Bullish said it has reached a mutual agreement with Far Peak Acquisition to no longer merge in an agreement to list on the New York Stock Exchange.
Bullish, a crypto company that went public in July 2021 for appearing not to be clear about the products or services it offers, announced the termination of an agreement to list the company publicly.
In a Dec. 22 announcement, Bullish said it had a mutual agreement with Far Peak Acquisition to no longer merge in a deal that would have resulted in a listing on the New York Stock Exchange. Upbeat Chairman Brendan Blumer, also CEO of Block.one, cited the work of the U.S. Securities and Exchange Commission to “create a new framework for digital assets and clarify the complexities of industry-specific disclosures and accounting” when the company decided not to proceed.
“Given the time constraints and market conditions, Far Peak does not intend to seek a new merger partner and will instead focus on liquidation on either March 7, 2023, or earlier if possible,” Bullish said.
The original Special Purpose Acquisition Company, or SPAC, agreement signed in July 2021 provided that either company would have the right to terminate the agreement if the transactions were not in order. here on December 31st. Tom Farley, CEO of Far Peak Acquisition, the former chairman of the New York Stock Exchange, would become Bullish’s CEO if the deal went ahead.
Stay safe in Web3. Learn more about Web3 Antivirus →
Bullish was launched in May 2021 after Block.one allegedly provided 164,000 bitcoins to the project
, $100 million in cash and 20 million EOS tokens, with an additional fundraising of $300 million. Possibly due to the fact that the company’s website originally lacked much of the information useful to investors, some crypto users at the time compared the SPAC announcement to a “scam pump” or Block.one seizing funds in other ways.
Also Read: Crypto-focused SPAC Raises $115M in Nasdaq IPO
The 2022 bear market could have contributed to the demise of many SPAC mergers as many regulators and lawmakers seek to crack down on crypto. In July, FinTech Acquisition Corp. V announced that it has amicably ended its SPAC merger with Israel-based crypto firm eToro after the company went from a $10 billion valuation to $5 billion in about 12 months. On December 5th, stablecoin issuer Circle also announced the termination of its SPAC deal with Concord Acquisition.