Crypto Company Bullish, SPAC Far Peak End Deal 

crypto company Bullish has put an end to its plan to go public.

The operator of the Bullish Exchange regulated cryptocurrency trading platform and special purpose acquisition company (SPAC) far peak acquisition said on a Thursday (December 22) Press release that they have agreed to terminate the proposed business combination.

“Our quest to become a public company is taking longer than expected, but we abide by the SEC’s recommendations. [Securities and Exchange Commission’s] ongoing work to establish new digital asset frameworks and clarify industry-specific accounting and disclosure complexities,” Bullish President and CEO Brendan Blumer said in the statement.

After 18 months of work since announcing their business combination agreement in July 2021, the companies determined they would not be able to make Bullish’s registration statement on Form F-4 effective in time for Far Peak to make its shareholders to vote on the proposed business combination. before December 31, the date on which they had agreed that both companies could terminate the agreement if it had not been consummated, 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 the statement. “Bullish’s achievements since launch have lived up to our expectations, and its daily trading volumes highlight its remarkable growth.”

The bull exchange is available in 50 jurisdictions, works within regulatory compliance frameworks, and provides institutional and retail traders access to high liquidity and low-cost transactions, according to the press release.

“I am proud of the dedicated team of Bullish employees and advisors who have put in countless hours to ensure Bullish operates with the highest standards of transparency and accountability,” Blumer said. “This work has formed the operational foundation required to serve our customers in the best and safest way possible.”

PYMNTS research has found that the rate of SPAC offers FinTech share has dropped to low single digits across most verticals.

As PYMNTS reported on Monday (Dec 19), SPACs, facing increased regulatory scrutiny, are under pressure to rein in the optimistic forecasts that used to attract investors. Not only that, but more scrutiny leads to higher operating costs, which leads to lower margins and therefore lower returns for investors.

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