Orrick Advises Offerpad CEO on SPAC Merger with Supernova

March.18.2021

Orrick is advising Brian Bair, CEO and founder of real estate solutions platform Offerpad, on the company’s proposed SPAC merger with Supernova Partners Acquisition Company (NYSE: SPNV). Upon closing, the publicly traded company will be named Offerpad Solutions Inc. and its Class A common stock will be listed on the New York Stock Exchange under the ticker symbol “OPAD.”

The business combination values Offerpad at a post-transaction equity value of approximately $3 billion. Existing Offerpad shareholders will roll 100% of their equity into the combined company and are expected to own approximately 75% of the combined company at closing. Offerpad’s founder and CEO, Brian Bair, will receive high vote stock that is expected to represent approximately 35% of the voting power of the combined company.

The transaction, which has been unanimously approved by the boards of directors of Offerpad and Supernova, is subject to approval by Supernova's stockholders and other customary closing conditions, and is expected to be completed in the second or early third quarter of 2021.

The Orrick team advising Brian Bair includes Matthew Gemello, Bill Hughes, Jason Flaherty, Steven Malvey, Peter Elias and Eric Citizen.