PropTech Redemptions Minimal Ahead of Vote on $523M Porch Deal

PropTech in a press release asked its stockholders to vote in favor of the SPAC’s proposed business combination with Porch on Dec. 21.

If approved, the deal would give the combined companies an enterprise value of about $523 million, plus about $205 million in cash to fuel Porch growth. Porch provides software and services to more than 10,500 home services companies, including home inspectors, moving companies, real estate agencies, utility and warranty companies. 

PropTech also said less than 1,000 of its public shares were submitted for redemption in connection with the proposed business combination, leaving $173 million in trust.

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