Digital health firm Babylon Holdings Ltd. (OTCMKTS:BBLNF) is reportedly teetering on the edge of collapse after its merger plans with another healthcare company fell through.

The United Kingdom-based company, known for its app that connects patients with doctors, has filed a notice of intention to appoint administrators in the U.K. High Court, indicating a potential cash shortage, Bloomberg reported Wednesday (Aug. 30).

The company had previously rejected a London listing and opted to go public in New York through a special purpose acquisition company in October 2021, valuing the firm at $4.2 billion.