MCUBOOT + SMP + External Flash, Image is flashed to the external flash, but fails to boot.

I am working on using MCUBOOT with external flash (MX25V16066M2I02) using SMP server sample https://developer.nordicsemi.com/nRF_Connect_SDK/doc/2.4.0/zephyr/samples/subsys/mgmt/mcumgr/smp_svr/README.html.

I have tested the external flash by using it as QSBI flash and it works as intended.

SMP server sample works well when using internal flash. 

I have added the required configuration and device tree overlay to enable mcuboot on external spi flash, as well as the static partition yml file. I can flash the image to the external flash, however after putting on test mode and restarting the dk, nothing changes the image remains on the pending state. I have also tried confirming the image but still same issue. I have also tired using the built-in QSBI flash same issue.

Note: I am working on nrf connect SDK 2.4 

Static partition file.

Overlay file.

prj.conf file

overlay-serial.conf file

Command used to create the profile.

terminal snippet