Animoca hits snooze on Currenc merger, Nasdaq debut still in draft folder 🚶

Animoca Brands has halted its reverse merger with Nasdaq-listed Currenc Group, postponing the Hong Kong-based company's planned entry onto the major U.S. exchange. Both parties mutually agreed to suspend the transaction after reviewing market conditions and the deal's projected closing timelines, Animoca announced Tuesday.

Under the proposed transaction, Currenc would have acquired Animoca, with Animoca shareholders set to hold 95% of the combined Nasdaq-listed company. Animoca said the companies may resume discussions if conditions permit.

"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," said Yat Siu, executive chairman of Animoca Brands.

Animoca Brands is a Hong Kong-headquartered investment and gaming company whose portfolio includes The Sandbox, Moca Network and Open Campus. The firm was previously listed on the Australian Securities Exchange but was removed from the exchange in March 2020. Separately, Animoca has invested in Ava Labs to expand Avalanche across Asia and the Middle East.