SPAC FTCV - DA with EToro

Ticker: FTCV
Description of why you are requesting DD:
Wanted to bring some eyes into this SPAC merger of FTCV with EToro.
Etoro is being marketed as a social investing app. There are similarities to Webull.

I was browsing some spac trackers and noticed this ticker with DA being filed. I am going to see thru the SEC filings on any extraordinary information.

Options wise, there is some great OI as of Sunday night.

Might be smoke but just wanted to get other eyes into this.

Applicable links to news articles or Reddit analysis:
https://www.etoro.com/en-us/

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Im still going thru the documents to understand the float/information but there is too many information to go thru for FTCV and EToro SEC filings. But during my breaks Im going thru each pdf as much as possible.

Alright something I noticed on their recent Filings show that they are moving EToro to a valuation of $8.8bln from 9.71bln. In addition, they are also providing warrants to redemeeded at 17.50 per share on a 1:1 basis ‘over specific period of time’ which bullish as hell. The specific period of time could be warrant dates or a set pre-determined date which I have no visibility to.

Note the statement below:

As of today, the OI for FTCV has been stable with 15 strike holding relatively strong for Feb 18th. Looking at the other monthly closings its not as bullish like Feb 18th.

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Adding some quick notes here.

Gamma Squeeze?
Put//Call ratio is decent on about every major expiry, most notably for 02/18. @Castle what’s the merger timeline? Seems like people were expecting Q4 2021.

Mimir notes a float of 25M. The February call OI totals to 25,692 across all strikes.

25,692 x 100 / 25M = 10% of the float. Not particularly great for now, and we need to confirm redemptions when they occur.

Also needs more ITM OI

Fundamentals?

Some Reddit DDs:

https://www.reddit.com/r/SPACs/comments/qzrzop/ftcv_etoro_the_robinhood_of_europe_trades_at_a/

eToro sounds like an interesting target as it is a trading/investing platform. When comparing with competitors eToro looks like it could be undervalued, but as a de-SPAC in an anti-SPAC market I am not sure that the market will agree…

Looks like they’ve been demonstrating decent growth in their Q3 ER too: DocSend

Thanks Kevin,

In regards to your question:
What’s the merger timeline? Seems like people were expecting Q4 2021.

Correct, They were indeed expecting a Q4 deadline but they decided to do a vote extension for Spac Merger to 2q 2022.

They did a 4/5th DA which means they are really close. What I don’t understand is the shares redemption/shares calculation as its all over the place which could be why they haven’t agreed to a final DA. It looks like they are trying to value the shares at 25$ per post spac…

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$25/share seems crazy for an absolute garbage app. I’ve never found the UI to be aesthetically pleasing or easy to use. Even after the recent “update,” it seems like an app that was made a decade ago. I need to look for some figures, but I feel like sentiment/membership is on the decline, since they placed several crypto assists on PCO, one of which being TRX, which was a major draw to eToro in the first place, as it was one of the first crypto brokerages to offer it.