425 1 d238266d425.htm 425 425

Filed under Rule 425 under the Securities Act of 1933, as amended and deemed filed under Rule 14a-12 of the Securities Exchange Act of 1934, as amended Filing by: Bullish Subject Company: Far Peak Acquisition Corporation



.aphiesBiogr endan BlumerBr Chairman of Bullish Dtional cepxd of eecorounder with track rVisionary fDtions specializing in ganizaExperience in building or turn/eeholder rshareZtivts and collaboragaming, digital asse Dchain w blocktion of a neeaed the successful crLemstsyta-sharing ecosda y successful o mant has led te thaarsoftw tions including the EOS chain implementablock chainblock ed CEO o be appointT er closing of Bullish aft oposed business of pr yarle. FThomas W ar tion with Fcombina cquisition eak AP e Officer of Bullish1ecutivIncoming Chief Ex tionCorpora ˝y om Mata frt daeMark DSesident of NYormer PrFDes tivgic initiaettray major sed manImplement 018. y 2o Ma006 t2 Dear/or 15 ye leader fchangxorld-class eWernal ) and intSE, IDCgic M&A (NYettrae sgincluding lar e peers include changEx Dt t ICE thaes ativeral initiaved in seolvvvily inHeatebooc.tgy r, eechnoloSE trading tts (NYojecpr Q Aoup, NASDCME Gr ormance, e price perfo outsized shared tcontributDSE ed US$10m in Coinbase on behalf of the NYtesvIn oup, Deutsche Borse Gr 1x and the S&P y 3.e peers bchangxorming eoutperfe he oup wherSE Gresident NY013 and as Prin 2 SE.and L 6xhy 4.500 bw e and built net sharetings markech liseased tincr Des, one clearing changxed etgulaeent rere diffed evLt esgor the larch ftom scragy frechnolotrading t er-dealeroktion and one brganizaororlde in the wchangxe ts.wnload headshoDo taryoprie21, pr0© Bullish 2 3


.shipeaderL d oBoarecD irforst endan Blumer Bruan okuei YK eAndrws Blis Chairman of Bullish e ChairmaecutivExn gy Officer etChief Stra of Block.one of Block.one ddvisory BoarA eame TutivecBullish Ex y arleThomas ForNStam-Max m Ian Smith Pl er Thiete e ecutivIncoming Chief ExChief Tgy Officerechnolot OfficeroducChief PrSenior Advisor Officer Alan oHward Senior Advisor on Liebling arAx ErasmusAlee Ellis veSt ting OfficerChief Operagal Officereerim Chief LInterim Chief Financial Int Officer d LharRcii Senior Advisor James Mendes y Blumer Abb eople OfficerChief Ptions Chief Communica Cer yermatian Anghris Officer Senior Advisor taryoprie21, pr0© Bullish 2ees.yo Bullish emploesponsibilities will transition ter time rvy Block.one and ovided boe a service prces aresourtion re: Support functNo 4


Mission and Vision. Mission o Tbuildoolsgy and technolo te earning, t mak tha ting ting and transacesvinding. arwee rmor Vision eorld wherA w is oneeryv eo ed terwempo e. er financial futurtte a beteacr taryoprie21, pr0© Bullish 2 5


s time to It’.eolvve The croyt pliquidity tme airsk lucrtaei vbut inefficient, and primarily constiss ocfhx aenegs thta porsper ta thex peense of asste holders. Croyt pholders whov ipodre liquidity and the ntoewrk efetfcs thctahx aenegs erly on typically erap none of thadewrs e.r cEexsseio vlvtaility and liquidity fragmenttaion alsox peose traders ot hidden slippaeg ctoss. taryoprie21, pr0© Bullish 2 6


Bullish. eed w brNe .changexof e or digital e fchangxw eerful newBullish is a po ed toma, auters deep liquidityt offts thaasse . try-leading securityt making, and indusemark titutions.t insor selece fw livNo taryoprie21, pr0© Bullish 2 7


