Bullish, a technology company focused on developing financial services for the digital assets sector, has announced it intends to go public on the New York Stock Exchange through a merger with Far Peak Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company. Bullish is preparing to release a revolutionary, regulated cryptocurrency exchange that offers deep, predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets.
The business combination of Bullish and Far Peak has a pro forma equity value at signing of approximately US$9 billion at US$10 per share, to be adjusted at transaction closing based on crypto asset prices around that time. The proceeds include net cash in trust of approximately US$600 million (assuming no redemptions) and US$300 million of committed private investment in public equity (PIPE). The transaction is expected to close by the end of 2021 and is subject to approval by Far Peak stockholders and other customary closing conditions, including regulatory approvals.
Latham & Watkins LLP represented the placement agents on the PIPE with a capital markets team led by New York partners Marc Jaffe and Ian Schuman, with counsel Ryan deFord and associates Brian Yoon and Jackson Fountain.