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    eToro files IPO prospectus, expects Q3 closing of SPAC deal

    Abstract:Retail FX broker eToro and special purpose acquisition company (SPAC) FinTech Acquisition Corp V have announced the confidential submission of a Registration Statement, related to the proposed business combination between the two.

      Retail FX broker eToro and special purpose acquisition company (SPAC) FinTech Acquisition Corp V have announced the confidential submission of a Registration Statement, related to the proposed business combination between the two.

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      The filing, again done with the U.S. Securities and Exchange Commission (SEC) as a confidential submission, is technically not an IPO prospectus but rather a draft registration statement on Form F-4, used for M&A deals involving publicly traded entities. However it will contain much of the same detailed information an IPO prospectus would have. Many in the Retail FX space have been waiting to see more specifics on eToro‘s business – exact revenue and profitability levels, client assets, trading volumes, how many of the company’s claimed 20 million “registered users” are actually revenue-generating clients… – but they will have to wait a little longer, until the company clears comments on the filing with the SEC.

      The parties said that the business combination and thus eToro‘s actual listing for trading on Nasdaq is now expected to close at some point in Q3. eToro’s combination with the SPAC is still subject to the approval of Fintech Acquisition‘s stockholders, and the listing of eToro’s securities on Nasdaq.

      FinTech Acquisition Corp V is a SPAC led by Betsy Z. Cohen as Chairman of the Board, Daniel G. Cohen, as Chief Executive Officer and James J. McEntee, III as President. The company raised $250 million in its initial public offering in December 2020 and is listed on the Nasdaq under the symbol FTCV.

      - END -

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