Animoca Brands Merger Talks Halted

Introduction

Animoca Brands, a digital asset venture, has suspended merger talks with Nasdaq-listed Currenc Group after the companies failed to reach definitive terms on schedule. The proposed reverse merger would have provided Animoca with a route back to public markets.

On September 22, the companies said they mutually agreed to pause discussions after reviewing projected closing timelines and changing market conditions. This decision was made after the companies concluded that the additional time needed to complete the transaction no longer aligned with their short- and medium-term priorities.

Background

The proposed reverse merger was first outlined in a non-binding term sheet on November 2, 2025. Animoca shareholders were expected to own about 95% of the combined company, leaving existing Currenc investors with roughly 5%. The transaction remained subject to due diligence, definitive documentation, and a series of corporate, regulatory, and court approvals.

The preliminary ownership split could also have changed before closing. However, the companies were unable to reach a definitive agreement, and the exclusivity period with Animoca had expired.

Reasons for Suspension

According to Animoca co-founder and Executive Chairman Yat Siu, the company was prioritizing flexibility as it works toward a public listing. Siu said, “While we hold our proposed merger with Currenc Group in high regard, our corporate agility must take precedence.” He added that Animoca was advancing audit work and other compliance requirements needed for a major public exchange.

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. However, the additional time was meant to allow for due diligence and definitive documentation, but the parties never reached a binding merger agreement.

Implications

By suspending discussions, Currenc is now free to raise capital without waiting for the merger process to advance, while preserving the option to return to negotiations later. Animoca is continuing separately with its broader plan to return to public markets.

The company said it remains committed to relisting on a major exchange and is preparing its FY2024 audited financial statements as part of a wider compliance push. The Currenc transaction had offered Animoca a direct route into a Nasdaq-listed company, but no replacement deal, exchange, or timetable has been disclosed since talks were suspended.

Future Prospects

Both sides have left open the possibility of restarting negotiations if conditions improve. Currenc cautioned, however, that there is no assurance talks will resume or ultimately produce a transaction.

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Key Points

• Animoca Brands has suspended its merger talks with Currenc Group.
• The proposed reverse merger would have provided Animoca with a route back to public markets.
• The companies were unable to reach a definitive agreement due to changing market conditions and projected closing timelines.
• Currenc is now free to raise capital without waiting for the merger process to advance.
• Animoca remains committed to relisting on a major exchange and is preparing its FY2024 audited financial statements.

Expert Perspective

Industry experts believe that the suspension of merger talks between Animoca Brands and Currenc Group is a strategic move to prioritize flexibility and agility in the ever-changing digital asset market. With the rise of new technologies and innovations, companies must be able to adapt quickly to stay competitive.

Implications for Readers in India

The suspension of merger talks between Animoca Brands and Currenc Group may have implications for readers in India who are interested in the digital asset market. As the market continues to evolve, it is essential to stay informed about the latest developments and trends. Readers can expect to see more updates on the progress of Animoca Brands and its plans for public listing.

What to Watch Next

As the digital asset market continues to grow and evolve, readers can expect to see more developments in the coming months. Some key things to watch out for include:

• Updates on Animoca Brands' plans for public listing
• Developments in the Currenc Group's search for alternative financing options
• Changes in the regulatory landscape for digital assets in India and globally
• Emerging trends and innovations in the digital asset market

Timeline of Events

Here is a brief timeline of the key events surrounding the proposed merger between Animoca Brands and Currenc Group:

• November 2, 2025: Animoca Brands and Currenc Group announce a non-binding term sheet outlining the proposed reverse merger.
• May 2026: The companies extend exclusivity through June 30 and maintain a target of closing in the third quarter.
• June 30, 2026: The exclusivity period expires without a definitive agreement.
• September 22, 2026: Animoca Brands and Currenc Group announce the suspension of merger talks due to changing market conditions and projected closing timelines.