Crypto Crypto Exchange’s Merger with a SPAC Terminated

The crypto exchange of, Bullish, plan to go public got terminated. Its $9 billion merger with a SPAC got terminated just after four months when courts rejected its $27.5 million settlement in a class action lawsuit. That alleged its EOS initial coin offering constituted an unregistered securities sale.

The Termination of Bullish’s Agreement

On Dec. 22, 2022, in its Press Releases, Bullish, gave the information that “Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, and Bullish, a technology company that operates the regulated cryptocurrency trading platform Bullish exchange, announced today that they have mutually agreed to terminate their proposed business combination.”

According to the previous announcement “on July 8, 2021, Far Peak and Bullish entered into a Business Combination Agreement (the “Agreement”) providing for a business combination in which Bullish would become publicly traded on the New York Stock Exchange (NYSE).

Even after 18-month long period of extraordinary efforts, “Bullish and Far Peak have determined that they would not be able to satisfy the requirement that Bullish’s previously filed registration statement on Form F-4 be declared effective in sufficient time to enable Far Peak to call, and solicit proxies for, a special meeting of its shareholders to consider and vote on the proposed business combination prior to year-end.”

The “Head-Talk”

Bullish CEO, Brendan Blumer, quoted “Upward, onward!” He said in the PR, “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.”

Mr. Blumer also added, “I’m proud of the dedicated team of Bullish employees and advisors who have devoted countless hours to ensure Bullish operates with the highest standards of transparency and responsibility. This work has formed the operating foundation required to service our customers in the best and safest possible way.”

On the other hand, Thomas Farley, Chairman and CEO of Far Peak, said “We are disappointed that we were unable to present the Bullish transaction to our Far Peak shareholders.”

“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,” he said.

Nancy J. Allen
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