Far Peak Acquisition announced it was moving the outside date for completing its proposed merger with crypto company Bullish from July 8 until Dec. 31. The SPAC last month had extended the deadline to July.
Bullish has paid Far Peak an extension fee of $2.5 million, which the SPAC will use for working capital.
Additionally, Far Peak in a press release noted that the subscription agreements for a $300 million PIPE investment supporting the deal are set to terminate July 8. Far Peak and Bullish intend to proceed with the merger plan without the PIPE.
As announced almost a year ago, original terms called for proceeds of approximately $600 million (assuming no redemptions from the SPAC’s trust) and the soon-to-terminate PIPE funding.
Bullish is preparing to release a regulated cryptocurrency exchange that offers predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets.
Far Peak is led by Tom Farley, a former president of the NYSE. Read more.
