Digital asset venture Animoca Brands has halted its merger negotiations with Nasdaq-listed Currenc Group after the two firms were unable to finalize definitive terms by their deadline.
The companies announced on Sept. 22 that they had mutually decided to pause the discussions. After assessing projected timelines for completion and shifting market conditions, they determined that the extra time required to finalize the deal no longer aligned with their respective short- and medium-term objectives.
In a regulatory filing, Currenc noted that its exclusivity period with Animoca lapsed without a final contract being signed. Putting negotiations on hold grants the company increased operational flexibility to pursue funding for its growth, while keeping the door open to resume talks at a later date.
Initially detailed in a non-binding term sheet on Nov. 2, 2025, the proposed reverse merger would have served as a pathway for Animoca to re-enter public markets. Under the plan, Animoca shareholders were projected to hold roughly 95% of the merged entity, with current Currenc investors retaining approximately 5%.
The deal was still contingent upon thorough due diligence, the drafting of final documents, and various corporate, regulatory, and court clearances. Furthermore, the initial ownership distribution was subject to change prior to finalization.
Expired timetable frees Currenc to pursue financing
Yat Siu, co-founder and executive chairman of Animoca, stated that maintaining adaptability is a key focus for the company as it prepares for a public listing.
âWhile we hold our proposed merger with Currenc Group in high regard, our corporate agility must take precedence,â Siu remarked, pointing out that Animoca is currently progressing with audits and other regulatory necessities required for a major public exchange.
As late as May, the two organizations were still actively pursuing the agreement, having extended their exclusivity window until June 30 with a targeted third-quarter completion date. Although this extra time was intended to facilitate due diligence and final paperwork, a binding contract was never executed.
By September, the exclusivity window had closed with essential conditions still unresolved. Animoca pointed to shifting market dynamics and extended timelines, whereas Currenc emphasized that freezing the dialogue would allow it more room to secure operational and growth capital.
Consequently, Currenc can now seek out capital without the constraints of an ongoing merger, though the option to revisit discussions remains open.
Meanwhile, Animoca is pushing forward independently with its larger objective of returning to public markets. The organization reaffirmed its dedication to a major exchange listing and is actively preparing its audited financials for fiscal year 2024 as part of a broader compliance initiative.
While the Currenc agreement presented Animoca with a direct entry point to a Nasdaq-listed entity, no alternative partnership, venue, or schedule has been announced following the suspension.
Both parties have indicated that talks could potentially be revived if circumstances become more favorable. Nonetheless, Currenc warned that there is no guarantee discussions will start again or culminate in a finalized deal.
