Why Is Offerpad Stock Soaring Today?

The stock market continued its September slump on Thursday with all three major indexes firmly in the red as of 11 a.m. EDT. First and foremost, Offerpad revealed a new credit line led by JPMorgan Chase (NYSE: JPM) in a Securities and Exchange Commission filing Wednesday evening. Offerpad's business of buying and flipping houses is very capital intensive, so even though the company received $284 million in cash as part of its recent IPO via a special purpose acquisition company, this new capital access is welcome news.