Animoca Brands suspends Currenc deal that would have taken it public
Animoca Manufacturers, 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 circumstances, concluding that the extra time wanted to finish the transaction now not aligned with their short- and medium-term priorities.
Currenc stated in a regulatory filing that its exclusivity interval with Animoca had expired with no definitive settlement. Suspending negotiations provides the corporate larger 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 had been anticipated to personal about 95% of the mixed firm, leaving present Currenc traders with roughly 5%.
The transaction remained topic to due diligence, definitive documentation and a sequence of company, regulatory and court docket approvals. The preliminary possession cut up may even have modified earlier than closing.
Expired timetable frees Currenc to pursue financing
Animoca co-founder and Government Chairman Yat Siu stated the corporate was prioritizing flexibility as it really works towards a public itemizing.
“Whereas we maintain our proposed merger with Currenc Group in excessive regard, our company agility should take priority,” Siu stated, including that Animoca was advancing audit work and different compliance necessities wanted for a significant public alternate.
The businesses had been nonetheless pursuing the transaction in Might, once they prolonged exclusivity by 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 circumstances, whereas Currenc stated suspending discussions would give it larger 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 corporate stated it stays dedicated to relisting on a significant alternate 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 firm, however no alternative deal, alternate or timetable has been disclosed since talks had been suspended.
Each side have left open the opportunity of restarting negotiations if circumstances enhance. Currenc cautioned, nonetheless, that there is no such thing as a assurance talks will resume or in the end produce a transaction.
