Exchange News- With the merger agreement reached in July 2021, Far Peak and Bullish planned IPO listing.
- The company’s CEO acknowledged that the journey was taking longer than expected.
The proposed merger between Bullish, a cryptocurrency exchange backed by Peter Thiel, and Far Peak Acquisition Corporation, a special purpose acquisition company (SPAC), has been called off. With the merger agreement reached in July 2021, Far Peak and Bullish planned the cryptocurrency exchange would be listed on the New York Stock Exchange (NYSE).
SPACs, often known as “blank check company,” are organizations that don’t do anything except wait for investors to pony up by way of an IPO or a merger to acquire them.
A joint statement from the companies said the decision was made after they realized they would not have enough time to meet all of the Securities and Exchange Commission’s (SEC) criteria for the listing by the end of the year.
Time Constraints and Market Conditions
The two parties elaborated that the deal couldn’t go through because the “previously filed registration statement on Form F-4 be declared effective in sufficient time.” Other notable investors, such as hedge fund managers Alan Howard and Louis Bacon, and the Hong Kong billionaire Richard Li, contributed to Bullish’s $10 billion in investment.
After considering “time constraints and market conditions,” Far Peaks has decided not to look for a new merger partner and instead “will instead focus on winding up either on March 7, 2023, or sooner if practicable.”
Bullish Chairman and CEO Brendan Blumer admitted that the company’s journey to go public was taking longer than expected, but that the company understood and appreciated the SEC’s efforts to establish new digital asset frameworks and to clarify industry-specific disclosure and accounting complexities.
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Source: https://thenewscrypto.com/spac-deal-of-crypto-exchange-bullish-called-off/