StockMarketWire.com - Audioboom, the spoken word audio on-demand platform, on Tuesday cancelled its plan to acquire Triton after failing to secure the funds needed to finance the deal.

Audioboom said that despite 'significant demand,' it had failed to raise the £155m through placing of new ordinary shares, scampering its planned acquisition of Triton Digital Canada.

Under the terms of the agreement Audioboom would have to pay a break fee to Triton or Vector Triton Holdings of £700,000 following its withdrawal from the proposed acquisition.

Audioboom said it would require further financing in the short-term for investment in additional podcasting content and working capital purposes.

Without additional capital, the firm warned that it would likely need to take actions to protect the interest of creditors, which may result in the ultimate winding up of the company.











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