Consumer finance startup Acorns to go public in over $2 bln SPAC deal
27 May 2021
Adds investors, share price, other details from statement
May 27 (Reuters) - Acorns Grow Inc said on Thursday it was going public through a merger with blank-check company Pioneer Merger Corp PACX.O in a deal valuing the savings and investing app at about $2.2 billion.
The merged entity will receive cash proceeds of over $450 million from the deal, which includes a private placement at $10 per share from investors such as Declaration Partners, Greycroft, TPG and BlackRock Inc BLK.N.
Launched in late 2014, Acorns helps users invest in stocks and bonds and operates on a subscription-based model. It has four million subscribers in the United States.