined in the agreement. As of March 31, 2021, the next round of financing was not expected to close before the maturity date of the note, therefore, pursuant to the agreement the Note Amount is due at the specified maturity date. On March 1, 2021, the Company repaid the remaining principal including capitalized amounts of $10.7 million and interest of $0.1 million related to the Second Note.

On March 6, 2021, the Company entered into the agreement with Intersection Fintech CIF Partners, LP ( the “Holder”) to issue a convertible note (“2021 Convertible Note”). The 2021 Convertible Note has principal amount of $50.7 million. There is no interest that shall accrue or be payable for the 2021 Convertible Note. The principal amount shall be due and payable by the Company on demand by the Holder any time after March 8, 2023.

The Company has elected the fair value option for recording its convertible notes on the accompanying Condensed Consolidated Balance Sheets, which were recorded at a net discount on acquisition date. Their fair value at March 31, 2021 and December 31, 2020 was $83.5 million and $30.6 million, respectively, and are shown as convertible debt, net of debt discount in the accompanying Condensed Consolidated Balance Sheets. The debt discount is amortized and included in interest expense, net of amortization of discounts and premiums in the accompanying Condensed Consolidated Statements of Operations. The change in fair value of the Convertible Notes is included in other income, net in the accompanying Condensed Consolidated Statements of Operations.

12. Stockholders’ equity

Common Stock

In accordance with the Articles of Association dated May 14, 2018, the Company is authorized to issue 255,000,000 shares of common stock (known as “ordinary shares”) with a par value of $0.0001 per share. As of March 31, 2021, there was 29,639,713 shares of common stock outstanding.

The voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers, and preferences of the holders of the preferred stock as detailed in the Articles of Association. The holders of Circle’s voting common stock are entitled to one vote for each share of common stock held, subject to certain limitations pertaining to the Circle’s preferred stock.

In 2013, Circle issued 22,189,656 shares of common stock at par value to the founders for total cash proceeds of $0.0 million. These common shares were issued with a repurchase agreement that stipulates that should a stockholder cease to be an employee, consultant, officer or director of Circle, Circle has the right and option to repurchase the unvested stock at a price per stock equal to the lesser of (x) the fair market value of the stock at the time the repurchase option is exercised, as determined by the Circle’s Board of directors (the “Board”) and (y) $0.0001 per stock.

At March 31, 2021 and December 30, 2020, Circle has the following number of common shares reserved for the conversion of preferred stock and exercise of options:

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	2021		2020
Conversion of Series A redeemable convertible preferred stock		33,620,690		33,620,690
Conversion of Series B redeemable convertible preferred stock		17,586,205		17,586,205
Conversion of Series C redeemable convertible preferred stock		18,445,443		18,445,443
Conversion of Series C-1 redeemable convertible preferred stock		—		—
Conversion of Series D redeemable convertible preferred stock		23,202,679		23,202,679
Conversion of Series D-1 redeemable convertible preferred stock		—		—
Conversion of Series E redeemable convertible preferred stock		9,077,030		9,077,030
Common stock options issued under stock option plan		17,336,177		19,641,567
Common stock options available for grant under stock option plan		6,151,768		6,405,003
Total		125,419,992		127,978,617

Treasury Stock

In July 2020, the Company acquired 4,960,362 shares of its own common stock at a cost of $0.58 in conjunction with the settlement from the extinguishment of debt. The total fair value of the acquired shares was $2.9 million and has been deducted from stockholders’ equity. The settlement from the extinguishment of debt restricts the sale, transfer, or assignment for 12 months from the date of the settlement.

13. Redeemable convertible preferred stock

In 2013, Circle issued 33,620,690 shares of Series A redeemable convertible preferred stock (“Series A Preferred Stock”), par value of $0.0001, at a purchase price of approximately $0.27 per share for total cash proceeds of $9.0 million.

In 2014, Circle issued 17,586,205 shares of Series B redeemable convertible preferred stock (“Series B Preferred Stock”), par value of $0.0001, at a purchase price of approximately $0.97 per share for total cash proceeds of $17.0 million.

In 2015, Circle issued 23,051,123 of Series C redeemable convertible preferred stock (“Series C Preferred Stock”) and Series C-1 redeemable convertible preferred stock (“Series C-1 Preferred Stock”), par value of $0.0001, at a purchase price of approximately $2.17 per share for total cash proceeds of $50.1 million.

In 2016 and 2017, Circle issued a total of 23,202,679 of Series D redeemable convertible preferred stock (“Series D Preferred Stock”) and Series D-1 redeemable convertible preferred stock (“Series D-1 Preferred Stock”), par value of $0.0001, at a purchase price of approximately $2.76 per share for total cash proceeds of $64.1 million, net of $0.1 million of issuance costs.

In 2018, Circle issued 9,077,030 of Series E redeemable convertible preferred stock (“Series E Preferred Stock”) par value of $0.0001, at a purchase price of approximately $16.23 per share for total cash proceeds of $148.9 million.

The Company identified an error related to its Series C Preferred Stock balance as of December 31, 2019, which did not properly reflect the forfeiture of 4,605,680 shares in October 2019. The error resulted in a $10.0 million overstatement of Series C Preferred Stock in temporary equity as of December 31, 2019 on the Condensed Consolidated Balance Sheets. The Company determined that the error was not material to the 2019 financial statements and has corrected the presentation as an immaterial error correction by reducing the Series C redeemable convertible preferred stock and increasing additional paid-in capital on the Condensed Consolidated Balance Sheets herein.

