Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Fintech -- Ignore unavailable to you. Want to Upgrade?

To: Sun Tzu who wrote (217)	7/1/2022 7:06:52 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 245

I would be hesitant to invest in any fintech IPOs thus year. Stripe would be the one possible exception, depending on the valuation. I would be more inclined to put money into PayPal or Block (formerly Square). eToro abandons SPAC deal: The Information by Anushree Dave The Block June 30, 2022 Quick Take eToro, an online brokerage offering crypto trading, has halted plans for a SPAC merger, according to sources who spoke to The Information. The company said it would be “sharing an update in the coming days.” eToro, an Israel-based online brokerage offering cryptocurrency and stock trading, is not moving forward with its plans for a SPAC merger, according to sources who spoke to The Information. The deal was set to take place on Thursday, merging with a SPAC called FinTech Acquisition Corp. V, backed by banking entrepreneur Betsy Cohen. A spokesperson for the firm told The Information that it would be "sharing an update in the coming days." The eToro deal was originally struck in March 2021 to merge at a valuation of $10.4 billion. In December, the plan was delayed to June 2022 after failing to get SEC approval. The valuation was dropped to $8.8 billion, based on SEC filings. As part of the FinTech Acquisition Corp. V deal, the combined company was expected to get over $400 million in private investment in public equity funding, according to the SEC. The merger was going to inject $250 million into eToro from the SPAC, and another $650 million from PIPE funding. This news follows a broader trend of other tech companies abandoning plans for a SPAC merger due to stock market instability. Media company Forbes canceled plans in early June, and SeatGeek, a ticketing app did the same in May. theblock.co