If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f)
or 240.13d-1(g), check the following box. ☐
The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to all other provisions of
the Exchange Act (however, see the Notes).
1. |
Names of Reporting Persons
LL Capital Partners I, L.P.
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions)
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(a)
☐
(b) ☐ |
3. |
SEC Use Only
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4. |
Source
of Funds (See Instructions)
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
|
☐
|
6. |
Citizenship or Place of Organization
Delaware |
Number of shares beneficially owned by each reporting person with: |
7. |
Sole Voting Power
92,685,278
|
|
8. |
Shared Voting Power
0 |
|
9.
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Sole Dispositive Power
92,685,278
|
|
10.
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Shared Dispositive Power
0 |
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11.
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Aggregate Amount Beneficially Owned by Each Reporting Person
92,685,278
|
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
|
☐ |
13.
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Percent of Class Represented by Amount in Row (11)
23.6% (1)
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14. |
Type of Reporting Person (See Instructions)
PN |
(1) Based on (i) 232,571,810 shares of Common Stock outstanding as
of February 21, 2023, reported in the Issuer’s Annual Report on Form 10-K for the year ended December 31, 2022, plus (ii) 44,195,302
shares of Common Stock issued upon exercise by Roberto Sella of 44,195,302 Pre-Funded Warrants sold by the Issuer on January 31, 2023,
plus (iii) 116,547,657 shares of Common Stock issuable upon exercise of 116,547,657 Pre-Funded Warrants sold by the Issuer on January
31, 2023.
1. |
Names of Reporting Persons
SIF V, LLC
|
2. |
Check the Appropriate Box if a Member of a Group (See Instructions)
|
(a)
☐
(b) ☐ |
3. |
SEC Use Only
|
4. |
Source
of Funds (See Instructions)
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
|
☐
|
6. |
Citizenship or Place of Organization
Delaware |
Number of shares beneficially owned by each reporting person with: |
7. |
Sole Voting Power
7,564,705
|
|
8. |
Shared Voting Power
0 |
|
9.
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Sole Dispositive Power
7,564,705
|
|
10.
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Shared Dispositive Power
0 |
|
11.
|
Aggregate Amount Beneficially Owned by Each Reporting Person
7,564,705
|
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
|
☐ |
13.
|
Percent of Class Represented by Amount in Row (11)
1.9% (1)
|
14. |
Type of Reporting Person (See Instructions)
PN |
(1) Based on (i) 232,571,810 shares of Common Stock outstanding as
of February 21, 2023, reported in the Issuer’s Annual Report on Form 10-K for the year ended December 31, 2022, plus (ii) 44,195,302
shares of Common Stock issued upon exercise by Roberto Sella of 44,195,302 Pre-Funded Warrants sold by the Issuer on January 31, 2023,
plus (iii) 116,547,657 shares of Common Stock issuable upon exercise of 116,547,657 Pre-Funded Warrants sold by the Issuer on January
31, 2023.
1. |
Names of Reporting Persons
Roberto Sella
|
2. |
Check the Appropriate Box if a Member of a Group (See Instructions)
|
(a)
☐
(b) ☐ |
3. |
SEC Use Only
|
4. |
Source
of Funds (See Instructions)
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
|
☐
|
6. |
Citizenship or Place of Organization
United States of America
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Number of shares beneficially owned by each reporting person with: |
7. |
Sole Voting Power
45,573,408
|
|
8. |
Shared Voting Power
0 |
|
9.
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Sole Dispositive Power
45,573,408
|
|
10.
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Shared Dispositive Power
0 |
|
11.
|
Aggregate Amount Beneficially Owned by Each Reporting Person
45,573,408
|
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)
|
☐ |
13.
|
Percent of Class Represented by Amount in Row (11)
11.6% (1)
|
14. |
Type of Reporting Person (See Instructions)
IN
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(1) Based on (i) 232,571,810 shares of Common Stock outstanding as
of February 21, 2023, reported in the Issuer’s Annual Report on Form 10-K for the year ended December 31, 2022, plus (ii) 44,195,302
shares of Common Stock issued upon exercise by Roberto Sella of 44,195,302 Pre-Funded Warrants sold by the Issuer on January 31, 2023,
plus (iii) 116,547,657 shares of Common Stock issuable upon exercise of 116,547,657 Pre-Funded Warrants sold by the Issuer on January
31, 2023.