Bullish. Deep Earn e. ed. SecurtgulaeR . liquidityt scale. aerifiable. V der Book combines tary Hybrid OroprieOur pro earn timized te opools arBullish Liquidity Pting the graee, intchangxed etgulaeBullish is a r AMM) with a t making (eed marktomaautth AMM trading om boed frtenerae yield, gpassivds, while adding guaregraphic safott in crypbes vide a oo prder book ttraditional central limit ore ts art as asseesergin lending inte maree and saffding, e onboaror securocols ftouthn prebAW ers wor traders. Bullish empow solution fnet scale.ed aydeploy eor ktion ferificaaccount access and v table liquidity edictraders with deep and prtion. ee authenticad-frorwtions with passtransac t conditions.eariable markoss highly vacred orted and stalidae ves arttations and sransacT chains. on EOSIO-based block taryoprie21, pr0© Bullish 2 8


tter Be th.than bo Bullish tcombines the besder of central limit or es.changx) and DeFi eOBsCLs (book eschangDecentralized Finance Ex eschango Extraditional CrypT + der Book tary Hybrid OropriePr combines liquidity pool capability OBormance CLHigh perfts and eserLiquidity pools align int ++ OBwith a CL table liquidityedict deep and prttraca +eestion fw transacoL +table liquidity and lending edicPr +table liquidity and lending with edicPr + acythod privMaintains user and trading me table pricing and edicwith pross th acrtable pricing and depedicpr t conditionsemark -o ers tt makeernal markxtely on eR t conditionseoss markth acrdep vide liquidity in the bookopr ocessesLack of compliance pr - +eestion fw transacoL - een users twes beMisaligned incentiv Lack of scalability - esulting in less liquidityy rand compan +ormance and High perf tstion cosHigh transac - - orithmstion algtic liquidaobabilisPr oughputtion thrtransac equency tradingor high frLack of support f - + Maintains user and trading acythod privme taryoprie21, pr0© Bullish 2 9


Earn. at scale teC/USD BaskT50:50 BoolsBullish Liquidity P 500 t eed marktomautAgin e marSaf 400 Ro 100ebased t making yieldlending yield 300 002 100 or yield er depositools offThe Bullish Liquidity Per orithms offgin lending algBuilt-in mar orithmically pricing y algt holders bor assefgin ts. As mared asseadditional yield on deposit ermined tedets and maintaining a prasseeralized, ttically collaerministe depositions ar tio.balanced raonment.virgin ener marvides a safoBullish pr tingese backttivtraIllus taryoprie21, pr0© Bullish 2 10


aderT. at scale tary opriePr der BookHybrid Or tDhep e antages advder Book takThe Bullish Hybrid Or y the Bullish Liquidity ed berw, poof deep liquidity ders. ools, combined with traditional limit orP t eed marktomas autool’The Bullish Liquidity P table edicvide proo prer is designed tmak Bid t conditions eariable markoss highly vliquidity acr AskPrice tically based on erministed dett prices calculaa tio of the the size of the liquidity pool and the ra ts in it.asse taryoprie21, pr0© Bullish 2 11


aderT. at scale Deep, Perditcable gin tic MarerministDeNo LiquidityradingTeeser FakT The Bullish Liquidityo oPls mtahemtaically gin t mare thaool deposits ensurLiquidity Pees.er fo takers zerBullish off porduce perditcable odrer book detph acorss eralized.ttically collaerministemain depositions r highlya rviable tme acroknditions, ensuring liquidity iasi vlaable whoeun nyeed it mto.s taryoprie21, pr0© Bullish 2 12


. eegulated. SecurR .erifiableV chainBuilt on block chain built e blocktaed on a privyBullish is deplo gic ettrae the seragvo lee taron EOSIO softw ork: wchain framees of the blockantagadv . ailabilityv, and aesiliency, rency, transparsecurity o a grity tee intttaerifiable se bring vIn doing so, w orm. tformance trading plahigh-perf taryoprie21, pr0© Bullish 2 13


. eegulated. SecurR .erifiableV uthn securityebAW ease e incr. Wop priorityes security a tBullish makes it possible uthn makebAthers. Wubico, and oY ee d-frorwaccount security using passy pairs ee-public ktae privorto selopers tvor def d, tandareb st-in-class wtion via a besauthenticao e able ters arvices, and serve deardwin har tion API uthn is an authenticaebAuthn. WebAWy graphote identities using cryptauthentica eb Consortium orld Wide Wy the Wen bwrittds.orwts or passey secrealing anvewithout r ), alongside t ID Online (FIDOas) and F3C(W osoftgle, Mozilla, Micrpartners including Goo, taryoprie21, pr0© Bullish 2 14


