eToro’s SPAC Partner Will Return $250M to Investors

FinTech Acquisition Corp. V (NASDAQ: FTCV), the blank-check company that previously inked a deal with retail broker eToro, is now dissolving and liquidating as it failed to materialize deals with any company for taking them public. The special purpose acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term company (SPAC) will now return the $250 million it collected from investors.

As announced last Friday, the blank-check Company is going to close its business on 9 December. Its publicly listed shares will be deemed canceled and will represent only the right to receive the redemption amount.

FinTech Acquisition Corp. V is the SPAC of Betsy Cohen, a well-known financier and the Founder of Jefferson Bank and The Bancorp.

“The Company’s sponsors have agreed to waive their redemption rights with respect to their outstanding shares of Class B common stock issued prior to the Company’s initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless,” the official press release stated.

The Collapse of a Merger Deal

SPAC inked a deal with eToro in March 2021 to take the Israeli retail broker public on an American stock exchange. The merger was initially valued at $10.4 billion but was later reduced by 15 percent to $8.8 billion.

However, that deal collapsed as the two companies failed to close before the deadline of 30 June as certain conditions, including those relating to the Company’s registration statement, were not met. The deal termination decision was also mutual, meaning neither company was liable to pay a termination fee.

eToro, which has made its name with copy trading services, is a popular retail trading Retail Trading In finance, retail trading refers to individual traders, trading through a broker, or on a platform. This can include novice traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and the European Central Bank. When we talk about retail trading however, we usually are referring to forex trading, but there are retail trade In finance, retail trading refers to individual traders, trading through a broker, or on a platform. This can include novice traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and the European Central Bank. When we talk about retail trading however, we usually are referring to forex trading, but there are retail trade Read this Term platform with a global presence. In addition, it became popular by offering cryptocurrency services. The number of active customers on the platform doubled in 2021 to 2.4 million.

The broker is now strengthening its offerings with the addition of regulatory licenses and acquisitions. It recently launched options trading services in the United States, only months after the $50 million acquisition of Gatsby, a commission-free options and stocks trading firm.

"We wish Betsy Cohen and her team all the best with their future endeavours," an eToro spokesperson told Finance Magnates.

SPAC did not clarify if it sought deals with other companies looking to go public after the collapse of the eToro deal.