Mobile developer Jam City, known for the game Harry Potter: Hogwarts Mystery, will not enter the stock market. A merger with the SPAC firm DPCM Capital was supposed to help him become a public company, but the deal had to be terminated.

Both companies explained this decision by the current market conditions. They did not specify what exactly went wrong, but, according to VentureBeat, the opinion of Jam City and DPCM Capital could partly be influenced by the calm reaction of Wall Street. After the news about the developers’ plans to enter the stock exchange through a SPAC deal, the price of DPCM Capital shares did not start to rise.

The fact that Jam City is preparing to become a public company, mobile developers announced in May. It was assumed that after the merger with DPCM Capital, their capitalization would reach $ 1.2 billion.

The money received after the merger, Jam City was going to spend, among other things, on the purchase of Ludia, the publisher of games in the Jurassic World universe. According to VentureBeat, citing its own sources, the studio still wants to acquire Ludia and is looking for alternative financing for this transaction.

Jam City is a mobile developer and publisher founded in 2010 by a former MySpace co—founder. The company’s greatest fame came from games such as Cookie Jam, Panda Pop and Harry Potter: Hogwarts Mystery.