Animoca Brands has suspended discussions over its proposed reverse merger with Nasdaq-listed Currenc Group as it continues working through a backlog of audited financial statements.
Announcing the decision on 22th September, Animoca said both companies had reviewed the closing timetable and changing market conditions. They mutually concluded that the time required to complete the transaction no longer aligned with their short- and medium-term strategic goals. Discussions could resume if circumstances permit.
The proposal, announced on 3rd November 2025, would have seen Currenc acquire Animoca through a share exchange. Animoca shareholders were expected to own approximately 95% of the combined company, with Currenc shareholders retaining around 5%. Completion had been targeted for the end of 2026, subject to approvals and other conditions.
Animoca’s outstanding audits offer one possible explanation for the timetable problem, although neither company has identified them as the cause of the suspension.
During this process, Currenc’s live CURR stock nominally valued Animoca as high as $8 billion.
Under the original terms, Animoca was required to lodge audited financial statements covering FY2022 through FY2025. It released its FY2022 accounts in January 2026 and its FY2023 accounts on 17th July. Its announcement says preparation of the FY2024 audited statements is still progressing, however.
That leaves further reporting requirements to satisfy against the original completion target. A reverse merger provided a route onto Nasdaq, but the proposed structure still required Animoca to complete its accounts.
One possible reading is Animoca now wants to complete its audits before committing further to a particular transaction. Continuing to extend discussions now would require both companies to maintain plans around an uncertain completion date.
Executive chairman and co-founder Yat Siu said “our corporate agility must take precedence”, while reaffirming the company’s commitment to relisting on a major exchange. Read alongside the timetable explanation, that suggests a desire to preserve strategic flexibility while completing the necessary preparation.
AI-focused financial platform Currenc has its own priorities. In a securities filing dated 21st September, it said the exclusivity period had expired without agreement on definitive merger terms. Suspending discussions should provide greater flexibility to pursue financing for its operations and growth, the company said.
The proposed merger remained conditional and non-binding when announced. Due diligence, definitive documentation, shareholder approvals and Australian court approval were among the requirements for proceeding.
Animoca has been absent from exchange trading since its removal from the Australian Securities Exchange in March 2020 over its then-emerging crypto activities. Relisting would give shareholders a more accessible market for their holdings and potentially broaden access to capital.
The uncertainty comes as Animoca reshapes its business around AI products, institutional digital asset services and its existing gaming operations. Its September investor update reported unaudited FY2025 bookings of $173 million alongside continued cost reductions.
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