Investment network eToro Group said a confidential F-4 draft registration was filed with the SEC relating to its business combination with FinTech Acquisition V.
Pending SEC review of the filing and shareholder approval, the business combination is expected to close in the third quarter with eToro listing on the Nasdaq.
Announced in March, the transaction includes $250 million in gross proceeds from FinTech V’s cash in trust and $650 million in gross proceeds from a fully committed PIPE at $10 per share from strategic and institutional investors, including ION Investment Group, Softbank Vision Fund 2, Third Point, Fidelity Management & Research Company, and Wellington Management, that will close concurrently with the business combination when the new company is expected to have approximately $800 million net cash on its balance sheet
