Pioneer Merger today in an 8-K filing said it and Acorns Grow mutually terminted their merger agreement. Acorns, an investing app, is on the hook for $17.5 million in termination fees to the SPAC and another $15 million if Pioneer does not close another deal by Dec. 15 and decides to liquidate, according to the filing.
No reason was given in the filing for calling off the deal, although some news outlets reported unfavorable market conditions as the main factor.
The merged company was expected to have a pro forma fully-diluted equity value of approximately $2.2 billion. Acorns would have received up to $450 million at closing. Read more.
