eToro, an Israel-based online brokerage offering cryptocurrency and stock trading, is not moving forward with its plans for a SPAC merger, according to sources who spoke toThe deal was set to take place on Thursday, merging with a SPAC called FinTech Acquisition Corp. V, backed by banking entrepreneur Betsy Cohen.
A spokesperson for the firm told The Information that it would be"sharing an update in the coming days." The eToro deal was originally struck in March 2021 to merge at a valuation of $10.4 billion. In December, the plan was delayed to June 2022 after failing to get SEC approval. The valuation was dropped to $8.8 billion, based on SEC filings.
As part of the FinTech Acquisition Corp. V deal, the combined company was expected to get over $400 million in private investment in public equity funding,
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