eToro’s U.S. debut has been postponed due to difficulties encountered in its merger with Fintech Acquisition Corp. The social broker’s exit to Wall Street is expected in the last quarter of this year.
The $10.4 billion deal between eToro and the SPAC was scheduled to close in Q3 2021. This has been hampered by regulators who have delayed approval of listings through SPAC. Deals of this type, according to representatives of the brokerage, have been postponed recently due to delays by the Securities and Exchange Commission.
In April of this year, the SEC introduced new requirements for companies that are about to go public via SPAC. The introduction of the updates is related to increasing the transparency of companies’ financial statements. Broker eToro was included in the list of organizations that resubmitted financial reports.