Acorns Grow Inc said on Thursday it was going public through a merger with blank-check company Pioneer Merger Corp in a deal valuing the savings and investing…
Acorns Grow Inc said on Thursday it was going public through a merger with blank-check company Pioneer Merger Corp in a deal valuing the savings and investing app at about $2.2 billion.
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Irvine-based savings and investing app developer
Acorns said today that it will be going public, via a special purpose acquisition company (SPAC) merger with
Pioneer Merger Corp., which trades on the NASDAQ as PACX. According to Acorns, the transaction is being supported by Wellington Management, Senator, Declaration Partners, Greycroft, The Rise Fund (TPG s global impact investing fund), and funds and accounts managed by BlackRock have participated, giving it an expected $450M cash balance at closing. The transaction will give the company a fully diluted equity value of $2.2 billion. Acorns is led by CEO Noah Kerner. Acorns said that, after the completion of the deal, it will operate as Acorn Holdings, Inc., and will trade under the symbol OAKS on the Nasdaq Capital Market. The deal is expected to close in the second half of 2021.