A crypto company Bullish she ended her plan to go public.
Operator of regulated cryptocurrency trading platform Bullish exchange and special purpose acquisition company (SPAC) Far Peak Acquisition said on Thursday (December 22) press release that they have amicably terminated their proposed business merger.
“Our quest to become a public company is taking longer than expected, but we are in compliance with the SECs [Securities and Exchange Commission’s] continued work to set new digital asset frameworks and clarify industry-specific disclosure and accounting complexities,” Bullish President and CEO Brendan Blumer said in a statement.
After 18 months of work since announcing their business combination agreement in July 2021, the companies decided they would not be able to declare Bullish’s registration statement on Form F-4 valid in time for Far Peak to allow its shareholders to vote on the proposed business combination before December 31 , the date on which they agreed that both companies can terminate the contract if it is not fulfilled, according to the press release.
“We are disappointed that we were unable to present the Bullish transaction to our Far Peak shareholders,” Far Peak Chairman and CEO Thomas Farley said in a statement. “Bullish’s achievements since its launch have lived up to our expectations, and their daily trading volume highlights their exceptional growth.”
The bullish exchange is available in 50 jurisdictions, operates within a regulatory framework and gives institutional and retail traders access to high liquidity and low-cost transactions, according to a press release.
“I am proud of the dedicated team of Bullish employees and advisors who have dedicated countless hours to ensure that Bullish operates with the highest standards of transparency and accountability,” said Blumer. “This work has created the operational foundations needed to serve our customers in the best and safest way possible.”
The PYMNTS survey showed that the pace of SPAC offers which includes FinTech companies has slowed to low single digits in most verticals.
As PYMNTS reported on Monday (19 December), SPACs, facing increased regulatory scrutiny, are under pressure to rein in the optimistic forecasts that once lured investors. Not only that, but increased oversight leads to higher operating costs, which leads to lower margins and thus lower returns for investors.