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Investing.com -- Currenc Group Inc. (NASDAQ:CURR) stock surged 25% after the fintech company announced a proposed reverse merger with digital asset leader Animoca Brands Corporation Limited.
The proposed transaction would create what the companies describe as "the world’s first publicly-listed digital assets conglomerate" on the Nasdaq exchange. Under the terms of the non-binding agreement, Animoca Brands shareholders would own approximately 95% of the resulting entity, while current Currenc shareholders would retain about 5%.
The combined company is expected to operate under the Animoca Brands name and would focus on digital asset investments, real-world asset tokenization, and blockchain applications for both consumers and institutions. Animoca Brands brings a portfolio of more than 600 companies across various digital asset verticals and a treasury that includes Bitcoin, Ethereum, Solana and numerous other cryptocurrencies.
"The proposed merger with Animoca Brands represents a milestone for Currenc. This proposed transaction provides a compelling path forward for the evolution of both companies and would unlock significant value for our shareholders," said Alex Kong, Founder, CEO, and Executive Chairman of Currenc Group.
As part of the transaction, Currenc plans to divest some of its existing AI-powered solutions for financial institutions and its digital remittance platform, which would be spun off to current shareholders before the merger closes.
The companies have entered a three-month exclusivity period to finalize terms. The transaction is expected to close in 2026, subject to shareholder and regulatory approvals and other customary conditions.
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