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Animoca pulls Currenc reverse-merger however nonetheless plans future public itemizing
Animoca Manufacturers has suspended discussions over its proposed reverse merger with Nasdaq-listed Currenc Group because it continues working by way of a backlog of audited monetary statements.
Saying the choice on 22th September, Animoca stated each firms had reviewed the closing timetable and altering market situations. They mutually concluded that the time required to finish the transaction not aligned with their short- and medium-term strategic objectives. Discussions may resume if circumstances allow.
The proposal, introduced on third November 2025, would have seen Currenc purchase Animoca by way of a share trade. Animoca shareholders have been anticipated to personal roughly 95% of the mixed firm, with Currenc shareholders retaining round 5%. Completion had been focused for the top of 2026, topic to approvals and different situations.
Animoca’s excellent audits provide one attainable rationalization for the timetable downside, though neither firm has recognized them as the reason for the suspension.
Throughout this course of, Currenc’s dwell CURR inventory nominally valued Animoca as excessive as $8 billion.
Underneath the unique phrases, Animoca was required to lodge audited monetary statements protecting FY2022 by way of FY2025. It launched its FY2022 accounts in January 2026 and its FY2023 accounts on seventeenth July. Its announcement says preparation of the FY2024 audited statements remains to be progressing, nevertheless.
That leaves additional reporting necessities to fulfill towards the unique completion goal. A reverse merger supplied a route onto Nasdaq, however the proposed construction nonetheless required Animoca to finish its accounts.
One attainable studying is Animoca now desires to finish its audits earlier than committing additional to a specific transaction. Persevering with to increase discussions now would require each firms to take care of plans round an unsure completion date.
Government chairman and co-founder Yat Siu stated “our company agility should take priority”, whereas reaffirming the corporate’s dedication to relisting on a significant trade. Learn alongside the timetable rationalization, that implies a want to protect strategic flexibility whereas finishing the required preparation.
AI-focused monetary platform Currenc has its personal priorities. In a securities submitting dated twenty first September, it stated the exclusivity interval had expired with out settlement on definitive merger phrases. Suspending discussions ought to present larger flexibility to pursue financing for its operations and development, the corporate stated.
The proposed merger remained conditional and non-binding when introduced. Due diligence, definitive documentation, shareholder approvals and Australian courtroom approval have been among the many necessities for continuing.
Animoca has been absent from trade buying and selling since its removing from the Australian Securities Alternate in March 2020 over its then-emerging crypto actions. Relisting would give shareholders a extra accessible marketplace for their holdings and probably broaden entry to capital.
The uncertainty comes as Animoca reshapes its enterprise round AI merchandise, institutional digital asset companies and its current gaming operations. Its September investor replace reported unaudited FY2025 bookings of $173 million alongside continued value reductions.