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THE REAL BROKERAGE RENEWS NORMAL COURSE ISSUER BID
TORONTO and NEW YORK , May 19, 2022 /CNW/ - The Real Brokerage Inc. ("Real" or the "Company") (NASDAQ: REAX) (TSXV: REAX), an international,
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"TORONTO and NEW YORK , May 19, 2022 /CNW/ - The Real Brokerage Inc. (\"Real\" or the \"Company\") (NASDAQ: REAX) (TSXV: REAX), an international, technology-powered real estate brokerage, today announced that it is renewing its normal course issuer bid (the \"NCIB\") to be transacted through the facilities of the NASDAQ National Market and other stock exchanges and/or alternative trading systems in the United States and/or Canada (other than the TSX Venture Exchange (\"TSXV\")), if eligible.\nPursuant to the NCIB, Real may purchase up to 8,915,466 of its common shares (the \"Shares\") representing approximately 5% of the total 178,309,321 Shares of the Company's issued and outstanding as of May 19, 2022. Purchases will be made at prevailing market prices commencing on or about May 20, 2022 and will terminate no later than May 20, 2023.\nThe renewal of the NCIB follows on the conclusion of Real's previous NCIB that expired May 19, 2022. From May 20, 2021 to May 19, 2022, Real purchased 6,809,817 Shares at a weighted average price of US $2.63 per Share.\nThe Company has established a Restricted Share Unit Plan (\"RSU Plan\") 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 Board may designate from time to time as eligible to participate in the Plan. Under the Plan, vested RSUs are redeemable for Shares, a cash payment equivalent to the value of a Share or a combination of cash or Shares. The RSU Plan provides that Shares available to satisfy such redemption will be acquired on the market. The NCIB is being conducted to acquire the Shares for the purposes of the RSU Plan.\nIn April 2021, Real appointed CWB Trust Services as the Trustee for the purposes of arranging for the acquisition of the Shares and to hold the shares in trust for the purposes of the RSU Plan as well as deal with other administration matters. Through the trustee, RBC Capital Markets (\"RBCCM\") had been engaged to undertake purchases under the NCIB for the purposes of the RSU Plan.\nThe Shares acquired will be held by the Trustee until the same are transferred to the designated participants or sold in the market with the proceeds to be transferred to designated participants under the terms of the RSU Plan to satisfy the Company's obligations in respe...