The deal was amicably terminated by both parties.
In March 2021, the planned merger was originally revealed.
On Tuesday, FinTech Acquisition Corp. V and eToro stated that they have mutually decided to cancel their previously announced agreement and merger plan, effective immediately.
According to the news release, the proposed merger might complete in March 2021 provided certain requirements, including those about the company's registration statement, were satisfied within the timeframes stated in the Merger Agreement and as extended in the Merger Agreement Amendment.
However, the parties were unable to achieve such criteria in such a short period, and the deal did not close on June 30, 2022. As a consequence of the Merger Agreement's mutual termination, neither party will be required to pay the other a termination fee.
Yoni Assia's comments
“In the present market situation, we think it is in eToro's best interests to dissolve the merger deal and continue to operate as a private firm for the time being.” “I'd like to thank Betsy Cohen and the whole FinTech V team for their dedication, thoroughness, and assistance during this process,” said Yoni Assia, Co-Founder, and CEO of eToro.
“eToro continues to be the premier worldwide social investing platform, with a proven track record of development and tremendous momentum,” said Betsy Cohen, Chairman of FinTech V. Although we are sad that the deal has been unfeasible owing to factors beyond either party's control, we wish Yoni and his outstanding team great success.
Furthermore, Assia said that the current bear market allows the organization to increase its efforts in teaching its consumers about risk management during these difficult times. “This isn't our first bear market or crypto winter.” We have survived multiple market cycles over the last 15 years, emerging stronger as a result. “We are well-positioned for future development due to our worldwide presence, broad product offering, and social skills,” he said.
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