PropTech announced that its stockholders voted to approve the business combination with Porch. The SPAC said 99.99 percent of the issued and outstanding shares were voted in favor of the transaction. The deal is expoected to close Dec. 23.
The combined company will be renamed “Porch Group, Inc.” and its common stock and warrants will trade on the Nasdaq under “PRCH” and “PRCHW” starting Dec. 24. Porch Founder and CEO Matt Ehrlichman will ring the opening bell virtually on the Nasdaq that morning.
PropTech also said that stockholders holding 99.99 percent of common shares 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 merger. Including a $150 million fully committed PIPE, Porch would receive over $322 million in gross proceeds at the closing. Read more.
