PropTech Acquisition Corp. and Porch.com Announce Closing of Company Blend
NEW YORK, Dec. 23, 2020 (World NEWSWIRE) — PropTech Acquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) and Porch.com, Inc. (“Porch” or “the Company”) jointly announced nowadays that they have closed their earlier declared company mixture (the “Business Combination”).
With the closing, the mixed company has been renamed “Porch Team, Inc.” and its common inventory and warrants will start investing on The Nasdaq Inventory Current market (“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 almost on the Nasdaq Inventory Trade at 9:30 a.m. Eastern time on December 24th.
“Today is a momentous day for our business, our workforce and our shareholders,” mentioned Porch Founder and CEO Matt Ehrlichman. “We set out to build a actually terrific organization that will make the dwelling simple, from moving to routine maintenance and everything in concerning. It has been an remarkable journey developing Porch to where by it is currently, but we really believe that we are just now getting started.”
On December 21, 2020, over 99.9{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} of the shares of PTAC frequent inventory represented in man or woman or by proxy at the PTAC particular meeting voted in favor of the transaction. PTAC also declared that stockholders holding 17,249,600 shares (or 99.99{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} of PTAC general public shares) elected to keep their widespread inventory in connection with the Business Mixture. As a consequence, somewhere around $173 million will remain in PropTech’s believe in account and be released upon the closing of the Business Mixture. Which include the proceeds from the $150 million absolutely dedicated frequent inventory PIPE investment decision, Porch has gained around $322 million in gross proceeds upon the closing of the Small business Mix.
Forward-On the lookout Statements
Specified statements in this push release may well be deemed “forward-looking statements” inside of the this means of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Forward-wanting statements frequently relate to long term situations Porch’s future fiscal or operating efficiency. These statements are centered on the beliefs and assumptions of the management of Porch. Although Porch believes that its plans, intentions and anticipations mirrored in or instructed by these ahead-looking statements are realistic, Porch can not guarantee you that it will achieve or know these options, intentions or anticipations. Ahead-on the lookout statements are inherently topic to risks, uncertainties and assumptions. Generally, statements that are not historical specifics, together with statements about possible or assumed potential actions, organization techniques, gatherings or effects of operations, are forward-seeking statements. These statements may well be preceded by, adopted by or incorporate the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or related expressions. Ahead-wanting statements contained in this push launch consist of, but are not minimal to, statements about the capacity of Porch to: accessibility, accumulate and use personal knowledge about consumers execute its small business strategy, together with monetization of products and services furnished and expansions in and into existing and new traces of enterprise foresee the effects of the coronavirus disorder 2019 (“COVID-19”) pandemic and its result on enterprise and fiscal ailments control dangers associated with operational adjustments in reaction to the COVID-19 pandemic comprehend the benefits expected from the proposed merger anticipate the uncertainties inherent in the enhancement of new business enterprise traces and organization strategies retain and use necessary staff members enhance brand name awareness draw in, coach and retain successful officers, key employees or administrators enhance and preserve data know-how units obtain and protect intellectual residence satisfy potential liquidity needs and comply with restrictive covenants relevant to extensive-phrase indebtedness successfully reply to normal financial and small business ailments manage the listing on, or the delisting of Porch’s securities from, NASDAQ or an incapacity to have our securities stated on the NASDAQ or a different nationwide securities trade next the merger get hold of more capital, like use of the financial debt sector enhance long term running and economic outcomes successfully execute expansion programs anticipate rapid technological modifications comply with legal guidelines and laws relevant to its organization, which include legislation and regulations similar to knowledge privacy and coverage functions keep abreast of modified or new rules and rules making use of to its enterprise, together with copyright and privateness regulation foresee the effect of, and reaction to, new accounting expectations respond to fluctuations in overseas currency exchange fees and political unrest and regulatory variations in international marketplaces from a variety of functions anticipate the importance and timing of contractual obligations keep essential strategic interactions with companions and distributors respond to uncertainties associated with product or service and service growth and industry acceptance anticipate the influence of new U.S. federal income tax law, together with the impact on deferred tax property efficiently protect litigation efficiently deploy the proceeds from the merger and other hazards and uncertainties established forth in the section entitled “Risk Factors” and “Cautionary Observe About Forward-Looking Statements” in PTAC’s Annual Report on Kind 10 K-for the fiscal 12 months finished December 31, 2019, the segment entitled “Risk Factors” in PTAC’s Quarterly Reviews on Type 10-Q for the quarterly durations finished March 31, 2020, June 30, 2020 and September 30, 2020, the sections entitled “Risk Factors” and “Forward-Hunting Statements Marketplace, Rating and Other Industry Data” in the definitive proxy assertion/consent solicitation statement/prospectus submitted by PTAC and Porch and other files of PTAC and Porch filed, or to be submitted, with the SEC. Very little in this push release ought to be regarded as a representation by any person that the forward-wanting statements established forth herein will be accomplished or that any of the contemplated outcomes of these ahead looking statements will be realized. You should really not place undue reliance on ahead-looking statements, which speak only as of the date they are created. Porch does not undertake any obligation to update these ahead-on the lookout statements, except as normally necessary by law.
About Porch Group
Seattle-primarily based Porch Group, the vertical application system for the household, delivers application and services to extra than 10,500 property providers businesses this kind of as house inspectors, transferring organizations, real estate businesses, utility organizations, and warranty businesses. By way of these interactions and its multiple models, Porch delivers a shifting concierge assistance to homebuyers, helping them help save time and make greater conclusions on vital providers, which includes insurance policy, transferring, protection, Television set/internet, property maintenance and enhancement, and far more. To master additional about Porch, take a look at porchgroup.com.
About PropTech Acquisition Company
PropTech Acquisition Company is a particular intent acquisition enterprise fashioned for the goal of effecting a merger, money stock trade, asset acquisition, inventory buy, reorganization or equivalent business enterprise blend with one or additional enterprises focused on genuine estate know-how. For far more details, go to proptechacquisition.com.
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