And far peak acquisition corporation have mutually agreed to call off their planned merger. the merger would have seen the crypto exchange publicly traded on the new york stock exchange (nyse). bullish was backed with $10 billion in funding and included other prominent investors as backers, such as hedge fund managers alan howard and louis bacon alongside hong kong billionaire richard li. peter thiel was also a backer of bullish, and the exchange began offering services to customers in november 2021, offering only six cryptocurrencies for trading.
Two companies cited an inability for the “previously filed registration statement on form f-4 be declared effective in sufficient time” for shareholders to vote on and finalize the deal. this year has seen more than one spac deal fall off a cliff, as the uncertain future of crypto may be complicating dealmaking. earlier this month, stablecoin provider circle announced that it was no longer set to go public on the nyse via a spac deal.
Peaks said that given the “time constraints and market conditions,” it does not intend to seek a new merger partner and “will instead focus on winding up either on march 7, 2023, or sooner if practicable.” the sec has yet to declare the s4 registration statement ‘effective’, which is why the merger could not be consummated before the expiration of the transaction agreement. this is likely the reason why both bullish and far peaks have mutually agreed to call off their planned merger.