– All Stockholder Proposals Were Authorized –
– 99.99% of Public Shareholders Elected to Retain Porch Prevalent Inventory –
– Above $322 Million of Gross Proceeds Elevated in The Transaction Will Aid Accelerate Expansion in a $220 Billion Addressable Market place –
– Transaction Envisioned to Shut on December 23, 2020 –
NEW YORK, Dec. 21, 2020 (Globe NEWSWIRE) — PropTechAcquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) today declared that its stockholders voted to approve the proposed business combination (the “Business Combination”) with Porch.com, Inc. (“Porch” of “the Company”) and the connected proposals at a Special Conference held for this purpose on December 21, 2020. Holders of 16,859,288 shares of PTAC’s widespread inventory, or 99.99% of the issued and exceptional shares, voted in favor of the transaction. The events expect the closing of the transaction to manifest on December 23, 2020.
On closing, the merged organization will be renamed “Porch Team, Inc.” and its popular inventory and warrants will start investing on The Nasdaq Stock Market place (“Nasdaq”) under the ticker symbols “PRCH” and “PRCHW” on Thursday, December 24, 2020. To celebrate the closing, Porch Founder and CEO Matt Ehrlichman will ring the opening bell just about on the Nasdaq Inventory Trade at 9:30 a.m. Eastern time on December 24th.
PTAC also announced that stockholders holding 17,249,600 shares (or 99.99%) elected to retain their popular stock. As a outcome, about $173 million will continue to be in PropTech’s belief account and be introduced upon the closing of the Small business Combination. Including the $150 million thoroughly dedicated typical stock non-public financial investment introduced with the definitive Small business Mix arrangement, Porch expects to get more than $322 million in gross proceeds at the closing of the Business Combination.
“We are grateful for our shareholders’ support as we progress our mission to make the house uncomplicated, from moving to keeping and almost everything in between,” explained Porch Founder and CEO Matt Ehrlichman. “With extra than $322 million in overall liquidity just before debt paydown and transaction costs, we have the assets to speed up our vertical SaaS and reoccurring B2B2C transaction earnings platform. We search forward to a profitable general public listing, delivering robust shareholder returns, and constructing a certainly fantastic and enduring corporation.”
Tom Hennessy, chairman, co-CEO and president of PropTech, commented: “We are thrilled about the overwhelmingly powerful reception from our shareholders as we officially deliver Porch to the public sector. We believe Porch will be an enduring general public corporation specified its tested revenue product, substantial gross and contribution margins, and substantial complete addressable market place. This transaction accelerates each around- and lengthy-phrase advancement levers and we consider that Porch can provide large growth to shareholders for decades to occur.”
Particular statements in this press release may possibly be considered “forward-on the lookout statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-seeking statements commonly relate to long run gatherings or PTAC’s or Porch’s upcoming economic or functioning overall performance. These statements are dependent on the beliefs and assumptions of the administration of PTAC and Porch. Whilst PTAC and Porch consider that their respective plans, intentions and anticipations mirrored in or advised by these ahead-wanting statements are reasonable, neither PTAC nor Porch can assure you that either will attain or recognize these programs, intentions or anticipations. Ahead-hunting statements are inherently topic to risks, uncertainties and assumptions. Generally, statements that are not historic facts, such as statements regarding doable or assumed long run steps, small business methods, gatherings or effects of functions, are ahead-hunting statements. These statements may perhaps be preceded by, adopted by or consist of the words and phrases “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or very similar expressions. Forward-on the lookout statements contained in this press launch include things like, but are not limited to, statements about the predicted merger closing timing and the capability of PTAC and Porch prior to the merger, and the merged corporation following the merger (“New Porch”), to: entry, obtain and use personalized facts about people execute its small business strategy, such as monetization of services presented and expansions in and into existing and new strains of business enterprise foresee the effects of the coronavirus condition 2019 (“COVID-19”) pandemic and its effect on company and money disorders deal with risks involved with operational changes in reaction to the COVID-19 pandemic fulfill the closing situations to the merger, including acceptance by stockholders of PTAC and Porch on the predicted terms and program comprehend the gains envisioned from the proposed merger foresee the uncertainties inherent in the improvement of new small business traces and small business strategies retain and seek the services of necessary personnel improve brand name recognition appeal to, train and retain productive officers, important workers or administrators upgrade and preserve information and facts engineering devices get and defend intellectual residence meet up with long term liquidity specifications and comply with restrictive covenants connected to extensive-expression indebtedness efficiently answer to common economic and business situations keep the listing on, or the delisting of PTAC’s or New Porch’s securities from, NASDAQ or an incapacity to have our securities stated on the NASDAQ or a different nationwide securities trade pursuing the merger acquire additional money, like use of the financial debt market boost potential running and economical outcomes efficiently execute expansion designs foresee fast technological adjustments comply with legislation and restrictions applicable to its small business, which include regulations and polices similar to information privacy and insurance policies functions stay abreast of modified or new regulations and rules implementing to its company, such as copyright and privateness regulation foresee the effect of, and response to, new accounting specifications reply to fluctuations in foreign currency trade charges and political unrest and regulatory adjustments in global marketplaces from various gatherings anticipate the significance and timing of contractual obligations preserve vital strategic associations with associates and distributors reply to uncertainties linked with product or service and assistance enhancement and market place acceptance foresee the impact of new U.S. federal profits tax regulation, together with the effects on deferred tax property efficiently protect litigation productively deploy the proceeds from the merger and other dangers and uncertainties set forth in the part entitled “Risk Factors” and “Cautionary Observe Relating to Forward-Searching Statements” in PTAC’s Annual Report on Variety 10 K for the fiscal calendar year ended December 31, 2019, the section entitled “Risk Factors” in PTAC’s Quarterly Studies on Type 10-Q for the quarterly periods finished March 31, 2020, June 30, 2020 and September 30, 2020, the sections entitled “Risk Factors” and “Forward-Seeking Statements Market, Rating and Other Sector Data” in the definitive proxy statement/consent solicitation assertion/prospectus filed by PTAC and other documents of PTAC submitted, or to be submitted, with the SEC. Nothing in this press launch ought to be regarded as a representation by any particular person that the ahead-on the lookout statements set forth herein will be reached or that any of the contemplated effects of these kinds of forward on the lookout statements will be attained. You must not location undue reliance on forward-searching statements, which communicate only as of the date they are produced. Neither PTAC nor Porch undertakes any responsibility to update these forward-seeking statements, except as normally needed by regulation.
About Porch Group
Seattle-primarily based Porch Group, the vertical software platform for the residence, offers software package and providers to a lot more than 10,500 household companies corporations such as residence inspectors, shifting firms, authentic estate businesses, utility firms, and warranty organizations. Via these relationships and its several manufacturers, Porch supplies a moving concierge services to homebuyers, serving to them conserve time and make better conclusions on vital solutions, together with insurance policies, relocating, safety, Television set/web, residence mend and enhancement, and far more. To understand additional about Porch, take a look at porchgroup.com.
About PropTech Acquisition Company
PropTech Acquisition Company is a specific function acquisition firm shaped for the intent of effecting a merger, funds stock trade, asset acquisition, inventory invest in, reorganization or similar business enterprise combination with a single or extra corporations concentrated on genuine estate technologies. For additional details, check out proptechacquisition.com.
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