Far Peak Acquisition today filed a proxy outlining its proposed merger with crypto company Bullish. The SPAC also noted that a $300 million PIPE commitment expired two months ago and the deal will proceed without that funding. Now terms call for proceeds of approximately $600 million (assuming no redemptions from the SPAC’s trust).
When announced in July 2021, the business combination had a pro forma equity value of approximately $9 billion. Far Peak noted at the time that the valuation is subject to change depending on crypto asset prices at the time of closing, if the deal is approved.
The original termination date, in May, was pushed back to July and soon after to Dec. 31. Bullish paid Far Peak an extension fee of $2.5 million, which the SPAC has been using for working capital.
The SPAC raised $550 million in a December 2020 IPO. Read more.
