Pioneer Merger filed an S-4 registration statement and preliminary proxy on its proposed merger with saving and investing app Acorns Grow. The combined company would have an expected pro forma fully-diluted equity value of approximately $2.2 billion, assuming no redemptions.
The S-4 outlines terms of the deal, however, a meeting date for the shareholder vote has not been set.
Institutional investors including Wellington Management, TPG and funds and accounts managed by BlackRock have committed to an oversubscribed, upsized PIPE; the combined company is expected to have a cash balance of over $450 million at closing.
If approved, upon completion the company will operate as Acorns Holdings and is expected to trade under OAKS on the Nasdaq. Read more.
