Home > Insider Trading > Filing (0001493152-23-005095)

Filing Details

Accession Number:: 0001493152-23-005095
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2023-02-14 21:05:26
Reporting Period:: 2023-01-20

Accepted Time:: 2023-02-14 21:05:26
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1784535	Porch Group Inc.	PRCH	()	DE

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1386928	Park West Asset Management Llc	900 Larkspur Landing Circle, Suite 165 Larkspur CA 94939		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.0001	Acquisiton	2023-01-20	474,220	$2.46	10,569,083	No	4	P	Indirect	See Footnote
Common Stock, Par Value $0.0001	Acquisiton	2023-01-23	530,750	$2.60	11,099,833	No	4	P	Indirect	See Footnote
Common Stock, Par Value $0.0001	Acquisiton	2023-01-24	760,000	$2.46	11,859,833	No	4	P	Indirect	See Footnote
Common Stock, Par Value $0.0001	Acquisiton	2023-01-25	407,874	$2.31	12,267,707	No	4	P	Indirect	See Footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See Footnote
No	4	P	Indirect	See Footnote
No	4	P	Indirect	See Footnote
No	4	P	Indirect	See Footnote

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock, Par Value $0.0001	Equity Swap (right to buy)	Disposition	2023-01-20	527,184	$0.00	527,184	$3.34
Common Stock, Par Value $0.0001	Equity Swap (right to buy)	Disposition	2023-01-20	172,816	$0.00	172,816	$3.34
Common Stock, Par Value $0.0001	Equity Swap (right to buy)	Disposition	2023-01-23	730,750	$0.00	730,750	$3.46
Common Stock, Par Value $0.0001	Equity Swap (right to buy)	Disposition	2023-01-24	760,000	$0.00	760,000	$3.34
Common Stock, Par Value $0.0001	Equity Swap (right to buy)	Disposition	2023-01-25	407,874	$0.00	407,874	$3.14

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
1,898,624	2025-12-31	2025-12-31	Yes	4	S	Indirect
0	2025-12-30	2025-12-30	Yes	4	S	Indirect
1,167,874	2025-12-31	2025-12-31	Yes	4	S	Indirect
407,874	2025-12-31	2025-12-31	Yes	4	S	Indirect
0	2025-12-31	2025-12-31	Yes	4	S	Indirect

Footnotes

Park West Asset Management LLC ("PWAM") is the investment manager to Park West Investors Master Fund, Limited, a Cayman Islands exempted company ("PWIMF") and Park West Partners International, Limited, a Cayman Islands exempted company ("PWPI" and, collectively with PWIMF, the "PW Funds"). Peter S. Park ("Mr. Park"), through one or more affiliated entities, is the controlling manager of the Reporting Person. The Reporting Person's and Mr. Park's beneficial ownership is limited to their pecuniary interest, if any, in the securities reported herein.
The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.295 to $2.565 per share, inclusive. The Reporting Person undertakes to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.
The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.40 to $2.75 per share, inclusive. The Reporting Person undertakes to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.
The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.375 to $2.785 per share, inclusive. The Reporting Person undertakes to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.
The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.21 to $2.42 per share, inclusive. The Reporting Person undertakes to provide to the Company, any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.
On November 23, 2022 the Reporting Person entered into an equity swap agreement with a third party. The reported equity swap was on a basket of securities, which included shares of the Issuer's common stock. Under the equity swap, the third party was obligated to pay to the Reporting Person the aggregate increase, if any, in value of the basket of securities between November 23, 2022 and December 31, 2025. In connection with the optional partial early termination of the equity swap agreement, the third party became obligated to pay to the Reporting Person the excess of the price per share of the Issuer's common stock on each of January 20, 2023, January 23, 2023, January 24, 2023 and January 25, 2023 over the price per share of the Issuer's common stock on November 23, 2022.
On November 23, 2022 the Reporting Person entered into an equity swap agreement with a third party. The reported equity swap was on a basket of securities, which included shares of the Issuer's common stock. Under the equity swap, the third party was obligated to pay to the Reporting Person the aggregate increase, if any, in value of the basket of securities between November 23, 2022 and December 30, 2025. In connection with the optional partial early termination of the equity swap agreement, the third party became obligated to pay to the Reporting Person the excess of the price per share of Issuer's common stock on January 20, 2023 over the price per share of the Issuer's common stock on November 23, 2022.
The amount of any recoverable short swing profit from the Reporting Person resulting from the reported transactions will be calculated pursuant to Rule 16b-6(c)(2), and will be remitted to the Issuer.