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

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In September, the company cut 7% of its staff in part due to changing market conditions. phoenix $OPAD

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.

 

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