By Chris Wack
Far Peak Acquisition Corp. said it is merging with Bullish, a technology company focused on developing financial services for the digital assets sector, in order to take it public on the New York Stock Exchange.
The special purpose acquisition company said the business combination of Bullish and Far Peak has a pro forma equity value of $9 billion at $10 a share, to be adjusted at transaction closing based on crypto asset prices around that time.
The proceeds include cash in trust of $600 million and $300 million of committed private investment in public equity anchored by EFM Asset Management, with participation from funds and accounts managed by BlackRock, Cryptology Asset Group, Galaxy Digital and several other renowned institutional investors.
The transaction is expected to close by the end of 2021.
Far Peak Chief Executive Thomas W. Farley will become the CEO of Bullish, and Block.one CEO Brendan Blumer will be appointed chairman of Bullish.
During the past year, Bullish received an initial capital injection by Block.one of $100 million and digital assets comprising 164,000 bitcoin, and completed a previously announced $300 million strategic investment round.
Far Peak shares were up 5% to $10.37 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
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July 09, 2021 at 07:45PM
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Far Peak to Take Bullish Public - MarketWatch
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