Animoca Brands Halts Nasdaq Listing via Currenc Merger

Animoca Brands pauses reverse merger with Currenc Group

Animoca Brands has suspended its plans to go public on the Nasdaq stock exchange through a reverse merger with Currenc Group. Both companies agreed to halt the deal after reviewing current market conditions and the time needed to close the transaction.

A reverse merger is a process where a private company becomes public by merging with a company that is already listed on an exchange. If the deal had moved forward, Animoca shareholders would have owned 95% of the combined company.

Important details of the suspended deal

• Animoca Brands shareholders would have held a 95% stake in the merged entity.
• The decision to stop the merger was mutual between both companies.
• Animoca remains committed to finding a way to list on a major public exchange in the future.

Comments from Animoca leadership

Yat Siu, the executive chairman of Animoca Brands, stated that the company is continuing to work on audit processes. These audits are required to meet the strict compliance rules of a major public stock exchange. Siu mentioned that the company will keep looking for the best way to reach a public listing.

Background on Animoca Brands

Animoca Brands is an investment and gaming company based in Hong Kong. Its portfolio, or collection of projects, includes The Sandbox, Moca Network, and Open Campus. The company was previously listed on the Australian Securities Exchange but was removed from that platform in March 2020.

Possibility for future discussions

While the merger is currently suspended, Animoca Brands noted that the two companies might start talking again if market conditions allow. For now, the company is focusing on meeting the rigorous standards required for a future public debut.

Sources

• Cointelegraph