US semiconductor company Achronix has scrapped its planned $2.1bn (£1.5bn) blank-cheque listing after the deal was held up by regulators.
The California-based company inked an agreement in January to merge with a special purpose acquisition company (Spac) named Ace Convergence Acquisition Corp.
The deal was subject to meeting certain closing conditions, including gaining regulatory approval.
But the companies today said they would not be able to meet these conditions by the deadline of 15 July and so had agreed to cancel the deal.
“Despite our best efforts to finalise this transaction, we ultimately concluded that going our separate ways was the best path forward for Achronix, Ace and all of our stakeholders,” said Robert Blake, president and chief executive of Achronix.
“Throughout 2021, Achronix has continued to build strong momentum, and it remains committed to pursuing additional options to become a public company.”
Neither side will need to pay a termination fee as the decision to terminate the deal was mutual, the companies added.
Achronix, founded in 2004, supplies field programmable gate arrays, the electronic components used to build reconfigurable digital circuits, for use in 5G equipment and cloud computing.
It comes as an increasing number of companies choose to go public through Spac deals. Ace raised $230m in its initial public offering last year.