Commission-free stock broker eToro said its Wall Street debut will be delayed because of regulatory hurdles for SPACs, Financial News reports from London.
The investment network now expects to go public in the fourth quarter through a merger with investor Betsy Cohen’s Fintech Acquisition V.
The firms said in March that they had expected to close the deal in the third quarter, valuing eToro at $10.4 billion.
A spokesperson for eToro blamed regulators’ backlog in approving SPAC listings for the delay, having already publicly filed its F-4 form and entered “the final stages of comments” on its application. Read more.