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The Real Brokerage Commences Normal Course Issuer Bid
TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real Brokerage Inc. (the “Company” or “Real”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real
About this update from The Real Brokerage, Inc.
[{"type":"text","content":" TORONTO & NEW YORK--(BUSINESS WIRE)--\nThe Real Brokerage Inc. (the “Company” or “Real”) (TSX: REAX) (NASDAQ: REAX), the fastest growing publicly traded real estate brokerage, today announced that the Toronto Stock Exchange (“TSX”) has approved the Company’s normal course issuer bid (the “NCIB”).\n\n\nPursuant to the NCIB, Real may purchase up to 9,006,526 of its common shares (“Common Shares”), representing approximately 5% of its issued and outstanding Common Shares of 180,130,539 as of May 18, 2023. The NCIB will be conducted during the twelve-month period commencing May 29, 2023 and ending May 28, 2024.\n\n\nUnder the NCIB, other than purchases made under block purchase exemptions, Real may purchase up to 2,826 Common Shares on the TSX during any trading day, which represents approximately 25% of 11,304, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX’s acceptance of the notice of the NCIB.\n\n\nThe Company has established a Restricted Share Unit Plan (“RSU Plan”), an omnibus incentive plan (the “Omnibus Plan”) and an amended and restated omnibus incentive plan (the “A&R Plan” and together with the RSU Plan and the Omnibus Plan, the “Plans”) for the benefit of designated participants. Designated participants are employees, officers or consultants of the Company or a related entity of the Company as the Company’s board of directors may designate from time to time as eligible to participate in Plans. Under the Plans, vested restricted share units (“RSUs”) are redeemable for Common Shares, a cash payment equivalent to the value of a Common Share or a combination of cash or Common Shares. The Plans provides that Common Shares available to satisfy such redemption will be acquired on the market. The NCIB is being conducted to acquire the Common Shares for the purposes of the Plans.\n\n\nIn April 2021, Real appointed CWB Trust Services (“CWT”) as the trustee for the purposes of arranging for the acquisition of the Common Shares and to hold Common Shares in trust for the purposes of the Plans as well as deal with other administration matters. Through CWT, RBC Capital Markets (“RBCCM”) has been engaged to undertake purchases under the NCIB for the purposes of the Plans.\n\n\nThe Common Shares acquired will be held by the CWT until the Common Shares are...