Morris Kandinov LLP Announces Proposed Settlement on Behalf of Class A Stockholders of Concord Acquisition Corporation
WILMINGTON, Del., Oct. 22, 2025 (GLOBE NEWSWIRE) --
TO: ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF CLASS A COMMON STOCK OF CONCORD ACQUISITION CORP (“CONCORD”) AS OF DECEMBER 28, 2022 (THE “SETTLEMENT CLASS”) OTHER THAN EXCLUDED STOCKHOLDERS.1
Parties to Funicular Funds, LP v. Concord Acquisition Corp, et al, No. 2022-1173-PAF (The “Action”), including Concord, have reached a settlement to resolve the issues raised in the Action (the “Settlement”). The Settlement is on behalf of a proposed Settlement Class of holders of Concord Class A Stock as of December 28, 2022, and will bind class members if approved by the Court. The Settlement consideration to be paid by Defendants consists of $3,700,000 cash and shares of Circle Internet Financial Ltd. (“Circle”) currently held by Concord as a result of the termination of Concord’s business combination agreement with Circle. As a result of the Settlement, Settlement Class Members will release all potential claims against the Defendants relating to (i) the Action, (ii) the facts and events set forth in the Amended Complaint in the Action, and (iii) the ownership of Concord Class A Stock at the close of business on December 19, 2022, including the decision to redeem the Class A Stock and the decision to liquidate Concord. Please see the Settlement Stipulation and full Notice for a complete description of the terms of the Settlement.
| 1 | “Excluded Stockholders” means (i) Defendants in the Action; (ii) any person who is, or was at the close of business on December 28, 2022, an officer or director of Concord; (iii) the immediate family members of any of the foregoing excluded persons; (iv) any trusts, estates, entities, or accounts that held Concord Class A Stock for the benefit of any of the foregoing excluded persons; (v) any entity in which any of the foregoing excluded persons or entities has, or had at the close of business on December 28, 2022, a controlling interest; and (vi) the legal representatives, heirs, successors-in-interest, successors, transferees, and assigns of the foregoing excluded persons or entities. |
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Pursuant to an Order of the Court of Chancery of the State of Delaware, a hearing will be held on December 11, 2025 at 3:15 p.m., at the Court of Chancery of the State of Delaware, New Castle County, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, or such other time or location as the Court may order, to determine: (i) whether the Settlement, on the terms and conditions provided for in the Stipulation, is fair, reasonable, and adequate; (ii) whether the Court should finally certify the Settlement Class for purposes of the Settlement; (iii) whether the Court should finally appoint Funicular Funds, LP as Class Representative in this Action; (iv) whether the Court should finally appoint Morris Kandinov LLP and Meluney Alleman & Spence, LLC as Class Counsel in this Action; (v) whether the Court should finally approve the Settlement and enter judgment dismissing the claims against the Defendants with prejudice and extinguishing and releasing the claims of the Settlement Class against the Defendants as set forth therein; and (vi) whether the Court should approve an award of attorneys’ fees and expenses to Plaintiff’s Counsel and an incentive award to Plaintiff.
If you are a potential Settlement Class Member, you may have certain rights in connection with the proposed Settlement. You should obtain a copy of the full Notice of Pendency of Class Action, Proposed Agreement of Settlement and Release, Settlement Hearing, and Right to Appear, at www.concordacquisitionsettlement.com or by contacting either of the following:
| Morris Kandinov LLP Aaron Morris, Esq. 305 Broadway, 7th Floor New York, NY 10007 (332) 240-4024 aaron@moka.law |
Epiq Corporate Restructuring, LLC Joe Arena 777 Third Ave, 12th Floor New York NY 10017 (646) 362-6336 registration@epiqglobal.com. |
If you are a potential Settlement Class Member and do not take steps to appear in this Action or to object to the proposed Settlement, you will be bound by the Order and Final Judgment of the Court, you will forever be barred from raising an objection to such Settlement in this or any other action or proceeding, and certain claims that you might have may be released.
POTENTIAL SETTLEMENT CLASS MEMBERS WHO HAVE NO OBJECTION TO THE SETTLEMENT DO NOT NEED TO APPEAR AT THE SETTLEMENT HEARING OR TAKE ANY OTHER ACTION.
You may obtain further information by contacting the persons above. PLEASE DO NOT CALL, WRITE, OR OTHERWISE DIRECT QUESTIONS TO EITHER THE COURT OR THE REGISTER’S OFFICE.
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