What is going on with SPNV?
OfferPad, Inc, a leading tech-enabled platform for buying and selling residential real estate, and Supernova Partners Acquisition Company, Inc. (SPNV), a publicly traded special purpose acquisition company, today completed their previously announced transaction to take Offerpad public.
The newly formed company, named Offerpad Solutions Inc, uses technology-enabled solutions, including iBuying, to remake the home selling and buying experience by offering customers the convenience.
Shares of SPNV hovered around its market open price of $8.80 as of Thursday at 11:51am.
What does this mean for Supernova Partners?
Offerpad Solutions expects to use proceeds of approximately $284 million from the transaction to accelerate market expansion, to invest in technology and product development, to pay transaction expenses and for other general corporate purposes including the repayment of indebtedness.
Brian Bair, Founder and CEO of Offerpad commented, “We are taking home buying and selling from chaotic to controlled, from expensive to efficient, and from the past straight into the future. We are just getting started. We have a superior team, combining strong technology backgrounds and real estate experience in every kind of real estate cycle, with the skills and vision to operate as a highly capital-efficient company in our industry. We are excited about the tremendous opportunity ahead of us as more and more buyers and sellers opt for our digital-first experience.”
Offerpad's common stock and warrants are expected to begin trading on the New York Stock Exchange on September 2, 2021, under the symbols OPAD and OPADWS, respectively.