The decision to abandon the deal comes at a time when volatility in the U.S. market has spiked, triggered mostly by geopolitical tensions and rate-hike concerns.

The deal, announced in November, was expected to generate proceeds of about $253 million from the special-purpose acquisition company's (SPAC) trust account and another $30 million from private placement in public equity (PIPE).

London-based Gett had intended to use the capital to expand into the United States and other key global markets.

Gett's cloud-based software aggregates operators of corporate fleets, ride-hailing services, taxis and limos into one single platform, helping businesses manage all of their ground transportation.

The company also said Russia represented a minority share of its business, accounting for less than 14% in direct gross profit in the fourth quarter.

Russia has called its actions in Ukraine a "special operation."

Gett said it was expecting to reach profitability as early as the third quarter, a year earlier than initially planned.

SPACs, which offer an alternate route to list shares, gained popularity in 2020. But the sector has taken a hit, as shares of popular companies such as Grab Holdings and BuzzFeed, which merged with SPACs, tumbled after going public.

The SPAC market has also been dealing with higher investor redemptions and tightening regulatory scrutiny since last year.

SPACs are companies that are listed on exchanges but have no business operations. They use the pool of capital raised through an initial public offering to merge with a privately held company, in a deal that then takes it public.

(Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva)