Far Peak Acquisition and crypto exchange Bullish mutually agreed to terminate their proposed business combination. Given the time constraints and market conditions, Far Peak said it does not intend to seek a new merger partner and will instead focus on winding up either on March 7, 2023, or sooner.
When announced in July 2021, the business combination had a pro forma equity value of approximately $9 billion.
“Our quest to become a public company is taking longer than expected, but we respect the SEC’s ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities,” said Brendan Blumer, Chairman and CEO of Bullish.
“We are disappointed that we were unable to present the Bullish transaction to our Far Peak shareholders,” said Thomas Farley, Chairman and CEO of Far Peak. “Bullish’s accomplishments since its launch have lived up to our expectations, and their daily trading volumes highlight their remarkable growth. I am a big believer in Bullish’s talented team, their vertically integrated approach to exchange liquidity, and their unwavering commitment to regulation, and the highest standards of industry transparency.”
Under terms of the agreement, either side had the right to terminate the deal if the transactions had not been completed by Dec. 31.
Bullish and Far Peak said they have determined that they would be unable to satisfy the requirement that Bullish’s Form F-4 be declared effective by the SEC in time for Far Peak to call a shareholder vote on the business combination prior to year-end.
Bullish exchange, which is available in 50+ jurisdictions, gives institutional and retail traders access to liquidity and low-cost transactions. The trading platform is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission. Read more.
Source: Far Peak Acquisition will Dissolve Next Year After Calling Off Deal with Bullish