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FinTech Acquisition Corp. V (NASDAQ: FTCV) will dissolve and liquidate due to not completing a business combination by December 9, 2022. The company will redeem its Class A common stock at approximately $10.08 per share. Following liquidation, Public Shares will be regarded as canceled, entitling holders only to the redemption amount. The trust account will be liquidated, and proceeds will be distributed excluding $100,000 for dissolution expenses. Sponsors have waived redemption rights for Class B shares, and warrants will expire worthless. Nasdaq plans to delist the securities shortly after.
FinTech Acquisition Corp. V (NASDAQ: FTCV) and eToro Group Ltd announced the termination of their merger agreement due to unmet closing conditions. Originally proposed in March 2021, the merger could not be completed by the June 30, 2022 deadline. Despite this setback, eToro maintains a strong business position, ending Q2 2022 with approximately 2.7 million funded accounts, a 12% increase compared to the previous year. Both parties will not incur termination fees.
eToro Group Ltd reported robust financial results for Q4 2021, with total commissions reaching
eToro Group Ltd reported third quarter 2021 results, showing total commissions of $222 million, a 66% increase year-over-year. Net trading income reached $176 million, up 56%, with strong engagement from retail investors. The user base grew by 1.6 million to 24.8 million total registered users, and there were 2.14 million funded accounts, up 152%. Despite these gains, the company incurred a net loss of $98 million due to stock-based compensation and transaction costs related to its merger with FTCV. AUA increased to $10.6 billion.
eToro Group Ltd reported strong second quarter 2021 results with total commissions of $362 million, a 125% increase year-over-year. The platform added 2.6 million new registered users, marking a 121% rise from Q2 2020. Net trading income reached $291 million, up 136%, while assets under administration stood at $9.4 billion. Despite a negative net income of $89 million due to stock-based compensation and transaction costs related to the FTCV merger, eToro remains focused on growth with a 158% year-over-year increase in funded accounts.
eToro Group Ltd. and FinTech Acquisition Corp. V have announced a definitive business combination agreement, aiming for a public listing on NASDAQ. The transaction implies an equity value of approximately $10.4 billion for eToro. In 2020, eToro added over 5 million registered users and generated $605 million in gross revenues, reflecting a 147% year-over-year growth. The business combination will include a $650 million private placement from notable investors. eToro is positioned to benefit from the rise in digital wealth platforms and mainstream crypto adoption.
