reAlpha Tech Corp. CFO Resigns

TL;DR

reAlpha's CFO David Groll is out as of July 22, no successor named yet.

AI Summary

On July 24, 2024, reAlpha Tech Corp. filed an 8-K report to disclose the resignation of its Chief Financial Officer, David M. Groll, effective July 22, 2024. The company stated that Groll's departure was not due to any disagreements regarding financial reporting or accounting principles. The filing also noted that the company has not yet appointed a successor.

Why It Matters

The unexpected departure of a CFO can raise concerns about financial stability and future strategic direction for investors.

Risk Assessment

Risk Level: medium — CFO departures can signal underlying issues within a company's financial management or strategic direction.

Key Players & Entities

• reAlpha Tech Corp. (company) — Registrant
• David M. Groll (person) — Chief Financial Officer who resigned
• July 24, 2024 (date) — Date of report
• July 22, 2024 (date) — Effective date of CFO resignation

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share AIRE The Nasdaq Stock Mar

Filing Documents

• ea0210137-8k_realpha.htm (8-K) — 28KB
• ea021013701ex99-1_realpha.htm (EX-99.1) — 17KB
• 0001013762-24-001780.txt ( ) — 223KB
• aire-20240724.xsd (EX-101.SCH) — 3KB
• aire-20240724_lab.xml (EX-101.LAB) — 33KB
• aire-20240724_pre.xml (EX-101.PRE) — 22KB
• ea0210137-8k_realpha_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events. On July 24, 2024, reAlpha Tech Corp. (the "Company") entered into a Membership Interest Purchase Agreement (the "Purchase Agreement"), with David R. Breschi and Kristen Britton (the "Sellers"), pursuant to which the Company acquired from the Sellers 85% of the outstanding membership interests of Hyperfast Title LLC ("Hyperfast"), a Florida limited liability company, which provides real estate closings and title insurances in Florida that was founded by the owners of Madison Settlement Services, LLC, a national title agency (the "Acquisition"). The Purchase Agreement contained certain representations, warranties and covenants of the parties customary for a transaction of this nature. In connection with the Acquisition, the Company, the Sellers and Hyperfast entered into an Amended and Restated Operating Agreement (as may be amended from time to time, the "Operating Agreement"). The Operating Agreement provides for, among other things, annual license fees to be paid to each of the Sellers, subject to certain conditions set forth therein, including their continued service in providing services on behalf of Hyperfast; annual management fees payable to the Sellers based on Hyperfast's operating margin, if any; a right of first refusal to each of Hyperfast's members to purchase the other member's interest in Hyperfast if any member receives an offer for or desires to sell its interests in Hyperfast; and certain rights to both the Company, as managing member, to purchase each of the Sellers' membership interests, and to the Sellers to sell each of their respective membership interests in Hyperfast, each in accordance with the terms set forth in the Operating Agreement. On July 29, 2024, the Company issued a press release announcing the Acquisition. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The press release being furnished pursuant to Item 8.01 of this C

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1** Press Release, dated July 29, 2024. 104* Cover Page Interactive Data File (embedded within the Inline XBRL document). * Filed herewith. ** Furnished herewith. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 29, 2024 reAlpha Tech Corp. By: /s/ Giri Devanur Giri Devanur Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR