Business
PropTech Acquisition Corp. Stockholders Overwhelmingly Approve Business Combination with Porch.com; Cash Proceeds to Exceed $322 Million Following Transaction Closing
- All Stockholder Proposals Were Approved - - 99.99% of Public Shareholders Elected to Retain Porch Common Stock – - Over $322 Million of Gross Proceeds
About this update from Porch Group, Inc.
[{"type":"text","content":"- All Stockholder Proposals Were Approved - - 99.99% of Public Shareholders Elected to Retain Porch Common Stock – - Over $322 Million of Gross Proceeds Raised in The Transaction Will Help Accelerate Growth in a $220 Billion Addressable Market - - Transaction Expected to Close on December 23, 2020 - NEW YORK, Dec. 21, 2020 (GLOBE NEWSWIRE) -- PropTech Acquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) today announced that its stockholders voted to approve the proposed business combination (the “Business Combination”) with Porch.com, Inc. (\"Porch” of “the Company\") and the related proposals at a Special Meeting held for this purpose on December 21, 2020. Holders of 16,859,288 shares of PTAC’s common stock, or 99.99% of the issued and outstanding shares, voted in favor of the transaction. The parties expect the closing of the transaction to occur on December 23, 2020. Upon closing, the combined company will be renamed \"Porch Group, Inc.\" and its common stock and warrants will begin trading on The Nasdaq Stock Market (“Nasdaq”) under the ticker symbols \"PRCH\" and “PRCHW” on Thursday, December 24, 2020. To celebrate the closing, Porch Founder and CEO Matt Ehrlichman will ring the opening bell virtually on the Nasdaq Stock Exchange at 9:30 a.m. Eastern time on December 24th. PTAC also announced that stockholders holding 17,249,600 shares (or 99.99%) elected to retain their common stock. As a result, approximately $173 million will remain in PropTech’s trust account and be released upon the closing of the Business Combination. Including the $150 million fully committed common stock private investment announced with the definitive Business Combination agreement, Porch expects to receive over $322 million in gross proceeds at the closing of the Business Combination. “We are grateful for our shareholders’ support as we advance our mission to make the home simple, from moving to maintaining and everything in between,” said Porch Founder and CEO Matt Ehrlichman. “With more than $322 million in total liquidity before debt paydown and transaction fees, we have the resources to accelerate our vertical SaaS and reoccurring B2B2C transaction revenue platform. We look forward to a successful public listing, delivering strong shareholder returns, and building a truly great and enduring company.” Tom Hennessy, chairman, co-CEO and...