EXPLANATORY NOTE: This Amendment No. 2 to Schedule
13D (“Amendment No. 2”) relates to the shares of Class A common stock, par value $0.0001 per share (the “Common
Stock”), of Offerpad Solutions Inc., a Delaware corporation (the “Issuer”) which has its principal executive
offices at 2150 E. German Road, Suite 1, Chandler, Arizona, 85286. This Amendment No. 2 amends and supplements, as set forth below, the
Schedule 13D filed by the Reporting Persons with respect to the Issuer on September 13, 2021 (the “Original Schedule 13D”)
as amended by the Amendment No. 1 to Schedule 13D filed with the Securities and Exchange Commission (the “SEC”) on
February 3, 2023 (“Amendment No. 1”). The Original Schedule 13D, as amended and supplemented by Amendment No. 1 and
this Amendment No. 2, is referred to as the “Schedule 13D.” All capitalized terms not otherwise defined herein have
the meanings ascribed to them in the Schedule 13D. The Schedule 13D is amended and supplemented by adding the information contained herein.
Only those items amended are reported herein.
Item 3. Source and Amount of Funds or Other Consideration
Pursuant to a Pre-Funded Warrants Subscription
Agreement with the Issuer dated January 31, 2023, on January 31, 2023, Roberto Sella acquired 44,195,302 pre-funded warrants (the “Pre-Funded
Warrants”) to purchase shares of Common Stock. The Pre-Funded Warrants were acquired for a purchase price of $0.5599 per Pre-Funded
Warrant for an aggregate purchase price of $24,744,950. The purchase price was paid by Roberto Sella using personal funds.
On March 29, 2023, Roberto Sella exercised 44,195,302
Pre-Funded Warrants at an exercise price of $0.0001 per share, and an aggregate exercise price of $4,419.53. The exercise price was paid
by Roberto Sella using personal funds and resulted in the issuance of 44,195,302 shares of Common Stock by the Issuer to Roberto Sella.
Item 4. Purpose of Transaction
Item 4 of the Schedule 13D is amended and supplemented
as follows:
The information set forth in Item 3 of this Amendment
No. 1 to Schedule 13D is incorporated by reference into this Item 4.
Item 5. Interest in Securities of the Issuer
The information contained in rows 7, 8, 9, 10,
11 and 13 on each of the cover pages of this Schedule 13D and the information set forth or incorporated in Items 3 and 4 is incorporated
by reference in its entirety into this Item 5.
(a), (b) The following disclosure assumes that
there are (i) 232,571,810 shares of Common Stock outstanding, as set forth in the Issuer’s Annual Report on Form 10-K for the year
ended December 31, 2022 filed with the SEC on February 28, 2023, (ii) 44,195,302 shares of Common Stock issued upon exercise by Roberto
Sella of 44,195,302 Pre-Funded Warrants and (iii) 116,547,657 shares of Common Stock issuable upon exercise of 116,547,657 Pre-Funded
Warrants.
Pursuant to Rule 13d-3 of the rules and regulations
promulgated by the SEC pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Reporting
Persons may be deemed to beneficially own an aggregate of 145,823,391 shares of Common Stock, representing approximately 37.1% of the
Common Stock outstanding and to be issued upon exercise of the Pre-funded Warrants: (i) LLCP I may be deemed to beneficially own 92,685,278
shares of Common Stock, representing approximately 23.6% of the Common Stock outstanding, assuming exercise of the Pre-Funded Warrants,
(ii) SIF V may be deemed to beneficially own an aggregate of 7,564,705 shares of Common Stock, representing approximately 1.9% of the
Common Stock outstanding, assuming exercise of the Pre-Funded Warrants, and (iii) Roberto Sella may be deemed to beneficially own an aggregate
of 45,573,408 shares of Common Stock, representing approximately 11.6% of the Common Stock outstanding, assuming exercise of the Pre-Funded
Warrants.
Each of LL Funds, LLC, LLCP I GP, LLC and Roberto
Sella disclaims beneficial ownership of the shares of Common Stock that LLCP I may be deemed to beneficially own. Each of LL Funds, LLC,
LLCP II GP, LLC and Roberto Sella disclaims beneficial ownership of the shares of Common Stock that SIF V may be deemed to beneficially
own.
(c) Each of the Reporting Persons reports that
neither it, nor to its knowledge, any person named in Item 2 of this Schedule 13D, has effected any transactions in Common Stock during
the past 60 days, except as disclosed herein.
(d) Except as otherwise described in Item 2 and
this Item 5, no one other than the Reporting Persons has the right to receive, or the power to direct the receipt of, dividends from,
or the proceeds from the sale of, any of the securities of the Issuer beneficially owned by the Reporting Persons as described in Item
5.
(e) Not applicable.
Signatures
After reasonable inquiry and to the best of its knowledge and belief,
the undersigned certify that the information set forth in this statement is true, complete and correct.
Dated: March 30, 2023
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LL CAPITAL PARTNERS I, L.P. |
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By LLCP I GP, LLC, |
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its General Partner, |
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/s/ Roberto Sella |
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Roberto Sella |
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Sole Manager |
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SIF V, LLC |
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By LLCP II GP, LLC, |
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its Managing Member, |
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/s/ Roberto Sella |
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Roberto Sella |
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Sole Manager |
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/s/ Roberto Sella |
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Roberto Sella |
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