crypto company strong has finished its plans to go public.
Operator of regulated cryptocurrency trading platform Bullish Exchange and Special Purpose Acquisition Company (SPAC) Far Peak Acquisition Said Thursday (December 22nd) Press release have mutually agreed to terminate the proposed business combination;
“Our quest to become a public company has taken longer than expected, but we respect the SEC. [Securities and Exchange Commission’s] It is an ongoing work to build a new digital asset framework and clarify industry-specific disclosure and accounting complexities,” Brendan Blumer, Chairman and CEO of Bullish, said in a release.
After 18 months of work since announcing the business combination agreement in July 2021, the two companies have signed a Bullish on Form F-4 in time for Far Peak shareholders to vote on the proposed business combination. decided that it was not possible to declare the validity of the registration statement of According to the press release, before December 31st, the two companies agreed that the deal could be terminated if it was not completed.
Farpeak Chairman and CEO Thomas Farley said in a release: “We regret not being able to present a bullish transaction to Farpeak shareholders.” They have lived up to expectations and their daily trading volume underscores their incredible growth.”
The bull exchange will be available in 50 jurisdictions and will operate within a regulatory compliance framework, offering institutional investors and retailers access to deep liquidity and low-cost trading, according to a press release. .
“We are proud of Bullish’s dedicated team of employees and advisors who have spent countless hours ensuring that Bullish operates with the highest standards of transparency and responsibility,” said Blumer. says Mr. “This work has created the operational foundation necessary to serve our customers in the best and most secure manner possible.”
According to a PYMNTS survey, SPAC Deal Fintech engagement has slowed to low single digits across most verticals.
As PYMNTS reported on Monday (December 19), SPACs are facing increased scrutiny from regulators, putting pressure on them to curb the optimistic forecasts used to lure investors. It is Not only that, increased scrutiny leads to higher operating costs, which in turn leads to lower profit margins and lower returns for investors.