Investing App Acorns and Pioneer Cancel $2.2 Billion SPAC Deal
- Acorns plans to pursue traditional initial public offering
- App lets users invest spare change, offers checking accounts
Photographer: Tiffany Hagler-Geard/Bloomberg
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Acorns Grow Inc., the popular spare-change investing and checking account app, and Pioneer Merger Corp. are canceling their $2.2 billion blank-check deal for the app to go public.
The deal was canceled due to market conditions, and the startup now plans to raise funding and pursue a traditional initial public offering, according to Acorns Chief Executive Officer Noah Kerner.