On the 23rd of December, Bullish, the Peter Thiel-backed crypto exchange, and SPAC, also known as Far Peak Acquisition Corporation, a special purpose acquisition company, both mutually agreed to call off their planned merger. In July last year, both of these companies, Bullish and Far Peak, agreed to a merger that would have enabled the crypto exchange would be publicly traded on the New York Stock Exchange, but after calling this deal off, their plan failed.
SPAC, or Far Peak Acquisition Corporation, also known as a blank check company, is a company with no business operations. The company is formed to raise capital through an Initial Public Offering or merging with another firm, like this planned merger which called off.
According to the press release from Bullish, explaining this move of calling off their planned merger, the firms said that they determined that they would be unable to satisfy the SEC, the US Securities and Exchange Commission’s requirements for the listing by the end of the year. Both these companies also cited an inability for the previously filed registration statement on Form F-4 to be announced effective in sufficient time for shareholders to vote on and finish the deal.
The cryptocurrency exchange, Bullish, was backed with $10 billion in funding and also included other prominent investors as backers, such as hedge fund managers Louis Bacon and Alan Howard, along with Hong Kong billionaire Richard Li. In November 2021, the cryptocurrency exchange began offering services to customers, with only six cryptocurrencies for trading.
In the press release, Far Peak Acquisition Corporation said that given the time constraints and market conditions, it does not intend to seek a new merger partner. It will instead focus on winding up either on the 7th of March 2023 or sooner if practicable. Brendan Blumer, the Chairman & CEO of Bullish, said that our quest to become a public company is taking longer than expected, but we respect the SEC’s continued work to lay new digital asset frameworks and explain industry-specific disclosure and accounting complexities.
