PropTech Investment II (NASDAQ:PTIC) announced this afternoon that its shareholders have approved its business combination with rental marketplace Appreciate during a special meeting held earlier today.
The SPAC did not disclose redemption amounts, but shares of PTIC traded above its trust value of $10 throughout its redemption deadline November 16. PTIC’s share price has since come down slightly and closed at $9.73 today.
PropTech Investment II initially funded the deal with $230 million from its trust supplemented by a $100 million committed equity facility funded by CF Principal, an affiliate of Cantor Fitzgerald.
The parties now expect to close the transaction on November 22. Following the closing, the combined company will be renamed “Appreciate Holdings, Inc.” and its common stock and warrants will begin trading on November 23, on The Nasdaq under the ticker symbols “SFR” and “SFRWW”, respectively.
PropTech Investment II inked its $416 million combination with Appreciate on May 17. Minnetonka, Minnesota-based Appreciate hosts a technology platform for purchasing and managing rental properties for retail and institutional buyers.
- Northland is acting as exclusive M&A advisor to PTIC.
- Cantor Fitzgerald & Co. is acting as exclusive capital markets advisor to PTIC.
- Kirkland & Ellis LLP is acting as counsel to PTIC.
- King & Spalding LLP is acting as counsel to CF Principal Investments LLC in connection with the Committed Equity Facility.
- Gateway Group is acting as investor relations and public relations to both PropTech II and Appreciate.
- Moelis & Co. is advisor to Appreciate.
- Winthrop & Weinstine, P.A. is acting as counsel to Appreciate.
- Faegre Drinker Biddle & Reath LLP is acting as counsel to Appreciate.