CryptoSlate
Animoca Brands and Nasdaq-listed Currenc Group paused merger talks on Sept. 22 after failing to settle definitive terms within the projected timetable. The exclusivity period expired without a binding agreement, ending a proposed reverse merger that would have given Animoca a route back to public markets. Under the preliminary term sheet, Animoca shareholders were expected to own about 95% of the combined company, with existing Currenc investors holding roughly 5%, although that split remained subject to change.
Why it matters
The transaction was first outlined in a non-binding term sheet on Nov. 2, 2025. It remained subject to due diligence, definitive documentation and corporate, regulatory and court approvals, while the companies extended exclusivity through June 30 and kept a third-quarter closing target in May. They never reached a binding merger agreement.
Animoca co-founder and Executive Chairman Yat Siu said corporate agility had to take precedence as the company works toward a public listing. Animoca is continuing audit work and other compliance requirements, including preparation of its FY2024 audited financial statements, but it has not disclosed a replacement deal, exchange or timetable.
Market impact
Currenc said the expired exclusivity period gives it greater flexibility to seek financing for growth and operations without waiting for the merger process to advance. Both companies preserved the option to restart negotiations, but Currenc cautioned that there is no assurance talks will resume or produce a transaction.
For Animoca, the pause removes a direct route into a Nasdaq-listed company while leaving its broader relisting plan intact. The next material signals are progress on its audit and compliance work, along with any new financing or public-market structure announced by either side.
Frequently asked questions
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Why did Animoca Brands and Currenc Group pause their merger talks?
The companies said projected closing timelines and changing market conditions no longer aligned with their short- and medium-term priorities. They did not reach definitive terms before the exclusivity period expired.
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What ownership split was proposed for the combined company?
The preliminary term sheet contemplated Animoca shareholders owning about 95% of the combined company and existing Currenc investors holding roughly 5%. The split could have changed before closing.
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What does the pause mean for Currenc Group?
Currenc gains flexibility to seek financing for growth and operations without waiting for the merger process to advance. It retains the option to return to negotiations, but no restart is assured.
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Is Animoca Brands abandoning its plan to go public?
No. Animoca said it remains committed to a public listing and is continuing audit and compliance work, including preparation of its FY2024 audited financial statements.
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What happens next for the proposed Animoca-Currenc transaction?
Both companies preserved the possibility of restarting talks, but no replacement deal, exchange or timetable has been disclosed and Currenc said there is no assurance a transaction will result.
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