reAlpha to sell 14.286M shares at 35c in registered direct offering

reAlpha (AIRE) announced that it has entered into definitive agreements for the purchase and sale of 14,285,718 shares of its common stock at a purchase price of 35c per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the company will issue unregistered warrants to purchase up to 14,285,718 shares of common stock at an exercise price of 35c per share that will be exercisable upon issuance and will expire five years from the effective date of the registration statement covering the resale of the shares of common stock issuable upon exercise of the unregistered warrants. The closing of the offering is expected to occur on or about July 22, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses payable by the company, are expected to be approximately $5M. The company intends to use the net proceeds from this offering for working capital and general corporate purposes, which could include repayment of debt, future acquisitions, capital expenditures and the purchase of cryptocurrencies in accordance with the company’s cryptocurrency investment policy.