PropTech Acquisition Corp. Stockholders Overwhelmingly Approve Organization Blend with …

– All Stockholder Proposals Were Accepted –

– 99.99% of General public Shareholders Elected to Keep Porch Widespread Inventory –

– More than $322 Million of Gross Proceeds Lifted in The Transaction Will Assistance Speed up Advancement in a $220 Billion Addressable Market place –

– Transaction Predicted to Near on December 23, 2020 –

NEW YORK, Dec. 21, 2020 (Globe NEWSWIRE) — PropTechAcquisition Corporation (NASDAQ: PTAC) (“PropTech” or “PTAC”) now declared that its stockholders voted to approve the proposed organization blend (the “Business Combination”) with Porch.com, Inc. (“Porch” of “the Company”) and the similar proposals at a Particular Assembly held for this purpose on December 21, 2020. Holders of 16,859,288 shares of PTAC’s prevalent inventory, or 99.99% of the issued and fantastic shares, voted in favor of the transaction. The functions assume the closing of the transaction to occur on December 23, 2020.

Upon closing, the mixed firm will be renamed “Porch Team, Inc.” and its common inventory and warrants will get started buying and selling on The Nasdaq Stock Industry (“Nasdaq”) underneath the ticker symbols “PRCH” and “PRCHW” on Thursday, December 24, 2020. To celebrate the closing, Porch Founder and CEO Matt Ehrlichman will ring the opening bell pretty much on the Nasdaq Stock Trade at 9:30 a.m. Japanese time on December 24th.

PTAC also introduced that stockholders keeping 17,249,600 shares (or 99.99%) elected to retain their typical stock. As a result, around $173 million will keep on being in PropTech’s have faith in account and be produced on the closing of the Business Mixture. Like the $150 million entirely dedicated popular inventory private expense announced with the definitive Business enterprise Mixture agreement, Porch expects to obtain more than $322 million in gross proceeds at the closing of the Enterprise Combination.

“We are grateful for our shareholders’ aid as we progress our mission to make the household straightforward, from relocating to keeping and almost everything in between,” explained Porch Founder and CEO Matt Ehrlichman. “With extra than $322 million in complete liquidity just before credit card debt paydown and transaction costs, we have the assets to accelerate our vertical SaaS and reoccurring B2B2C transaction profits platform. We seem forward to a prosperous public listing, delivering powerful shareholder returns, and setting up a actually wonderful and enduring business.”

Tom Hennessy, chairman, co-CEO and president of PropTech, commented: “We are thrilled about the overwhelmingly strong reception from our shareholders as we officially carry Porch to the community market. We imagine Porch will be an enduring community business specified its confirmed earnings design, superior gross and contribution margins, and substantial complete addressable sector. This transaction accelerates both of those close to- and extensive-expression growth levers and we believe that that Porch can produce high expansion to shareholders for decades to arrive.”

Forward-Looking Statements
Specified statements in this press launch could be considered “forward-on the lookout statements” inside the that means of the “safe harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Ahead-searching statements usually relate to future gatherings or PTAC’s or Porch’s future money or working efficiency. These statements are primarily based on the beliefs and assumptions of the management of PTAC and Porch. Whilst PTAC and Porch believe that that their respective options, intentions and expectations mirrored in or proposed by these forward-seeking statements are sensible, neither PTAC nor Porch can assure you that either will attain or realize these options, intentions or expectations. Forward-on the lookout statements are inherently subject matter to pitfalls, uncertainties and assumptions. Commonly, statements that are not historical info, including statements about doable or assumed future actions, company procedures, activities or outcomes of functions, are forward-seeking statements. These statements may perhaps be preceded by, adopted by or involve the words and phrases “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or identical expressions. Forward-on the lookout statements contained in this press release contain, but are not confined to, statements about the anticipated merger closing timing and the ability of PTAC and Porch prior to the merger, and the combined corporation next the merger (“New Porch”), to: access, collect and use personalized data about people execute its business enterprise tactic, including monetization of products and services presented and expansions in and into present and new traces of organization foresee the affect of the coronavirus ailment 2019 (“COVID-19”) pandemic and its impact on business enterprise and fiscal disorders take care of hazards linked with operational changes in response to the COVID-19 pandemic meet up with the closing ailments to the merger, which include approval by stockholders of PTAC and Porch on the anticipated terms and plan notice the positive aspects expected from the proposed merger foresee the uncertainties inherent in the progress of new organization traces and company techniques retain and employ the service of necessary workers enhance brand name awareness catch the attention of, educate and keep productive officers, vital staff or directors update and retain information and facts technologies devices get and defend intellectual house satisfy potential liquidity prerequisites and comply with restrictive covenants connected to extensive-term indebtedness correctly respond to general economic and organization situations preserve the listing on, or the delisting of PTAC’s or New Porch’s securities from, NASDAQ or an incapability to have our securities shown on the NASDAQ or a further national securities exchange adhering to the merger acquire supplemental funds, like use of the financial debt market place greatly enhance foreseeable future functioning and economic results effectively execute growth options anticipate fast technological adjustments comply with legislation and rules relevant to its small business, such as legal guidelines and polices associated to information privateness and insurance functions stay abreast of modified or new guidelines and laws applying to its business enterprise, together with copyright and privacy regulation foresee the affect of, and response to, new accounting standards respond to fluctuations in international currency exchange prices and political unrest and regulatory alterations in international markets from a variety of situations anticipate the significance and timing of contractual obligations preserve critical strategic associations with partners and distributors answer to uncertainties related with solution and service development and market acceptance anticipate the effects of new U.S. federal revenue tax regulation, together with the effect on deferred tax belongings correctly defend litigation correctly deploy the proceeds from the merger and other hazards and uncertainties established forth in the segment entitled “Risk Factors” and “Cautionary Take note Concerning Forward-Looking Statements” in PTAC’s Annual Report on Kind 10 K for the fiscal year finished December 31, 2019, the section entitled “Risk Factors” in PTAC’s Quarterly Studies on Kind 10-Q for the quarterly periods ended March 31, 2020, June 30, 2020 and September 30, 2020, the sections entitled “Risk Factors” and “Forward-On the lookout Statements Industry, Rating and Other Market Data” in the definitive proxy assertion/consent solicitation statement/prospectus filed by PTAC and other documents of PTAC submitted, or to be filed, with the SEC. Almost nothing in this push release must be regarded as a illustration by any man or woman that the forward-on the lookout statements established forth herein will be obtained or that any of the contemplated results of these types of forward searching statements will be reached. You ought to not location undue reliance on ahead-seeking statements, which communicate only as of the date they are created. Neither PTAC nor Porch undertakes any responsibility to update these ahead-searching statements, besides as or else necessary by regulation.

About Porch Group
Seattle-dependent Porch Team, the vertical application system for the home, presents computer software and companies to more than 10,500 house expert services companies this kind of as household inspectors, moving corporations, true estate agencies, utility providers, and guarantee organizations. By these relationships and its numerous brands, Porch delivers a moving concierge company to homebuyers, helping them conserve time and make greater conclusions on important solutions, including insurance, moving, safety, Tv set/internet, house mend and advancement, and additional. To find out additional about Porch, visit porchgroup.com.

About PropTech Acquisition Company
PropTech Acquisition Corporation is a particular intent acquisition corporation formed for the objective of effecting a merger, money stock trade, asset acquisition, inventory obtain, reorganization or very similar small business combination with a person or much more enterprises concentrated on true estate engineering. For extra information and facts, pay a visit to proptechacquisition.com.

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