The Opportunities Party (TOP) has deregistered.
It was started by wealthy philanthropist Gareth Morgan to contest the 2017 General Election.
"The voting public demonstrated that best practice, evidence-informed policy is not of significant concern when deciding elections," Dr Morgan said.
"When 20 percent of the vote moves in 48 hours simply on the back of a change of leader, with no improvement at all in policy being offered, what makes the New Zealand voter tick is clear."
In November, TOP said it would form a public policy research unit and remain as a "rowdy disruptor."
Dr Morgan donated more than $2 million to the party, but it was plagued with bad press following fall-outs.
- Gareth Morgan lashes out at 'femo-fascists'
- Outrage at Gareth Morgan's dead cat jibe
- Gareth Morgan 'disappointed' with 'selfish' New Zealanders
- Gareth Morgan fires 'pain in the arse' candidate
The party posted a message on Facebook thanking its 63,000 voters.
"Since the election the Board has considered whether it would invest time and money in preparing the Party to contest 2020 and after due consideration has decided against it. In light of this we have requested that the Electoral Commission cancel TOP's registration as a political party," the post says.
Small new parties have long struggled to get a hold in New Zealand politics, with most minor parties formed by politicians breaking away from the existing larger parties.
The Maori Party broke off from Labour after the foreshore and seabed, with Winston Peters forming New Zealand First after leaving the National Party.
This election saw just five parties enter Parliament. Neither the Maori Party nor United Future made it back into Parliament after the 2017 election.