Mike Novogratz’s Galaxy Digital Holdings said it’s terminating its acquisition of BitGo in a $1.2 billion deal, citing the crypto custody firm’s failure to deliver audited financial statements for 2021 by a deadline.

BitGo didn’t deliver the financial statements by July 31 to comply with requirements of the deal, and no termination fee is payable, Galaxy said in a statement. A representative for BitGo didn’t immediately respond to a request for comment.

Last May, Galaxy announced the plan to buy BitGo in a cash and stock transaction to broaden its institutional offering and geographic reach. The companies renegotiated terms after the value of Galaxy’s shares slumped. Toronto-listed Galaxy had planned to close the deal following its domestication as a Delaware corporation, which is subject to an ongoing U.S. Securities and Exchange Commission review.

“We are committed to continuing our process to list in the U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions,” Novogratz, chief executive officer and founder of Galaxy, said in a statement.

Galaxy, which offers crypto financial services, posted a net comprehensive loss of $554.7 million in the second quarter.

Earlier this month, Palo Alto, California-based BitGo made a leadership shuffle, including promoting its chief product officer Chen Fang to be chief operating officer.

BitGo was founded in 2013 by Mike Belshe, an engineer who’s previously worked on Google’s Chrome. It also offers trading, lending, and borrowing services through its prime brokerage.