Animoca Brands is planning to go public on Nasdaq through a reverse merger.

BlockBeats News, November 3rd, Animoca Brands Corporation Limited has entered into a non-binding Memorandum of Understanding (MoU) with Currenc Group Inc. (NASDAQ: CURR, hereinafter referred to as "Currenc"), outlining Currenc's proposed acquisition of 100% of Animoca Brands' issued shares through a scheme of arrangement ("Potential Transaction").

Under the terms of the Potential Transaction, Currenc intends to issue new shares through an Australian scheme of arrangement in exchange for all of Animoca Brands' shares. Following the implementation of the Potential Transaction (subject to the finalization of a binding agreement), Animoca Brands' shareholders will collectively hold 95% of Currenc's issued shares post-acquisition (the treatment of convertible securities is yet to be negotiated).

This structure implies that although Currenc is formally acquiring Animoca, the actual control will shift to Animoca Brands' shareholders, constituting a typical reverse merger or a backdoor listing. The transaction is still in its early stages and is subject to due diligence, approval by both boards of directors, shareholder votes, and a ruling by the Australian court. Both parties emphasize that there is currently no binding agreement in place, and the transaction outcome is uncertain.