Business
The Real Brokerage Inc. Delivers Warrant Acceleration Notice and Forced Exchange Notice to Insight Partners Following Nasdaq Listing
NEW YORK and TORONTO, June 15, 2021 /PRNewswire/ -- The Real Brokerage Inc. ("Real" or the "Company") (TSXV: REAX) (OTCQX: REAXF) (NASDAQ:REAX), a national,
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"NEW YORK and TORONTO, June 15, 2021 /PRNewswire/ -- The Real Brokerage Inc. (\"Real\" or the \"Company\") (TSXV: REAX) (OTCQX: REAXF) (NASDAQ:REAX), a national, technology powered real estate brokerage in the United States, announces that following the listing of its common shares (\"Common Shares\") on The Nasdaq Capital Market on June 15, 2021, Real has delivered an \"Acceleration Notice\" to certain funds affiliated with Insight Venture Management LLC (\"Insight Partners\") providing for the acceleration of the expiry date to 5:00 p.m. (Eastern Time) on June 30, 2021 of an aggregate of 4,321,712 post-consolidated previously issued Common Share purchase warrants at a post-consolidated exercise price of $7.60 per Common Share (the \"Warrants\") issued to Insight Partners on December 2, 2020.\nIn addition, pursuant to the terms of the previously announced Amended and Restated Limited Liability Company Agreement dated December 2, 2020 (the \"LLC Agreement\") of Real's subsidiary, Real PIPE, LLC (\"Real PIPE\"), Real PIPE has delivered to Insight Partners, a \"Forced Exchange Notice\" to convert all of the issued and outstanding preferred equity units of Real PIPE (the \"Preferred Units\") held by Insight Partners into an aggregate of post-consolidated 4,321,712 Common Shares on August 3, 2021.\nThe Warrants and the Preferred Units were issued to Insight Partners as part of the previously announced US $20 Million strategic investment by Insight Partners into the Company on December 2, 2020. For further details of the Insight Investment, please see the Company's press release dated December 3, 2020.\nAbout RealReal (www.joinreal.com) is a technology-powered real estate brokerage operating in 31 U.S. states and the District of Columbia. Real is building the brokerage of the future, together with agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.\nContact InformationPress, for more information, please contact:The Real Brokerage Inc.Ryan [email protected]\nInvestors, for more information, please contact:Hayden IRJames [email protected]\nForward-Looking Information\nThis press release contains forward-looking information within the meaning of applicable Canadian se...