Image credit: Shutterstock
Animoca Brands and Nasdaq-listed Currenc Group have suspended talks on their proposed reverse merger, delaying a transaction intended to return the Web3 investor to public markets in 2026.
The companies said projected closing timelines and evolving market conditions no longer fit their short- and medium-term plans. The transaction has been suspended rather than formally ruled out, and the parties said discussions could resume if conditions permit.
Currenc Deal Would Have Given Animoca Shareholders 95%
Animoca and Currenc entered into a non-binding term sheet on Nov. 2, 2025 under which Currenc would acquire all Animoca shares through an Australian scheme of arrangement.
Animoca shareholders were expected to own about 95% of the combined company after closing, while existing Currenc shareholders would retain roughly 5%. The resulting Nasdaq-listed company was expected to operate under the Animoca Brands name.
The parties originally targeted a third-quarter 2026 closing. In May, they extended exclusivity through June 30 while due diligence and preparations for definitive agreements continued. The deal carried a Dec. 31 long-stop date that could have been extended by another six months by mutual agreement.
Animoca Continues FY2024 Audit Work Despite Merger Suspension
Animoca remains committed to relisting on a major public exchange and says it will continue the financial and compliance work required for that process.
The Currenc term sheet made Animoca’s audited financial statements for 2022, 2023, 2024 and 2025 a condition of closing.
Animoca released its FY2023 audited financial statements on July 17 and said on Sept. 22 that preparation of its FY2024 audited statements remains underway.
Currenc Route to Nasdaq Listing Remains Suspended
Animoca was removed from the Australian Securities Exchange’s official list in March 2020 and has since remained an unlisted public company.
The Currenc transaction offered a route back to public trading through an already Nasdaq-listed company rather than a conventional IPO.
That route is now suspended. Executive chairman Yat Siu said Animoca will continue its audit and compliance work while pursuing other routes to a public listing. The company has not announced another exchange, transaction partner or listing date.
