– All shareholder proposals were approved –
– 99.99% of public shareholders voted to keep Porch common stock –
– Over $ 322 million in gross proceeds from the transaction will help accelerate growth in an addressable market of $ 220 billion. –
– Transaction is expected to close on December 23, 2020 –
NEW YORK, December 21, 2020 (GLOBE NEWSWIRE) – PropTech Acquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) announced today that its shareholders have approved the proposed business combination (the “Business Combination”) with Porch.com, Inc. (“The Company’s Porch”) and related proposals under this A special meeting took place on December 21, 2020. Holders of 16,859,288 common shares of PTAC or 99.99% of the issued and outstanding shares voted in the transaction. The parties expect the transaction to close on December 23, 2020.
Upon completion, the combined company will be renamed “Porch Group, Inc.” renamed. 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 graduation, Porch Founder and CEO Matt Ehrlichman will virtually ring the opening bell on the Nasdaq Stock Exchange on December 24th at 9:30 am Eastern Time.
PTAC also announced that shareholders who hold 17,249,600 shares (or 99.99%) have decided to keep their common stock. As a result, approximately $ 173 million will remain in PropTech’s escrow account and will be released upon completion of the business combination. Including the fully committed private equity investment of $ 150 million announced in the definitive business combination agreement, Porch expects gross proceeds of over $ 322 million upon completion of the business combination.
“We are grateful for the support of our shareholders as we advance our mission to keep the house simple, from moving to maintenance and everything in between,” said Matt Ehrlichman, founder and CEO of Porch. “With more than $ 322 million in total cash before debt payments and transaction fees, we have the resources to accelerate our vertical SaaS and B2B2C recurring transaction revenue platform. We look forward to a successful public listing that delivers strong shareholder return and builds a truly great and lasting company. “
Tom Hennessy, Chairman, Co-CEO and President of PropTech commented, “We are delighted with the overwhelming response from our shareholders as we officially launch Porch. We believe that Porch will be a permanent public company due to its proven revenue model, high gross and profit margins and massive addressable overall market. This transaction accelerates both short and long term growth leverage and we believe Porch can offer high growth to shareholders in the years to come. “
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 or PTACs or Porch’s future financial or operational performance. These statements are based on the beliefs and assumptions of the management of PTAC and Porch. While PTAC and Porch believe that their respective plans, intentions and expectations reflected in or suggested in these forward-looking statements are appropriate, neither PTAC nor Porch can assure you that they will either achieve their plans, intentions or expectations or be realized. 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 the anticipated completion of the merger and the ability of PTAC and Porch prior to the merger and about the combined company after the merger (“New Porch”). 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; meet the closing conditions for the merger, including approval by the shareholders of PTAC and Porch on the expected terms and schedule; 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 the deletion of the securities of PTAC or New Porch from NASDAQ or the 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 out in the “Risk Factors” and “Forward-Looking Statement” section of PTAC’s Annual Report on Form 10K for the year ended December 31, 2019 under the “Risk Factors” section. PTAC’s quarterly reports on Form 10-Q for the quarterly periods ended 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 statement / consent / prospectus filed by PTAC and other PTAC 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. Neither PTAC nor Porch undertakes any 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