SPACs, one of the defining features of dealmaking during the epidemic, have subsequently lost appeal due to a regulatory crackdown.
Bullish, a cryptocurrency company, and Far Peak Acquisition Corp announced on Thursday that they had cancelled their $9 billion merger. This is the latest blank-check deal to fail as the legal landscape for the sector becomes more scrutinised.
The special purpose acquisition company (SPAC), run by former NYSE President Thomas Farley and which collected $550 million in its initial public offering, will likewise wind down by March 7.
Bullish Chief Executive Officer Brendan Blumer remarked, “Our journey to become a public company is taking longer than planned, but we appreciate the SEC’s continuous work to build new foundations for digital assets and explain industry-specific disclosure and accounting difficulties.
SPACs were a defining feature of dealmaking during the epidemic, but they have since lost appeal due to regulatory restrictions and an abrupt increase in interest rates that has shaken the stock market.
Blockone’s blockchain software business Bullish is a division supported by billionaire entrepreneur Peter Thiel. Its profit from the sale would have been close to $600 million.
Despite the fact that the process of becoming a publicly traded business is taking longer than anticipated, Bullish CEO Brendan Blumer remarked, “We respect the SEC’s continued work to build new foundations for digital assets and explain industry-specific disclosure and accounting issues.”
SPACs, which were a staple of dealmaking during the epidemic, have subsequently become less popular due to regulatory restrictions and an abrupt increase in interest rates that has shook the stock market.
Bullish is a division of the Block.one blockchain software corporation and is backed by billionaire entrepreneur Peter Thiel. Its earnings from the purchase would have totaled about $600 million.
