EOS pumped 10% as Bullish Global, the crypto company operating under the software firm Block.one, revealed its plans to go public on the New York Stock Exchange-NYSE which is why we read more in today’s EOS news.
The number of crypto companies that announce their plans to go public continues to rise with the latest one being Bullish Global By Block.one. Bullish made the announcement via a press release and according to the publication the company plans to go public via a merger with a special purpose acquisition company called Far Peak Acquisition corporation. The alliance between Far Peak and bullish indicates a pro forma equity value of $9 billion which is subject to adjustment based on the value of assets at the close of the transaction.
There were discussions about a SPAC merger back in June and the speculations that the alliance will see Bullish valued at $12 billion. While the Boards of Directors of Bullish and Far Peak agreed to the deal the transaction which is expected to be completed before the end of 2021 that will need approval from the stakeholders. Far Peak is led by Thomas Farley who has served as the President of the NYSE Between 2014 and 2018. Following the closure of the deal, Farley will serve as the CEO of bullish, While Brendan Blumer who is the CEO Block.one will be the Chairman.
In addition to going public, Bullish aims to release a crypto exchange. In the meantime, it will conduct a private pilot program before the public launch as Blumer said:
“We are excited to be partnering with Far Peak to bring Bullish into the public markets to offer our customers the opportunity to own a part of our business.”
In the meantime, EOS pumped 10% on the news. The Bullish news came shortly after fitnech company Circle announced plans to go public on the NYSE via a merger with SPAC concord Acquisition. Coinbase became the first US crypto exchange to go public via a direct listing on NASDAQ.
As previously reported, Block.one settled for $27.5 million in an EOS class-action lawsuit as the company got fed up with the lawsuit over its EOS sale. After one year in court, CAOF and Block.one decided to settle and avoid costs and further distractions, and risks of further litigation.
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