Crypto exchange Bullish, backed by Peter Thiel, and Far Peak, a SPAC led by ex-NYSE President Thomas Farley, call off their planned $9B merger announced in 2021
Bullish originally chose Far Peak's SPAC as its route to public markets through a planned $9B blank-check merger. Ending that agreement removes the vehicle assembled by former NYSE president Thomas Farley rather than merely revising its terms.
The later record shows Bullish still pursued a public listing through a different channel, first via a confidential US IPO filing and then a NYSE IPO filing. That makes the canceled SPAC deal an aborted route, not the end of the company's listing ambitions.
First-order effects
Bullish immediately loses the announced SPAC path to becoming public, while Far Peak loses the transaction around which its merger plan was built.
Second-order effects
Bullish's eventual IPO filings shift its listing effort away from Far Peak's blank-check structure and into a conventional IPO process.
Third-order effects
If this route change is repeated by other crypto businesses, SPAC sponsors would become less central to their public-market access as conventional IPOs replace failed blank-check combinations.
The trend: Bullish's path from a canceled SPAC merger to an IPO filing is one data point in crypto companies changing their route to public markets when blank-check deals fall apart.
Block One no longer able to dump their bullshit exchange onto unsuspecting retail suckers. I guess they're going to have to find a new way to rip people off, after ripping off billions of dollars with the help of the Bitfinex in fraud 2017-2018. https://blockworks.co/...
The SPAC momentum is continuing to slow as Bullish and Far Peak Acquisition agree to not merge. Bullish CEO cited the SEC as part of the reason for the halt. https://cointelegraph.com/...
The SPAC deal inked in July 2021 between Bullish and Far Peak Acquisition specified that either firm would have the right to terminate the agreement under certain conditions. https://cointelegraph.com/...
Far Peak $FPAC and Bullish terminate deal. Far Peak had already filed 12 amendments to their original proxy filed in November of 2021 (13 total) and they weren't any closer to getting approval from the SEC. They simply ran out of time. https://bullish.com/...
Bullish, which is backed by Peter Thiel, has called off its $9 billion merger with Thomas Farley's Far Peak SPAC amid SEC hesitancy about crypto deals https://www.bloomberg.com/...