Far Peak (NYSE:FPAC) announced this afternoon that it has extended its Outside Date to complete its business combination with cryptocurrency exchange Bullish to December 31, 2022. However, it was also noted in the press release that the PIPE investors, which were contributing $300 million, will terminate on the current Outside Date of July 8, 2022.

Far Peak originally brought $600.2 million into the deal from its current trust and the aforementioned PIPE of $300 million at $10 per share. The PIPE drew investment from EFM Asset Management, Cryptology Asset Group, Galaxy Digital, and funds managed by BlackRock. PIPE investors were expected to own 3.3% of the combined company following the close.

Also noteworthy is that Far Peak originally announced its combination with Bullish on July 9, 2021, nearly one year ago, but has still not been able to set a record or vote date date for its combination vote. This is despite the average amount of time between announcement and close dates for SPACS that have announced since January 1, 2021, is currently averaging 5.7 months.

Bullish disclosed at deal announcement that it expects to add $840 million to its balance sheet through the transaction (including the original PIPE) to build up its asset portfolio. But, the deal does not include a minimum cash condition beyond the requirement that Far Peak maintain net tangible assets of at least $5,000,001 to meet listing requirements.

The SPAC initially announced its $2.5 billion combination with Bullish last year on July 9, 2021. Bullish is launching a new crypto exchange with unique monetization structures aimed at avoiding hyper-volatility while rewarding users for parking assets there.