Animoca Brands halts Currenc Group merger negotiations, pushing back Nasdaq listing plans

Animoca Brands halts Currenc Group merger negotiations, pushing back Nasdaq listing plans

Animoca Brands has paused its reverse merger negotiations with Currenc Group, postponing its anticipated Nasdaq listing while keeping alternative pathways to going public available.

Animoca Brands has put on hold its strategy to become a publicly traded entity via a reverse merger arrangement with Currenc Group, which trades on Nasdaq.

The decision was reached through mutual agreement between the two companies following an assessment of current market conditions and anticipated timelines for completing the transaction, according to Animoca's announcement on Tuesday.

The transaction as originally structured would have seen Currenc complete an acquisition of Animoca, resulting in Animoca shareholders retaining 95% ownership of the merged entity on Nasdaq.

According to Animoca, the possibility remains open for both companies to restart negotiations should market conditions become more favorable.

As we advance the comprehensive audit processes required to meet the rigorous compliance standards of a major public exchange, we will continue to pursue optimal routes to a public listing.

Yat Siu, executive chairman of Animoca Brands

Animoca Brands operates as a Hong Kong-based investment and gaming enterprise with a portfolio that encompasses The Sandbox, Moca Network and Open Campus. The company had previously maintained a listing on the Australian Securities Exchange before its removal from that exchange in March 2020.