Big Law
Acorns and Pioneer Merger Corp. Call Off Plans to Go Public Through SPAC Merger
Financial-technology company Acorns Grow Inc. no longer intends to go public through a merger with a special-purpose acquisition company and will pay its one-time merger partner a termination fee.
Pioneer Merger Corp. PACXU, -0.40% disclosed in a Tuesday filing that it and Acorns mutually agreed to terminate their plans to combine. Pioneer will now look for another merger partner.
“Given market conditions, we will be pivoting to a private capital raise at a higher pre-money valuation as we continue on our path to 10 million paid subscribers saving and investing for a better future,” Acorns Chief Executive Noah Kerner said in a statement.
