Porch Announces Completion of Redemption of Public Warrants

Rhea-AI Summary

Porch Group (NASDAQ: PRCH) has completed the redemption of all outstanding public warrants and approximately 45% of private warrants. The redemption, triggered by the company's stock price surpassing $18.00 for 20 trading days, resulted in 8,495,972 of the 8,624,996 public warrants being exercised, generating total cash proceeds of $127.3 million. Following the redemption, the public warrants ceased trading on the Nasdaq Capital Market. Porch continues to trade under the symbol PRCH.

Positive

• 99% of public warrants exercised, generating $127.3 million in cash proceeds.
• Successful redemption of all public warrants enhances shareholder value.

Negative

• None.

SEATTLE, April 19, 2021 (GLOBE NEWSWIRE) --  Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services industry, today announced the completion of the redemption of all of its outstanding public warrants (the “Public Warrants”) and approximately 45% of the outstanding private warrants (the “Private Warrants”).

On March 23, 2021, the Company issued a press release stating that, pursuant to the terms of the agreement governing the Public Warrants (the “Warrant Agreement”), it would redeem all of the Public Warrants that remained outstanding at 5:00 p.m. Eastern Time on April 16, 2021 (the “Redemption Date”) for a redemption price of $0.01 per Public Warrant. The redemption was triggered because the last sales price of the Company’s common stock was at least $18.00 per share for twenty (20) trading days within a thirty-day (30) period that ended March 12, 2021.

Of the 8,624,996 Public Warrants that were outstanding as of the date of the Company’s combination with PropTech Acquisition Corporation on December 23, 2020, 8,495,972 were exercised, representing approximately 99% of the Public Warrants. In addition, of the 5,700,000 Private Warrants that were outstanding as of the date of the Company’s combination with PropTech Acquisition Corporation on December 23, 2020, 2,574,846 were exercised, representing approximately 45% of the Private Warrants. Porch redeemed 129,024 unexercised warrants. Total cash proceeds generated from all warrant exercises were $127.3 million. As of this date, no Public Warrants remain outstanding.

In connection with the redemption, the Public Warrants stopped trading on the Nasdaq Capital Market and were delisted, with the trading halt announced after close of market on Friday, April 16. The redemption had no effect on the trading of Porch’s common stock, which continues to trade on the Nasdaq Capital Market under the symbol “PRCH.”

Private Placement Warrants (as defined in the Warrant Agreement) that are still held by the founders of PropTech Acquisition Corporation and their Permitted Transferees (as defined in the Warrant Agreement) were not subject to this redemption.

About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 11,150 home services companies such as home inspectors, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Porch Press contact:
Jordan Schmidt
Gateway Group
(949) 386-6332
PRCH@gatewayir.com

Porch Investor Relations contact:
Cody Slach, Matt Glover
Gateway Group
(949) 574-3860
PRCH@gatewayir.com

FAQ

What happened to Porch Group's public warrants on April 16, 2021?

On April 16, 2021, Porch Group completed the redemption of all outstanding public warrants.

How many public warrants were exercised by Porch Group?

Approximately 99% of the public warrants, totaling 8,495,972, were exercised.

What cash proceeds did Porch Group generate from warrant exercises?

Porch Group generated total cash proceeds of $127.3 million from all warrant exercises.

What is the ticker symbol for Porch Group?

Porch Group trades under the ticker symbol PRCH on the Nasdaq Capital Market.

What percentage of private warrants were exercised by Porch Group?

Approximately 45% of the outstanding private warrants were exercised.