Net Zero Infrastructure (NZI) PLC, a special purpose acquisition company, said it has withdrawn from takeover talks due current market conditions.
On 19 May, it had announced its intention to acquire Taylor Constructions Plant Limited (TCP) and Solar Highways Limited.
However, NZI said it believes that it will not be able to raise the funds required to complete the transaction.
As a result, it said it is in the best interests of its shareholders and the TCP to end talks with TCP and request its shares resume trading.
“The directors of NZI still aim to effect a transaction in the renewable or clean energy technology sector, in line with its existing acquisition strategy in the new year,” it said.