UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 12, 2021, Joe Hanauer, a director of Porch Group, Inc. (the “Company”), notified the Company of his decision to resign from the Board of Directors of the Company (the “Board”) and the Nominating and Corporate Governance Committee of the Board, in each case effective immediately.
Item 8.01. Other Events.
As of the end of trading on March 12, 2021, the last sales price of the Company’s common stock exceeded $18.00 per share for 20 trading days within the previous 30 trading day period. As a result, the Company is entitled to redeem all of its outstanding warrants to purchase shares of the Company’s common stock that were issued pursuant the Warrant Agreement, dated as of November 21, 2019 (the “Warrant Agreement”), by and between the Company (f/k/a PropTech Acquisition Corporation) and Continental Stock Transfer & Trust Company, as warrant agent, as part of the units sold in the Company’s initial public offering. Private Placement Warrants (as defined in the Warrant Agreement) that are held by the founders of PropTech Acquisition Corporation and their Permitted Transferees (as defined in the Warrant Agreement) are not redeemable.
The Board unanimously approved the redemption of the warrants and the Company intends to deliver notice of redemption pursuant to the Warrant Agreement on March 17, 2021 with a scheduled redemption date of April 16, 2021. Holders of warrants called for redemption may exercise their warrants for cash at any time prior to 5:00 p.m. Eastern Time on such redemption date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PORCH GROUP, INC. | |||
| By: | /s/ Martin L. Heimbigner | ||
| Name: | Martin L. Heimbigner | ||
| Title: | Chief Financial Officer | ||
Date: March 12, 2021