Porch Group Repurchases Additional $8.9m Unsecured 2026 Notes for $8.5m of Cash
Porch Group, Inc. ('Porch Group,' 'Porch' or 'the Company') (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced the repurchase of an additional $8.9 million of its 0.75% Senior Unsecured Convertible Notes due September 2026 ('2026 Notes').
As previously disclosed, the board of directors has authorized management to repurchase the remaining $29 million of 2026 Notes in cash in the open market or through privately negotiated transactions. On May 29, 2025, the Company repurchased $8.89 million of 2026 Notes for approximately $8.46 million of cash, or 95% of par, in a privately negotiated transaction. The remaining $21 million of 2026 Notes is expected to be retired using balance sheet cash.
This press release shall not constitute an offer to purchase or a solicitation of an offer to sell the 2026 Notes, or any other securities, and will not constitute an offer, solicitation or purchase in any state or jurisdiction in which such an offer, solicitation or purchase would be unlawful.
About Porch Group
Porch Group, Inc. is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit ir.porchgroup.com.
Forward-Looking Statements
Certain statements in this release may be considered 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Porch Group's future financial or operating performance. For example, statements regarding the expected repurchase of additional 2026 Notes with balance sheet cash and achievement of future leverage targets or goals, and other statements herein of management's beliefs, intentions or goals, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'should,' 'expect,' 'intend,' 'will,' 'estimate,' 'anticipate,' 'believe,' 'predict,' 'potential,' 'target,' or 'continue,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risks and uncertainties described in the 'Risk Factors' section of Porch's most recent Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the Securities and Exchange Commission (the 'SEC'), all of which are available on the SEC's website at www.sec.gov. Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this release. Porch Group does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250602374016/en/
CONTACT: Investor Relations Contact:
[email protected]
KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SOFTWARE CONSTRUCTION & PROPERTY INSURANCE DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY APPS/APPLICATIONS RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Porch Group, Inc.
Copyright Business Wire 2025.
PUB: 06/02/2025 09:00 AM/DISC: 06/02/2025 08:59 AM
http://www.businesswire.com/news/home/20250602374016/en
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