Current Report Filing (8-k)
January 18 2022 - 8:53AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 15, 2022
PIONEER
MERGER CORP.
(Exact name of registrant
as specified in its charter)
Cayman Islands
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001-39867
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98-1563709
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(State or other jurisdiction
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(Commission File Number)
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(IRS Employer
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of incorporation)
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Identification No.)
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660 Madison Avenue, 19th Floor
New York, NY 10065
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (212) 803-9080
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant
to Section 12(b) of the Act:
Title
of each class
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TradingSymbol(s)
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Name
of each exchange on which
registered
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Units,
each consisting of one Class A ordinary share, $0.0001 par value per share, and one-third of one redeemable warrant
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PACXU
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The
Nasdaq
Stock Market LLC
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Class A
ordinary shares included as part of the Units
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PACX
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The
Nasdaq
Stock Market LLC
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Warrants
included as part of the Units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
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PACXW
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The
Nasdaq
Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement.
On January 15, 2022, Pioneer Merger
Corp. (the “Company” or “Pioneer”) and Pioneer SPAC Merger Sub Inc. (“Pioneer Merger Sub”) became
party to that certain Termination Fee Agreement (the “Termination Fee Agreement”), dated as of January 3, 2022, by
and between Pioneer Merger Sponsor LLC (“Sponsor”) and Acorns Grow Incorporated (“Acorns”). Pursuant to the
Termination Fee Agreement, the parties agreed to mutually terminate that certain Business Combination Agreement, dated as of
May 26, 2021 (as amended, supplemented or otherwise modified form time to time, the “Business Combination
Agreement”), by and among the Company, Acorns and Pioneer Merger Sub, subject to the conditions set forth in the Termination
Fee Agreement.
By virtue of the termination of the Business Combination
Agreement, the PIPE Investor Subscription Agreements and all other Ancillary Documents (as defined in the Business Combination Agreement)
terminate in accordance with their terms.
The Termination Fee Agreement provides for deferred
payments from Acorns to the Company. Acorns is required to pay an aggregate sum of $17,500,000 to the Company in monthly payments through
December 15, 2022, for the reimbursement of expenses incurred by the Company. If Pioneer (i) has not consummated an initial
business combination on or before December 15, 2022 and (ii) determines to redeem its public shares (and does not withdraw such
determination), Acorns is required to pay to the Company $15,000,000 no later than December 22, 2022.
The Termination Fee Agreement contains mutual
releases by all parties, for all claims known and unknown, relating and arising out of, or relating to, among other things, the Business
Combination Agreement. The Termination Fee Agreement also contains a covenant not to sue and other customary terms.
The foregoing description of the Termination Fee
Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Termination Fee Agreement,
a copy of which is filed herewith and incorporated by reference herein and made a part hereof.
Pioneer intends to continue to seek a business
combination with another operating company. As disclosed in the final prospectus relating to Pioneer’s initial public offering,
filed on January 11, 2021 and subsequent filings with the Securities and Exchange Commission, if Pioneer has not consummated an initial
business combination within 24 months from the closing of Pioneer’s initial public offering, Pioneer will: (i) cease all
operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter,
redeem the Class A ordinary shares sold as part of the units in Pioneer’s initial public offering, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in Pioneer’s trust account, including interest earned on the funds held in
Pioneer’s trust account and not previously released to Pioneer to pay Pioneer’s taxes, if any (less up to $100,000 of interest
to pay dissolution expenses) divided by the number of the then-outstanding public shares of Pioneer, which redemption will completely
extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any);
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of Pioneer’s remaining shareholders
and Pioneer’s board of directors, liquidate and dissolve, subject in each case to Pioneer’s obligations under Cayman Islands
law to provide for claims of creditors and the requirements of other applicable law.
Item 1.02 Termination of a Material Definitive
Agreement.
The information contained in Item 1.01 of this
Current Report on Form 8-K with respect to the termination of the Business Combination Agreement, the PIPE Investor Subscription
Agreements and all other Ancillary Documents is incorporated by reference herein and made a part hereof.
Item 9.01. Financial Statements and Exhibits.
Forward-Looking Statements
This
report includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. You should not rely on these forward-looking statements as predictions of future events. These
forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the
expected results. Most of these factors are outside the Company’s control and are difficult to predict. Readers are cautioned not
to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept
any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in
its expectations or any change in events, conditions or circumstances on which any such statement is based.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PIONEER MERGER CORP.
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By:
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/s/ Ryan Khoury
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Name: Ryan Khoury
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Title: Chief Executive Officer
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Dated: January 18, 2022
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