Animoca Brands and Currenc Group Canceled Merger Plans
The companies scrapped a reverse merger, citing a shift in strategic priorities and timelines.
Updated on Sept. 22, 2026 in Corporate Finance
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Animoca Brands and Singapore-based Currenc Group have mutually agreed to terminate their proposed reverse merger. The deal, first announced in November 2025, would have granted Animoca shareholders a 95% stake in the combined entity.
Why it matters
The companies cited misalignment between the required deal timeline and current organizational objectives, prioritizing corporate agility over the merger. This move signals a pivot in strategy for Animoca as it seeks alternative pathways for a public listing.
The proposed deal would have left Animoca shareholders with a 95% stake in the combined company. This follows a period of regulatory scrutiny in Australia, where the firm was delisted in 2020 and later fined by the ASIC in 2022 for failing to lodge annual reports.
The players
Animoca Brands
A company previously listed on the Australian Securities Exchange that is currently working toward a public listing.
Currenc Group
A Singapore-headquartered entity that recently mutually agreed to end merger discussions with Animoca Brands.
Australian Securities and Investments Commission
The Australian regulatory body that convicted and fined Animoca in 2022 for failures to lodge annual reports.
The details
The companies had intended to execute the deal using an Australian scheme of arrangement, a court-supervised process for corporate restructuring. After reviewing projected timelines and current market conditions, management concluded the process no longer supported company goals. Animoca is now focused on preparing its audited financial statements for fiscal year 2024.
Timeline
Animoca was delisted from the Australian Securities Exchange in 2020.
The Australian Securities and Investments Commission convicted and fined Animoca in 2022.
The companies first announced the reverse merger plan in November 2025.
Animoca published an audited report for fiscal 2023 in July 2026.
The companies suspended merger discussions in September 2026.
Market Landscape
The use of an Australian scheme of arrangement is a standard mechanism for corporate consolidation in the region, yet it requires rigorous adherence to reporting standards. This termination follows a period of increased compliance oversight for Animoca after its 2020 delisting.
Operators should note that shifts in market conditions often require abandoning long-planned mergers to preserve organizational agility. Executives preparing for public listings should ensure their internal audit processes, such as those Animoca completed for 2023, are fully current.
The takeaway
Maintaining corporate flexibility is often more valuable than adhering to a rigid, long-term merger timeline that no longer serves business goals. Operators should monitor Animoca's upcoming 2024 audited financial statements as a key signal for the firm's future public listing strategy.
Further reading
For broader trends on how companies navigate public market entries, see Corporate Finance.
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