Financing ·
Porch Group and Porch Reciprocal Exchange establish $ATM facility to sell up to 15 million shares via StoneX
PRCHPorch Group, Inc.
Porch Group, Inc. and its affiliate, Porch Reciprocal Exchange, entered into a distribution agreement with StoneX Financial Inc. as sales agent. The agreement establishes an at-the-market (ATM) offering program allowing the sale of up to 15 million shares in aggregate: up to 5 million newly issued shares by Porch Group and up to 10 million existing shares held by the Reciprocal. Sales may be made from time to time, subject to market conditions and specific instructions. The Company will not receive proceeds from the sale of shares held by the Reciprocal, which aims to convert holdings into admitted assets under Texas insurance law. Porch Group intends to use net proceeds for general corporate purposes. Porch Group operates in the technology sector, providing digital infrastructure and solutions for the property and casualty insurance industry.