NEW YORK and MINNETONKA, Minn., Nov. 29, 2022 (GLOBE NEWSWIRE) — PropTech Funding Company II (NASDAQ: PTIC) (“PropTech II” or “PTIC”) and RW Nationwide Holdings, LLC (d/b/a Admire) (“Admire” or “the corporate”), the dad or mum holding firm of Renters Warehouse, collectively introduced at present that they’ve closed their beforehand introduced enterprise mixture (the “Enterprise Mixture”).
With the closing, the mixed firm has been renamed “Admire Holdings, Inc.” and its frequent inventory and warrants will start buying and selling on The Nasdaq Inventory Market (“Nasdaq”) underneath the ticker symbols “SFR” and “SFRWW”. Buying and selling of Admire securities is anticipated to begin on Wednesday, November 30, 2022. To have a good time the closing, Admire CEO Chris Laurence and President Kevin Ortner will ring the closing bell on the Nasdaq on December 8, 2022.
“At the moment is a momentous day for our firm, our workers and our shareholders,” stated Chris Laurence, CEO of Admire. “This positions Admire as the general public chief within the SFR providers enterprise and can permit us to broaden our providing for each particular person and institutional buyers in SFR.”
Tom Hennessy, Chairman, co-CEO and President of PTIC II, commented: “We’re thrilled to shut our enterprise mixture with Admire. A public itemizing catalyzes the Firm’s enlargement within the extremely fragmented single household rental TAM and we consider that Admire will proceed to be supported by macroeconomic tailwinds for residential rental actual property. With its distinctive end-to-end platform, an achieved management workforce, confirmed income mannequin, and extremely scalable unit economics, we’re assured that Admire can be an everlasting public firm that may ship long-term shareholder returns.”
Admire, the dad or mum holding firm of Renters Warehouse, is a number one end-to-end SFR market and administration platform. The corporate affords a full-service platform for investing in and proudly owning SFR properties, together with a proprietary on-line market and full-service brokerage groups in over 40 markets. For extra info, go to respect.hire.
About PropTech Funding Company II
PropTech Funding Company II is a particular function acquisition firm with a confirmed worth creation mannequin centered on actual property expertise. PTIC’s mission is to be a strategic progress accomplice for founders, administration, workers and stockholders whereas adhering to PTIC’s core values of stewardship, transparency, integrity, and accountability. For extra info, go to proptechinvestmentcorp.com.
Sure statements on this communication could also be thought-about forward-looking statements. Ahead-looking statements usually relate to future occasions or PTIC’s or Admire’s future monetary or working efficiency, and different “forward-looking statements” (as such time period is outlined within the Personal Securities Litigation Reform Act of 1995), which embrace statements regarding the Enterprise Mixture. In some instances, you possibly can determine forward-looking statements by terminology resembling “consider,” “could,” “will,” “estimate,” “proceed,” “anticipate,” “intend,” “anticipate,” “ought to,” “would,” “plan,” “predict,” “potential,” “appear,” “search,” “future,” “outlook,” or the negatives of those phrases or comparable expressions that predict or point out future occasions or developments or that aren’t statements of historic issues. These forward-looking statements are topic to quite a lot of dangers and uncertainties. If any of those dangers materialize or our assumptions show incorrect, precise outcomes might differ materially from the outcomes implied by these forward-looking statements.
These forward-looking statements are primarily based upon estimates and assumptions that, whereas thought-about affordable by PTIC and its administration, and/or Admire and its administration, because the case could also be, are inherently unsure. Elements which will trigger precise outcomes to vary materially from present expectations embrace, however will not be restricted to: (1) the result of any authorized proceedings that could be instituted towards PTIC, Admire, the mixed firm following the Enterprise Mixture; (2) the failure of any situation precedent to the dedicated fairness facility in reference to the frequent inventory buy settlement by and between PTIC and CF Principal Investments LLC, which might trigger the termination of such facility; (3) the power to satisfy inventory change itemizing requirements following the consummation of the transactions contemplated by the enterprise mixture settlement; (4) the danger that the transactions contemplated by the enterprise mixture disrupt present plans and operations of Admire or PTIC; (5) the power to acknowledge the anticipated advantages of the transactions contemplated by the enterprise mixture settlement, which can be affected by, amongst different issues, competitors, the power of the mixed firm to develop and handle progress profitably, keep relationships with clients and suppliers and retain its administration and key workers; (6) prices associated to the transactions contemplated by the enterprise mixture settlement; (7) adjustments in relevant legal guidelines or rules; (8) the likelihood that Admire or the mixed firm following the Enterprise Mixture could also be adversely affected by different financial, enterprise, and/or aggressive components; (9) Admire’s estimates of bills and profitability; (10) the failure to appreciate anticipated professional forma outcomes or projections and underlying assumptions, together with with respect to estimated stockholder redemptions, buy value, and different changes; (11) debt defaults, and the necessity for or failure to acquire further capital; and (12) different dangers and uncertainties set forth within the sections entitled “Threat Elements” and “Cautionary Observe Concerning Ahead-Trying Statements” in PTIC’s Annual Report on Type 10-Okay for the yr ended December 31, 2021, Quarterly Reviews on Type 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022, the Proxy Assertion regarding the Enterprise Mixture, and in any subsequent filings with the SEC. There could also be further dangers that neither PTIC nor Admire presently know or that PTIC and Admire presently consider are immaterial that would additionally trigger precise outcomes to vary from these contained within the forward-looking statements.
Nothing on this communication must be thought to be a illustration by any individual that the forward-looking statements set forth herein can be achieved or that any of the contemplated outcomes of such forward-looking statements can be achieved. You shouldn’t place undue reliance on forward-looking statements, which communicate solely as of the date they’re made. Neither PTIC nor Admire undertakes any responsibility, and every of PTIC and Admire expressly disclaims any obligation, to replace or alter the foregoing or any projections or forward-looking statements, whether or not because of new info, future occasions or in any other case.
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