The holders of the Series A, Series B, Series C, Series D, and Series E preferred stock (collectively, “Voting Preferred Stocks”) have various rights and preferences as follows:

Voting

The holder of the Voting Preferred Stock shall be entitled to such number of votes equal to the number of whole common stock into which the preferred stock held by such holder are convertible in accordance

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with conversion rules as of the record date for determining stockholders entitled to vote on such matter and shall have voting rights and powers equal to the voting rights and powers of the common stock. The holders of the Series A Preferred Stock shall be entitled to appoint and remove two (2) Directors to the Board. The holders of Series C Preferred Stock are entitled to appoint and remove (1) Director to the Board. The holders of Series C-1 and D-1 Preferred Stock have no voting rights except where it may be statutorily required.

Dividends

The holders of the Preferred Stocks shall be entitled to cash dividends at the rate of eight percent (8.0%) of the original price per annum, payable only when as and if declared by the Board out of profits of the Company available for distribution in priority to any declaration or payment of any dividend or other distribution on any other class of stocks in the capital of the Company. The dividends shall not be cumulative and shall be paid in immediately available funds.

Liquidation

Upon a liquidation event, whether voluntary or involuntary, any amounts or combined assets of Circle and its subsidiaries legally available for distribution to holders of the Company’s stocks of all classes, shall be paid as follows: first, the holders of the preferred stocks shall be entitled, before any distribution or payment is made upon any common stocks to be paid an amount per preferred stock equal to the greater of (i) the sum of (A) $0.27 per preferred stock for Series A or $0.97 per preferred stock for Series B or $2.17 for Series C or Series C-1 or, $2.76 for Series D or Series D-1 or $16.23 for Series E, subject to appropriate adjustment in the event of any combination, consolidation, recapitalization, stock split, stock dividend or the like affecting such stocks, and (B) the amount of all arrears of all declared but unpaid dividends and (ii) the amount per stock as would have been payable had all Preferred Stocks been converted into common stocks prior to the liquidations. If upon the liquidation, the available assets shall be insufficient to make payment in full to all holders of the Preferred Stocks, then the available assets shall be distributed among the holders of Preferred Stocks at the time issued, ratably in proportion to the full amounts to which they would otherwise be respectively entitled if the entire preferred stocks liquidation preference were paid in full. Second, after the payment of the full Preferred Stocks liquidation preference, the remaining available assets shall be distributed ratably to the holders of the common stocks based on the number of common stocks held by each such holder.

Redemption

To the extent the Preferred Stocks have not been previously redeemed or converted, a requisite majority of the stockholders may require Circle to redeem in three (3) annual installments commencing on or after the fifth anniversary of the Articles of Association, but not more than sixty (60) calendar days after receipt by Circle of the Series A or Series B or Series C or Series C-1 or Series D or Series D-1 or Series E redemption notice, all but not some of Preferred stocks: provided that Circle shall receive written notice from the requisite majority requesting such redemption.

Conversion

The Preferred Stocks may at the option of the holder thereof be converted at any time into fully-paid common stocks. The number of common stocks into which each Series A or Series B or Series C or Series C-1 or Series D or Series D-1 or Series E preferred stock may be converted shall be determined by dividing the Series A or Series B or Series C or Series C-1 or Series D or Series D-1 or Series E original price by the Series A or Series B or Series C or Series C-1 or Series D or Series D-1 or Series E conversion price (as defined in the Articles of Association), in effect at the time of the conversion.

Following is a presentation of the key characteristics and shares outstanding for each class of the Company’s preferred stock as of March 31, 2021:

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	Page
Condensed Consolidated Financial Statements as of March 31, 2021 and December 31, 2020, and for the Three Months Ended March 31, 2021 and March 31, 2020 (Unaudited)
Condensed Consolidated Balance Sheets		F-3
Condensed Consolidated Statements of Operations		F-5
Condensed Consolidated Statements of Other Comprehensive Income (Loss)		F-6
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity		F-7
Condensed Consolidated Statements of Cash Flows		F-8
Notes to Condensed Consolidated Financial Statements		F-10
Report of Independent Registered Public Accounting Firm		F-40
Consolidated Financial Statements as of, and for the years ended, December 31, 2020 and December 31, 2019
Consolidated Balance Sheets		F-42
Consolidated Statements of Operations		F-44
Consolidated Statements of Other Comprehensive Income (Loss)		F-46
Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity		F-47
Consolidated Statements of Cash Flows		F-48
Notes to the Consolidated Financial Statements		F-50

	Financial Statements as of March 31, 2021 and December 31, 2020, and for the Three Months Ended March 31, 2021 (Unaudited)
	Condensed Balance Sheet					F-91
	Condensed Statements of Operations					F-92
	Statement of Changes in Stockholders’ Equity					F-93
	Statements of Cash Flows					F-94
	Notes Financial Statements					F-95
	Report of Independent Registered Public Accounting Firm					F-108
	Financial Statements as of December 31, 2020 and for the Period from August 20, 2020 (Inception) to December 31, 2020
	Balance Sheet					F-109
	Statement of Operations					F-110
	Statement of Changes in Stockholders’ Equity					F-111
	Statement of Cash Flows					F-112
	Notes to Financial Statements					F-113

	Condensed Consolidated Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets at March 31, 2021 (Unaudited) and December 31, 2020					F-3
	Condensed Consolidated Statements of Operations (Unaudited) for Three Months Ended March 31, 2021 and 2020					F-5
	Condensed Consolidated Statements of Other Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2021 and 2020					F-6
	Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited) for the Three Months Ended March 31, 2021 and 2020					F-7
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2021 and 2020					F-8
	Notes to Condensed Consolidated Financial Statements (Unaudited)					F-10