- Special purpose acquisition company (SPAC) FinTech Acquisition Corp V FTCV and leading social investing network eToro Group Ltd mutually agreed to terminate their merger plan immediately.
- Media reports floated earlier over the possible termination of the deal.
- Initially announced in March 2021, the proposed merger was subject to the satisfaction of certain closing conditions. However, the companies failed to accomplish the targets by the June 30 deadline.
- Yoni Assia, Co-founder, and CEO of eToro, said: “We ended Q2 2022 with approximately 2.7 million funded accounts, an increase of over 12% versus the end of 2021, demonstrating continued customer acquisition and retention rates that have been improving over time. We remain confident in our long-term growth strategy and excited for the future of eToro.”
- Neither party will be required to pay the other a termination fee.
- eToro targeted a $1 billion funding round to dodge its delayed attempt to go public.
- However, as the markets moved southwards, eToro, like most other brokers, failed to sustain its previous growth trajectory as required by closing conditions for its SPAC deal.
- Price Action: FTCV shares closed at $9.85 on Friday.
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