Mobile search and audio streaming firm UpSnap and mobile content delivery company Mobile Greetings have called off their proposed merger in the wake of weak financial markets. The two agreed to merge last August. The Charlotte Business Journal reports that under the proposed agreement, Mobile Greetings shareholders would have received shares equal to 50 percent of the common stock of the combined company, including shares underlying a $2.2 million convertible note. The two had high hopes for their merger, saying at the time of the announcement that the enlarged company would be able to focus more on direct-to-consumer advertising based services. In other UpSnap news, content and distribution VP and board member Richard Jones has quit the company.