Porch Announces Completion of Redemption of Public Warrants
April 19 2021 - 8:00AM
Porch Group, Inc.
(“Porch” or “the Company”) (NASDAQ: PRCH), a
leading vertical software company reinventing the home services
industry, today announced the completion of the redemption of all
of its outstanding public warrants (the “Public Warrants”) and
approximately 45% of the outstanding private warrants (the “Private
Warrants”).
On March 23, 2021, the Company issued a press release stating
that, pursuant to the terms of the agreement governing the Public
Warrants (the “Warrant Agreement”), it would redeem all of the
Public Warrants that remained outstanding at 5:00 p.m. Eastern Time
on April 16, 2021 (the “Redemption Date”) for a redemption price of
$0.01 per Public Warrant. The redemption was triggered because the
last sales price of the Company’s common stock was at least $18.00
per share for twenty (20) trading days within a thirty-day (30)
period that ended March 12, 2021.
Of the 8,624,996 Public Warrants that were outstanding as of the
date of the Company’s combination with PropTech Acquisition
Corporation on December 23, 2020, 8,495,972 were exercised,
representing approximately 99% of the Public Warrants. In addition,
of the 5,700,000 Private Warrants that were outstanding as of the
date of the Company’s combination with PropTech Acquisition
Corporation on December 23, 2020, 2,574,846 were exercised,
representing approximately 45% of the Private Warrants. Porch
redeemed 129,024 unexercised warrants. Total cash proceeds
generated from all warrant exercises were $127.3 million. As of
this date, no Public Warrants remain outstanding.
In connection with the redemption, the Public Warrants stopped
trading on the Nasdaq Capital Market and were delisted, with the
trading halt announced after close of market on Friday, April 16.
The redemption had no effect on the trading of Porch’s common
stock, which continues to trade on the Nasdaq Capital Market under
the symbol “PRCH.”
Private Placement Warrants (as defined in the Warrant Agreement)
that are still held by the founders of PropTech Acquisition
Corporation and their Permitted Transferees (as defined in the
Warrant Agreement) were not subject to this redemption.
About Porch
GroupSeattle-based Porch
Group, the vertical software platform for the
home, provides software and services to more than 11,150 home
services companies such as home inspectors,
moving companies, real estate agencies, utility
companies, and warranty companies. Through these relationships and
its multiple brands, Porch provides a moving concierge service to
homebuyers, helping them save time and make better decisions on
critical services, including insurance,
moving,
security, TV/internet,
home repair and improvement, and
more. To learn more about Porch, visit
porchgroup.com or
porch.com.
Porch Press contact:Jordan SchmidtGateway
Group(949) 386-6332PRCH@gatewayir.com Porch Investor
Relations contact:Cody Slach, Matt GloverGateway
Group(949) 574-3860PRCH@gatewayir.com
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