FinTech Acquisition Corp. V and eToro announced on Tuesday that both parties mutually agreed to terminate their announced agreement and plan of merger effective immediately.
According to the press release, it was announced in March 2021 that the proposed merger could close if certain conditions were met, including those relating to the company’s registration statement, within the timeframes specified in the Merger Agreement and as extended in the Merger Agreement Amendment.
However, the parties were unable to meet such conditions within such a timeframe, and the transaction was not completed by June 30, 2022. As a result of the mutual termination of the Merger Agreement, neither party will be liable to pay the other a termination fee.
Comments from Yoni Assia
“In the current market environment, we believe that it is in the best interests of eToro to terminate the merger agreement and continue, for now, to operate as a private company. I would like to thank Betsy Cohen and the entire FinTech V team for their hard work, diligence and support throughout this process,” Yoni Assia, eToro’s Co-Founder and CEO, commented.
Betsy Cohen, 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.”
Assia also highlighted that the current bear market presents an opportunity for the company to double down its efforts in educating its users to handle risk through these complicated times. “This is not our first bear market or our first crypto winter. Over the past 15 years we have weathered many market cycles, emerging stronger from the experience. Our global footprint, diverse product offering and social capabilities mean that we are well positioned for future growth,” he added.