- Animoca Brands and Currenc Group have mutually agreed to suspend their reverse merger, citing evolving market conditions and strategic misalignment as primary factors.
Both companies attributed the decision to suspend the merger to shifting market conditions and a reevaluation of strategic priorities.
Background of the Reverse Merger Agreement Between Animoca Brands and Currenc Group
The combined entity aimed to operate as a Nasdaq-listed company under the Animoca Brands brand, with a global growth strategy centered on digital asset investments and services. Additionally, the business would have provided consumers and institutions with exposure to real-world asset (RWA) tokenization and blockchain-based application ventures.
Furthermore, Currenc Group intended to implement a dual-class share structure as part of the transaction, with the board of the new entity comprising representatives from both organizations.
Implications and Aftermath
Furthermore, Animoca Brands noted that the timeframe required to finalize the transaction was incompatible with the short- and medium-term strategic objectives of both parties. However, the company left open the possibility of revisiting negotiations under more advantageous circumstances.
“Today, we reaffirm our strategic focus, bolstered by significant operational strength, an industry-leading digital assets and AI portfolio, and a dedicated effort to meet our compliance benchmarks,” stated the Animoca Brands chair. “As we proceed with the extensive audit procedures necessary to satisfy the stringent compliance requirements of a major public exchange, we remain committed to identifying the most viable pathways to achieve a public listing.”
