GL-Carlink Technology (HKG:2531) said it has terminated a memorandum of understanding with High West Capital after the parties were unable to reach an agreement on definitive terms, according to a Monday Hong Kong bourse filing.

Shares of the automotive SaaS provider were down over 2% in Tuesday's late morning trade.

The memorandum, signed in July, outlined a proposed HK$1 billion bitcoin-linked strategic funding initiative and cooperation on stablecoin applications and real-world asset tokenization in the auto technology supply chain.

GL-Carlink said the termination will not have a material adverse impact on its financial position or operations.