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FollowingAnimoca Brands and Nasdaq-listed Currenc Group have reached an agreement to suspend their proposed reverse merger transaction, putting Animoca's planned Wall Street debut on hold. The decision was announced on September 22, 2026 and was made after the expiration of the exclusivity period for both parties and after both parties assessed current market conditions and the extended timetable required to complete the transaction.
Reverse mergers are suspended, but re-listing plans are still moving forward.
The deal, originally announced in November 2025, aims to allow Animoca to enter the Nasdaq market without a traditional initial public offering (IPO), and Animoca shareholders are expected to hold approximately 95% of the combined company. Although Animoca and Currenc suspended the reverse merger, Animoca said it would continue to seek a re-listing. This is not contradictory: listing is the set goal, and shell resources are just bargaining chips. The real key lies in the audit calendar-the fiscal year 2023 audit report was completed in July, and the fiscal year 2024 audit is in progress. This timeline continues whether or not the transaction continues 
-- Kato Crypto (@katocryptoreal) September 22, 2026
此次延迟凸显了企业寻求在美国主要交易所上市时，完成反向合并所涉及的监管和运营复杂性。Animoca执行主席Yat Siu表示，公司宁愿保持企业的灵活性，也不愿拘泥于一个时间表不再符合其短期和中长期目标的交易。对于Currenc Group而言，结束排他性安排也为其探索独立的融资和增长机会提供了更大的灵活性。因此，这一决定似乎是对具体交易的暂停，而非Animoca进入美国公开市场计划的退缩。
加密公司的美国上市之路依然艰难
对于寻求美国上市的加密或Web3公司而言，挑战不仅在于找到合适的交易结构。纳斯达克要求申请人满足财务、流动性和公司治理标准，而首次上市还需要由美国上市公司会计监督委员会（PCAOB）注册的独立审计师。对于拥有复杂数字资产业务的公司来说，满足这些要求会使准备工作变得比单纯获得一个上市载体更加复杂。
公司成为公众公司后，报告负担依然存在。根据美国证券交易委员会（SEC）的规定，报告公司必须提交年度10-K表格和季度10-Q表格，某些重大发展情况必须通过8-K表格披露，通常需在四个工作日内完成。这意味着Animoca面临的公开市场挑战不仅仅是进入交易所，还包括建立作为美国上市公司运营所需的会计、披露和公司治理基础设施。
Animoca自身的历史表明了其审计工作的重要性。该公司于2020年被澳大利亚证券交易所除牌，澳大利亚证券投资委员会（ASIC）随后于2022年因其未能提交某些年度和半年度报告而对其处以罚款。截至2026年7月，Animoca已发布经审计的2023财年报告，并表示正在推进2024财年的审计工作。因此，未完成的报告工作为理解为何监管准备仍是任何未来上市战略的核心提供了重要背景。
社区观点：时机不当还是交易不再具吸引力？
Animoca Brands决定暂停通过与Currenc Group反向合并的方式登陆纳斯达克的计划，这在加密用户中引发了一个问题：是因为交易关闭耗时过长，还是因为市场条件的变化使得拟议的交易不再具有吸引力？
The focus of the crypto community on Binance Square goes beyond the official explanation. "Bianyuan Xiaobbei", a creator of the Binance Square platform, questioned whether the suspension should be regarded as a failed attempt to go public. The user believes that the more interesting point is that all parties choose to suspend transactions on their own rather than being forced to give up by regulators. Another creator, Tradekor, compared Animoca's proposed reverse merger with Kraken's traditional IPO process, highlighting the difference between speed and censorship. The creator points out that traditional IPOs involve extensive financial disclosure, underwriting and regulatory review, while reverse mergers can provide a faster path to the public market through existing listed companies. Neither Animoca nor Currenc said valuation issues were the cause of the suspension.
Follow-up Outlook
Animoca Brands said its ambition to re-list on major public exchanges has not changed. The company plans to continue its audit and compliance preparations while considering alternative public listing paths. At the same time, the two companies have not ruled out the possibility of resuming discussions when market conditions are more favorable.
Currently, its Nasdaq debut is still on hold as Animoca evaluates other options to achieve its public market ambitions. Therefore, the important variable is not whether Animoca has public market goals, but which listing structure meets its financial reporting, governance requirements and expected investor access conditions.
与此同时，Animoca Brands从迪拜虚拟资产监管局（VARA）获得了虚拟资产服务提供商（VASP）牌照，这为其在中东日益增长的数字资产领域开展更广泛的业务打开了大门。
