Sidley represented Porch.com, Inc. in its business combination with PropTech Acquisition Corporation, a special purpose acquisition company (SPAC), to become a publicly listed company named "Porch Group, Inc." and its common stock and warrants will begin trading on The Nasdaq Stock Market (Nasdaq) under 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 virtually on the Nasdaq Stock Exchange at 9:30 a.m. Eastern time on December 24.
The transaction was well received by investors, with 99.99% of the SPAC’s shareholders electing to retain their common stock and not redeem their shares in connection with the transaction. As a result, approximately US$173 million will remain in the SPAC’s trust account and be released to Porch Group, Inc. upon the closing. The deal also included a US$150 million fully committed common stock private investment in public company (PIPE) financing announced at signing. As a result, Porch Group, Inc. received over US$322 million in gross proceeds at closing.
Seattle-based Porch, the vertical software platform for the home, provides industry-leading CRM/ERP software and services to more than 11,000 home services companies such as home inspectors, moving companies, real estate agencies, utility companies, warranty companies, and home repair & improvement companies.
The deal is being led by partners Joshua DuClos (M&A and Private Equity) and Michael Heinz (Capital Markets), and associates Matthew Stoker and Beau Blakely (M&A), and includes partners Colleen Brown (Privacy and Cybersecurity), Stephanie Dobecki (Insurance), Frank Favia (Commercial Litigation and Disputes), Matthew Johnson (Employee Benefits), Eric Kauffman (Labor, Employment and Immigration), Rachel Kleinberg (Tax), James Lowe (Antitrust), Pamela Martinson (Global Finance), and Anna Remis (Technology and IP Transactions), and associates Chris Barnes (Commercial Litigation and Disputes), Joseph Christie (M&A), Summer Danzeisen (Technology and IP Transactions), Anthony Friedman (Private Equity), Jason Marsico (Labor, Employment and Immigration), Amanda Norton (Antitrust), Christian Pilhofer (Employee Benefits), Patrick Sims (M&A), Julia Sprangers (Employee Benefits), Raisa Turner (Global Finance), Stephen McInerney (Privacy and Cybersecurity), and Jonathan Westreich (Tax).
