Although the management team did not disclose a reason for the deal termination, it is likely due to the result of unfavorable market conditions.
The $208 million deal was announced on June 1 and did not feature a PIPE. ATA and Rally amended the transaction just a month ago to include a $20 million minimum cash closing condition. The mass mobility firm originally expected to receive up to $115 million of cash held in trust through the deal.
New York City-based Rally operates a ride-hailing platform targeted at charter buses for intercity trips and events.