Key Notes
- Animoca Brands recently signed a non-binding term sheet with Currenc Group Inc.
- Per the deal, Currenc will acquire 100% of the issued shares in Animoca Brands with a possible Nasdaq listing.
- Animoca Brands is keen on pursuing a listing in the US amid a pro-crypto Presidency.
Animoca Brands Corporation Limited has signed a non-binding term sheet with Currenc Group Inc. (NASDAQ: CURR). This is part of the deal that may see Currenc acquire 100% of the issued shares in Animoca Brands by way of a scheme of arrangement, otherwise called the Potential Transaction.
100% Animoca Brands Shares Go to Currenc
On Nov. 3, Animoca Brands announced its plans to file for a Nasdaq listing via a reverse merger with a Singapore-based firm called Currenc Group. Based on the schedule, the deal is expected to close by 2026, provided that it gets shareholders’ and regulatory approval.
According to the announcement, Yat Siu, the co-founder and executive chairman of Animoca Brands, noted that:
“The proposed merger of Animoca Brands and Currenc will result in the world’s first publicly-listed, diversified digital assets conglomerate, giving investors on Nasdaq direct access to the growth potential of the trillion-dollar altcoin digital economy through a single, diversified vehicle spanning DeFi, AI, NFTs, gaming, and DeSci.”
According to the terms of the Potential Transaction, Currenc is proposing to purchase all the shares of Animoca Brands. This will be in exchange for newly issued shares in the former’s firm.
About 95% of these issued shares will belong to Animoca Brands shareholders who have their shares acquired. Noteworthy, all the transactions and exchanges will be conducted under an Australian scheme of arrangement.
Animoca Brands made sure to clarify that the potential transaction is non-binding and not unconditional. At least, not until the parties have each completed due diligence to their satisfaction. Binding documentation will also be required after the parties have received board approval to enter into a binding full-form transaction agreement.
Animoca Brands Pursues a US Listing
Before now, Animoca Brands had made an expansion attempt with other entities. Last May, the Hong Kong-based firm began to push for a New York listing, aligned with its goal of entering the world’s largest capital market.
Its confidence was boosted by the crypto-friendly approach put forward by the President Donald Trump administration.
While speaking to the Financial Times, Yat Siu told the public to expect an announcement in this regard. He also said that the company would evaluate several shareholding structures in preparation for the US listing.
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