FinTech Acquisition Corp. V (NASDAQ:FTCV) and FinTech Acquisition Corp. VI (NASDAQ:FTVI) both announced this afternoon that they will be liquidating their trusts due to the inability to complete a business combination.
FTCV expects to dissolve and liquidate its trust effective as of the close of business on December 9, and will redeem all of the outstanding shares at a per-share redemption price of approximately $10.08. FTVI intends to liquidate effective December 28, and will redeem all of the outstanding shares at a higher per-share redemption price of approximately $10.10.
Management did not provide commentary as to why both SPACs are liquidating, but FTCV and FTVI mark the third and fourth liquidations of the day thus far following Population Health (NASDAQ:PHIC) and Jiya Acquisition Corp. (NASDAQ:JYAC).
FTCV announced the pricing of its $218 million IPO on December 3, 2020 and planned to combine with eToro, but the transaction was terminated after it could not get the SEC to approve their registration in the time frame allowed. FTVI announced its $220M IPO on June 23, 2021 and intended to combine with a financial technology target.