RE/MAX Merger Election Results: Cash Oversubscribed, Proration Kicks In
REAX sits 80% above its 52-week low of $1.55.
Summary
Real Brokerage and RE/MAX Holdings released preliminary election results for the $880 million merger, showing cash elections of 18,488,134 shares exceeded the $80 million cap, triggering proration. Cash-electing shareholders will receive about $4.33 per share plus 0.3535 shares of Real REMAX stock, while stock-electing shareholders get 0.5150 shares per RE/MAX share. The 10-for-1 share consolidation is set for August 24, with the combined company expected to trade as REAX on Nasdaq starting August 25. This follows shareholder approval on August 14 and provides concrete allocation details ahead of the expected closing.
At the time of this announcement, REAX was trading at $2.79 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $602.8M. The 52-week trading range was $1.55 to $5.41. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.