eToro Group Ltd. has announced filing a draft registration statement with the US Securities and Exchange Commission for its merger with blank check company FinTech Acquisition Corp. V.
The official announcement stated:
The business combination is expected, subject to customary closing conditions, including the approval of FTV’s stockholders and the listing of eToro’s securities on The Nasdaq Capital Market, to close after the SEC completes its review process of this confidential submission and any subsequent public filing and declares such public filing to be effective, which is targeted to be during the third quarter of 2021.
The two companies submitted a draft registration statement on Form F-4 to the SEC, which is technically not an IPO prospectus.
After many publications in the media about the Israeli trading company’s intentions to go public, in March, eToro confirmed its plans to merge with blank check company FinTech Acquisition Corp. V and become listed on NASDAQ.
According to the announcement, the estimated implied equity value of the merger is $10.4 billion at closing, putting the implied enterprise value for eToro at $9.6 billion.
The merger deal is expected to close by the third quarter of 2021.
There is much anticipation of the IPO prospectus of eToro in the retail FX space as it is expected to give insight into the broker’s operations.
