02:20 AM EDT, 05/18/2026 (MT Newswires) -- Maha Capital (MAHA-A.ST) and Blue Water Acquisition Corp. agreed to terminate a nonbinding letter of intent related to a proposed de-SPAC, or special purpose acquisition company, merger.

The proposed deal, announced in April, would have seen Blue Water acquire the oil and gas company's subsidiaries and related assets to create a combined company listed on the New York Stock Exchange, according to a May 16 release.

However, the parties decided not to pursue the transaction structure after evaluation.