Acorns Set to Go Public via SPAC Deal with Pioneer Merger Corp
2 hours ago by Benjamin Godfrey · 3 min read
Photo: Acorns
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Beyond its SPAC merger, Acorns will have to navigate the terrain to gain a good market stance amidst stifling competition.
Fintech startup Acorns Grow Inc is planning to make its public debut through a merger deal with a publicly-traded Special Purpose Acquisition Company (SPAC), Pioneer Merger Corp (NASDAQ: PACX). According to a report by CNBC, the deal values Acorns which runs a savings and investment product at $2.2 billion, with the deal expected to close sometime later in the second half of the year.
The fintech start-up Acorns will go public by merging with with a SPAC.
The deal values Acorns at $2.2 billion and is expected to be completed towards the end of the year.
The company has raised capital from PayPal Ventures, BlackRock and Comcast Ventures in the past.
The fintech start-up Acorns will go public by merging with Pioneer Merger Corp. (NASDAQ: PACX), a special purpose acquisition vehicle (SPAC), according to CNBC.
The deal values Acorns at $2.2 billion and is expected to be completed towards the end of the year. After the completion of the deal, Acorns will trade on the Nasdaq under the symbol OAKS.
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.
socaltech.com
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.
Acorns to go public via $2 billion SPAC deal
Acorns is the latest wealthtech company to go public via blank-check merger, following competitors like SoFi. Launched at the end of 2014, the fintech is a subscription-based automated investing and banking app.
May 27, 2021 2 MINS
Acorns Grow Inc., a robo-adviser backed by celebrities like Jennifer Lopez and asset management giant BlackRock, announced plans Thursday to go public via a merger with a blank-check firm set to value the combined company at $2.2 billion.
Acorns is slated to merge with publicly traded special purpose acquisition company Pioneer Merger Corp. The startup will trade on the Nasdaq under the symbol “OAKS” after the deal closes, which is expected to happen in the second half of 2021.