ACME INTL HLDGS (01870) has announced the termination of its proposed share placement agreement, which was originally intended to issue up to 50 million new shares.

In a statement released on August 5, the company confirmed that, due to prevailing market conditions, it and the placing agent have mutually agreed to cancel the placement agreement with immediate effect. A deed of termination has been signed, formally nullifying the agreement. Under the terms, all parties are fully released from any past, present, or future duties, obligations, and liabilities under the placement agreement, regardless of any provisions to the contrary.

The board of directors believes that the termination of the placement agreement and the proposed share issuance will not have a material adverse impact on the group's business operations or financial position. Looking ahead, the company may consider further fundraising activities, taking into account its future development plans and ongoing market conditions.