Animoca Brands Suspends Merger Talks and Delays Nasdaq Listing Plans

Animoca Brands pauses plans for Nasdaq listing

Animoca Brands has stopped discussions for a reverse merger with Currenc Group Inc. This deal would have allowed the digital asset investment company to list its shares on the Nasdaq, which is a major stock exchange. A reverse merger is a process where a private company becomes public by merging with a company that is already listed on an exchange.

The companies ended the talks because their planned timelines did not align with their business goals. Animoca Brands is based in Hong Kong and invests in various digital projects and blockchain companies.

Primary details of the merger proposal

• The companies began discussing a potential merger late last year.
• The proposed deal would have given Animoca Brands a 95% stake in the combined company.
• Currenc shares fell 0.93% in after-hours trading following the announcement.
• Animoca Brands continues to seek a future listing on a major public exchange.

Official statements on the suspension

Animoca Brands announced the suspension of the talks on Tuesday. Co-founder and executive chairman Yat Siu said the company remains fully committed to securing a public listing. He stated that the firm will continue to look for the most effective ways to reach a major public exchange.

Confirmed facts about the transaction

It is confirmed that the merger talks between Animoca Brands and Currenc Group have been halted. Both companies agreed that the timeframe required to finish the deal did not match their current objectives. Animoca’s current business includes gaming, artificial intelligence, and decentralized finance (DeFi), which are financial services that use blockchain technology instead of traditional banks.

The importance of a public listing for Animoca

A listing on a major exchange like the Nasdaq would allow Animoca Brands to be accessed by a wider range of investors. The company has expanded its revenue through advisory services and its portfolio of non-fungible tokens (NFTs). NFTs are unique digital items that are verified and tracked using blockchain technology.

Future plans for a public exchange

Animoca Brands has stated it will continue to look for ways to list its shares on a public exchange. While the specific deal with Currenc Group has ended, the company is still actively pursuing a public listing through other possible routes.

Sources

• CoinDesk