Animoca Brands suspends Currenc reverse merger, delays Nasdaq listing
In brief
- Animoca Brands and Currenc Group suspended reverse merger talks citing market conditions and deal timelines
- Animoca shareholders would have owned 95% of the combined Nasdaq-listed entity under original proposal
- Animoca remains committed to public listing and advancing audit processes for exchange compliance
- Portfolio includes The Sandbox, Moca Network, and Open Campus
- Company previously listed on Australian Securities Exchange before March 2020 delisting
The Merger Pause
Animoca Brands has suspended plans to take the company public through a reverse merger with Nasdaq-listed Currenc Group. Under the proposed transaction, Currenc would have acquired Animoca, with Animoca shareholders owning 95% of the combined Nasdaq-listed company. Both parties mutually agreed on the suspension after reviewing market conditions and the deal's projected closing timelines.
The suspension doesn't close the door entirely. Animoca said the companies may resume discussions if conditions permit, leaving room for a potential restart once the macro environment stabilizes.
Listing Commitment Intact
Despite the merger pause, Animoca's broader ambition to go public hasn't changed. The company signaled it's pursuing alternative routes to a major exchange listing. Yat Siu, executive chairman of Animoca Brands, said in a statement:
As we advance the comprehensive audit processes required to meet the rigorous compliance standards of a major public exchange, we will continue to pursue optimal routes to a public listing
Animoca Brands is advancing comprehensive audit processes to meet compliance standards of a major public exchange, positioning itself for future listing opportunities.
The Company
Animoca Brands is a Hong Kong-headquartered investment and gaming company whose portfolio includes The Sandbox, Moca Network and Open Campus. The firm was previously listed on the Australian Securities Exchange but was removed from the exchange in March 2020. The suspension marks a setback in its recent push to return to public markets.
