Pioneer Merger in a regulatory filing said it will wind up and redeem shares effective Jan. 13. Management said the SPAC will be unable to close a deal by deadline.
The per-share redemption price is expected to be $10.10 plus interest.
Pioneer terminated a deal with investing app Acorns in January. Acorns was on the hook for $17.5 million in termination fees to the SPAC and another $15 million if Pioneer did not close another deal by Dec. 15 and decided to liquidate.
Pioneer raised $402.5 million in a January 2021 IPO. Read more.
Source: Pioneer Merger Calls it Quits