eToro annuls a public offering on the Nasdaq listing

eToro has today canceled all plans for a public offering on the Nasdaq stock market. Following on from earlier hints at intentions to go public before the end of this year.

The news comes as a surprise, given that eToro had already filed its Form S-1 registration statement. With the U.S. Securities and Exchange Commission (SEC), and had been widely expected to list on the Nasdaq this month.

In a statement, eToro says that it “has decided to withdraw its application. To list its ordinary shares on the Nasdaq Stock Market.” and that it “does not intend to reapply for listing at this time.”

Nasdaq has already signed a contract with a prominent firm called Fintech Acquisition Corp V. Which specializes in mergers and asset acquisitions, for a public offering on the Nasdaq Stock Market and operational readiness.

However, because of a mutual agreement between eToro and the two firms, eToro will not go public yet.

eToro has not given a reason for the sudden change in heart. But it’s possible that the company decided it wasn’t ready for the public spotlight quite yet. eToro has been growing rapidly in recent years, and it now has more than 13 million registered users.

The company offers a social trading platform that allows users to copy the trades of other investors. And it also has its cryptocurrency exchange. eToro is headquartered in Israel and also has offices in the United Kingdom, Cyprus, and Australia.

It’s not clear what eToro’s plans are for the future, but going public would have been a big step for the company. For now, eToro remains a private company, and it doesn’t look like that will change anytime soon.

eToro says that there would be no need to pay any fees after canceling the agreement. Because it was mutually agreed upon by both companies. eToro also said that it will continue to focus on its mission. To “open up the global markets for everyone to trade and invest simply and transparently.”

eToro is doing well financially

Despite rumors that eToro is in financial trouble. CEO Yoni Assia releases a statement saying that the company remains committed to providing its core services.

He also states that eToro is still in a good financial position. eToro is a privately-held company with over 11 million registered users in 140 countries.

eToro has been doing well financially and it doesn’t look like that will change anytime soon. The company is profitable and has a strong user base. eToro may have pulled out of the Nasdaq listing, but that doesn’t mean it’s in any trouble.

Quite the contrary, eToro looks to be in a good position to continue growing and expanding its business.

Surprisingly, the CEO adds that eToro had experienced a dramatic revenue increase in the second quarter of this year. Compared to the end of last year even as the crypto market continues to suffer.

In the meantime, eToro has been doing everything in its power to combat the ill effects of the crypto market’s fall. Announcing last week that it would reduce about 100 workers. The company is also said to have considered other options such as an ICO to raise more funds.

The cancellation of the accord to have eToro go public is both a blow to eToro and Fintech Acquisition Corp V. eToro was going to use the cash infusion from the public listing to fuel its expansion. However, eToro is still in a good position to grow and expand its business.

This is certainly an interesting turn of events, and it will be interesting to see what eToro does next. Stay tuned! What do you think about eToro annulling its Nasdaq listing? Let us know your thoughts in the comments below!