Animoca puts Currenc merger on ice, delaying its Nasdaq debut

Animoca Brands announced it has halted plans to go public via a reverse merger with Currenc Group, a company already listed on Nasdaq. The two parties mutually agreed to suspend the transaction after reassessing market conditions and the expected timelines to close the deal, Animoca said. Under the previously proposed transaction structure, Currenc would have acquired Animoca while Animoca shareholders would have held 95% of the combined Nasdaq-listed company. The arrangement would have effectively brought Animoca onto a major U.S. exchange through a business combination with an existing listed vehicle. Animoca said the companies could return to merger discussions in the future if market conditions become more favorable. In the meantime, executive chairman Yat Siu emphasized that Animoca is continuing the audit and compliance work required to meet the standards of a major public exchange and remains committed to pursuing an optimal route to a public listing. Headquartered in Hong Kong, Animoca Brands is an investment and gaming company whose holdings include The Sandbox, Moca Network and Open Campus. The company was previously listed on the Australian Securities Exchange but was removed from that exchange in March 2020.