PropTech Investment II said its stockholders voted in favor of merging with RW National Holdings (d/b/a Appreciate), the parent holding company of Renters Warehouse. The parties expect the deal to close Nov. 22. Renters Warehouse is an end-to-end single family rental marketplace and management platform.
Appreciate Holdings stock and warrants will begin trading Wednesday on the Nasdaq under the ticker symbols SFR and SFRWW.
Although Proptech II did not disclose redemptions, the SPAC in an 8-K filing said it entered into a forward purchase agreement yesterday – two days after the shareholder vote – with Vellar Opportunity Fund SPV for 9 million shares at $10.08 each. Those funds would be used as a backstop.
As announced in May, proceeds were expected to consist of the SPAC’s $230 million cash in trust (less any redemptions) and a committed equity facility of $100 million. Read more.
