reAlpha Announces Pricing of $8.0 Million Public Offering
November 21 2023 - 9:25AM
Business Wire
reAlpha Tech Corp. ("reAlpha") (NASDAQ: AIRE), a real estate
technology company focused on developing, utilizing and
commercializing real estate-focused artificial intelligence to
drive efficiency, sustainability and growth, today announced the
pricing of its public offering of 1,600,000 units (the “Offering”),
with each unit consisting of one share of common stock and one and
a half warrants to purchase one and a half shares of common stock.
Each unit is being sold at a public offering price of $5.00. The
warrants will be immediately exercisable at a price of $5.00 per
full share and will expire five years from the date of issuance.
The shares of common stock and accompanying warrants can only be
purchased together in this Offering, but will be issued separately
and will be immediately separable upon issuance.
Gross proceeds, before deducting placement agent fees and other
Offering expenses, are expected to be approximately $8.0 million.
The Offering is expected to close on November 24, 2023, subject to
customary closing conditions.
Maxim Group LLC is acting as sole placement agent in connection
with this Offering.
The securities described above are being offered pursuant to a
registration statement on Form S-11 (File No. 333-275604) (as
amended, the “Registration Statement”), which was declared
effective by the Securities and Exchange Commission (the "SEC") on
November 21, 2023. The Offering is being made only by means of a
prospectus which is a part of the Registration Statement. A
preliminary prospectus relating to the Offering has been filed with
the SEC. Copies of the final prospectus relating to this Offering,
when available, will be filed with the SEC and may be obtained from
Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022,
at (212) 895-3745.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About reAlpha
reAlpha Tech Corp. (NASDAQ: AIRE) is a real estate technology
company with a mission to develop, utilize and commercialize
real-estate focused artificial intelligence to drive efficiency,
sustainability and growth. Founded with a focus on short-term
rental properties, reAlpha’s strategy involves developing and
buying technologies aimed at democratizing access to this asset
class. In addition to providing individual investors with access to
short-term rentals, reAlpha plans to make some of its technologies
available for commercial use on a licensing fee basis, pay-per-use
basis or other fee arrangements. For more information about
reAlpha, visit www.realpha.com.
Forward-Looking Safe Harbor Statement
The information in this press release includes "forward-looking
statements". Forward-looking statements include, among other
things, statements about: risks and uncertainties related to
satisfaction of the closing conditions related to the Offering;
reAlpha’s ability to anticipate the future needs of the short-term
rental market; future trends in the real estate, technology and
artificial intelligence ("AI") industries, generally; and reAlpha’s
future growth strategy and growth rate. In some cases, you can
identify forward-looking statements by terminology such as "may",
"should", "could", "might", "plan", "possible", "project",
"strive", "budget", "forecast", "expect", "intend", "will",
"estimate", "anticipate", "believe", "predict", "potential" or
"continue", or the negatives of these terms or variations of them
or similar terminology. These forward-looking statements include,
without limitation, statements regarding the satisfaction of
required conditions for the listing of the reAlpha common stock.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: the ability
to satisfy the closing conditions related to the Offering and the
overall timing and completion of such Offering closing conditions;
reAlpha’s limited operating history and that reAlpha has not yet
fully developed its AI-based technologies; reAlpha’s ability to
commercialize its developing AI-based technologies; whether
reAlpha’s technology and products will be accepted and adopted by
its customers and intended users; the inability to maintain and
strengthen reAlpha’s brand and reputation; the inability to
accurately forecast demand for short-term rentals and AI-based real
estate focused products; the inability to execute business
objectives and growth strategies successfully or sustain reAlpha’s
growth; the inability of reAlpha’s customers to pay for reAlpha’s
services; changes in applicable laws or regulations, and the impact
of the regulatory environment and complexities with compliance
related to such environment; and other risks and uncertainties
indicated in reAlpha’s U.S. Securities and Exchange Commission
("SEC") filings. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
statements. Although reAlpha believes that the expectations
reflected in the forward-looking statements are reasonable, there
can be no assurance that such expectations will prove to be
correct. reAlpha’s future results, level of activity, performance
or achievements may differ materially from those contemplated,
expressed or implied by the forward-looking statements, and there
is no representation that the actual results achieved will be the
same, in whole or in part, as those set out in the forward-looking
statements. For more information about the factors that could cause
such differences, please refer to reAlpha’s filings with the SEC.
Readers are cautioned not to put undue reliance on forward-looking
statements, and reAlpha does not undertake any obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
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Media ICR on behalf of reAlpha media@realpha.com
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