BlackBerry ended its search of a buyer and instead ousted its Chief Executive Officer Thorsten Heins.

In August, BlackBerry had announced that it was looking for a buyer. Eventually, it scrapped that plan and turned to a different option for saving the company.

Heins will be temporarily replaced by technology executive John Chen. Meanwhile, BlackBerry is focusing on securing a USD1 billion cash infusion. Fairfax Financial Holdings Inc., its largest shareholder, offered to invest in a private placement. Fairfax head Prem Watsa will then become BlackBerry's lead director

Some analysts fear that BlackBerry will not be able to make a successful turnaround and the only option left is a breakup. Michael Walkley of Canaccor Genuity belives that the smartphone pioneer has a low probability of becoming profitable again.

BlackBerry helped pioneer the smartphone market, but fell away in the race when iPhones and Android devices gained popularity.

BlackBerry shares fell 16.35% and closed at USD6.50 per share.