Offerpad Announces $90 Million Private Placement
February 01 2023 - 08:30AM
Business Wire
Offerpad Solutions Inc. (“Offerpad”, “Company”) (NYSE: OPAD), a
leading real estate tech company built to simplify home buying and
selling, announced today that it has entered into subscription
agreements with a group of private investors, together with CEO
Brian Bair and existing stockholders Roberto Sella and First
American Financial Corporation, to purchase an aggregate of
160,742,959 prefunded warrants to purchase Offerpad’s Class A
common stock. Each warrant was sold at a price of $0.5599 per
warrant, with an initial exercise price of $0.0001 per warrant,
subject to certain customary anti-dilution adjustment provisions,
and was calculated based on a 20% discount to the 5-day closing
price average on January 27, 2023.
The issuance of the shares of Class A common stock has been
approved by Offerpad stockholders representing more than a majority
of the voting power of the Company’s common stock, and Offerpad
will prepare and file a related information statement with the
Securities and Exchange Commission (“SEC”). The pre-funded warrants
will not be exercisable until at least 21 days after the definitive
information statement is filed with the SEC or such later time as
is necessary to comply with the listing requirements of the New
York Stock Exchange.
The Company plans to use the proceeds from the private placement
for general corporate purposes.
The pre-funded warrants and the shares of Offerpad’s Class A
common stock issuable upon exercise of the warrants are being
issued and sold pursuant to an exemption from registration provided
for under the Securities Act of 1933, as amended (the “Securities
Act”), and neither the pre-funded warrants nor the shares of
Offerpad’s Class A common stock issuable upon exercise of the
warrants have been registered under the Securities Act. The
securities may not be offered or sold in the United States, except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act.
Offerpad has agreed to file a registration statement with the SEC
registering the resale of the shares of its Class A common stock
issuable upon exercise of the pre-funded warrants issued and sold
in the private placement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Offerpad
Offerpad’s mission is to deliver the best home buying and
selling experience so you can spend less time ‘real estat-ing’ and
more time living. From cash offers and flexible listing options to
mortgages and buyer services, Offerpad has been helping homeowners
since 2015. We pair our local expertise in residential real estate
with proprietary technology to put you in control of the process
and help find the right solution that fits your needs. Visit
Offerpad.com for more information.
Forward Looking Statements
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements generally
relate to future events or Offerpad’s future financial or operating
performance. For example, statements regarding the closing of
Offerpad’s private placement and Offerpad’s use of proceeds from
the private placement, are forward-looking statements. In some
cases, you can identify forward-looking statements by terminology
such as “pro forma,” “may,” “should,” “could,” “might,” “plan,”
“possible,” “project,” “strive,” “budget,” “forecast,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“potential” or “continue,” or the negatives of these terms or
variations of them or similar terminology. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by Offerpad and its management,
are inherently uncertain. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Offerpad
does not undertake any duty to update these forward-looking
statements.
#OPAD_IR
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version on businesswire.com: https://www.businesswire.com/news/home/20230201005391/en/
Investors Stefanie Layton Investors@offerpad.com
Media Press@Offerpad.com
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