Animoca Brands suspends Currenc merger talks after terms remain unresolved

Animoca Brands and Nasdaq-listed Currenc Group mutually agreed on Sept. 22 to suspend merger discussions after reviewing projected closing timelines and changing market conditions. The companies concluded that the additional time needed to complete the transaction no longer aligned with their short- and medium-term priorities. Currenc said in a regulatory filing that its exclusivity period with Animoca had expired without a definitive agreement. The proposed reverse merger was first outlined in a non-binding term sheet on Nov. 2, 2025, and would have provided Animoca with a route back to public markets. Animoca shareholders were expected to own about 95% of the combined company, while existing Currenc investors were expected to own roughly 5%. The ownership split was preliminary and could have changed before closing. The transaction remained subject to due diligence, definitive documentation, and corporate, regulatory, and court approvals. The companies were still pursuing the transaction in May, when they extended exclusivity through June 30 and maintained a target of closing in the third quarter. That additional time was intended to allow for due diligence and definitive documentation, but the parties never reached a binding merger agreement. By September, key transaction terms remained unresolved. Animoca cited projected closing timelines and evolving market conditions. Currenc said suspending discussions would give it greater flexibility to seek financing for growth and operations while preserving the option to restart talks later. Animoca co-founder and Executive Chairman Yat Siu said the company was prioritizing flexibility as it worked toward a public listing. Siu also 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 said it remains committed to relisting on a major exchange. The company is preparing its FY2024 audited financial statements as part of a wider compliance effort. The suspended transaction had offered Animoca a direct route into a Nasdaq-listed company, but no replacement deal, exchange, or timetable has been disclosed. Currenc is free to raise capital without waiting for the merger process to advance, and both sides have left open the possibility of restarting negotiations if conditions improve. Currenc cautioned that there is no assurance talks will resume or ultimately produce a transaction.