EToro IPO filing cites Israel-Hamas conflict as potential business risk

Yoni Assia, Co-Founder and CEO of eToro, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2023. In eToro 's IPO filing, ahead of the company's market debut on Wednesday, the stock trading platform spent over 1,500 words spelling out the potential risks of operating in Israel, home to corporate headquarters. While the current military conflict between Israel and Hamas hasn't "materially impacted" business, "the continuation of the war and any escalation or expansion of the war could have a negative impact on both global and regional conditions and may adversely affect our business, financial condition, and results of operations," eToro wrote in a section of the filing titled "Risks related to our operations in Israel." The company, which lets users trade stocks, commodities and cryptocurrencies, was founded in 2007 by brothers Yoni and Ronen Assia and David Ring, and is based in Bnei Brak, near Tel Aviv. In its prospectus, eToro referenced ... Read full article.