Dec 22 (Reuters) – Cryptocurrency firm Bullish and Far Peak Acquisition Corp (FPAC.N) said on Thursday they had called off their $9 billion merger, making it the latest blank-check deal to fall through as the industry comes under increasing regulatory scrutiny.
The special purpose acquisition company (SPAC), which raised $550 million in its initial public offering and is led by former NYSE President Thomas Farley, will also wind down by March 7.
"Our quest to become a public company is taking longer than expected, but we respect the SEC's ongoing work to lay new digital asset frameworks and clarify industry-specific disclosure and accounting complexities," Bullish Chief Executive Officer Brendan Blumer said.
One of the hallmarks of pandemic-era dealmaking, SPACs have since fallen out of favor amid a regulatory crackdown and a sudden rise in interest rates that has rattled the equities market.
Backed by billionaire entrepreneur Peter Thiel, Bullish is a unit of the blockchain software company Block.one. The deal would have fetched it nearly $600 million in proceeds.
Our Standards: The Thomson Reuters Trust Principles.
Hurricane Energy Plc's largest shareholder and activist investor Crystal Amber Fund said on Friday it had sent a notice to the group to convene a general meeting proposing to remove Chairman Philip Wolfe and five other directors.
Norwegian offshore driller Seadrill Ltd has entered into an agreement to buy Aquadrill LLC in an all-stock deal that values the British firm at $958 million, the companies said on Friday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
Related Posts
