Listed insurtech Flamingo Ai says a proposed deal to sell its operations to Rymamay Investments has fallen through and the artificial intelligence business will be discontinued unless an alternative acquirer can be found within 30 days.

The company says the two parties have not been able to agree on the terms of the share sale agreement, and if another suitable buyer can’t be found it is in the best interests of shareholders that the business be discontinued effective July 31.

“The company will continue to explore all avenues to find a suitable acquirer for the business operations and intellectual property,” Flamingo says.

It also said, that as announced on May 21, the company has commenced a process to look for additional assets to acquire.

Flamingo estimates it will have about $1.4 million in cash at the end of this month, after payments of accrued staff entitlements.

The company said last month that Rymamay, a nominee for the Craig Neil Investment Trust, would pay a “nominal consideration” of $100 in a deal to be put to shareholders.