Heidmar, an Athens-based pools and ship-management operator, has dropped its plans for a US listing through a Nasdaq-listed special purpose acquisition vehicle (Spac).

Pankaj Khanna-led Heidmar announced late on Wednesday that it has terminated an agreement signed last March to merge with blank cheque company Home Plate Acquisition.

“Market conditions were not conducive to the contemplated equity raise,” Heidmar said in a statement.

“In conjunction with the termination of the business combination agreement, each of the ancillary documents (as defined in the business combination agreement) has also been terminated in accordance with their respective terms.”

Heidmar had announced the Home Plate merger in March. The object of the exercise was to raise $55m to fund an expansion into technical management, shipbroking and bulkers.

According to market sources, Heidmar pulled the project because it was offered convertible notes and credit notes rather than cash, as initially envisaged.

Despite the setback, the company’s expansion goes on as planned.

“The company remains focused on growing its tanker and dry bulk commercial management and pooling business organically,” Heidmar said on Wednesday.

“The launch into technical ship management is also proceeding as per plan with ongoing discussions with potential partners.”

According to the latest available figures, Heidmar had about 60 vessels under management or in pools, including crude oil and refined petroleum product tankers with an aggregate capacity of 8.3m dwt.

In January, it revealed a move into dry bulk. Its currently managed fleet includes four kamsarmaxes under management and one more chartered-in. The company is said to be targeting capesizes now.