Chandler-based Offerpad raising $90 million in private placement - Phoenix Business Journal

Chandler-based real estate technology company Offerpad Solutions Inc. is raising $90 million in a private placement.

Offerpad CEO Brian Bair, First American Financial Corp. and its CEO Kenneth DeGiorgio, and Roberto Sella, founder of Philadelphia-based LL Funds LLC, are among the group of investors involved in the private placement, according to a regulatory filing submitted to the U.S. Securities and Exchange Commission.from the private placement for general corporate purposes, including working capital.

The pre-funded warrants will not be exercisable 21 days after Offerpad files an information statement with the SEC, according to a company release. In connection with the transaction, Bair will convert 14.8 million of class B shares that he owns into class A common stock following the company’s annual stockholders meeting. As sole owner of Offerpad’s class B shares, Bair is currently entitled to 10 votes per share on matters presented to the company’s stockholders, according to the SEC filing.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Honeywell Aerospace (HON) to test sustainable fuels in Phoenix - Phoenix Business JournalHoneywell said it received its first delivery of sustainable aviation fuel and will be using it in support development and production testing for auxiliary power units and propulsion engines.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Case-Shiller report Phoenix has largest cool off in home price growth - Phoenix Business JournalContinuing a trend that has accelerated in the past few months, Phoenix has seen the largest cooling in home price growth among the nation's biggest metropolitan areas, according to the latest data released Jan. 31.
Source: phxbizjournal - 🏆 254. / 63 Read more »