Offerpad raises $90M via pre-funded warrants, CEO to convert Class B shares

Offerpad Solutions Inc.

$90M gross proceeds from sale of 160.7M pre-funded warrants at $0.5599 each.
Warrants have $0.0001 exercise price; exercisable 21 days after info statement filed.
Investors include CEO Brian Bair, directors Sella and DeGiorgio, and First American.
CEO Bair to convert all 14.8M Class B shares (10 votes each) to Class A after annual meeting.
Major stockholders entered voting agreement; written consent approving transaction obtained.

item 1.01 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Offerpad Solutions Inc. entered into Subscription Agreement with certain investors including Brian Bair, Roberto Sella, First American Financial Corporation, and Kenneth DeGiorgio valued at approximately $90.0 million (effective 2023-01-31).

Action: entry
Agreement: equity purchase
Counterparty: certain investors including Brian Bair, Roberto Sella, First American Financial Corporation, and Kenneth DeGiorgio
Value: approximately $90.0 million
Effective: 2023-01-31

Exact text from the filing

On January 31, 2023, Offerpad Solutions Inc. (the “Company”) entered into a pre-funded warrants subscription agreement (the “Subscription Agreement”) with the investors named therein (the “Investors”) pursuant to which the Company agreed to sell and issue to the Investors an aggregate of 160,742,959 pre-funded warrants (the “Warrants”) to purchase shares (the “Warrant Shares”) of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”).

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Offerpad Solutions Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-021670

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