Fragrant Prosperity Holdings Limited PLC said its planned reverse takeover with CiiTECH Ltd has fallen through.
The exclusivity period agreed between the two companies in their letter of intent expired in October and Fragrant Prosperity said since then it "has been not been possible to conclude a combination of the two businesses".
"The transaction faced a number of challenges as we worked with various groups of shareholders to agree a deal,” said Clifton Flack, the founder and chief executive officer of CiiTECH.
"Movements in equity capital markets have been volatile, not least driven by geopolitical uncertainty. CiiTECH has therefore decided to withdraw from the process."
Simon Retter, chairman of Fragrant Prosperity, said: "The board will continue to evaluate potential transactions in line with its strategy to invest in innovative technologies with high growth potential in the fintech, health care and health care therapeutics sectors."