Alpha DX Group (SGX:VVL) said its proposed business acquisition has been scrapped after the deal's term sheet expired on Dec. 15, 2024, according to a Tuesday filing on the Singapore Exchange.

The company signed a deed of release on Feb. 18 with the vendor, Core Expert Holdings, and the target firm, Shanghai Kedong Network Technology, agreeing to return the commitment deposit after deducting certain expenses. Efforts to extend the agreement's duration were unsuccessful. The deal would have resulted in a reverse takeover of the company, according to an earlier filing.

The judicial managers continue to explore other proposals to meet the firm's restructuring objectives.