According to sources familiar with the matter, Carousell, Singapore-based online classifieds marketplace has ended talks on going public through a merger with blank-cheque company, L Catterton Asia Acquisition Corp in the midst of a weak and volatile market.
The special purpose acquisition company (SPAC), which has been conducting months of due diligence on Carousell, failed to reach an agreement with the secondhand goods online platform.
Besides market volatility, macroeconomic uncertainty and valuation concerns are factors on the failed agreement.
Both Carousell and L Catterton Asia Acquisition have yet to comment on this matter.
Early January 2022, both Carousell and L Catterton Asia Acquisition were reportedly in talks for a SPAC merger deal that would see a joint entity valued at about US$1.5 billion.
Meanwhile, Carousell recently signed a deal to acquire Refash, a local omnichannel fashion recommerce platform for an undisclosed value.
