Carousell Pte, a Singapore-based online classifieds marketplace operator, has ended talks to go public through a merger with blank-check company L Catterton Asia Acquisition, Bloomberg reports. Market volatility was cited as the reason, according to people familiar with the matter.
The SPAC, which has been conducting due diligence on Carousell over the past few months, has not been able to reach a merger agreement with the Southeast Asian business, the people said, asking not to be identified because the matter is private.
The stock market rout has also made it difficult to arrange a PIPE, which is usually an essential component to sealing a deal. Read more.
