What happened

Offerpad Solutions (OPAD 7.28%), the real estate iBuying company that recently went public via a merger with a special purpose acquisition company, is on the move today. As of 2:30 p.m. EDT, the real estate technology stock was higher by a staggering 28% in just its second day of trading under its new ticker symbol, OPAD. In fact, the move higher was such a sharp one that Offerpad triggered a circuit breaker and was temporarily halted earlier in the trading session.

So what

There isn't any company-specific news propelling Offerpad higher. But there are a few things investors should know.

House for sale sign.

Image source: Getty Images.

For one thing, Offerpad was trading below the net asset value of its SPAC for much of recent history. In fact, while the SPAC held $10 per share in trust as the deal was waiting to be finalized, Offerpad closed at just $8.63 per share Friday afternoon. So, even after today's move, Offerpad trades for just 10% above the SPAC's net asset value and is still well below the $13 pre-merger high.

Second, investors might be breathing a sigh of relief that the merger happened at all. Because shares were trading below NAV, investors had a right to redeem their SPAC shares prior to the finalization of the deal. It certainly appears many investors chose to do so -- the initial deal called for Offerpad to get as much as $650 million in cash, but the company ended up getting just $284 million. So, we could be seeing a bit of a relief rally here.

Now what

Unlike most other iBuyers, which prioritize growth at all costs, Offerpad focuses on being the most efficient platform in the market, as evidenced by the company's $9.2 million second-quarter profit (most iBuyers lose significant money per transaction). With a $3 billion valuation, Offerpad is valued much more cheaply than its competitors, so it could be an interesting stock to watch if you believe in the long-term potential of iBuying.