HOOD - Time running out for eToro to complete SPAC merger - Calcalist

More trouble seems to be brewing for eToro, which announced a SPAC merger with Fintech Acquisition Corp. V (NASDAQ:FTCV) back in March. The digital broker already postponed the deal's completion date from the third quarter to Q4, but that now looks like it is out of reach, according to the Calcalist. Not only is the $250M from SPAC funds under threat, the $650M from PIPE investors is also in jeopardy. There is only a few more weeks until the end of the quarter, and without a shareholders meeting, the transaction won't be completed in 2021. Following the expiration of the deadline, PIPE investors - like the SoftBank Vision Fund 2, Fidelity Management and Daniel Loeb's Third Point - can redeem their investment without a penalty. eToro might convince investors to renew their agreements into next year (or another quarter), but it would likely have to do so after cutting its

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Time running out for eToro to complete SPAC merger - Calcalist