| Over a month ago | ||||
PropTech Acquisition… PropTech Acquisition (PTAC) announced that its stockholders voted to approve the proposed business combination with Porch.com (PRCH) and the related proposals at a Special Meeting held for this purpose on December 21. 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. 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 under the ticker symbols "PRCH" and "PRCHW" on Thursday, December 24. 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 $173M will remain in PropTech's trust account and be released upon the closing of the Business Combination. Including the $150M fully committed common stock private investment announced with the definitive Business Combination agreement, Porch expects to receive over $322M in gross proceeds at the closing of the Business Combination. | ||||
PropTech Acquisition… PropTech Acquisition Corporation (PTAC) reminds stockholders to vote in favor of the approval of the Company's proposed business combination with Porch.com (PRCH) and the related proposals to be voted upon at the Company's special meeting in lieu of its 2020 annual meeting of stockholders. In light of public health concerns regarding the coronavirus pandemic, the Special Meeting will be held virtually at URL on December 21, 2020, at 11:00 a.m., Eastern time. All stockholders of record of the Company's common stock as of the close of business on November 27, 2020 are entitled to vote their shares represented in person via the virtual meeting platform or by proxy at the Special Meeting. The deadline to submit stockholder proxies is not later than 11:59 p.m. Eastern time on December 20, 2020. In connection with the proposed Business Combination, the Company filed the Proxy Statement with the SEC on December 3, 2020, and the Proxy Statement and proxy card were mailed shortly thereafter to the Company's stockholders of the Record Date. In addition, PropTech is announcing that a de minimis amount of its public shares were submitted for redemption in connection with its previously announced Business Combination with Porch. As a result, approximately $173M will remain in PropTech's trust account and be released upon the closing of the Business Combination. | ||||
Porch.com announced the… Porch.com announced the appointments of Matthew Cullen to General Counsel and Secretary, and Joshua Steffan to VP and Group GM, Inspection and Real Estate. Prior to joining Porch, Matt Cullen served in various roles at Expedia Group (EXPE), most recently as Global Co-Head of M&A and Integrations. Joshua Steffan, who will lead Porch's Home Inspection and Real Estate SaaS and services vertical, specializes in SaaS marketplace product strategy. Prior to joining Porch, he was COO at Home Bay where he was responsible for the real estate brokerage, closing and mortgage businesses and increased revenue by 40% year-over-year. In July, Porch.com announced a merger agreement with PropTech Acquisition Corporation (PTAC), a special purpose acquisition company targeting businesses in the real estate technology industry that would result in Porch becoming a publicly listed company. With the expansion of its leadership team, Porch.com is well positioned to go public later this month. | ||||
As previously reported,… As previously reported, Northland analyst Mike Grondahl initiated coverage of PropTech Acquisition, which will soon be merging with Porch via shareholder vote on December 21, with an Outperform rating and $17 price target. Porch offers software and services to about 11,000 "critical home service companies," such as home inspectors, moving companies, utility companies and warranty companies, noted Grondahl, who said he likes Porch's "expansive" list of owned/operated services and brands and its "impressive" revenue growth and long-term model. | ||||
Northland analyst Mike… Northland analyst Mike Grondahl initiated coverage of PropTech Acquisition with an Outperform rating and $17 price target. | ||||
Virtual Investor meeting… Virtual Investor meeting to be held on December 1 at 2 pm. Webcast Link | |
Virtual Investor meeting… Virtual Investor meeting to be held on December 1 at 2 pm. Webcast Link |
| Over a quarter ago | ||||
PropTech Acquisition and… PropTech Acquisition and Porch.com have entered into a definitive agreement which would result in Porch becoming a publicly listed company. The companies said in a release, "Upon closing of the transaction, PropTech will be renamed Porch.com, Inc. and is expected to remain listed on the Nasdaq Capital Market under the new ticker symbol 'PRCH.' Porch delivers software and services through several wholly-owned brands, including Inspection Support Network, or ISN, Elite Insurance Group, HireAHelper and Porch.com. In 2019, Porch processed approximately $2.2 billion of gross services volumes through its platform. The combined company will have an estimated post-transaction enterprise value of $523 million, consisting of an estimated equity value of $728 million and $205 million in cash and no debt, assuming no redemptions of PropTech public stockholders. Cash proceeds raised will consist of PropTech's approximately $174 million of cash in trust (before redemptions) and an additional $150 million private investment at $10.00 per share. The net proceeds raised from the transaction will be used to support Porch's working capital, pay down debt and fund expansion through acquisitions. Porch's growth strategy is expected to generate estimated revenue and adjusted EBITDA of $120 million and $7 million, respectively, in 2021, exclusive of any accretive benefits from M&A activity made possible by this transaction. Current Porch management, employees and existing shareholders will roll 92% of their existing equity holdings into equity of the combined company. The business combination has been unanimously approved by the boards of directors of both Porch and PropTech. The business combination is expected to close in the fourth quarter of 2020, subject to regulatory and stockholder approvals, and other customary closing conditions." | ||||