Porch may issue up to 5 million new shares for company needs, which could shrink current owners' stakes, but it is not required to sell. The Reciprocal Exchange may improve its surplus and liquidity by selling shares it already holds, but Porch receives none of that money, leaving its outlook unchanged.
This gives Porch a way to raise cash for company needs, but selling new shares would leave current owners with smaller ownership slices. The Reciprocal Exchange could improve its surplus and liquidity, yet Porch would receive none of that money. Since neither side must sell, these competing effects leave Porch's outlook unchanged.
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