Pioneer Merger Corp. (NASDAQ:PACX) continues to trade higher in pre-market trading on Thursday .
Acorns agrees to SPAC deal with Pioneer Merger Corp. at $2.2B valuation
Acorns Grow Inc. announced plans Thursday to go public via a SPAC merger with Pioneer Merger Corp. (NASDAQ:PACX) that values the popular savings-and-investing app at a roughly $2.2B valuation.
The merger includes a private investment in public equity (or “PIPE”) from PayPal, TPG, Wellington Management, funds managed by BlackRock (NYSE:BLK) and other institutional sources. C
- NBC parent NBCUniversal and its sister company Comcast Ventures are also participating, as Acorns currently operates a joint venture with CNBC to provide consumers with personal-finance content. NBCUni and Comcast Ventures are both owned by Comcast (NASDAQ:CMCSA).
- Acorns’ app offers consumers bank accounts, retirement plans, educational material and monthly automatic-investing set-ups that buy small amounts of shares in baskets of stocks and bonds. The company charges its more than 4M customers small subscription fees for the service, ranging from $1 to $5 a month.
Market Action
As of 8:52, PACX is trading at $10.03 up by 34 cents or 3.48%. So far more than 2.17 million shares have exchanged hands.
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