. eegulated. SecurR .erifiableV y the Gibraltar ed btgulaeR Financial Services Commission er ed ledgtribut) as a disGFSC( .viderogy prechnolot ong trting sgraee, intchangxed etgulaeBullish is a r , and built ds and securityguaregraphic safotcryp .with EOSIO taryoprie21, pr0© Bullish 2 15


and Br.tsasse os.gwnload loDo taryoprie21, pr0© Bullish 2 16


t Bullish:Contac media@bullish.com @Bullish @BeBullish © Bullish 221, pr0taryoprie 17


Important No.tices All inftion prormavided heroein is for inftional purposes only and does noormat take into account any of your personal cirtances, needs or cums dditional jurisdicAtion-specific inftion orma ences, including yerefprour specific intment objecesves, financial situativtion and tax situation. Bullish (GI) Limited (“Bullish”), and any of its subsidiaries, affiliaes or members of its grtoup of companies (“Bullish Group”), are not prviding anoy legal, tax, accounting, financial or intment esv People’s Republic of China (“PRC”): The information prvided heroein rting telao the rant prvelet or services has nooduct been, and will not be, advice or rtion, and noecommendathing herein should be read or relied upon as such. 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The Maerials and Services, and the Bullish ete described changx eholders be liable fsharor any damages (t or indirecdirt) of anecy kind, under any theory of liability (including tort, contract, se, or equity), tutta ein hahere novt been red or rwvieeecommended by any U.S. federal or se gttaernmental authority or self-rvoory ortgulaetion, including (without ganiza including, but not limited to, loss of use, loss of profits, or loss of data or any other losses (financial or otherwise) arising out of or in any wy connecaed t tion) the SEC, CFTlimitaC, FinCEN, NYDFS, any other se rtta, FINRA, or the NFortgulaeA. with this mating communicaemarkerial/ttion or resulting from the use of the inftion in this maormating communicaemarkerial/ttion by you or any of This content is for informational purposes only and does not conse an offtituter to sell or buy, or the solicitation of an offer to sell or buy, any security, our ryes or ftivesentaepror omissions from the inftion in this maormating communicaemarkerial/ttion. 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.Importicestant No ements tooking Stad-LarorwFo Find It e ttion and WherormaImportant Inf ed, y be considerC and Bullish Global maAes of FPtivesentaepry ro time bom time tements made frttaThis communication includes, and oral se titutt constion. It does nooposed Business Combinaed concerning the prt should be considertion thaThis document does not contain all the informa t of 1995. corm Aeftion Re Securities Litigataes Privted Stavisions of the Unitoe harbor” prements” within the meaning of the “safttad-looking sarorw“ftion y jurisdicy sale of securities in ane be any securities, nor shall there, anchangxo buy or eer ttion of an offe, or the solicitachangxo sell or eer tan off ou can ormance. In some cases, yting perfe financial or operas futurs or Bullish’C’Aents or FPve eo future ttelaenerally rements gttad-looking sarorwFt tion. It is noy such jurisdicws of antion under the securities lation or qualificatragiseo rwful prior tould be unlae wchangx, sale or eerin which such off tedice,” “pr,” ve,” “beliete,” “anticipattxpectima,” “should,” “eend,” “will,” “es,” “intygy such as “maerminoloy tements bttad-looking sarorwidentify ftion with the tion. In connecoposed Business Combinat of the prespecther decision in ry otment decision or anesvy inorm the basis of ano fended tint ements ttad-looking sarorw. In addition, these fgyerminolotions of them or similar tariaerms or ves of these ttivgaential” or “continue,” or the net“potus ospecement / prttaxy soeliminary prement with the SEC which includes a prttion Statragisetion, Bullish has filed the Roposed Business Combinapr t or services, as oduce prtivospecent and prces, curresour, cash rgyettras business sding Bullish Global’gareements rttaed, st limite noinclude, but arC Ao FPtion will be mailed tant documentavelether rtus and oospecement / prttaxy soe prtion. The definitivo the Business Combinat tespecwith r ors which could cause tacther fs, uncertainties, and oo riskt te subjecements arttad-looking sarorw. Such ft opportunityeential marktell as the powed teserther inteholders and oC sharAtion. FPting on the Business Combinaoor purposes of vtablished fo be ese ttd daecoreholders as of a rshar e based ements arttad-looking sarorwements. These fttad looking sarorwy such fessed or implied bxprom those eerially frter mao diffesults ttual racxy oe prailable, and the definitivvo, when atey amendments thertus and anospecement / prttaxy soeliminary pread, the pro re advised tpersons ar ementC and its management, and Bullish Global and its managA, as the case y FPttions thaeasonable bed res and assumpt, while considertimaupon estain a y obeholders mations. Sharoposed transacC and the prAtion about Bullish, FPormatus contain and will contain important infospecement / prttas o: (1) ed tt limite notions include, but artaxpecent eom currerially frter mao diffesults ttual ry cause act maors thatacently uncertain. Fe inhery be, armas t the SEC’e, agtus, without charospecement / prttaxy soe prailable, the definitivvtus and, when aospecement / prttaxy soeliminary pry of the prcop ting the especeements re agrtion of the definitiverminao the te rise tt could givtances thacumsentther cirve or oy e, changence of anthe occurrork, NY 10011. w Y342, Nee #7vcquisition Corp., 511 6th Aeak Aar Po: Ft tequesting a recy dirv or bosec.g/t http:/e aebsitw wing the ollothers fC, Bullish or Bullish Global or oAt FPed againstituty be inst maoceedings thagal pry lecome of antion; (2) the outBusiness Combina al of the votain appro obe tailuro the ftion due te the Business Combinato completion; (3) the inability tannouncement of the Business CombinaY ORTTHER REGULAY THE SEC OR ANY OVED BVED OR DISAPPROT BEEN APPROINVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NO y be t mation thae of the Business Combinaturtrucoposed so the pres t4) chango closing; (ther conditions ttisfy oo saC or tAeholders of FPsharY OF THE CAY OR ADEQUCCCURAS OF THE OFFERING OR THE AASSED UPON OR ENDORSED THE MERITUTHORITY PUTHORITY NOR HAS ANY AA wing the ollods ftandarting st applicable liso meetions; (5) the ability of Bullish tgulaews or result of applicable lae as a rtopriaed or apprequirr Y IS A CRIMINAL OFFENSE. O THE CONTRARTION TAAINED HEREIN. ANY REPRESENTTION CONTINFORMA tions of Bullish Global as a ent plans and operats currtion disrupt the Business Combina) the risk tha6tion; (tion of the Business Combinaconsumma ed benefits of the Business tgnize the anticipaecoo rtion; (7) the ability ttion of the Business Combinaesult of the announcement and consummar , ofitablywth proe grw and managoo gry ttition, the ability of the combined companther things, compe, among oyed btecy be afftion, which maCombina tion articipants in the SolicitaP ) 9tion; (o the Business Combinaed ttelats r) cos8ees; (yy emploeement and ktain its manageomers and suppliers and rttionships with cuselamaintain r e titivor compether economic, business and/y oed btecersely affy be advt Bullish ma) the possibility thations; (10gulaews or res in applicable lachang ed y be considerees mayement and emplother members of manage officers, oecutivxors and etece dirtivFPAC, Bullish, Bullish Global and their respec ther tion; and (12) oe the Business Combinato compleor the ability of the parties ts business and/VID-19 on Bullish Global’t of COors; (11) the impactacf tion under the rules of the SEC. tion described in this communicaential transacto the pot tespecxies with rotion of prparticipants in the solicita tions entitled “Risk 21, in the sec0ed July 2ttion daesentaor Prtesvors” in the Bullish Intaction entitled “Risk Forth in the sect fs and uncertainties serisk tion with eholders in connection of the shar, under the rules of the SEC, be deemed participants in the solicitayding persons who magaretion rormaInf tion tragisetus included in the rospecement/prttaxy soeliminary prements” in the prtooking Stad-Larorwding Fgaree Rtors” and “Cautionary NotacF tion tragisetus included in the Rospecement/prttaxy soeliminary prorth in the prt fts is seesertion of their inttion and a descripential transactthe po tions the “SEC”), in the sece Commission (chang.S. Securities and Exy Bullish with the Uement”) filed bttion Statragisethe “Rorm F-4 (ement on Fttas e. ved abotces indicaom the soure frgee of chartained frement. These documents can be obtSta 0 filed with the 20ed December 2, 2ttus daospecs IPO PrC’Aements” in FPtooking Stad-Larorwding Fgaree Rtors” and “Cautionary Notacentitled “Risk F orm 10-eport on Ferly Recent Quartt-rs mosC’Aors” in FPtaction entitled “Risk F, in the sec020e Commission on December 3, 2changSecurities and Ex y be e maC. In addition, therAy Bullish or FPerial filed with the SEC btther may oo be contained in ans and uncertainties ty further riskell as anQ as w tion er or SolicitaNo Off t could also erial, thate immae arvently belieeak or Bullish Global currar Pt F, or thawesently knoeak or Bullish Global prar Pt neither Fs thaadditional risk ded as a garetion should be rthing in this communicaements. Nottad-looking sarorwom those contained in the fer fro diffesults ttual rcause ac y o ant tespection with r, consent or authorizaxyotion of a prement or solicitattaxy sot a prThis communication is for informational purpose only and no esults of such ed rtemplay of the contt aned or thavein will be achieorth hert fements settad-looking sarorwt the fy person thay antion besentaeprr o buy the securities of Bullish or er ttion of an offo sell or a solicitaer te an offtitutt constion and shall noential transactt of the poespecsecurities or in r y e thetements, which speak only as of the dattad-looking sarorweliance on ft place undue rou should noed. Yvements will be achiettad-looking sarorwf o wful prior tould be unlation, or sale w, solicitaertion in which such offe or jurisdicttay sy such securities in any sale of ane be anC, nor shall therAFP ements. ttad-looking sarorwe these fto upday duty tes anC, Bullish nor Bullish Global undertakAe made. Neither FPar y means of a t bcepxer of securities shall be made etion. No offe or jurisdicttaws of such stion under the securities lation or qualificatragiser t. ction 10 of the Securities Aements of secequirting the rtus meeospecpr taryoprie21, pr0© Bullish 2 19


