(Alliance News) - Fragrant Prosperity Holdings Ltd on Wednesday said its shares will remain suspended, despite its exclusivity period under its head of terms with Hi 55 Ventures Ltd ending.
Fragrant Prosperity is a British Virgin Islands-based special purpose acquisition company.
Back in March, Fragrant Prosperity signed heads of terms with Hi 55 Ventures Ltd, a UK based fintech business, in relation to the potential refinancing of FPH and acquisition of Hi 55 by FPH for GBP47 million.
The transaction would have constituted a reverse takeover.
However, on Wednesday, Fragrant Prosperity said the exclusivity period under the head of terms has expired and the company has ceased work on the intended acquisition.
Despite this, Fragrant Prosperity shares will remain suspended, as the company is yet to publish its results for the year ended March 31.
"Due to delays with the audit process the company expects to complete the audit and publish its audited annual results within the next six weeks," Fragrant Prosperity said.
"The company will provide updates on this as and when appropriate."
By Sophie Rose, Alliance News senior reporter
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Fragrant Prosp. (FPP)