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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.

Read the source article at MarketWatch

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