Forward-Looking Statements

This communication includes, and oral statements made from time to time by representatives of FPAC and Bullish Global may be considered, “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FPAC’s or Bullish’s future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. In addition, these forward-looking statements include, but are not limited to, statements regarding Bullish Global’s business strategy, cash resources, current and prospective product or services, as well as the potential market opportunity. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FPAC and its management, and Bullish Global and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements respecting the Business Combination; (2) the outcome of any legal proceedings that may be instituted against FPAC, Bullish or Bullish Global or others following the announcement of the Business Combination; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of FPAC or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (5) the ability of Bullish to meet applicable listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Bullish Global as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Bullish may be adversely affected by other economic, business and/or competitive factors; (11) the impact of COVID-19 on Bullish Global’s business and/or the ability of the parties to complete the Business Combination; and (12) other risks and uncertainties set forth in the section entitled “Risk Factors” in the Bullish Investor Presentation dated July 2021, in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the preliminary proxy statement/prospectus included in the registration statement on Form F-4 (File No. 333-260659) (the “Registration Statement”) filed by Bullish with the U.S. Securities and Exchange Commission (the “SEC”), in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in FPAC’s IPO Prospectus dated December 2, 2020 filed with the SEC on December 3, 2020, in the section entitled “Risk Factors” in FPAC’s most-recent Quarterly Report on Form 10-Q, as well as any further risks and uncertainties to be contained in any other material filed with the SEC by Bullish or FPAC. In addition, there may be additional risks that neither FPAC or Bullish Global presently know, or that FPAC or Bullish Global currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither FPAC, Bullish nor Bullish Global undertakes any duty to update these forward-looking statements.


Important Information and Where to Find It

This document does not contain all the information that should be considered concerning the proposed Business Combination. It does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It is not intended to form the basis of any investment decision or any other decision in respect of the proposed Business Combination. In connection with the proposed Business Combination, Bullish has filed the Registration Statement with the SEC which includes a preliminary proxy statement / prospectus with respect to the Business Combination. After the Registration Statement is declared effective, the definitive proxy statement / prospectus and other relevant documentation will be mailed to FPAC shareholders as of a record date to be established for purposes of voting on the Business Combination. FPAC shareholders and other interested persons are advised to read the preliminary proxy statement / prospectus and any amendments thereto, when available, and the definitive proxy statement / prospectus because these materials contain and will contain important information about Bullish, FPAC and the proposed transactions. Shareholders may obtain a copy of the preliminary proxy statement / prospectus and, when available, the definitive proxy statement / prospectus without charge, at the SEC’s website at http://sec.gov or by directing a request to: Far Peak Acquisition Corp., 511 6th Ave #7342, New York, NY 10011. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

FPAC, Bullish, Bullish Global and their respective directors and executive officers, other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction described in this communication under the rules of the SEC. Information regarding persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the potential transaction and a description of their interests is set forth in the preliminary proxy statement/prospectus included in the Registration Statement and will be included in the definitive proxy statement/prospectus and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication is for informational purpose only and not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Bullish or FPAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.