Investment Research report

Porch Group Inc.

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Porch Group Inc.
A Porch On A Flimsy Foundation
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Research Overview

S&P 500
Apr 8, 2021

After conducting a forensic financial and accounting review, Spruce Point believes Porch Group (Nasdaq: PRCH), a vertical software company servicing the home services and insurance industries, is a classic example of a Company that has never found a business model that makes sense and was in technical default with a growing concern warning before using the frothy SPAC market as an opportunity to allow insiders to dump shares. Based on our investigation, we estimate a 50% to 70% downside, or $5.06 - $8.56 per share.

The report highlights several key concerns with the company, including:

  • We believe that Porch’s CEO may have unethically portrayed his biography to investors by concealing his involvement in Porch’s predecessor
  • Evidence suggests that Porch has concealed or obscured numerous business activities from 2017–2021
  • We have questions surrounding a $33 million transaction that Porch recorded on its books – which may have allowed it to avoid a staggering goodwill impairment – that had absolutely nothing to do with the Company and made conflicting statements about it to the SEC
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