Athens: Parakou Tankers and Cambridge Capital Acquisition Corporation have cancelled their plans to merge and publically list the shipping business on the NASDAQ bourse.
A meeting of Cambridge Capital stockholders scheduled for May 8 has been cancelled, at which investors would have voted on the proposed Cambridge-Parakou merger.
The NASDAQ-listed blank check company announced in early December its plans to merge with Parakou’s tanker division.
The newly merged company would have aimed to acquire additional MR product tankers to add to Parakou Tankers’ fleet of eight 51,000-dwt MRs.
In December, Parakou said it has letters of intent or is in negotiations to acquire an additional 20 MR product tankers before the end of 2017.