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Investing app Acorns has pulled the plug on its plan to go public through a $2.2 billion SPAC deal with blank-check company Pioneer Merger Corp.

Noah Kerner, CEO of Irvine-based Acorns, blamed “market conditions” for the canned merger, and said the company would instead pivot to a “private capital raise at a higher pre-money valuation,” per a Reuters report.

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Online Banking Startup Dave To Go Public via SPAC at $4B Valuation

Los Angeles-based banking app Dave is poised to debut as a publicly traded company via a SPAC deal this week, and has plans to use some of the proceeds to wade into the crypto waters.

Dave, which is valued at $4 billion and backed by famed investor Mark Cuban, anticipates closing its merger with blank-check firm VPC Impact Acquisition Holdings III this Wednesday. If all goes according to plan, it will begin trading on the Nasdaq stock exchange on Thursday.

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