ReAlpha Tech Corp. entered into a Stock Purchase Agreement to acquire Naamche, Inc. Pvt. Ltd from Ramesh Pathak, Barun Pandey, and Saramsha Dotel for $0.05 million.
December 03, 2023
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reAlpha Tech Corp. (NasdaqCM:AIRE) entered into a Stock Purchase Agreement to acquire Naamche, Inc. Pvt. Ltd from Ramesh Pathak, Barun Pandey, and Saramsha Dotel for $0.05 million on December 3, 2023. The purchase price is payable in cash. Concurrently, reAlpha entered into a Stock Purchase Agreement to acquire Naamche, Inc. from Ramesh Pathak, Barun Pandey, and Saramsha Dotel in exchange for 225,000 shares of restricted common stock of reAlpha Tech Corp. to be issued to the sellers within 9 months from the closing date of the acquisitions and $0.45 million in cash, payable in the 3 year period following the closing date based on the achievement of specified revenue-based targets. Naamche will integrate into reAlpha?s larger operational framework, aligning the strengths of both companies. As a result of the acquisitions, both Naamche, Inc. Pvt. Ltd and Naamche, Inc. will become wholly-owned subsidiaries of reAlpha Tech Corp.Upon completion of the acquisition, Naamche?s founder and Chief Executive Officer, Ramesh Pathak, will continue to lead Naamche as President and will report to Giri Devanur, Chief Executive Officer of reAlpha.
The closing of the acquisitions is subject to the satisfaction or waiver of certain closing conditions set out in the purchase agreements, which with respect to the Naamche, Inc. Pvt. Ltd purchase agreement, includes the receipt of regulatory approval from the Department of Industries of Nepal. The transaction was approved by reAlpha?s Board of Directors. Nimish Patel of Mitchell Silberberg & Knupp LLP is acting as legal advisor to reAlpha.
reAlpha Tech Corp. is a real estate technology company. The Company develops, utilizes, and commercializes its artificial intelligence (AI) focused technology stack to empower retail investor participation in short-term rental properties. The Company operates through two segments: platform services and the rental business. The platform services segment offers and develops AI-based products and services to customers in the real-estate industry. Its platform services segment technologies include reAlpha BRAIN, reAlpha App, reAlpha HUMINT, BnBGPT, and myAlphie. The reAlpha BRAIN platform utilizes a natural language processing (NLP) program to scan through large quantities of data regarding properties and machine learning (ML) algorithms to choose the properties. The Companyâs rental business segment focuses on purchasing properties for syndication, which process is powered by its platform services technologies. Its properties consist of over five single-family residences (SFRs).
ReAlpha Tech Corp. entered into a Stock Purchase Agreement to acquire Naamche, Inc. Pvt. Ltd from Ramesh Pathak, Barun Pandey, and Saramsha Dotel for $0.05 million.