Source: Andrew Martonik / Android Central

Fans of the LG V60 ThinQ 5G may be disappointed to know that the company has reportedly put its next flagship on indefinite hold. The smartphone, codename “Rainbow,” was expected to launch early this year, but according to a report from Korean outlet Chosun (via Sleepy Kuma), LG has already stopped testing the device with carrier partners.

The news comes amid rumors that LG has been considering an exit from the smartphone business and that it’s looking for someone to buy its manufacturing facilities. At one point, it seemed as though LG was coming close to a deal with Vietnamese conglomerate Vingroup, but those talks reportedly broke down over price differences. This has left LG’s business, as well as any prospects for future smartphone launches, essentially in limbo.

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