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OfferPad, Inc. ("Offerpad"), a leading tech-enabled platform for buying and selling residential real estate, and Supernova Partners Acquisition Company, Inc. (NYSE:SPNV) ("Supernova"), 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. ("Offerpad Solutions", the "Company" or the "combined company"), uses technology-enabled solutions, including iBuying, to remake the home selling and buying experience by offering customers the convenience, control and certainty to solve their housing needs. Offerpad Solutions 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.
Supernova shareholders approved the transaction at a special meeting on August 31, 2021. 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. Founder and CEO Brian Bair and Offerpad's management team will continue to lead the combined company. Brian Bair will also serve as Chairman of the Offerpad Solutions board of directors alongside Katie Curnutte, former SVP of Communications and Public Affairs at Zillow; Ken DeGiorgio, President of First American Financial Corp.; Alexander Klabin, founder and CEO of Ancient and Executive Chairman of Sotheby's Financial Services; Ryan O'Hara, former CEO of Move, Inc. (Realtor.com); Sheryl Palmer, Chairman and CEO of Taylor Morrison Home Corporation; and Roberto Sella, Founder and Managing Partner of LL Funds.
In reaction to achieving this significant milestone, Brian Bair explained, "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."
Spencer Rascoff, co-chair of Supernova and former CEO of Zillow, said, "Offerpad Solutions brings together the right mix of real estate expertise, technology-enabled solutions and a customer focused mindset to lead the transformation of the residential real estate experience. We saw a unique opportunity to work with Offerpad and couldn't be more pleased to partner with the team."
Posted In: SPNV
