Animoca Brands , a digital asset venture, has suspended merger talks with Nasdaq -listed Currenc Group after the companies failed to reach definitive terms on schedule.

On Sept. 22, the companies said they mutually agreed to pause discussions after reviewing projected closing timelines and changing market conditions, concluding that the additional time needed to complete the transaction no longer aligned with their short- and medium-term priorities.

Currenc said in a regulatory filing that its exclusivity period with Animoca had expired without a definitive agreement. Suspending negotiations gives the company greater flexibility to seek financing for growth and operations while preserving the option to restart talks later.

The proposed reverse merger, first outlined in a non-binding term sheet on Nov. 2, 2025, would have provided Animoca with a route back to public markets. Animoca shareholders were expected to own about 95% of the combined company, leaving existing Currenc investors with roughly 5%.

The transaction remained subject to due diligence, definitive documentation and a series of corporate, regulatory and court approvals. The preliminary ownership split could also have changed before closing.

Animoca co-founder and Executive Chairman Yat Siu said the company was prioritizing flexibility as it works toward a public listing.

“While we hold our proposed merger with Currenc Group in high regard, our corporate agility must take precedence,” Siu said, adding that Animoca was advancing audit work and other compliance requirements needed for a major public exchange.

The companies were still pursuing the transaction in May, when they extended exclusivity through June 30 and maintained a target of closing in the third quarter. The additional time was meant to allow for due diligence and definitive documentation, but the parties never reached a binding merger agreement.