FinTech V (FTCV) Terminates eToro Deal
by Marlena Haddad on 2022-07-05 at 9:00am

FinTech V (NASDAQ:FTCV) announced this morning that it has mutually terminated its combination agreement with social investing network eToro.

While most SPACs that have recently terminated their deals have pointed towards current market conditions as the main culprit, Fintech V disclosed that it was unable to meet certain closing conditions and specifically, “the Company’s registration statement, within the timeframe outlined by the Merger Agreement and as extended by the Merger Agreement Amendment”.

This transaction was originally announced back in March of 2021, nearly 16 months ago, but had still not been able to get its proxy approved by the SEC so it could set a shareholder vote date. As a result, it missed its original Outside Date, which was then extended to June 30, 2022.  Betsy Cohen, Chairman of FinTech V, noted that the transaction was impracticable “due to circumstances outside of either party’s control.”

Fortunately, neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Merger Agreement.

FinTech V originally was planning to finance the deal with the $250 million in its current trust along with a $650 million PIPE at $10 per share. The PIPE drew investment from ION Investment Group, Softbank Vision Fund 2, Third Point LLC, Fidelity Management & Research Company LLC, and Wellington Management.  eToro had planned to add $525 million of the proceeds to its balance sheet while passing a $300 million cash consideration to its shareholders.

Going forward, Fintech V has a completion deadline of December 8, 2022, or roughly five months to find a new target.

The SPAC initially announced its $9.6 billion combination with eToro on March 16, 2021. eToro is an online multi-asset investment platform with features like social investing and proprietary “smart portfolios.”

 

Recent Posts
by Kristi Marvin on 2024-05-18 at 11:45am

Terms Tracker for the Week Ending May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...

by Nicholas Alan Clayton on 2024-05-17 at 8:08am

At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...

by Kristi Marvin on 2024-05-17 at 6:30am

RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...

by Nicholas Alan Clayton on 2024-05-16 at 4:05pm

AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...

by Nicholas Alan Clayton on 2024-05-16 at 8:24am

At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved