PropTech Acquisition Corp. Stockholders Overwhelmingly Approve Business Combination with …

– All Stockholder Proposals Ended up Accredited –

– 99.99{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} of Public Shareholders Elected to Keep Porch Typical Inventory –

– More than $322 Million of Gross Proceeds Raised in The Transaction Will Assist Speed up Development in a $220 Billion Addressable Market place –

– Transaction Predicted to Close on December 23, 2020 –

NEW YORK, Dec. 21, 2020 (World NEWSWIRE) — PropTechAcquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) nowadays announced that its stockholders voted to approve the proposed enterprise mixture (the “Business Combination”) with Porch.com, Inc. (“Porch” of “the Company”) and the related proposals at a Particular Conference held for this reason on December 21, 2020. Holders of 16,859,288 shares of PTAC’s frequent inventory, or 99.99{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} of the issued and fantastic shares, voted in favor of the transaction. The functions hope the closing of the transaction to take place on December 23, 2020.

Upon closing, the combined organization will be renamed “Porch Team, Inc.” and its frequent inventory and warrants will start out trading on The Nasdaq Inventory Industry (“Nasdaq”) below the ticker symbols “PRCH” and “PRCHW” on Thursday, December 24, 2020. To rejoice 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{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4}) elected to retain their frequent stock. As a final result, around $173 million will continue being in PropTech’s have faith in account and be launched upon the closing of the Organization Combination. Together with the $150 million totally dedicated prevalent inventory private investment introduced with the definitive Enterprise Combination settlement, Porch expects to obtain over $322 million in gross proceeds at the closing of the Enterprise Combination.

“We are grateful for our shareholders’ help as we advance our mission to make the house very simple, from moving to keeping and all the things in amongst,” reported Porch Founder and CEO Matt Ehrlichman. “With much more than $322 million in full liquidity in advance of financial debt paydown and transaction costs, we have the sources to accelerate our vertical SaaS and reoccurring B2B2C transaction revenue platform. We seem forward to a prosperous public listing, offering robust shareholder returns, and building a really excellent and enduring organization.”

Tom Hennessy, chairman, co-CEO and president of PropTech, commented: “We are thrilled about the overwhelmingly robust reception from our shareholders as we formally provide Porch to the public industry. We imagine Porch will be an enduring community business specified its tested earnings design, higher gross and contribution margins, and enormous whole addressable current market. This transaction accelerates equally near- and lengthy-time period progress levers and we feel that Porch can produce substantial progress to shareholders for yrs to come.”

Ahead-Hunting Statements
Certain statements in this press release may well be deemed “forward-seeking statements” inside of the meaning of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Forward-seeking statements commonly relate to long term events or PTAC’s or Porch’s upcoming economical or functioning efficiency. These statements are based on the beliefs and assumptions of the management of PTAC and Porch. Though PTAC and Porch believe that that their respective programs, intentions and anticipations mirrored in or prompt by these forward-looking statements are affordable, neither PTAC nor Porch can assure you that possibly will realize or realize these programs, intentions or anticipations. Ahead-hunting statements are inherently issue to hazards, uncertainties and assumptions. Commonly, statements that are not historical info, which includes statements relating to achievable or assumed long run steps, enterprise procedures, activities or final results of operations, are forward-on the lookout statements. These statements might be preceded by, adopted by or involve the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or identical expressions. Forward-seeking statements contained in this push launch include things like, but are not minimal to, statements about the anticipated merger closing timing and the means of PTAC and Porch prior to the merger, and the merged organization subsequent the merger (“New Porch”), to: entry, collect and use personalized knowledge about customers execute its small business system, which includes monetization of services delivered and expansions in and into existing and new lines of company foresee the affect of the coronavirus ailment 2019 (“COVID-19”) pandemic and its outcome on company and monetary disorders regulate threats associated with operational variations in reaction to the COVID-19 pandemic fulfill the closing circumstances to the merger, together with approval by stockholders of PTAC and Porch on the expected phrases and plan realize the benefits envisioned from the proposed merger foresee the uncertainties inherent in the progress of new company strains and small business strategies retain and hire important staff improve brand recognition bring in, prepare and retain helpful officers, critical workforce or administrators enhance and retain data technological know-how devices obtain and secure intellectual property satisfy long run liquidity necessities and comply with restrictive covenants relevant to long-expression indebtedness effectively answer to standard economic and business situations maintain the listing on, or the delisting of PTAC’s or New Porch’s securities from, NASDAQ or an inability to have our securities mentioned on the NASDAQ or a further nationwide securities trade adhering to the merger get hold of additional money, such as use of the personal debt industry enrich future running and money results correctly execute growth programs anticipate immediate technological alterations comply with legislation and rules relevant to its small business, such as laws and polices related to data privacy and insurance policy functions stay abreast of modified or new guidelines and rules applying to its enterprise, which includes copyright and privacy regulation anticipate the affect of, and reaction to, new accounting criteria respond to fluctuations in overseas currency trade fees and political unrest and regulatory adjustments in worldwide markets from a variety of functions anticipate the significance and timing of contractual obligations keep critical strategic interactions with companions and distributors react to uncertainties connected with item and assistance progress and industry acceptance anticipate the effects of new U.S. federal money tax regulation, including the impression on deferred tax property successfully protect litigation properly deploy the proceeds from the merger and other threats and uncertainties established forth in the portion entitled “Risk Factors” and “Cautionary Take note Pertaining to Forward-Searching Statements” in PTAC’s Once-a-year Report on Kind
10 K for the fiscal year ended December 31, 2019, the section entitled “Risk Factors” in PTAC’s Quarterly Reports on Form 10-Q for the quarterly intervals ended March 31, 2020, June 30, 2020 and September 30, 2020, the sections entitled “Risk Factors” and “Forward-Looking Statements Market place, Rating and Other Marketplace Data” in the definitive proxy statement/consent solicitation statement/prospectus filed by PTAC and other files of PTAC filed, or to be submitted, with the SEC. Nothing in this push release should be regarded as a illustration by any individual that the forward-looking statements set forth herein will be achieved or that any of the contemplated effects of this kind of forward seeking statements will be achieved. You ought to not put undue reliance on ahead-on the lookout statements, which talk only as of the date they are created. Neither PTAC nor Porch undertakes any duty to update these ahead-looking statements, other than as if not necessary by law.

About Porch Group
Seattle-dependent Porch Group, the vertical software package system for the household, offers program and products and services to much more than 10,500 home products and services businesses these kinds of as dwelling inspectors, going providers, serious estate organizations, utility companies, and warranty providers. As a result of these associations and its various makes, Porch gives a going concierge services to homebuyers, supporting them preserve time and make improved selections on important providers, which includes insurance policies, moving, security, Television/web, dwelling restore and enhancement, and extra. To study more about Porch, visit porchgroup.com.

About PropTech Acquisition Corporation
PropTech Acquisition Corporation is a special objective acquisition corporation shaped for the reason of effecting a merger, money inventory trade, asset acquisition, inventory invest in, reorganization or related company blend with 1 or more organizations targeted on true estate technological know-how. For far more info, stop by proptechacquisition.com.

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