CHANDLER, AZ – (BUSINESS WIRING) – Offerpad, Inc., a tech-backed real estate solutions center and host of iBuyer, announced today the planned board of directors following the closure of its merger with Supernova Partners Acquisition Company, Inc. (“Supernova”). (NYSE: SPNV). At the close of the merger, which is expected to take place in the third quarter of 2021, the company’s Class A common stock will be listed on the New York Stock Exchange under the ticker “OPAD” and after the transaction. the company will change its name to Offerpad Solutions Inc.
The board members who will be appointed in connection with the closure of the deal are seasoned entrepreneurs and investors, current and former CEOs, seasoned executives and strategic advisors with proven track record as leaders of the best-in-class real estate and technology companies. such as First American Financial Corporation, Realtor.com, Taylor Morrison Home Corporation and Zillow. These seasoned public company professionals are expected to help Offerpad accelerate market growth and expansion to capture the bulk of the $ 1.9 trillion residential market.
The newly appointed Board members of Offerpad at the closure will be:
- Katie Cournette – Former Senior Vice President of Public Affairs for Zillow and Founding Partner of the Kingston Marketing Group
- Alexander Klabin – Supernova Co-Chair, Ancient Founder and CEO, Executive Chairman of Sotheby’s Financial Services
- Ryan O’Hara – Former CEO of Move, Inc. (parent company of Realtor.com) and former board member of REA (parent company of realestate.com.au)
- Cheryl Palmer – Chairman and CEO of Taylor Morrison Home Corporation
The new appointees will join the existing Offerpad board members. Brian Baer, Founder and CEO of Offerpad, who will also assume the role of chairman of the board of directors; Ken DeGiorgio, President of First American Financial Corp .; as well as Roberto Sella, Founder and Managing Partner of LL Funds.
“I am delighted to have assembled such a talented group of technology, real estate and finance executives to serve on Offerpad’s board of directors,” said Brian Baer, founder and CEO of Offerpad. “Online real estate has entered a new era of innovation and adoption as consumers become more digital and the real estate market becomes more and more competitive. This group of proven innovators has decades of experience in fast-growing public companies and investment platforms that touch every facet of our business. I look forward to the strategic direction they bring to Offerpad as a new public company focused on expanding our product and service portfolio and accelerating market expansion. ”
Offerpad uses technological solutions on its digital platform to reimagine the experience of selling and buying a home. With first-hand real estate experience and powerful patented technologies, the company offers multiple consumer-facing options including instant cash offers and superior home listing services. Offerpad is a privately held company headquartered in Chandler, Arizona with operations across the country in nearly 1,000 cities.
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally refer to future events or the future financial or operating performance of Offerpad. For example, statements about Offerpad’s post-transaction performance and the estimated timing of the proposed business combination are forward-looking statements. In some cases, you may define forward-looking statements using terminologies such as pro forma, may, should, could, could, plan, possibly, project, aspire … , ”“ Budget ”,“ forecast ”,“ expectation ”,“ intention ”,“ will ”,“ estimate ”,“ expectation ”,“ believe ”,“ forecast ”,“ potential ”or“ continuation ”, or negative aspects of these terms or variations thereof, or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. These forward-looking statements are based on estimates and assumptions which, while Offerpad and its management believe are reasonable, are inherently uncertain. Factors that could cause actual results to differ materially from current expectations include, but are not limited to: the outcome of any legal action that may be brought against Supernova, Offerpad, the combined company or others following the announcement of the business combination and any final relevant agreements; failure to complete the business combination due to failure to obtain Supernova shareholder approval or other conditions for closure; changes to the proposed business combination structure that may be required or appropriate as a result of applicable law or regulation, or as a condition for obtaining regulatory approval for a business combination; the ability to comply with stock exchange listing standards upon completion of the business combination; the risk that the business combination will disrupt Offerpad’s current plans and operations as a result of the announcement and completion of the business combination; the ability to recognize the expected benefits of the business combination, which could be influenced by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers, and retain management and key employees; costs associated with a business combination; changes in applicable laws or regulations; the ability to respond to general economic conditions; the health of the US residential real estate industry; the possibility of increasing market share in existing or any new markets; the impact of the COVID-19 pandemic; the ability to effectively manage growth; the ability to accurately estimate and manage inventory, and to maintain an adequate and desirable inventory of inventory; the ability to successfully launch new products and services, as well as manage, develop and improve the technology platform; and other risks and uncertainties set out in the Risk Factors and Forward-Looking Statements Caveats in the Form S-4 and Fiduciary Statement / Prospectus discussed below and other documents Supernova may file from time to time. time with the mall.
Nothing in this press release should be construed as a statement by any person that the forward-looking statements set forth therein will be achieved or that any of the intended results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements that are only valid as of the date they are made. Offerpad assumes no obligation to update these forward-looking statements.
Additional information and where to find it
Supernova has filed an S-4 registration application with the Securities and Exchange Commission (“SEC”) which includes a Proxy Statement / Prospectus which will be a proxy statement to be circulated to Supernova common shareholders in this regard … requesting proxies for voting by Supernova shareholders in relation to the proposed business combination and other matters described in the registration application and in the prospectus relating to the offering and sale of securities to be issued in the business combination. Once the registration application is declared effective, Supernova will send the final power of attorney statement / prospectus and other relevant documents to shareholders. This press release does not contain all the information that should be considered in relation to a proposed business combination and is not intended to be used as the basis for any investment decision or any other decision regarding a business combination. Supernova shareholders and other interested parties are encouraged to review the preliminary proxy / prospectus included in the incorporation application and amendments thereto, as well as the final proxy / prospectus statement and other documents filed in connection with the proposed business combination, as they The content will contain important information about Offerpad, Supernova and the business combination. Where possible, the final statement / prospectus and other relevant materials for the proposed business combination will be mailed to Supernova shareholders as of the date of the entry to be set for voting on the proposed business combination. Shareholders will also be able to obtain copies of the preliminary power of attorney statement, the final power of attorney statement and other documents filed with the SEC, free of charge when available, from the SEC website at: www.sec.govor by sending a request to the Supernova Secretary at 4301 50th Street NW, Suite 300 PMB 1044, Washington, DC 20016, (202) 918-7050.
Participants in the petition
Supernova, its directors and officers may be deemed to have requested proxies from Supernova shareholders in relation to the proposed business combination. For a list of the names of these directors and executive officers and a description of their interests in Supernova, see Supernova’s S-4 registration application, which is available free of charge on the SEC website at www.sec.gov… To the extent that ownership of Supernova securities may have changed since that time, such changes have been or will be reflected in the Form 4 Change of Ownership Applications filed with the Securities and Exchange Commission.
Offerpad, its directors and officers may also be considered as participating in the request for powers of attorney from Supernova shareholders in connection with the proposed business combination. A list of the names of these directors and executive officers, as well as information regarding their interests in the proposed business combination, is contained in Supernova’s S-4 registration application, which is available free of charge on the SEC’s website at: www.sec.gov…
No suggestions or motions
This press release does not constitute (i) a request for power of attorney, consent or authorization in relation to any securities or in relation to a proposed business combination, or (ii) an offer to sell, an invitation to an offer to buy, or a recommendation to acquire any securities of Supernova, Offerpad or their respective affiliates.