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

Beacon Street to go public through merger with SPAC Ascendant Digital

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By Tomi Kilgore

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. /zigman2/quotes/220970325/composite ACND -0.40% , 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 /zigman2/quotes/207665280/composite IPO +2.49% has rallied 11.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.87% has gained 6.4%.

/zigman2/quotes/220970325/composite
US : U.S.: NYSE
$ 9.91
-0.04 -0.40%
Volume: 56,609
May 11, 2021 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$514.91 million
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 56.71
+1.38 +2.49%
Volume: 585,528
May 11, 2021 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,152.10
-36.33 -0.87%
Volume: 2.44B
May 11, 2021 5:24p
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