Appreciate Holdings, Inc.: M&A transaction — Appreciate Holdings closes business combination with Renters Warehouse; provides key metrics

Appreciate Holdings, Inc.

Business combination with Renters Warehouse closed Nov 29, 2022; Renters Warehouse now wholly owned subsidiary.
Marketplace transactions 649 for nine months ended Sep 30, 2022, up 9.6% YoY from 592.
Institutional transactions surged 61% to 410; retail transactions fell 29% to 239.
Property counts 7,748 as of Sep 30, 2022, down 3.3% YoY due to loss of institutional client in Q4 2021.
Renters Warehouse operated 42 locations in 19 states; asset-light model with no owned real estate.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Appreciate Holdings, Inc. completed an acquisition involving RW National Holdings, LLC ("Renters Warehouse") (closed 2022-11-29).

Action: acquisition
Counterparty: RW National Holdings, LLC ("Renters Warehouse")
Closing: 2022-11-29

Exact text from the filing

On November 29, 2022, Appreciate Holdings, Inc. (f/k/a PropTech Investment Corporation II (“ PTIC II ”)) (the “ Company ” or “ Appreciate ”) closed its business combination (the “ Business Combination ”) with Appreciate Intermediate Holdings, LLC, a Delaware limited liability company (“ NewCo LLC ”), pursuant to that certain Business Combination Agreement (as amended, supplemented or otherwise modified from time to time, the “ Business Combination Agreement ”), dated as of May 17, 2022, by and among (i) PTIC II, (ii) RW National Holdings, LLC, a Delaware limited liability company (“ Renters Warehouse ”), and Lake Street Landlords, LLC, a Delaware limited liability company, in its capacity as the representative of applicable Renters Warehouse unitholders.

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Source: SEC EDGAR

accession 0001213900-22-077649

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