SeatGeek and a blank-check firm backed by several well-known investors including Brooklyn Nets star Kevin Durant called off their $1.4 billion merger amid market volatility.

RedBall Acquisition Corp., the special-purpose acquisition company, and ticketing platform SeatGeek said in a statement that the termination was a result of “unfavorable market conditions,” particularly those impacting growth technology firms. The SPAC’s two-year lifetime means it has until mid-August to find and close a deal with a target company.

SPAC units are sold with warrants that can gain in value if the market likes the prospects of the proposed merger, but are worthless if no deal is struck or if the newly-public company flounders.

RedBall investors include Durant’s Thirty Five Ventures and Qualtrics International Inc. co-founder Ryan Smith, the billionaire majority-owner of the Utah Jazz. The SPAC is led by CEO Alec Scheiner, as well as co-chairmen Gerry Cardinale, the founder of RedBird Capital Partners, and Billy Beane of the Oakland Athletics, who was portrayed by Brad Pitt in the film “Moneyball.”

The deal break also comes amid concerns surrounding the SPAC vehicle and a potential regulatory crackdown, as well as rising redemption rates — investors’ ability to swap their shares for cash if they don’t like the merger. The average redemption rate held above 80 percent in May, compared to 29 percent a year ago, Boardroom Alpha data show.

This is the second high-profile SPAC deal cancellation in less than a day, after news publisher Forbes Global Media Holdings Inc. called off a deal to go public through a merger with Hong Kong-based SPAC Magnum Opus Acquisition Ltd.