1 year ago
Bullish said it had reached a communal statement with Far Peak Acquisition to nary longer merge successful a woody for a listing connected the New York Stock Exchange.
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Bullish, a crypto steadfast that came to nationalist attraction successful July 2021 for seemingly being unclear connected what products oregon services it was offering, has announced the termination of a woody aimed astatine taking the institution public.
In a Dec. 22 announcement, Bullish said it had reached a communal statement with Far Peak Acquisition to nary longer merge successful a woody for a listing connected the New York Stock Exchange. Bullish seat Brendan Blumer, besides the CEO of Block.one, cited the United States Securities and Exchange Commission’s enactment to “lay caller integer plus frameworks and clarify industry-specific disclosure and accounting complexities” successful the company’s determination not to determination forward.
“Given the clip constraints and marketplace conditions, Far Peak does not mean to question a caller merger spouse and volition alternatively absorption connected winding up either connected March 7, 2023, oregon sooner if practicable,” said Bullish.
Upward, onward!
Thanks to @ThomasFarley - the astir talented person I’ve ever had the privilege of moving with.
Most importantly, the maturation achieved successful 2022 by the @Bullish squad is incredible, and we are amended prepared than ever for our adjacent chapter.https://t.co/A7iLgsuWex
The archetypal special-purpose acquisition company, oregon SPAC, woody inked successful July 2021 specified that either institution would person the close to terminate the statement if transactions weren’t successful bid by Dec. 31. Far Peak Acquisition CEO Tom Farley, erstwhile president of the New York Stock Exchange, was expected to go the CEO of Bullish had the woody gone through.
Bullish launched successful May 2011 aft Block.one reportedly provided 164,000 Bitcoin (BTC), $100 cardinal successful cash, and 20 cardinal EOS tokens to the project, with an further backing circular raising $300 million. However, possibly owed to the firm’s website primitively lacking overmuch of the accusation utile to investors, immoderate crypto users astatine the clip likened the SPAC announcement to a “news scam pump,” oregon Block.one different making a currency grab.
Related: Crypto-focused SPAC raises $115M successful Nasdaq IPO
The carnivore marketplace of 2022 could person contributed to galore SPAC mergers going downhill arsenic galore regulators and lawmakers look to ace down connected crypto. In July, FinTech Acquisition Corp. V said it mutually terminated its SPAC merger with Israel-based crypto steadfast eToro, aft the institution had dropped from a $10-billion valuation to $5 cardinal successful astir 12 months. On Dec. 5, stablecoin issuer Circle also announced the termination of its SPAC woody with Concord Acquisition.
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