Animoca Brands has submitted a listing application in the U.S.

According to Foresight News, Hong Kong Web3 investment company Animoca Brands has submitted a listing application to the United States and plans to list on Nasdaq through a reverse merger with Singaporean company Currenc Group (CURR), with a valuation of approximately US$1 billion. Under the terms of the potential transaction, it is proposed that new shares be issued by Currenc through an Australian scheme of arrangement in exchange for all shares in Animoca Brands. Upon implementation of the potential transaction (and subject to the conclusion of a final binding agreement), Animoca Brands shareholders will collectively hold 95% of the outstanding shares of Currenc following the acquisition (the treatment of the convertible securities is subject to negotiation).



This structure means that although Currenc acquires Animoca in form, actual control will be transferred to Animoca Brands shareholders, constituting a typical reverse merger or backdoor listing. The transaction is still in its preliminary stages and is subject to due diligence, approval by the boards of directors of both parties, shareholder voting and Australian court rulings. Both parties emphasized that there is currently no binding agreement and the outcome of the transaction is uncertain.

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