MERGER IS GETTING DELAYED TO 2022 BETWEEN ETORO AND SPAC

Social investment platform, eToro expects its Wall Street debut to be delayed until 2022 because of regulatory hurdles for special purpose acquisition companies, Israeli news outlet Calcalist cited anonymous sources.

Per a recent report, eToro will not complete its SPAC merger with US SPAC Fintech Acquisition Corp by the end of 2021.

Going public through a blank-cheque company was originally scheduled for a Q3 closing at a massive $10.4 billion valuation. However, meeting investors to pitch a direct listing has hit a bump and the deadline was pushed back to the fourth quarter as the SPAC boom was already fading away.

“The company is in a process of transition into a public company by merging with the SPAC FinTech V and we are working with all the relevant bodies in order to complete the process as soon as possible,” the report reads.

The recent adjournment, however, could lead to the cancellation of the proposed merger with the prolific investor Betsy Cohens firm. More specifically, the private investment public equity (PIPE) investors are now entitled to cancel their participation in the deal, or demand a change in the pricing.