Hong Kong-based Animoca Brands said it has suspended discussions with Currenc Group Inc. (CURR) over a proposed reverse merger that would have given the digital asset investment company a Nasdaq listing.
In a statement issued on Tuesday, the company said the two sides concluded that the proposed timetable for completing the transaction did not align with their respective goals.
Talks between Animoca Brands and Currenc began late last year. Under the initial plan, Animoca Brands would have owned a 95% stake in the combined company.
Animoca Brands said it remains fully committed to pursuing a listing on a major public exchange. Co-founder and executive chairman Yat Siu added that the company would continue to seek “optimal routes” to going public.
Animoca Brands’ portfolio spans decentralized finance (DeFi), AI, non-fungible tokens (NFTs) and gaming. In recent years, advisory services have also become a growing part of its revenue mix.
Currenc shares closed at $3.23 on Monday, up 1.25% on the day, before falling 0.93% in after-hours trading.
