EToro to Abandon Deal to Go Public via SPAC Merger

Online brokerage EToro and the special purpose acquisition company that agreed to take it public are planning to let the deadline for their merger pass without closing the deal, according to a person familiar with the matter. EToro is joining other tech and media companies that have backed off SPAC deals that would take them public amid a tech stock sell-off.

The Tel Aviv–based eToro in December set the deal’s termination date for Thursday through a merger with FinTech Acquisition Corp. V,  a SPAC backed by banking entrepreneur Betsy Cohen. But the deal isn’t moving forward, the person said, meaning the SPAC merger will end automatically.