Savings and investing app Acorns plans to go public by merging with a blank-check company.
The fintech start-up announced a deal Thursday to combine with Pioneer Merger Corp., a publicly traded special purpose acquisition company, or SPAC. The merger values Acorns at roughly $2.2 billion and is expected to close in the back half of this year.
When it is finalized, Acorns will trade on the Nasdaq under the symbols OAKS — a nod to the company’s motto and analogy of growing acorns into “mighty oaks.”