PropTech Acquisition Corporation (PTAC) Shareholders Approve Porch.com Deal

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PropTech Acquisition Corporation (PTAC) Shareholders Approve Porch.com Deal

PropTech Acquisition Corporation (NASDAQ:PTAC) announced in an 8-K that its shareholders approved its combination with online home improvement marketplace Porch.com at a special meeting earlier today.

Just 400 shares were redeemed in connection with the vote, marking a solid result for the PropTech, which opened at $12.07 ahead of the vote. PropTech previewed late Friday that it was in for a good redemption number with about $173 million left available in its trust account.

PropTech initially announced its $523 million combination with Porch.com July 31. Porch.com provides an online concierge service for customers searching for movers, home inspectors and other service providers for home owners and home buyers.

All other measures on the ballot passed by wide margins with the largest dissention coming against the company’s proposed incentive plan, with about 18.5% of participating shares voting against it.

For a full list of measures on the ballot as well as vote tallies, click HERE.

 

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