:Online brokerage eToro and Betsy Cohen-backed blank-check firm FinTech Acquisition Corp V are planning to let the deadline for their merger pass without closing the deal, The Information reported, citing a person familiar with the matter. They had amended their merger agreement in late December to extend the deal deadline to June end and lower the Israel-based online stock brokerage's valuation to $8.8 billion from $10.4 billion.
After taking Wall Street by storm in 2021, deals involving blank-check companies have seen a decline in interest this year due to rising regulatory scrutiny, a selloff in tech stocks and the poor share performance of companies that took the alternate route to go public. In a bid to curb special-purpose acquisition companies from issuing overly optimistic earnings projections, the U.S. securities regulator has also unveiled a draft rule that would require them to disclose more details about their listings.
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