iClick Interactive Asia Group Limited, a leading enterprise and marketing cloud platform in China, announced on Friday the termination of its previously reported merger plan with TSH Investment Holding Limited and TSH Merger Sub Limited.
In pre-market trading activity on Nasdaq, shares of iClick fell more than 21 percent to a trade value of $2. This downward shift follows the cancellation of the merger agreement, first announced on November 24, 2023.
On March 29, iClick had sent TSH Investment a notice confirming that it had met all pre-merger conditions and was ready and willing to finalize the deal. The company remained in contact and worked in collaboration with TSH Investment and TSH Merger Sub to close the deal. However, they did not manage to complete the closure within ten business days following the notice.
As a result, iClick sent a notice of termination to TSH Investment and TSH Merger Sub, stating its intention to cancel the deal and demanding TSH Investment to pay a termination fee of $1.80 million by May 9.
The termination of the Merger Agreement means the proposed merger will no longer proceed.
