Business
reAlpha Tech Corp. Announces Financial Results for the Transition Period ended December 31, 2023 and Provides Business Update
DUBLIN, Ohio--(BUSINESS WIRE)-- reAlpha Tech Corp. (“reAlpha,” “Company,” “us,” “we” or “our”) (Nasdaq: AIRE), a real estate technology company focused on
About this update from Realpha Tech Corp.
[{"type":"text","content":" DUBLIN, Ohio--(BUSINESS WIRE)--\nreAlpha Tech Corp. (“reAlpha,” “Company,” “us,” “we” or “our”) (Nasdaq: AIRE), a real estate technology company focused on developing, utilizing and commercializing real estate-focused artificial intelligence (“AI”) technologies, today provides a business update and reports financial results for the eight month period ended December 31, 2023. In accordance with a change of its fiscal year end from April 30 to December 31, effective as of December 31, 2023, the Company is reporting results for the transition period between May 1, 2023 and December 31, 2023.\n\n\n“2023 marked a pivotal chapter in reAlpha’s journey,” said Giri Devanur, Chief Executive Officer of reAlpha. “We successfully debuted on the Nasdaq Capital Market in October, raised $8.0 million in gross proceeds through a public offering in November, and introduced GENA, our AI-powered real estate technology, to kick-start our goal to commercialize our technologies. Additionally, with the execution of definitive agreements to acquire Naamche, Inc. and Naamche Inc. Pvt. Ltd., coupled with a non-binding letter of intent to acquire United Software Group and certain affiliated entities, the due diligence process for which is still ongoing, we believe reAlpha is well-positioned to drive sustainable growth and create stockholder value while advancing innovative AI solutions,” concluded Mr. Devanur.\n\n\nRecent strategic and operational highlights during the transition period ended December 31, 2023 include:\n\n\n\nListed on the Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “AIRE” on October 23, 2023.\n\n\n\nAnnounced the launch of GENA, formerly known as BnBGPT, a technology that enhances residential property listings in multiple online real estate marketplaces through the integration of personalized generative AI descriptions.\n\n\n\nConsummated a public offering for gross proceeds of $8.0 million on November 24, 2023.\n\n\n\nEntered into definitive agreements to acquire Naamche, Inc. and Naamche, Inc. Pvt. Ltd (collectively, “Naamche”), a technology company focused on developing AI-powered solutions for large industries, including real estate, which is subject to closing conditions and jurisdictional approval (the “Acquisitions”).\n\n\n\nApproved the change of our fiscal year-end from April 30 to December 31, effective as of Decem...