SaaS-based digital banking platform Urban FT said that troubled cloud-based SaaS technology provider, Digiliti Money has rejected its takeover offer of $10.5 million.

According to Urban FT’s Tuesday announcement:

For reasons not clear to Urban FT, DGLT, via its advisors at Lake Street Capital Markets, proposed alternate terms and stood firm on those terms, which Urban FT and its attorney considered unreasonable and unacceptable under the circumstances. The Board of DGLT said DGLT was not willing to negotiate its position and, in an email, noted that “we are too far off at this point” for a deal to be concluded in the timeframe DGLT is working toward.

Urban FT’s takeover offer will remain open till  Thursday, Aug.31. If the Digiliti board does not reconsider the proposition, the company may even file for bankruptcy.

In Tuesday’s statement, UrbanFT President Kasey Kaplan said:

The Digiliti business is fundamentally good one, with good staff, good technology and good clients…Digiliti into bankruptcy, if that’s what the Board is considering, would be a great loss to all of those stakeholders and would truly disrupt so many organizations that rely on Digiliti’s services every day.

Digility, which trades on Nasdaq under the symbol DGLT, has a market capitalization of $7.3 million. Today, it is trading up 3.21% at $1.08 per share.

Read more at Urban Ft and PayBefore.