Animoca Brands and Nasdaq-listed Currenc Group have suspended merger negotiations after failing to reach a definitive agreement on schedule, the companies announced on September 22.
The companies mutually agreed to pause discussions after reviewing projected closing timelines and changing market conditions, concluding that additional time needed to complete the transaction no longer aligned with their short- and medium-term priorities. Currenc's exclusivity period with Animoca expired without a binding agreement in place.
Path Forward for Both Companies
Suspending the negotiations provides Currenc with greater flexibility to pursue financing for growth and operations while preserving the option to restart talks at a later date. Animoca co-founder and Executive Chairman Yat Siu stated that 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. He added that Animoca was advancing audit work and other compliance requirements needed for a major public exchange listing.
History of Negotiations
The proposed reverse merger was first outlined in a non-binding term sheet on November 2, 2025. Under the preliminary structure, Animoca shareholders were expected to own approximately 95% of the combined company, with existing Currenc investors holding roughly 5%.
The companies extended exclusivity through June 30 in May while maintaining a target closing date in the third quarter. However, by September, key transaction terms remained unresolved, and no binding merger agreement was reached.
Next Steps
Animoca remains committed to returning to public markets through an alternative route and is preparing its FY2024 audited financial statements as part of a compliance push. 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, though Currenc cautioned that there is no assurance talks will resume or ultimately produce a transaction.
