SPAC Far Peak, cryptocurrency platform Bullish scrap $9B merger … – Seeking Alpha
SPAC Far Peak Acquisition Corp. (FPAC) and cryptocurrency platform Bullish have mutually agreed to terminate their planned merger, citing their inability to consummate the deal by the merger agreement’s Dec. 31 deadline.
Far Peak and Bullish had announced plans to merge in July 2021 through a deal that pegged the pro forma equity value of the combined company at $9B, a value that was to be adjusted at closing based on prevailing crypto asset prices. The deal was expected to close by the end of 2021.
Far Peak held its initial public offering in December 2020, raising around $550M. The SPAC said that it doesn’t intend to pursue another business combination and will instead focus on winding down by March 7.
The news comes amid a meltdown of the cryptocurrency sector following the high-profile collapse of crypto exchange FTX. On Friday, FTX co-founder Sam Bankman-Fried was reportedly released on $250M bail as he awaits trial on federal fraud charges.