Savings and investing app Acorns announced plans to go public through a $2B SPAC merger. The company (one of several focused on the consumer finance and investing space) has over 4M subscribers.
More context: A special purpose acquisition company (a “SPAC”) allows companies to become publicly listed by combining with an existing public entity that was created solely for that purpose (i.e. the SPAC). The structure, which surged in popularity last year, provides an alternative to the traditional IPO process.
The New Paper
This story is from the May 28, 2021 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.
