Offerpad Solutions Inc. (“Offerpad” or the “Company”) (NYSE:OPAD), a leading tech-enabled platform for residential real estate, announced today that it will effect a 1-for-15 reverse stock split (the “Reverse Stock Split”) of its Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and Class B common stock, par value $0.0001 per share (together with the Class A Common Stock, “Common Stock”), that will become effective at 5:00 p.m. Eastern Time on June 12, 2023 (the “Effective Time”).
The Company expects that its Class A Common Stock will open for trading on the New York Stock Exchange (“NYSE”) on a reverse split-adjusted basis on June 13, 2023 under the existing trading symbol “OPAD”. The new CUSIP number for the Class A Common Stock following the Reverse Stock Split will be 67623L 307. The Company’s publicly traded warrants will continue to be traded on the NYSE under the symbol “OPADWS” and the CUSIP number for the warrants will remain unchanged. However, under the terms of the applicable warrant agreement, the number of shares of Class A Common Stock issuable on exercise of each warrant will be proportionately decreased. Specifically, following effectiveness of the Reverse Stock Split, every 15 shares of Class A Common Stock that may be purchased pursuant to the exercise of public warrants now represents one share of Class A Common Stock that may be purchased pursuant to such warrants. Accordingly, for the Company’s warrants trading under the symbol “OPADWS”, every 15 warrants will be exercisable for one share of Class A Common Stock at an exercise price of $172.50 per share of Class A Common Stock.
