TORONTO AND NEW YORK–(BUSINESS WIRE)–The Real Brokerage Inc.. (NASDAQ: REAX) (TSX: REAX), a technology-driven global real estate brokerage firm, today announced that it has signed an agreement to acquire LemonBrew Lending Corp. The acquisition marks the next critical step in executing Real’s strategy of developing a seamless end-to-end home buying experience.

LemonBrew Lending is a home lending technology platform, licensed to provide a full range of mortgage services in 20 US states, including Texas, California and Florida. The company currently operates as a mortgage brokerage, serving as an intermediary between borrowers and lenders. Additionally, LemonBrew Lending is licensed as a lender in select states, positioning Real with the ability to expand its mortgage platform as the company’s long-term strategic needs evolve. As part of the acquisition, LemonBrew Lending’s chief executive, Samir Dedhiaas well as 25 other employees will join the Real team.

“We are delighted to partner with The Real Brokerage. Real’s technology vision for the future of integrated home buying is what drew us to the platform,” said Dedhia. “This industry is ripe for disruption, and together we can have a huge impact.”

“I am delighted to welcome Samir and the team to Real. LemonBrew Lending will play a significant role in realizing our vision of reinventing what buying a home can be,” said the Chairman and CEO, Tamir Poleg. “With LemonBrew Lending’s current mortgage capabilities and future lending potential, we can now add another key element to our consumer-centric strategy and take an important step towards developing a seamless home buying experience. friction.”

transaction details

Pursuant to the terms of a stock purchase agreement dated September 23, 2022 between Real, LemonBrew Lending and LemonBrew Technologies Corp. (the “Seller“), the Company will acquire 100% of the issued and outstanding interests of LemonBrew Lending from the Vendor for an aggregate purchase price of $1,250,000 (the “Acquisition”). The purchase price will be satisfied by (i) a cash amount of $800,000 and (ii) the issuance of such number of common shares of Real (the “Counterpart shares”) equal to the proceeds of $450,000 divided by the 5-day volume-weighted average trading price of Real’s common stock on NASDAQ immediately prior to the closing of the acquisition. All dollar figures shown here are presented in USD.

Completion of the Acquisition is subject to a number of other conditions precedent including, but not limited to: (i) performance of an employment and consultancy agreement between Real and certain officers and employees LemonBrew Lending keys; (ii) approval of regulatory consents; and (iii) other customary closing conditions.

The acquisition has been approved by Real’s board of directors, subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2022.

About Real

The Real Brokerage Inc. (NASDAQ: REAX) (TSX: REAX) is revolutionizing the residential real estate industry by combining best-in-class technology with the trusted advice of agent-led experience. Real provides a cloud-based platform to improve efficiency and enable agents to provide a seamless end-to-end experience for buyers and sellers. The company was founded in 2014 and serves 44 states, DC and two Canadian provinces with over 6,000 agents. Additional information is available on its website at www.onereal.com.

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