Fintech Acquisition Corp. V to Dissolve After No Deal Found

Fintech Acquisition Corp. V (NASDAQ:FTCV) says it will dissolve and liquidate following an inability to find a merger or acquisition.

The special purpose acquisition company (SPAC) was created to find a Fintech to take public. At one point, the company had entered into an agreement with eToro, a “social investment network” that offers commission-free fractional equities as well as digital assets worth an implied value of over $10 billion. But this past July, the two parties agreed to end the agreement. Around the same time, it was reported that eTORO was slashing its headcount and looking to raise more money.

The blank check firm will return all funds to investors as its terms included a timeframe to complete a merger or acquisition – something it was unable to complete. The shares will be delisted from the NASDAQ.

Effective as of the close of business on December 9, 2022, the company will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering at a per-share redemption price of approximately $10.08.

The SPAC market has declined dramatically in 2022 due to new rules and additional scrutiny by the Securities and Exchange Commission. This, along with the slumping economy, has pushed many firms to push pause on plans for a public listing.

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