NEW YORK, December 23, 2020 (GLOBE NEWSWIRE) – PropTech Acquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) and Porch.com, Inc. (“Porch” or “the Company”) jointly announced today that they have completed their previously announced business combination (the “Business Combination”).
Upon closing, the combined company became “Porch Group, Inc.” and its common stock and warrants will trade under the ticker symbols “PRCH” and “PRCHW” on the Nasdaq Stock Market (“Nasdaq”) on Thursday. December 24, 2020. To celebrate the closing, Porch Founder and CEO Matt Ehrlichman will ring the opening bell on the Nasdaq Stock Exchange on December 24 at 9:30 am Eastern Time.
“Today is an important day for our company, our employees and our shareholders,” said Matt Ehrlichman, Founder and CEO of Porch. “Our goal is to build a really great company that will make the house simple, from moving to maintenance and everything in between. Building Porch to where it is today has been an amazing journey but we really believe we are just getting started. “
On December 21, 2020, over 99.9% of the PTAC common shares represented in person or by proxy at the PTAC Special Meeting voted for the transaction. PTAC also announced that shareholders holding 17,249,600 shares (or 99.99% of PTAC’s public shares) have decided to retain their common shares in connection with the business combination. As a result, approximately $ 173 million will remain in PropTech’s escrow account and will be released upon completion of the business combination. Including proceeds from the fully committed PIPE investment of $ 150 million, Porch received gross proceeds of more than $ 322 million upon completion of the business combination.
Forward-Looking Statements
Certain statements in this press release may be viewed as “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events in Porch’s future financial or operational performance. These statements are based on the beliefs and assumptions of the management of Porch. Although Porch believes that its plans, intentions and expectations reflected in or suggested in these forward-looking statements are reasonable, Porch cannot assure you that it will achieve or actualize such plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. In general, statements that are not historical facts, including statements about possible or anticipated future actions, business strategies, events, or results of operations are forward-looking statements. These statements can be followed by the words “believes”, “estimates”, “expects”, “projects”, “forecasts”, “may”, “will”, “should”, “seeks”, “seeks”, “follows” or these contain plans, “planned”, “anticipated”, “intends” or similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements about Porch’s ability to access, collect, and use personal information about consumers; Implement its business strategy, including monetizing the services provided and expanding into and into existing and new business areas; Anticipate the impact of the 2019 Coronavirus Disease Pandemic (“COVID-19”) and its impact on business and financial conditions; Management of risks related to operational changes in response to the COVID-19 pandemic; Realize the benefits anticipated from the proposed merger; anticipate the uncertainties associated with the development of new business areas and business strategies; keep and hire necessary employees; Increase brand awareness; attract, train and retain effective officers, key employees or directors; Updating and maintenance of information technology systems; acquire and protect intellectual property; meet future liquidity requirements and comply with restrictive requirements related to long-term debt; respond effectively to general economic and business conditions; Maintain our listing on NASDAQ or delisting Porch securities from NASDAQ, or inability to list our securities on NASDAQ or any other national stock exchange after the merger; receive additional capital, including taking advantage of the debt market; Improving future operating and financial results; Successfully execute expansion plans; anticipate rapid technological changes; Comply with the laws and regulations applicable to the business, including those relating to privacy and insurance business laws and regulations; Stay up to date on changed or new laws and regulations that apply to the business, including copyright and privacy regulations. anticipate the impact and response to new accounting standards; react to exchange rate fluctuations and political unrest as well as regulatory changes in international markets due to various events; anticipate the significance and timing of contractual obligations; Maintaining important strategic relationships with partners and dealers; respond to uncertainties related to product and service development and market acceptance; Anticipate the effects of the new US federal income tax law, including the effects on deferred tax assets; Successfully defend litigation; use the proceeds from the merger successfully; and other risks and uncertainties set forth in the “Risk Factors” section and “Cautionary Statement Regarding Forward-Looking Statements” in the PTAC Annual Report on Form 10 K for the fiscal year ended December 31, 2019 under the “Risk Factors” section of the PTAC Quarterly Reports on Form 10-Q for the quarterly periods ending March 31, 2020, June 30, 2020, and September 30, 2020, the sections entitled “Risk Factors” and “Forward-Looking Statements; Market, Ranking, and Other Industry Data ”in the final proxy / informed consent / prospectus filed by PTAC and Porch and other PTAC and Porch documents filed or required to be filed with the SEC. Nothing in this press release should be taken as an assurance by any person that the forward-looking statements set forth herein will be achieved, or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Porch is under no obligation to update these forward-looking statements unless otherwise required by law.
over Porch group
Seattle-based Porch Group, the vertical home software platform, provides software and services to more than 10,500 home service providers such as home inspectors, moving companies, real estate agencies, utilities, and warranty companies. Through these relationships and its numerous brands, Porch offers home buyers a concierge service that helps them save time and make better decisions about critical services including insurance, moving, security, TV / Internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com.
About PropTech Acquisition Corporation
PropTech Acquisition Corporation is a special purpose vehicle established for the purpose of conducting a merger, stock exchange, acquisition of assets, share purchase, reorganization or similar business combination with one or more real estate technology companies. More information is available at proptechacquisition.com.
Investor Relations Contact:
Gateway Investor Relations
Cody Battle, Matt Glover
(949) 574-3860
[email protected]
PropTech contact:
[email protected]