Animoca Brands suspends Currenc reverse-merger deal, pursues direct listing
In brief
- Animoca Brands and Currenc Group mutually suspended merger negotiations on September 22 after exclusivity period expired
- Reverse merger would have given Animoca shareholders approximately 95% ownership of combined entity
- Animoca advancing direct public listing on major exchange with ongoing audit and compliance work
Exclusivity Expires Without Deal
Animoca Brands suspended merger talks with Nasdaq-listed Currenc Group after failing to reach definitive terms on schedule. The companies mutually agreed to pause discussions on September 22 after reviewing projected closing timelines and changing market conditions. Currenc's exclusivity period with Animoca expired without a definitive agreement.
The proposed transaction had been in motion since November 2025, when the companies outlined a non-binding term sheet. Under the original structure, Animoca shareholders were expected to own approximately 95% of the combined company, with existing Currenc investors retaining roughly 5%.
In May, the companies extended exclusivity through June 30 and maintained a target of closing in the third quarter. By September, the exclusivity period had expired, and key transaction terms remained unresolved.
Animoca Pivots to Independent Path
Animoca co-founder and Executive Chairman Yat Siu stated the company was prioritizing flexibility as it works toward a public listing. Siu said Animoca was advancing audit work and other compliance requirements needed for a major public exchange.
Animoca is continuing separately with its broader plan to return to public markets and remains committed to relisting on a major exchange. The company is preparing its FY2024 audited financial statements as part of a wider compliance push.
The suspension doesn't entirely close the door. Suspending negotiations gives Currenc greater flexibility to seek financing for growth and operations while preserving the option to restart talks later. Both sides have left open the possibility of restarting negotiations if conditions improve. Still, Currenc cautioned that there is no assurance talks will resume or ultimately produce a transaction.
No replacement deal, exchange or timetable has been disclosed since the Currenc transaction fell apart. What comes next depends on how quickly Animoca can complete its audit and compliance work, and whether market conditions stabilize enough to attract a major-exchange listing partner.
