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Acorns Grow Incorporated hosted a virtual analyst day on September 15, 2021, outlining its business strategies, market opportunities, and financial outlook. CEO Noah Kerner reported a 79% revenue growth and a 34% expansion in ARPU year-over-year, aiming for 10 million subscribers by 2025 from the current 4.3 million. Acorns also revealed its plans for a public listing on Nasdaq via a merger with Pioneer Merger Corp (PACX), enhancing its growth and accessibility.
Acorns Grow Incorporated has appointed Rich Sullivan as its new Chief Financial Officer (CFO) as it prepares for an expected public listing. Sullivan, previously with Twitter, brings over two decades of finance experience. Acorns, which has facilitated over $9.6 billion in investments and serves more than 4 million subscribers, aims to continue its growth trajectory with Sullivan’s leadership. Former CFO Jasmine Lee will shift focus to her role as Chief Operating Officer, overseeing day-to-day operations and company strategy.
Acorns Grow Incorporated will merge with Pioneer Merger Corp. (PACX) in a business combination that values the new entity at approximately $2.2 billion. The merger, expected to conclude in the second half of 2021, will position Acorns as a publicly listed company under the ticker symbol OAKS. Institutional investors, including BlackRock and PayPal, have shown strong support, contributing to a PIPE raised at $10.00 per share. A notable feature of the merger is a share rewards program, allowing loyal customers to participate as owners in Acorns.
Pioneer Merger Corp. successfully closed its initial public offering, raising $402.5 million by offering 40,250,000 units at $10.00 each. This includes an additional purchase of 5,250,000 units by the underwriter. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, allowing purchase of shares at $11.50 each. The units trade under symbol PACXU, with shares and warrants expected to list as PACX and PACXW respectively. The company's strong leadership team aims to create long-term value across technology and consumer sectors.
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