Nixxy (NIXX) said Wednesday it has withdrawn a planned private offering of up to $50 million of bitcoin-based, zero-coupon convertible notes.

The company said that with the "significant progress in its acquisition strategy, combined with less than favorable market conditions, such financing is no longer in the shareholders' best interest."

Nixxy said that its plan to "locate an accretive, revenue-generating business or assets for acquisition has come to fruition much more quickly than anticipated."

The company said it "expects, but cannot guarantee" closing an acquisition before the end of February.

Nixxy shares were up 5.4% in recent trading.

Price: 2.75, Change: +0.14, Percent Change: +5.36