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eToro to terminate $10B SPAC merger in mutual agreement with acquisition firm

Published 07/05/2022, 02:00 PM
Updated 07/05/2022, 03:40 PM
eToro to terminate $10B SPAC merger in mutual agreement with acquisition firm

On Tuesday, special purpose acquisition company (SPAC) FinTech Acquisition Corp. V announced that it terminated its purposed takeover of Israeli cryptocurrency exchange eToro via a bilateral agreement. In explaining the decision, Fintech V chairman of FinTech V Betsy Cohen said:

Last year, eToro and Fintech V announced the SPAC takeover valuing the former at $10 billion. However, it appears that eToro has run into difficulties, possibly due to the ongoing cryptocurrency bear market, and is in need of a capital infusion to enhance its operations. eToro is reportedly considering a private funding round of $800 million to $1 billion, valuing the firm at $5 billion.

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