New Quantum, an Australian software supplier to financial-services firms, has decided not to proceed with its planned merger with special-purpose acquisition company Canna-Global Acquisition. The termination of the deal was confirmed by Canna-Global in a recent securities filing. Canna-Global stated that it had received written notice from New Quantum, informing them of the decision to terminate the merger.
Although the reason for the termination has not been disclosed, Canna-Global expressed its intention to evaluate other potential merger targets. New Quantum has yet to comment on the matter.
The merger between New Quantum and Canna-Global was initially announced in June. The deal aimed to take New Quantum public in the United States, and would have resulted in an $800 million pro forma enterprise valuation for the company.
This unexpected development puts the future plans of both companies in question. It remains to be seen whether New Quantum will seek an alternative merger opportunity or pursue other growth strategies independently. Similarly, Canna-Global will now have to explore other potential partners for a merger in order to meet its goals.
Avots: The Wall Street Journal
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2023-10-20 14:18:21
#Quantum #Scraps #Merger #CannaGlobal #Acquisition
