NEW YORK – (BUSINESS WIRE) – 5. July 2022–
FinTech Acquisition Corp. V (NASDAQ: FTCV) (“FinTech V”), a listed special acquisition company, and eToro Group Ltd (“eToro” or “the Company”), the leading social investment network, announced today that they have mutually agreed to terminate their previously announced agreement and merger plan (the “Merger Agreement”), with immediate effect.
The proposed merger, which was originally announced in March 2021, was conditional on the fulfillment of certain final conditions, including related to the company’s registration declaration, within the time frame outlined by the merger agreement and extended by the merger agreement amendment. Despite the parties’ best efforts, such conditions were not met within this time frame and the parties were unable to complete the transaction by the June 30, 2022 deadline.
Betsy Cohen, Chairman of the Board of FinTech V commented: «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 become impractical due to circumstances beyond the control of both parties, we wish Yoni and his talented team continued success. “
Yoni Assia, co-founder and CEO of eToro commented: “We would like to thank Betsy and the entire FinTech V team for their hard work, diligence and support through this process. While this may not be the result we hoped for when we started this process, eToro’s underlying business remains healthy, our balance is strong and will continue to balance future growth with profitability.We ended the second quarter of 2022 with approximately 2.7 million funded accounts, an increase of over 12% compared to the end of 2021, which demonstrates continued customer acquisition and storage rates that have improved We are still confident in our long-term growth strategy and are excited about the future of eToro. “
Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Merger Agreement.
Further information on the termination of the merger agreement will be provided in a current Form 8-K report to be submitted by FinTech V to the US Securities and Exchange Commission and available at www.sec.gov.
About eToro
eToro is a social investment network that enables people to grow their knowledge and wealth as part of a global community of successful investors. eToro was founded in 2007 with the vision of opening up global markets so that everyone can trade and invest in a simple and transparent way. Today, eToro is a global community of more than 27 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been most successful. Due to the simplicity of the platform, users can easily buy, hold and sell assets, monitor their portfolio in real time and trade whenever they want. https://www.etoro.com/
About FinTech Acquisition Corp. V
FinTech Acquisition Corp. V is a special acquisition company headed by Betsy Z. Cohen as chairman, Daniel G. Cohen as CEO and James J. McEntee, III as president formed for the purpose of entering into a merger, stock exchange, asset purchase, share purchase, reorganization or similar business combination with one or more companies, with a focus on the financial technology industry. The company raised $ 250,000,000 in its listed offering in December 2020 and is listed on NASDAQ under the symbol “FTCV”.
Warning regarding forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Federal Securities Act, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. Future-oriented statements can be identified using words such as “estimate”, “plan”, “project”, “forecast”, “expect”, “expect”, “predict”, “believe”, “seek”, “strategy”, ” future »,« opportunity »,« can »,« goal »,« should »,« will »,« would »,« will be »,« will continue »,« will probably result »or similar expressions that predict or indicate future events or trends or which are not statements about historical conditions that are based on current expectations and assumptions and as a result are subject to risk and uncertainty. These forward-looking statements are based on various assumptions, whether identified in this communication or not, and on the current expectations of eToros and FinTech Vs management; are not predictions of actual performance; and is subject to risk and uncertainty. Many factors can cause actual future events to deviate significantly from the forward-looking statements in this communication. There may be additional risks that neither eToro nor FinTech V are currently aware of, or that eToro and FinTech V currently believe are insignificant that could also cause actual events and results to differ. In addition, forward-looking statements reflect eToros and FinTech V’s expectations, plans or forecasts for future events and views on the date of this communication. eToro and FinTech V expect that subsequent events and developments will lead to changes in eToro and FinTech V’s assessments. While eToro and FinTech V may choose to update these forward-looking statements at some point in the future, eToro and FinTech V specifically disclaim any obligation to do so, unless required by applicable law. For any forward-looking statements in this press release, eToro and FinTech V require the protection of the safe harbor for forward-looking statements in the Private Securities Litigation Reform Act of 1995.
See the source version at businesswire.com: https://www.businesswire.com/news/home/20220705005213/en/
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KEYWORDS: NEW YORK USA NORTH AMERICA
INDUSTRY KEYWORDS: FINANCE SOCIAL RESPONSIBLE INVESTMENT OF CRYPT CURRENCY BANKING PROFESSIONAL SERVICES
SOURCE: eToro Group Ltd
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PUB: 07/05/2022 08:00 / DISC: 07/05/2022 08:02
