Offerpad to Join Russell 2000® and 3000® Index Effective July 1, 2024

Rhea-AI Summary

Offerpad Solutions announced that it will be included in the Russell 2000 and 3000 Indexes, effective July 1, 2024. The preliminary list, which includes OPAD, was posted by FTSE Russell on May 24, 2024. Offerpad anticipates that this inclusion will enhance the visibility of its real estate platform and attract a range of quality investors. The Russell indexes serve as benchmarks for approximately $10.5 trillion in assets, making them significant within the investment community. This development is expected to provide Offerpad with greater exposure and potential investment opportunities.

Positive

• Offerpad will be included in the Russell 2000 and 3000 indexes, effective July 1, 2024.
• The inclusion could increase Offerpad's visibility among investors.
• The Russell indexes serve as benchmarks for approximately $10.5 trillion in assets.
• Potential to attract quality institutional investors and investment managers.

Negative

• No immediate financial performance improvement indicated by the inclusion.
• Future stock performance still subject to broader market conditions.
• Being part of an index does not guarantee increased investor interest or stock price appreciation.

CHANDLER, Ariz.--(BUSINESS WIRE)-- Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-enabled platform for residential real estate, announced today that Offerpad is expected to be included in the Russell 2000® and 3000® Indexes effective at the open of U.S. equity markets on July 1, 2024. A preliminary list of index additions, including OPAD, was posted by FTSE Russell on May 24, 2024.

“We are pleased to be added to The Russell 2000 and 3000, a leading global index provider. We believe being a part of the index will raise visibility into Offerpad’s real estate platform and our huge market opportunity to a broad range of quality investors,” said Brian Bair, Offerpad’s Chairman and CEO.

The Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.5 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes.

For more information on the Russell 2000® and 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Offerpad Solutions Inc.

Offerpad, dedicated to simplifying the process of buying and selling homes, is a publicly traded company committed to providing comprehensive solutions that removes the friction from real estate. Our advanced real estate platform offers a range of services, from consumer cash offers to B2B renovation solutions and industry partnership programs, all tailored to meet the unique needs of our clients. Since 2015, we've leveraged local expertise in residential real estate alongside proprietary technology to guide homeowners at every step. Learn more at www.offerpad.com.

#OPAD_IR

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s financial outlook, including homes sold, revenue and Adjusted EBITDA, for the second quarter 2024, and expectations regarding market conditions, strategic imperatives and profitability, including the timing of reaching sustainable positive Adjusted EBITDA, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad’s ability to respond to general economic conditions; the health of the U.S. residential real estate industry; Offerpad’s ability to grow market share in its existing markets or any new markets it may enter; Offerpad’s ability to manage its growth and its costs structure effectively; Offerpad’s ability to accurately value and manage real estate inventory, maintain an adequate and desirable supply of real estate inventory, and manage renovations; Offerpad’s ability to successfully launch new product and service offerings, and to manage, develop and refine its technology platform; Offerpad’s ability to maintain and enhance its products and brand, and to attract customers; Offerpad’s ability to achieve and maintain profitability in the future; the success of strategic relationships with third parties; and Offerpad’s failure to meet the New York Stock Exchange’s continued listing standards. These and other important factors discussed under the caption "Risk Factors" in Offerpad’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 27, 2024, and Offerpad’s other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation 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. Offerpad undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240606531663/en/

Investors

Investors@offerpad.com

Media

Press@offerpad.com

Source: Offerpad

FAQ

When will Offerpad be included in the Russell 2000 and 3000 indexes?

Offerpad will be included in the Russell 2000 and 3000 indexes effective July 1, 2024.

What is the significance of Offerpad's inclusion in the Russell 2000 and 3000 indexes?

The inclusion is expected to enhance Offerpad's visibility and attract quality institutional investors, as the Russell indexes benchmark approximately $10.5 trillion in assets.

What is the stock symbol for Offerpad?

The stock symbol for Offerpad is OPAD.

When was the preliminary list of index additions including Offerpad posted?

The preliminary list of index additions including Offerpad was posted on May 24, 2024.