Retail FX and CFDs broker eToro has issued a regulatory filing with US regulators, stating that recently, the U.S. Securities and Exchange Commission (SEC) published proposed rules for enhanced disclosures for special purpose acquisition companies (SPACs) and published updated accounting requirements related to crypto companies.

eToro said that it has been studying these updated policies and the required adjustments. This has caused a delay in the distribution of its Q1-2022 earnings. The company provided a letter to its shareholders on the matter, asking for “patience and understanding – and we highly appreciate it.”

Regarding its plans to go public with the SPAC Fintech Acquisition Corp V (NASDAQ:FTCV), eToro said that the extended timeframe for completing the SPAC merger is June 30, and it will update shareholders as soon as it has additional information to share. eToro declined to comment on reports that its plans to go public via the SPAC route were in trouble, or were being renegotiated.

We had reported yesterday that eToro was apparently looking at alternative transactions to the proposed SPAC deal, following a decline in online trading broker valuations over the past several months, plus problems in the SPAC market overall. eToro first announced its plans to go public by merging with Fintech Acquisition Corp V more than a year ago.