Maha Capital and Blue Water Acquisition Corp. IV have mutually agreed to terminate the previously announced process regarding a potential reverse SPAC transaction, thereby cancelling the non-binding letter of intent in its entirety.

The letter of intent, made public on April 28, outlined a possible merger in which BWIV would acquire Maha's subsidiaries, including assets and contracts, to create a combined entity listed on the New York Stock Exchange.

Following further evaluation, the parties have decided not to proceed with the proposed transaction structure. According to Maha, the ambition to build a leading listed fintech platform with access to U.S. capital markets remains; however, the board and management believe that maintaining strategic flexibility and focusing on operational activities is the best path forward for shareholders.

Maha also stated that the company continues to evaluate opportunities for long-term shareholder value, including a potential spin-off and listing of its oil and gas operations in the United States.