reAlpha Tech Corp. (NASDAQ: AIRE), a real estate technology company focused on real estate-focused artificial intelligence (AI) solutions, announced the closing of its public offering of 1.6 million units at a public offering (IPO) price of $5.00 per unit.
According to the Dublin, Ohio-based company, each unit consisted of one share of common stock and one and a half warrants to purchase one and a half shares of common stock. The warrants are immediately exercisable at a price of $5.00 per full share and expire five years from the date of issuance.
Gross proceeds, before deducting placement agent fees and other offering expenses, are approximately $8 million, the company added. Maxim Group LLC acted as sole placement agent in connection with this Offering.
reAlpha Tech Corp. promotes itself as having been “founded with a focus on short-term rental properties,” adding that its current strategy now focuses on “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.”
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