Real Brokerage and REMAX Schedule August 14 Merger Vote

Shareholders of The Real Brokerage and REMAX are scheduled to hold virtual meetings on August 14, 2024, to vote on a proposed merger that will form the Real REMAX Group. The filings with the Securities and Exchange Commission (SEC) indicate that Real's shareholders will vote on the deal's structure, while REMAX shareholders will vote on the merger and share issuance related to REMAX's acquisition of RIHI Inc., Dave Liniger's investment firm. This merger requires approval from regulatory bodies and courts under British Columbia, Canada's provincial law, in addition to shareholder consent.

Initial terms announced in April 2024 stipulated that Real shareholders would hold over 60% of the merged entity, with former REMAX shareholders retaining approximately 40%. Recent SEC filings detail that Real shareholders will undergo a 10-for-1 share consolidation and receive shares in the new holding company. REMAX Class A stockholders will have the option to receive either shares in the new company or $13.80 per share in cash. A sum of $60 million to $80 million in cash has been allocated for REMAX stockholders, with a minimum payout of $60 million required.

If the merger is successfully completed, the combined company's new holding entity is anticipated to be listed on the Nasdaq under Real's existing ticker symbol, REAX. Both companies had previously projected the deal's closure to occur within the latter half of 2026. The merger aims to consolidate operations and create a larger entity within the real estate sector.