SEATTLE, June 02, 2025--(BUSINESS WIRE)--Porch Group, Inc. ("Porch Group," "Porch" or "the Company") (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced the repurchase of an additional $8.9 million of its 0.75% Senior Unsecured Convertible Notes due September 2026 ("2026 Notes").

As previously disclosed, the board of directors has authorized management to repurchase the remaining $29 million of 2026 Notes in cash in the open market or through privately negotiated transactions. On May 29, 2025, the Company repurchased $8.89 million of 2026 Notes for approximately $8.46 million of cash, or 95% of par, in a privately negotiated transaction. The remaining $21 million of 2026 Notes is expected to be retired using balance sheet cash.

This press release shall not constitute an offer to purchase or a solicitation of an offer to sell the 2026 Notes, or any other securities, and will not constitute an offer, solicitation or purchase in any state or jurisdiction in which such an offer, solicitation or purchase would be unlawful.

About Porch Group

Porch Group, Inc. is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit ir.porchgroup.com.

Forward-Looking Statements

Certain statements in this release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Porch Group’s future financial or operating performance. For example, statements regarding the expected repurchase of additional 2026 Notes with balance sheet cash and achievement of future leverage targets or goals, and other statements herein of management’s beliefs, intentions or goals, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "potential," "target," or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.