According to Odaily, Animoca Brands Corporation Limited has signed a non-binding term sheet (the “Term Sheet”) with Currenc Group Inc. (Nasdaq: CURR) regarding Currenc’s proposed acquisition of 100% of the issued shares of Animoca Brands through a scheme of arrangement (the “Potential Transaction”).

Under the terms of the potential transaction, Currenc is proposed to issue new shares through an Australian arrangement scheme in exchange for all shares of Animoca Brands. Upon completion of the potential transaction (and subject to the conclusion of a final binding agreement), Animoca Brands shareholders will collectively hold 95% of Currenc's issued shares after the acquisition (the treatment of convertible securities is subject to negotiation).

This structure means that although Currenc formally acquires Animoca, actual control will transfer to Animoca Brands shareholders, constituting a typical reverse merger or backdoor listing. The transaction is still in its preliminary stages and requires due diligence, approval from both boards of directors, shareholder voting, and a ruling from the Australian courts. Both parties emphasized that there is currently no binding agreement, and the outcome of the transaction remains uncertain.