Animoca Brands suspends Currenc deal that would have taken it public

Animoca Brands, a digital asset enterprise, has suspended merger talks with Nasdaq-listed Currenc Group after the businesses failed to succeed in definitive phrases on schedule.

On Sept. 22, the businesses said they mutually agreed to pause discussions after reviewing projected closing timelines and altering market situations, concluding that the extra time wanted to finish the transaction now not aligned with their short- and medium-term priorities.

Currenc mentioned in a regulatory filing that its exclusivity interval with Animoca had expired with out a definitive settlement. Suspending negotiations offers the corporate better flexibility to hunt financing for progress and operations whereas preserving the choice to restart talks later.

The proposed reverse merger, first outlined in a non-binding time period sheet on Nov. 2, 2025, would have supplied Animoca with a route again to public markets. Animoca shareholders have been anticipated to personal about 95% of the mixed firm, leaving current Currenc buyers with roughly 5%.

The transaction remained topic to due diligence, definitive documentation and a sequence of company, regulatory and courtroom approvals. The preliminary possession break up may additionally have modified earlier than closing.

Expired timetable frees Currenc to pursue financing

Animoca co-founder and Executive Chairman Yat Siu mentioned the corporate was prioritizing flexibility as it works towards a public itemizing.

“While we maintain our proposed merger with Currenc Group in high regard, our company agility should take priority,” Siu mentioned, including that Animoca was advancing audit work and different compliance necessities wanted for a serious public trade.

The corporations have been nonetheless pursuing the transaction in May, once they prolonged exclusivity by way of June 30 and maintained a goal of closing within the third quarter. The extra time was meant to permit for due diligence and definitive documentation, however the events by no means reached a binding merger settlement.

By September, the exclusivity interval had expired, and key transaction phrases remained unresolved. Animoca cited projected closing timelines and evolving market situations, whereas Currenc mentioned suspending discussions would give it better flexibility to hunt financing for progress and operations.

That leaves Currenc free to boost capital with out ready for the merger course of to advance, whereas preserving the choice to return to negotiations later.

Animoca is continuous individually with its broader plan to return to public markets. The firm mentioned it stays dedicated to relisting on a serious trade and is getting ready its FY2024 audited monetary statements as a part of a wider compliance push.

The Currenc transaction had supplied Animoca a direct route right into a Nasdaq-listed company, however no substitute deal, trade or timetable has been disclosed since talks have been suspended.

Both sides have left open the potential of restarting negotiations if situations enhance. Currenc cautioned, nevertheless, that there isn’t any assurance talks will resume or in the end produce a transaction.

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