Porch Group Announces Insider Open-Market Stock Purchases

Rhea-AI Summary

Porch Group (NASDAQ: PRCH) announced on May 18, 2022, that CEO Matt Ehrlichman purchased 273,128 shares of company stock for around $1 million on May 12, 2022. This purchase follows a similar investment made on March 17, 2022, totaling approximately $2 million in shares. Ehrlichman now owns about 18.1 million shares, equating to 17.8% of outstanding shares. Additional management and board members also bought shares, indicating confidence in the company's future following recent milestones, including strong Q1 results and advancements in insurance underwriting.

Positive

• CEO Matt Ehrlichman purchased $1 million worth of shares, showing significant confidence in the company.
• Total share ownership by Ehrlichman now stands at 18.1 million, or 17.8% of outstanding shares.
• Additional management and board members also purchased shares, reflecting a positive outlook.
• Porch Group reported strong first quarter results and strategic advancements in insurance underwriting.

Negative

• None.

SEATTLE, May 18, 2022 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, announced today that Matt Ehrlichman, Founder, Chairman and CEO of Porch Group, has purchased 273,128 shares of Porch Group common stock for a total purchase price of approximately $1 million. The shares were purchased on the open market May 12, 2022. This purchase is incremental to Mr. Ehrlichman's recent prior open market purchase of approximately $1 million of the Company’s common stock on March 17, 2022. As a result of both purchases, Mr. Ehrlichman beneficially owns approximately 18.1 million shares, representing approximately 17.8% of the total outstanding shares of Porch Group common stock.

Additionally, a number of additional members of company management from business unit leaders to senior management as well as independent Board members also purchased Porch Group common stock on or around May 12, 2022. These purchases were made in open market transactions using personal funds, and transactions were completed individually and not in concert.

“Given our success on recent milestones that Porch Group has achieved on multiple fronts, including a strong first quarter and the inclusion of our proprietary data in insurance underwriting, I have never been more optimistic with respect to the future of the Company,” said Ehrlichman. “Our team is confident about what is ahead.”

About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 25,500 home services companies such as home inspectors, mortgage companies and loan officers, title companies, moving companies, real estate agencies, and 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, warranty, moving, security, TV/internet, and home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “intend, “demonstrate,” “expect,” “estimate,” “anticipate,” “should” and “likely” and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Other factors may cause Porch’s actual results to differ materially from those expressed or implied in the forward-looking statements and such factors are discussed in Porch’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and subsequent reports filed by Porch with the SEC. Copies of Porch’s filings with the SEC may be obtained at the “Investors” section of Porch’s website at www.ir.porchgroup.com or on the SEC’s website at www.sec.gov.

The forward-looking statements included in this announcement are made as of the date hereof. Porch is not under any obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise, except as otherwise may be required by the federal securities laws.

Investor Relations Contact:
Emily Lear, Manager of Investor Relations & Treasury
Porch Group
(701) 214-8177
Emilylear@porch.com

Matt Glover and Alex Thompson
Gateway Group, Inc.
(949) 574-3860
PRCH@gatewayir.com

Porch Press contact:
Zach Kadletz
Gateway Group, Inc.
(949) 386-6332
PRCH@gatewayir.com

FAQ

What recent stock purchases did Porch Group CEO make?

On May 12, 2022, Porch Group CEO Matt Ehrlichman purchased 273,128 shares for about $1 million.

How much of Porch Group's stock does Matt Ehrlichman own now?

After recent purchases, Matt Ehrlichman owns approximately 18.1 million shares, representing 17.8% of the total outstanding shares.

Did other members of Porch Group's management buy shares recently?

Yes, additional members of management and board members also purchased Porch Group common stock around May 12, 2022.

What milestones has Porch Group achieved recently?

Porch Group achieved strong first quarter results and included proprietary data in insurance underwriting.