Special purpose acquisition company FinTech Acquisition Corp. V, that had agreed to merge with retail broker eToro, will dissolve and liquidate, as it failed to fulfill any merger deals for taking companies public.
The blank-check company will return the $250 million it collected from investors and close of business on 9 December 2022. Its public listed shares will be deemed cancelled and will represent only the right to receive the redemption amount.
The official press release stated:
The Company’s sponsors have agreed to waive their redemption rights with respect to their outstanding shares of Class B common stock issued prior to the Company’s initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
