Animoca Brands has halted a proposed reverse merger with Currenc Group Inc. (CURR), a deal that would have provided the digital asset investment firm with a Nasdaq listing.
Both parties agreed that the proposed timeline for completing the transaction did not align with their strategic objectives, Animoca announced on Tuesday.
The discussions began in late 2023, with Animoca originally intended to hold a 95% stake in the combined entity.
Hong Kong-based Animoca stated it “remains fully committed” to securing a public listing, while co-founder Yat Siu noted the company will “continue to pursue optimal routes” to go public.
Animoca Brands’ portfolio encompasses decentralized finance (DeFi), artificial intelligence, non-fungible tokens (NFTs), and gaming, with advisory services increasingly contributing to its revenue.
Currenc shares closed at $3.23 on Monday, up 1.25% for the day, before falling 0.93% in after-hours trading.
