The merger of Block.one Crypto Exchange with a SPAC is complete

Block.one’s cryptocurrency exchange Bullish has decided to go public and has been discontinued. Its $9 billion merger with a SPAC was halted just after four months, when courts threw out its $27.5 million deal in a class action lawsuit. This alleged that its initial EOS coin offering constituted an unregistered securities sale.

The termination of the Bullish deal

On December 22, 2022, in its press releases, Bullish, provided information that “Far Peak Acquisition Corporation (NYSE:FPAC), a special purpose acquisitions firm, and Bullish, a technology company that operates the cryptocurrency trading platform regulated bull stock market, today announced that they have mutually agreed to terminate their proposed business combination.

According to the earlier announcement, “on July 8, 2021, Far Peak and Bullish entered into a Business Combination Agreement (the “Agreement”) which provided for a business combination in which Bullish would be listed on the New York Stock Exchange (NYSE).

Even after an 18-month period of extraordinary effort, “Bullish and Far Peak determined that they would not be able to meet the requirement that Bullish’s previously filed registration statement on Form F-4 be effective in sufficient time to allow Far Peak to convene and solicit proxies for a special meeting of its shareholders to consider and vote on the proposed business combination before the end of the year.

The “head talk”

The bullish CEO, Brendan Blumer, quoted “Come on, come on!” He said in the PR, “Our quest to become a public company is taking longer than anticipated, but we respect the SEC’s ongoing work to establish new digital asset frameworks and clarify industry-specific disclosure and accounting complexities.”

Mr Blumer also added: “I am proud of the dedicated team of Bullish employees and consultants who have dedicated countless hours to ensuring Bullish operates with the highest standards of transparency and accountability. This work has formed the operational basis necessary to serve our customers in the best and safest way possible”.

On the other hand, Thomas Farley, President and CEO of Far Peak, said, “We are disappointed that we have not been able to present the bullish transaction to our Far Peak shareholders.”

“Bullish’s results since its launch have lived up to our expectations and their daily trading volumes highlight their remarkable growth. I am a huge supporter of Bullish’s talented team, their vertically integrated approach to liquidity trading, their unwavering commitment to regulation and the highest standards of transparency in the industry,” he said.

Nancy J. Allen
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