Supernova Partners Acquisition Company, Inc.

This is a voluntary venue change with board authorization and Nasdaq approval already in hand, not a delisting for deficiency; the ticker and the security are unchanged and only the exchange and its continued-listing standards change.

A 1-for-10 reverse split is the mechanical fix for a sub-$1 listing problem, so the de-SPAC that Supernova produced is trading at a level where its exchange listing needed defending. The liquidity position is the constraint to watch: $33.1 million of operating cash, all of it on deposit rather than drawn from a facility, against an accumulated deficit that keeps growing. There is no trust or redemption right left for a former SPNV holder — the downside is now ordinary equity risk in a company managing its share price.

The split ratio is deliberately left open up to 1-for-50, so holders are being asked to authorize a compression of up to 98% of the share count without knowing the final ratio. Authorized shares stay at 2,000,000,000 in every scenario, which means the post-split issuance headroom becomes enormous relative to a float that could fall below one million shares - the classic setup for heavy subsequent dilution. Failure to regain compliance risks NYSE delisting.

With just 244,392 shares left in the plan, Offerpad cannot grant meaningful equity without this amendment - so the vote determines whether the company can retain staff with stock rather than cash it does not have. The operational figures show scale shrinking with cost cuts exceeding $100 million, and eight months later Offerpad would seek a reverse split of up to 1-for-50 to hold its NYSE listing.

Control is separated from economics and the filing quantifies it: Brian Bair, Offerpad's founder and chief executive, takes Class B common stock carrying 10 votes per share instead of Class A, giving him approximately 36% of the outstanding voting power while holding 5.4% of the outstanding shares, assuming no redemptions. A PIPE of 20,000,000 Class A shares at $10.00 raises $200,000,000, and forward purchase agreements with affiliates of SPNV's two Co-Chairs add 5,000,000 shares and 1,666,667 warrants for $50,000,000.

The footnote does not reconcile with its own total: it describes the registered amount as the sum of those two components multiplied by an exchange ratio of 7.533, yet the two components add to exactly the 212,151,678 shares registered, with no multiplication applied. Read either way, the usable content is the split — the target's option pool is 26,975,021 of the total, counted inside the ceiling rather than on top of it. The $10.15 is the NYSE high-low average on April 1, 2021, used only for the fee.

What changed: Offerpad Solutions Inc. reported under Item 3.01 that on August 18, 2026 its board authorized the voluntary withdrawal of its Class A common stock from listing on the New York Stock Exchange and the transfer of the listing to The Nasdaq Capital Market, which Nasdaq has approved. The company expects NYSE listing and trading to cease at the close of trading on August 28, 2026 and trading on Nasdaq to begin on August 31, 2026, with the symbol OPAD unchanged. Why it matters: This is a voluntary venue change with board authorization and Nasdaq approval already in hand, not a delisting for deficiency; the ticker and the security are unchanged and only the exchange and its continued-listing standards change.

What changed: 8-K of Offerpad Solutions Inc. Item 2.02 (results of operations and financial condition): on August 3, 2026 the Company issued a press release announcing its financial results for the three and six months ended June 30, 2026, furnished as Exhibit 99.1. The Item 2.02 information and the exhibit are furnished and shall not be deemed filed for Section 18 purposes nor incorporated by reference into Securities Act or Exchange Act filings regardless of general incorporation language. Exhibit 104 is the Inline XBRL cover page. Signed by CFO Peter Knag. Why it matters: Routine quarterly earnings furnishing by a post-combination operating company; the report itself states no result.

What changed: Offerpad Solutions Inc., the company formed in the Supernova Partners Acquisition Company combination, filed its Q2 2026 10-Q. It had cash and cash equivalents of $33.1 million at June 30, 2026, consisting of operating cash on deposit, and reports no material change in cash requirements since December 31, 2025. A reverse stock split took effect at 5:00 p.m. ET on June 8, 2026, converting every 10 Class A shares into one share, with no fractional shares issued; the stock began trading split-adjusted on June 9, 2026 under the existing symbol OPAD. Why it matters: A 1-for-10 reverse split is the mechanical fix for a sub-$1 listing problem, so the de-SPAC that Supernova produced is trading at a level where its exchange listing needed defending. The liquidity position is the constraint to watch: $33.1 million of operating cash, all of it on deposit rather than drawn from a facility, against an accumulated deficit that keeps growing. There is no trust or redemption right left for a former SPNV holder — the downside is now ordinary equity risk in a company managing its share price.