Supernova Partners Acquisition stockholders are now scheduled to vote Aug. 31 on the SPAC’s proposed merger with real estate platform OfferPad. The S-4 and definitive proxy on the deal has been declared effective by the SEC.
Announced in March, the transaction is expected to provide up to $650 million in gross cash proceeds to the combined company, including up to $403 million of cash held in Supernova’s trust, a fully committed $200 million common stock PIPE and a $50 million direct investment by affiliates of Supernova.
Existing Offerpad shareholders will roll 100 percent of their equity into the combined company and are expected to own approximately 75 percent of the company at closing. Offerpad’s founder and CEO, Brian Bair, will receive high vote stock that is expected to represent approximately 35 percent of the voting power of the combined company. Read more.