zip abandoning sizzle

Back in February, Zip Co Ltd (ASX: ZIP)announced that it would be moving to acquire its fellow ASX buy now, pay later (BNPL) share Sezzle Inc (ASX: SZL). At the time, this was the largest ever merger of two ASX BNPL shares if we don’t include Block Inc (ASX: SQ2)’s takeover of Afterpay.But in the months following this announcement, both the Zip and Sezzle share prices have slumped. Badly.Back in February, Zip held a capital raise to fund the Sezzle acquisition at $1.90 a share, which was a 14% discount to the Zip share price at the time. On Friday, Zip shares were going for 92 cents each after the company touched a multi-year low of 87 cents on Thursday. Likewise, Sezzle shares have fallen from over $2 in February to around 60 cents as of yesterday.So these share price movements have caused some doubts as to whether the merger will still go ahead on the previously announced terms (or at all). Not that the companies have said anything.