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Porch Announces Completion of Redemption of Public Warrants

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SEATTLE, April 19, 2021 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services industry, today announced the completion of the redemption of all of its outstanding public warrants (the “Public Warrants”) and approximately 45% of the outstanding private warrants (the “Private Warrants”).

On March 23, 2021, the Company issued a press release stating that, pursuant to the terms of the agreement governing the Public Warrants (the “Warrant Agreement”), it would redeem all of the Public Warrants that remained outstanding at 5:00 p.m. Eastern Time on April 16, 2021 (the “Redemption Date”) for a redemption price of $0.01 per Public Warrant. The redemption was triggered because the last sales price of the Company’s common stock was at least $18.00 per share for twenty (20) trading days within a thirty-day (30) period that ended March 12, 2021.

Of the 8,624,996 Public Warrants that were outstanding as of the date of the Company’s combination with PropTech Acquisition Corporation on December 23, 2020, 8,495,972 were exercised, representing approximately 99% of the Public Warrants. In addition, of the 5,700,000 Private Warrants that were outstanding as of the date of the Company’s combination with PropTech Acquisition Corporation on December 23, 2020, 2,574,846 were exercised, representing approximately 45% of the Private Warrants. Porch redeemed 129,024 unexercised warrants. Total cash proceeds generated from all warrant exercises were $127.3 million. As of this date, no Public Warrants remain outstanding.

In connection with the redemption, the Public Warrants stopped trading on the Nasdaq Capital Market and were delisted, with the trading halt announced after close of market on Friday, April 16. The redemption had no effect on the trading of Porch’s common stock, which continues to trade on the Nasdaq Capital Market under the symbol “PRCH.”

Private Placement Warrants (as defined in the Warrant Agreement) that are still held by the founders of PropTech Acquisition Corporation and their Permitted Transferees (as defined in the Warrant Agreement) were not subject to this redemption.

About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 11,150 home services companies such as home inspectors, moving companies, real estate agencies, 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, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Porch Press contact:
Jordan Schmidt
Gateway Group
(949) 386-6332
PRCH@gatewayir.com

Porch Investor Relations contact:
Cody Slach, Matt Glover
Gateway Group
(949) 574-3860
PRCH@gatewayir.com