Investor Alert

New York Markets Open in:

March 2, 2021, 7:58 a.m. EST

Beacon Street to go public through merger with SPAC Ascendant Digital

Beacon Street Group LLC, a financial research and subscription services provider for self-directed investors, said Tuesday it will be going public through a merger with special purpose acquisition company Ascendant Digital Acquisition Corp. (NYS:ACND) , in a deal valuing Beacon Street at nearly $3 billion. Shares of Ascendant Digital fell 2.7% in premarket trading. Under terms of the deal, Beacon Street will receive up to $374 million in cash and $2.5 billion or more in rollover equity. In 2020, Beacon Street recorded year-over-year revenue growth of 39% to $377 million and adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) that grew 70% to $137 million. "Going public by combining with Ascendant is the natural evolution of our company and will position us for our next chapter as we take the necessary steps to further grow Beacon Street's industry-leading brands and offerings," said Beacon Street Chief Executive Mark Arnold. Ascendant Digital's stock, which went public in September, has tacked on 6.6% over the past three months through Monday, while the Renaissance IPO ETF (PSE:IPO) has rallied 11.2% and the S&P 500 (S&P:SPX) has gained 6.4%.

Link to MarketWatch's Slice.