Animoca pauses Currenc merger that would have taken it public
Animoca Brands paused merger talks with Nasdaq-listed Currenc Group after exclusivity expired; the proposed reverse merger would have left Animoca with about 95% of the combined company.
On Sept. 22, 2026, Animoca Brands paused merger talks with Nasdaq-listed Currenc Group after the parties failed to agree on definitive terms and allowed an exclusivity period to expire.
The proposed reverse merger began with a non-binding term sheet signed on Nov. 2, 2025. Under the preliminary structure, Animoca shareholders would have owned about 95% of the combined company and existing Currenc investors about 5%. The final split was subject to due diligence, definitive documentation and required corporate, regulatory and court approvals.
The companies mutually agreed to suspend negotiations after reviewing projected closing timelines and shifting market conditions. They had extended exclusivity through June 30, 2026 and had been targeting a third-quarter closing to allow time for due diligence and preparation of definitive documents.
Currenc disclosed in a regulatory filing that letting the exclusivity expire and pausing talks gives it greater flexibility to seek financing for growth and operations while preserving the option to resume discussions later.
Animoca is advancing audit work and other compliance steps required for a major public exchange. Animoca co-founder and Executive Chairman Yat Siu noted, “While we hold our proposed merger with Currenc Group in high regard, our corporate agility must take precedence.”
Completion of the transaction would have depended on multiple approvals and detailed financial and legal reviews. Both parties cautioned there is no guarantee negotiations will resume or lead to a transaction.
With exclusivity expired, Currenc can pursue outside capital immediately. Animoca has not disclosed any alternative deal, exchange or timetable since talks were paused and remains focused on completing FY2024 audited financial statements and other public-market compliance work.
Both companies left open the possibility of restarting negotiations if market or timing conditions improve, but official statements emphasized that a return to talks is not assured.
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