FNG Exclusive… FNG has learned that Retail FX and CFDs broker eToro has made regulatory filings in the US indicating that its expected going-public event via a merger with special purpose acquisition company (SPAC) Fintech Acquisition Corp V will close later than expected. eToro announced its “IPO” plan to merge with the SPAC back in March, and had initially stated a targeted closing of its “IPO” during Q3. However its latest filings with the US SEC indicate an expected Q4 closing, with Q3 ending next week.

Fintech Acquisition Corp V shares (NASDAQ:FTCVU) have drifted downward since the eToro deal was announced. Trading above $17 soon after the deal was initially unveiled, they have traded down to $11, indicating reduced investor enthusiasm about the deal, and a lower ultimate valuing of the company. The merger still needs to be approved by Fintech Acquisition’s shareholders. No date has yet been set for such a vote.

Fintech Acquisition Corp V share price YTD. Source: CNBC.

The planned deal, which would include an additional $650 million of outside PIPE investment, would value eToro at about $10 billion, if completed.

eToro didn’t give a reason for the postponement, but it seems as though the varied regulatory approvals required (eToro is licensed in multiple jurisdictions around the world) are taking more time to receive than what was expected.

eToro reported Revenues of $559.5 million for the first six months of 2021, and a net loss of $83.8 million.