Easy to use app
- 100 free trades signup offer
- Easy-to-use platform
- Low fees
- Student and young investor discounts
US financial company and investment app developer, Acorns, will no longer be going public by merging with Pioneer Merger Corp, a special purpose acquisition company (SPAC). Here's what we know about the Acorns IPO and how to buy Acorns stock in Canada if, and when, the company goes public.
Finder's top picks on where to buy Acorns stock when it goes public
Low margin rates
- Access to international stock exchanges
- Low margin rates
- Powerful research tools
CA & US trading
- 6% cash rebate plus $2,200 in trading perks
- Low transaction fees
- Easy-to-use app
What we know about the Acorns IPO
On January 15, 2021, Pioneer Merger Corp., a special purpose acquisitions company (SPAC), submitted a filing to the US Securities and Exchange Commission (SEC) with details on the termination of its merger with Acorns Grow Incorporated. As per the agreement, Acorns will pay Pioneer a $17.5 million termination fee in monthly installments.
Market conditions have been cited as the reason for the termination. Acorns—the California-based financial company behind the popular Acorns investment app—plans to pursue private capital investment for the time being, but has not ruled out the possibility of having a traditional (non-SPAC) IPO in the future when conditions are more favourable.
The business combination agreement was originally announced on May 27, 2021. Acorns stood to receive a market valuation of approximately $2.2 billion. The combined company would be named Acorns Holdings, Inc. and would trade on the Nasdaq Capital Market under the ticker symbol "OAKS." The deal was expected to close in the second half of 2021.
Pioneer Merger Corp. (PACXU) was incorporated in 2020 and went public on the Nasdaq Capital Market on March 1, 2021. It sold 40,250,000 stocks at a price of $10 per stock, raising around $402.5 million total. The company filed a Form 8-K with the SEC on May 26, 2021, informing shareholders of the upcoming merger with Acorns.
We'll update this page as more information becomes available.
What is an SPAC?
Special purpose acquisition companies (SPACs or "blank check companies" for short) are shell businesses that exist purely on paper. SPACs are created for the purpose of going public, selling stocks, raising capital and merging with another company.There are 2 main advantages to merging with an SPAC. Going public by merging with another publicly-traded company is quicker and easier than the traditional IPO process. Plus, funds raised by the SPAC from selling its stock gets passed on to any company it merges with. As a result, more and more companies have been choosing to go public via SPACs.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
How to buy Acorns stock when it starts trading
Once Acorns goes public, you'll need a brokerage account to invest. Consider opening a brokerage account today so you're ready as soon as the stock hits the market.
- Compare stock trading platforms. Use our comparison table to help you find a platform that fits your needs.
- Open your brokerage account. Complete an application with your details.
- Confirm your payment details. Fund your account.
- Research the stock. Find the stock by name or ticker symbol – OAKS – and research it before deciding if it's a good investment for you.
- Purchase now or later. Buy your desired number of stocks with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
Will I be able to buy Acorns stock in Canada?
You won't be able to buy Acorns stocks on a Canadian stock exchange like the TSX. Instead, you need a Canadian broker that provides access to international stock exchanges.
You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Qtrade, Wealthsimple, Scotia iTRADE and CIBC Investor's Edge.
Interactive Brokers provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
Buy Acorns stock from these online trading platforms
Compare special offers, low fees and a wide range of investment options among top trading platforms.Note: The dollar amounts in the table below are in Canadian dollars.
1 - 6 of 6
Finder Score for stock trading platforms
To make comparing even easier we came up with the Finder Score. Trading costs, account fees and features across 10+ stock trading platforms and apps are all weighted and scaled to produce a score out of 10. The higher the score the better the platform - simple.
Tax implications of buying US stocks in Canada
Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.
Related: Online stock trading
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
More on investing
What are the best stocks for beginners with little money to invest?
Want to dive into investing but don’t have much to spend? Take a look at these types of stocks.
Read more…
Meme stocks: What they are and examples of popular stocks
Meme stocks can produce large gains in short periods, but the stocks are volatile.
Read more…
How do ETFs work?
Your guide to how ETFs work and whether this type of investment is right for you.
Read more…More resources on Finder
More guides on Finder
-
How to buy Coinbase stock in Canada
Steps to buying Coinbase stock in Canada with 24-hour and historical pricing before you buy.
-
How will tariffs affect the stock market?
Find out how the Trump tariffs will impact the stock market and explore Canadian stocks that may be resilient amidst tariffs.
-
Investment account promotions in Canada for 2025
Enjoy perks like free trades and cash back when you open a stock trading account with these online broker promotions.
-
Methodology for stock trading platforms and apps
Here’s our methodology for scoring the features that matter, and picking the top stock trading platforms in Canada.
-
Best renewable energy stocks
These are the best renewable energy stocks to buy now in Canada.
-
Best stocks to buy right now in Canada
Finder’s unique algorithm found the 20 best TSX stocks to buy right now.
-
10 best stock trading platforms and apps in Canada for 2025
Whether you’re a new or experienced investor, these are the best stock trading platforms and apps in Canada.
-
How to buy US stocks in Canada
Buying US stocks in Canada is easier than you think. Find out how to buy US stocks in 4 simple steps.
-
How to invest in the S&P 500 in Canada
Find out how to invest in the S&P 500 in Canada—one of the world’s most popular stock indices—to diversify your portfolio.
-
Questrade review
Questrade is a leader among Canadian discount brokerages, but is it right for you? Compare fees, features and alternatives here.