Offerpad files Section 205 petition to validate capital structure after Boxed ruling uncertainty

Offerpad Solutions Inc.

Filed petition in Delaware Court of Chancery under DGCL Section 205 to validate Third Amended and Restated Certificate of Incorporation and all shares issued.
Uncertain vote requirement: Company did not disclose separate class vote for Class A common stock, but majority of Class A outstanding shares voted in favor.
Over 232M Class A shares outstanding exceed 100M authorized under old certificate; Class B shares within limit.
Hearing set for March 29, 2023; company warns uncertainty could impair equity financing, stock-based comp, and NYSE listing if not resolved.

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