Block.one Crypto Exchange Merger With A SPAC Is Completed
Block.one’s crypto exchange Bullish plans to go public has been terminated. Its $9 billion merger with a SPAC ended just after four months when the courts threw out its $27.5 million class action settlement. This alleged that its initial offering of EOS coins constituted an unregistered securities sale.
Termination of Bullish’s deal
On December 22, 2022, in its press releases, Bullish disclosed that “Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company, and Bullish, a technology company that operates the platform regulated cryptocurrency trading company Bullish exchange, today announced that they have mutually agreed to end 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 be listed on the New York Stock Exchange (NYSE).
Even after a long period of 18 months of extraordinary effort, “Bullish and Far Peak determined that they would not be able to satisfy the requirement that the registration statement previously filed by Bullish on Form F -4 be declared effective in sufficient time to enable 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.
Bullish CEO Brendan Blumer quoted “Up, forward!” 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 establish new digital asset frameworks and clarify disclosure and accounting complexities. industry-specific.”
Mr. Blumer also added, “I am proud of the dedicated team of Bullish employees and advisors who have dedicated countless hours to ensuring that Bullish operates to 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, 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 achievements since launch have lived up to our expectations, and their daily trading volumes highlight their remarkable growth. I am a strong supporter of Bullish’s talented team, vertically integrated approach to liquidity exchange, its unwavering commitment to regulation and the highest standards of transparency in the industry,” he said.
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