SPNV - SPAC Supernova to take tech-enabled real estate platform Offerpad public in $3B valuation deal

Offerpad to list on NYSE under ticker 'OPAD' after merging with blank check company Supernova Partners Acquisition Company ([[SPNV]] -1.5%) at $3B valuation.Transaction is expected to provide up to $650M in gross cash proceeds, including a fully committed PIPE of $200M and $50M direct investment from affiliates as well as up to $403M of cash held in the trust account of Supernova.PIPE investors include funds and accounts managed by BlackRock and Zimmer Partners, as well as national homebuilder Taylor Morrison Home Corp.Founded in 2015, Offerpad is tech-enabled real estate solutions platform that projects to generate revenue of $1.4B in 2021.Existing Offerpad shareholders will roll 100% of their equity into the combined company and are expected to own ~75% of the combined company at closing and its founder and CEO, Brian Bair will receive ~35% of the voting power of the combined company.The transaction is expected to be completed in the second or

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SPAC Supernova to take tech-enabled real estate platform Offerpad public in $3B valuation deal