PropTech Investment Corporation II (PTICW) operates as a special purpose acquisition company (SPAC) with no significant independent operations. It effects mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations or similar business combinations with one or more businesses, primarily targeting the PropTech or real estate industries. The company, incorporated in 2020, maintains its headquarters at 3415 North Pines Way, Suite 204, Wilson, Wyoming, 83014, United States.
In November 2022, PropTech Investment Corporation II completed a reverse merger transaction with RW National Holdings, LLC (operating as Appreciate), the parent company of Renters Warehouse, a single family rental (SFR) marketplace and management platform; the deal resulted in the combined entity being renamed Appreciate Holdings, Inc., with its Class A common stock and warrants trading under the new Nasdaq tickers SFR and SFRWW, respectively, while PTIC and PTICW underwent a name, symbol and CUSIP change.
PTICW warrants, post-merger, continued trading separately as residual securities related to the original SPAC structure amid Appreciate Holdings' public listing; however, in March 2024, Appreciate Holdings announced foreclosure by its senior secured lender, St. Cloud Capital Partners, on substantially all its assets due to default on loan obligations, with proceeds retained by the lender and the company filing Form 15 with the SEC on January 2, 2024, to deregister as a public company.