Animoca Brands today officially announced that it is pausing the reverse merger negotiations with Nasdaq:CURR (Currenc Group), with both parties agreeing to pause.

Let’s go through the hard facts first:

1️⃣ The non-binding term sheet was signed on 2025-11-02; the original plan was for Currenc to acquire all of Animoca’s equity via an Australian scheme of arrangement

2️⃣ After the merger, Animoca shareholders account for about 95%, and existing CURR shareholders account for about 5%

3️⃣ The exclusivity period has been extended to 2026-06-30; if the definitive agreement is not executed by then

4️⃣ Animoca: The FY2023 audit was issued on 2026-07-17; the FY2024 audit is still underway—public market compliance efforts are continuing

Original meaning of Yat Siu’s words: This merger is still valued, but agility is the priority for the company. They will continue to look for the optimal path to listing. Both sides said they could discuss again if conditions allow, with no guarantee that the deal will definitely be restarted.

Here, CURR synchronized confirmation that the Form 6-K (SEC, about 9/21) would pause, and wrote that after the pause it would be easier for them to seek growth financing.

One-sentence filter: A pause doesn’t mean it’s dead, nor does it mean they will immediately switch shells. At present, the non-binding negotiations have stopped, but the listing commitment remains, and the audit milestones are still moving forward.

Does not constitute investment advice. Source: Animoca Brands official website announcement + Currenc Form 6-K / Cointelegraph.