PACX - Acorns reportedly agrees to SPAC deal with Pioneer Merger Corp. at $2.2B valuation

Popular investing platform Acorns Grow Inc. could reportedly announce plans as early as Thursday to go public via a SPAC merger with Pioneer Merger Corp. (PACX) at a roughly $2.2B valuation.PACX stock was up 4.1% shortly before 8 a.m. ET after The Wall Street Journal quoted unnamed sources as saying Acorns will receive more than $450M case from the deal.Sources told the paper that the merger includes a private investment in public equity (or “PIPE”) from funds managed by BlackRock (BLK), Wellington Management and other firms.Acorns offers consumers bank accounts, retirement plans and monthly automatic-investing set-ups that buy small amounts of shares in baskets of stocks and bonds.Such apps have been popular with Millennials and Gen-Zers, while Wall Street has been snapping up the companies that offer them.For example, financier Chamath Palihapitiya’s Social Capital Hedosophia Holdings V (IPOE) is in the process of finalizing a SPAC deal to take Minnellial-friendly financial

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Acorns reportedly agrees to SPAC deal with Pioneer Merger Corp. at $2.2B valuation