Renters Warehouse parent Appreciate plunges 45% after SPAC deal

Appreciate Holdings

30/11/2022 19:42

** Appreciate Holdings Inc's  SFR.O  shares fall as much as
44.8% to $5.92 in debut after single-family home rental
marketplace completes SPAC merger
    ** Parent firm of Renters Warehouse late Tues closed
business combination with special-purpose acquisition company 
PropTech Investment Corporation II (former ticker "PTIC")
 urn:newsml:reuters.com:*:nGNXc6nhFh
    ** Appreciate CEO Chris Laurence said deal positions co as
"public leader in SFR services business and will allow us to
expand our offering for both individual and institutional
investors in SFR”
    ** Appreciate in May agreed to go public in deal valued at
~$416 mln at that time
    ** SFR shares last down 39.9% at $6.45; about 314k shares
have exchanged hands so far on Weds
    ** The market for SPACs has soured with some high-profile
sponsors unwinding their vehicles after failing to identify a
suitable merger target, along with surging interest rates and
collapsing stock prices post-merger
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))