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Offerpad and Supernova Partners Acquisition Company have completed their merger, establishing Offerpad Solutions as a public entity trading under OPAD on the NYSE, effective September 2, 2021. The transaction secured approximately $284 million in proceeds, aimed at accelerating market expansion and enhancing technology development. With Brian Bair at the helm as CEO and Chairman, Offerpad Solutions aims to transform the residential real estate experience utilizing a tech-enabled platform. Supernova's shareholders approved the merger on August 31, 2021.
Offerpad, a leading platform for residential real estate, will release its second quarter financial results on August 16, 2021, after market close. A conference call is scheduled for 2 p.m. PDT / 5 p.m. EDT, where investors can register for personalized access. Offerpad aims to revolutionize the home buying and selling process using technology to enhance customer experience. Additionally, Supernova (NYSE: SPNV) has filed a registration statement regarding its proposed business combination with Offerpad, urging stockholders to review the associated proxy statement for detailed information.
Supernova Partners Acquisition Company, Inc. (SPNV) has filed a definitive proxy statement with the SEC regarding its proposed business combination with OfferPad, Inc. The special meeting for stockholders is set for August 31, 2021, with a record date of August 2, 2021. The board unanimously recommends voting FOR the merger. If approved, the combined entity will trade on the NYSE under new ticker symbols OPAD and OPADWS. This merger aims to enhance OfferPad's technology-driven real estate solutions.
Offerpad is expanding its real estate services to Indianapolis, marking its entry into the Midwest market. This initiative allows home buyers and sellers access to innovative solutions through Offerpad's platform. The company plans to extend services to additional Midwest locations including Kansas City, St. Louis, and Columbus later this year. Offerpad aims to simplify transactions by offering cash offers within 24 hours and partnering with local real estate agents.
Offerpad, Inc. announced the planned composition of its board of directors following its merger with Supernova Partners Acquisition Company (NYSE: SPNV). The merger, set to close in Q3 2021, will result in a name change to Offerpad Solutions Inc., with Class A common stock listed under the ticker 'OPAD'. New board members include leaders from Zillow, Realtor.com, and Taylor Morrison Home Corporation, aiming to drive growth in the $1.9 trillion residential real estate market. CEO Brian Bair anticipates that their expertise will help accelerate the company's product expansion and market reach.
Supernova Partners Acquisition Company (NYSE: SPNV) received a notice from the NYSE for failing to timely file its Form 10-Q for Q1 2021, as required under Section 802.01E. This notice does not immediately affect SPNV's listing. The delay stemmed from management's reevaluation of the accounting treatment of redeemable warrants following an SEC statement issued on April 12, 2021. The Form 10-Q was successfully filed on May 28, 2021. The company cautions that various risks could impact future expectations, including competition and market conditions.
Offerpad has announced a definitive merger agreement with Supernova Partners Acquisition Company (NYSE: SPNV), which will lead to Offerpad becoming publicly traded under the ticker OPAD. The transaction values Offerpad at approximately $3 billion and is expected to generate up to $650 million in gross cash proceeds. Offerpad, a tech-enabled real estate platform, projects $1.4 billion in revenue for 2021. The merger aims to accelerate growth in the under-penetrated online real estate market, currently less than 1% of a $1.6 trillion addressable market.
Supernova Partners Acquisition Company has successfully closed its initial public offering (IPO), raising $402.5 million by selling 40,250,000 units at $10.00 each, including full exercise of the underwriters' over-allotment option. The IPO, which began trading on the NYSE under the symbol SPNV.U on October 21, 2020, positions Supernova to engage in mergers or acquisitions with growth-oriented tech companies. Key figures involved include Spencer Rascoff and Alexander Klabin, emphasizing a focus on companies that leverage tech trends and possess a strong corporate culture.
Supernova Partners Acquisition Company announced the pricing of its upsized initial public offering, raising $350 million by offering 35 million units at $10.00 each. Beginning October 21, 2020, the units will trade on the NYSE under the symbol 'SPNV.U'. Each unit includes one share of Class A common stock and one-third of a warrant. Supernova, led by experienced entrepreneurs, aims to merge with a growth company benefiting from thematic shifts. The underwriters have an option to purchase an additional 5.25 million units within 45 days.
