In Brief:
- Animoca Brands has suspended merger discussions with Nasdaq-listed Currenc Group due to timing misalignments.
- Both companies agreed the current market conditions and required audits hindered their strategic goals.
- The proposed merger, first announced in November 2025, would have positioned Animoca for a Nasdaq listing.
Merger talks on hold
Animoca Brands (official site) has paused its plans for a reverse merger with Currenc Group, which trades on Nasdaq. This decision follows a review of their timelines and current market conditions. Animoca announced the suspension on September 22.
The companies initially planned for Currenc to acquire Animoca through a share exchange, potentially allowing Animoca shareholders to own about 95% of the new entity. The anticipated completion was set for late 2026, contingent on various approvals.
Audit delays
The absence of completed audits may have contributed to the stalled talks, although both parties have not confirmed this as the primary reason. Animoca’s financial statements for fiscal years 2022 and 2023 are already out, but the preparation of the 2024 audit is ongoing.
With outstanding audits still pending, extending discussions would necessitate maintaining plans around an uncertain timeline. Executive chairman and co-founder Yat Siu emphasized the importance of corporate flexibility, stating, “our corporate agility must take precedence.”
Currenc’s position
Moreover, Currenc Group has its own considerations. In a September 21 filing, the firm noted that the exclusivity period for the merger had lapsed without reaching final terms. Suspending discussions will allow Currenc to explore other financing avenues more freely.
The proposed merger remained non-binding when announced, with due diligence and shareholder approvals still required.
Market context
Since animoca was delisted from the Australian Securities Exchange in March 2020 due to its evolving crypto focus, a merger with Currenc would provide a route back to public trading. This would offer shareholders improved market access and potential capital growth.
As Animoca navigates these challenges, it is also pivoting its focus toward AI products and institutional digital asset services. In its September investor update, unaudited bookings for FY2025 stood at $173 million, alongside continued cost-cutting measures.
