PropTech Acquisition Corp. and Porch.com Announce Closing of Business Combination
PropTech Acquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) and Porch.com, Inc. (“Porch” or “the Company”) jointly announced today that they have closed their previously announced business combination (the “Business Combination”).
With the closing, the combined company has been 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.
“Today is a momentous day for our company, our employees and our shareholders,” said Porch Founder and CEO Matt Ehrlichman. “We set out to build a truly great company that makes the home simple, from moving to maintenance and everything in between. It has been an amazing journey building Porch to where it is today, but we truly believe we are just now getting started.”
On December 21, 2020, over 99.9% of the shares of PTAC common stock represented in person or by proxy at the PTAC special meeting voted in favor of the transaction. PTAC also announced that stockholders holding 17,249,600 shares (or 99.99% of PTAC public shares) elected to retain their common stock in connection with the Business Combination. 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 proceeds from the $150 million fully committed common stock PIPE investment, Porch has received over $322 million in gross proceeds upon the closing of the Business Combination.