EToro has confirmed its public listing through a merger with SPAC. The cost of the merged company will be $ 10.4 billion.
eToro has confirmed its merger with SPAC FinTech Acquisition Corp V, which will allow the marketplace to debut on the Nasdaq.
The confirmation from the trading company came after media reports of its plans to go public a few months ago.
The combined companies will operate underthe name eToro Group Ltd, and the estimated cost will be about $ 10.4 billion. The official announcement specifies that $ 650 million will be raised through a private placement in public capital, and another $ 250 million - through funds from FinTech V. Private investors, including ION Investment, Softbank and Fidelity, will receive $ 10 share capital for share.
EToro's existing investors will own 91 percent of the combined company formed by the SPAC merger.
Companies for the acquisition of shares in a specialassignments (SPACs) have been gaining popularity in recent years as operating firms seek an easier route to the stock exchange instead of the traditional initial public offering (IPO) process.
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