June 23, 2024

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Business is my step

PropTech Acquisition Corp. and Porch.com Announce Closing of Organization Blend

5 min read

NEW YORK, Dec. 23, 2020 (World NEWSWIRE) — PropTech Acquisition Company (NASDAQ: PTAC) (“PropTech” or “PTAC”) and Porch.com, Inc. (“Porch” or “the Company”) jointly declared currently that they have closed their formerly announced company mixture (the “Business Combination”).

With the closing, the blended business has been renamed “Porch Group, Inc.” and its frequent stock and warrants will commence trading on The Nasdaq Inventory Market place (“Nasdaq”) under the ticker symbols “PRCH” and “PRCHW” on Thursday, December 24, 2020. To rejoice the closing, Porch Founder and CEO Matt Ehrlichman will ring the opening bell pretty much on the Nasdaq Inventory Trade at 9:30 a.m. Eastern time on December 24th.

“Today is a momentous day for our company, our staff and our shareholders,” mentioned Porch Founder and CEO Matt Ehrlichman. “We established out to create a certainly terrific business that makes the residence easy, from shifting to servicing and anything in among. It has been an wonderful journey building Porch to where by it is today, but we truly imagine we are just now having commenced.”

On December 21, 2020, around 99.9% of the shares of PTAC popular inventory represented in particular person or by proxy at the PTAC special assembly voted in favor of the transaction. PTAC also introduced that stockholders holding 17,249,600 shares (or 99.99% of PTAC community shares) elected to keep their widespread inventory in connection with the Organization Combination. As a end result, somewhere around $173 million will keep on being in PropTech’s rely on account and be released upon the closing of the Small business Mixture. Like the proceeds from the $150 million fully fully commited frequent stock PIPE investment, Porch has acquired around $322 million in gross proceeds upon the closing of the Enterprise Blend.

Forward-Looking Statements
Selected statements in this push launch may perhaps be considered “forward-on the lookout statements” within just the which means of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Ahead-wanting statements typically relate to potential situations Porch’s future fiscal or working functionality. These statements are dependent on the beliefs and assumptions of the administration of Porch. While Porch thinks that its strategies, intentions and anticipations mirrored in or advised by these ahead-hunting statements are acceptable, Porch cannot guarantee you that it will attain or realize these programs, intentions or expectations. Ahead-on the lookout statements are inherently matter to dangers, uncertainties and assumptions. Commonly, statements that are not historic details, which includes statements concerning possible or assumed potential actions, company approaches, gatherings or success of functions, are ahead-seeking statements. These statements may well be preceded by, adopted by or include things like the terms “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or identical expressions. Ahead-on the lookout statements contained in this push launch incorporate, but are not confined to, statements about the means of Porch to: accessibility, accumulate and use personalized info about individuals execute its organization tactic, together with monetization of solutions presented and expansions in and into current and new strains of business foresee the impression of the coronavirus ailment 2019 (“COVID-19”) pandemic and its impact on organization and money circumstances deal with challenges involved with operational adjustments in reaction to the COVID-19 pandemic understand the gains envisioned from the proposed merger foresee the uncertainties inherent in the growth of new small business strains and enterprise procedures keep and seek the services of required workforce boost manufacturer consciousness entice, teach and keep powerful officers, important staff members or administrators improve and maintain information and facts engineering techniques obtain and secure mental house meet long term liquidity requirements and comply with restrictive covenants linked to extended-time period indebtedness properly respond to typical economic and enterprise circumstances keep the listing on, or the delisting of Porch’s securities from, NASDAQ or an incapacity to have our securities listed on the NASDAQ or another national securities trade pursuing the merger obtain extra money, including use of the personal debt current market greatly enhance potential running and financial outcomes properly execute enlargement ideas anticipate rapid technological improvements comply with laws and polices relevant to its enterprise, including rules and polices linked to data privacy and insurance policy functions keep abreast of modified or new legislation and polices making use of to its business, which includes copyright and privateness regulation anticipate the impact of, and response to, new accounting expectations respond to fluctuations in overseas forex trade fees and political unrest and regulatory alterations in international marketplaces from different events anticipate the significance and timing of contractual obligations manage critical strategic associations with partners and distributors react to uncertainties associated with product or service and services progress and marketplace acceptance anticipate the impact of new U.S. federal revenue tax law, which include the impression on deferred tax belongings effectively protect litigation efficiently deploy the proceeds from the merger and other dangers and uncertainties established forth in the part entitled “Risk Factors” and “Cautionary Take note Concerning Forward-On the lookout Statements” in PTAC’s Once-a-year Report on Form 10 K-for the fiscal yr ended December 31, 2019, the part entitled “Risk Factors” in PTAC’s Quarterly Reviews on Type 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, the sections entitled “Risk Factors” and “Forward-Seeking Statements Current market, Position and Other Business Data” in the definitive proxy statement/consent solicitation assertion/prospectus filed by PTAC and Porch and other documents of PTAC and Porch submitted, or to be submitted, with the SEC. Absolutely nothing in this press release should really be regarded as a representation by any person that the ahead-seeking statements established forth herein will be obtained or that any of the contemplated final results of this sort of forward looking statements will be accomplished. You must not place undue reliance on forward-on the lookout statements, which speak only as of the date they are manufactured. Porch does not undertake any duty to update these forward-hunting statements, apart from as or else demanded by law.

About Porch Group
Seattle-dependent Porch Team, the vertical software program platform for the home, presents software program and companies to much more than 10,500 residence companies organizations this kind of as residence inspectors, going corporations, serious estate businesses, utility corporations, and guarantee organizations. Via these relationships and its several brand names, Porch provides a moving concierge assistance to homebuyers, helping them save time and make much better selections on vital products and services, together with insurance, going, safety, Tv/world wide web, household restore and advancement, and extra. To study much more about Porch, visit porchgroup.com.

About PropTech Acquisition Corporation
PropTech Acquisition Company is a distinctive objective acquisition corporation shaped for the goal of effecting a merger, money inventory trade, asset acquisition, stock obtain, reorganization or identical company blend with 1 or additional companies targeted on true estate know-how. For extra details, take a look at proptechacquisition.com.

Trader Relations Get in touch with:
Gateway Trader Relations
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PropTech Get in touch with:
[email protected]

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