eToro and Fintech Acquisition Corp seek to end the merger deal after being unable to meet certain conditions until June 30th, 2022.
FinTech Acquisition Corp. V and eToro announced that they had agreed to terminate the proposed merger agreement. It was announced in March 2021 that the proposed merger may be canceled if certain conditions are met, including those relating to the company registration statement, within the period specified in the Merger Agreement.
It turned out that the parties were unable to meet the requirements within that time period and the transaction was not completed until June 30, 2022. As a result of the termination of the Merger Agreement, neither party was responsible for paying the termination fees.
Yoni Assia, Co-Founder and CEO of eToro said the company believes that ending the merger agreement and continuing to operate as a private company is the best option. He did not forget to thank Betsy Cohen and the entire FinTech V team for their hard work, perseverance and support throughout this process.
Assia highlighted that the current bear market provides an opportunity for companies to focus on educating clients to handle risks in these challenging times. This is not a bear market or the company's first crypto winter. Over the past 15 years, eToro has gone through many market cycles and made it through them.
Betsy Cohen, the Chairman of FinTech V, added, "eToro continues to be the leading global social investment platform, with a proven track record of growth and strong momentum. Although we are disappointed that the transaction has been rendered impracticable due to circumstances outside of either party’s control, we wish Yoni and his talented team continued success."