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.
On Sept. 22, the companies said they mutually agreed to pause discussions after reviewing projected closing timelines and changing market conditions, concluding 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. Suspending negotiations gives the company greater flexibility to seek financing for growth and operations while preserving the option to restart talks later.
The proposed reverse merger, first outlined in a non-binding term sheet on Nov. 2, 2025, would have provided Animoca with a route back to public markets. 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.
Expired timetable frees Currenc to pursue financing
Animoca co-founder and Executive Chairman Yat Siu said the company was prioritizing flexibility as it works toward a public listing.
“While we hold our proposed merger with Currenc Group in high regard, our corporate agility must take precedence,” Siu said, adding 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. The additional time was meant to allow for due diligence and definitive documentation, but the parties never reached a binding merger agreement.
By September, the exclusivity period had expired, and key transaction terms remained unresolved. Animoca cited projected closing timelines and evolving market conditions, while Currenc said suspending discussions would give it greater flexibility to seek financing for growth and operations.
That leaves Currenc 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.
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.