A planned reverse-merger involving connected vehicle data company Wejo which would have raised around $100m has been cancelled.
Manchester-headquartered Wejo was due to complete the deal with TKB Critical Technologies, a special purpose acquisition company (SPAC) by June 29.
However, the move will now not go ahead, according to a recent filing in the US.
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Since the deal was first agreed, Wejo has filed two notices of intentions to appoint administrators and been de-listed from the NASDAQ.
The business had previously completed a reverse merger with Virtuoso Acquisition Corp in November 2021 in a move that raised around $330m. At the time, Wejo was estimated to be worth $1.1bn.
Wejo was founded in 2014 its largest shareholder is General Motors Ventures while founder and chief executive Richard Barlow also holds a significant stake.
Other shareholders include Sompo Holdings, chairman Tim Lee and Apollo Capital Management.
Wejo's latest notice of intent to appoint administrators ran out on June 27. It has not yet been confirmed whether the company has filed another one, entered administration or secured a rescue deal.
