reAlpha Tech Corp. Files 8-K: Board & Executive Compensation Updates
Ticker: AIRE · Form: 8-K · Filed: Oct 11, 2024 · CIK: 1859199
| Field | Detail |
|---|---|
| Company | Realpha Tech CORP. (AIRE) |
| Form Type | 8-K |
| Filed Date | Oct 11, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.001, $85,000, $15,000 b, $150,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
reAlpha filed an 8-K on Oct 10th - board changes and executive pay updates. Watch for new director elections.
AI Summary
On October 10, 2024, reAlpha Tech Corp. filed an 8-K detailing changes in its board of directors and executive compensation. The filing includes the election of new directors and updates to compensatory arrangements for certain officers, alongside information regarding shareholder nominations.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board and executive compensation can introduce uncertainty regarding future strategy and leadership stability.
Key Players & Entities
- reAlpha Tech Corp. (company) — Registrant
- October 10, 2024 (date) — Date of Report
- Delaware (jurisdiction) — State of Incorporation
- 6515 Longshore Loop , Suite 100 , Dublin , OH 43017 (address) — Business Address
FAQ
What specific changes were made to the board of directors?
The filing indicates the election of directors and departure of certain officers, but specific names and details of the changes are not provided in the provided text.
What are the key updates regarding executive compensation?
The filing mentions updates to 'Compensatory Arrangements of Certain Officers' but does not specify the nature or details of these arrangements in the provided text.
What is the significance of 'Shareholder Nominations Pursuant to Exchange Act Rule 14a-11'?
This item suggests that the company is addressing or has received shareholder nominations for director positions under a specific SEC rule, potentially related to proxy access.
When was reAlpha Tech Corp. incorporated?
reAlpha Tech Corp. was incorporated in Delaware.
What is the primary business of reAlpha Tech Corp.?
reAlpha Tech Corp. operates in the Real Estate sector, with a Standard Industrial Classification code of 6500.
Filing Stats: 1,617 words · 6 min read · ~5 pages · Grade level 13.4 · Accepted 2024-10-11 17:03:50
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share AIRE The Nasdaq Stock Mar
- $85,000 — o receive: (i) an annual base salary of $85,000 (the "Base Salary"); (ii) an annual dis
- $15,000 b — an annual discretionary bonus of up to $15,000 based on the achievement of certain perfo
- $150,000 — dment, the Base Salary was increased to $150,000 per year, effective as of October 11, 2
Filing Documents
- ea0217410-8k_realpha.htm (8-K) — 37KB
- ea021741001ex10-1_realpha.htm (EX-10.1) — 41KB
- ea021741001ex10-2_realpha.htm (EX-10.2) — 19KB
- ex10-1_001.jpg (GRAPHIC) — 8KB
- ex10-2_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-087320.txt ( ) — 301KB
- aire-20241010.xsd (EX-101.SCH) — 3KB
- aire-20241010_lab.xml (EX-101.LAB) — 33KB
- aire-20241010_pre.xml (EX-101.PRE) — 22KB
- ea0217410-8k_realpha_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers; Election
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 10, 2024, William B. Miller resigned from his position as Chief Financial Officer (and principal financial and accounting officer) of reAlpha Tech Corp. (the "Company") and its subsidiaries, effective immediately. On the same date, the Company appointed Rakesh Prasad, the Company's Vice President of Finance, to serve as its Interim Chief Financial Officer (and principal financial and accounting officer), effective immediately, while the Company conducts its search for a new Chief Financial Officer. Mr. Prasad, age 35, has over 10 years of finance reporting and audit experience. Mr. Prasad has been with the Company since May 2021 as a Director of reAlpha Techcorp Private Limited, one of the Company's subsidiaries, as a Finance Controller from such date until January 2022 and as the Vice President of Finance since February 2022, where he directs the preparation and consolidation of the Company's and its subsidiaries' financial statements in accordance with U.S. GAAP and PCAOB standards, as well as assist the Company's Chief Financial Officer in developing monthly management reports, long-term financial forecasts and annual budgets. Prior to joining the Company, Mr. Prasad was a Master Trainer at Ernst & Young LLP ("EY") from November 2020 to May 2021, where he conducted technical and non-technical training sessions for income tax department officials, reviewed technical documents to ensure alignment with System Requirement Specifications ("SRS") before publication, developed technical assessment questionnaire e-return intermediaries, and aided in compliance enforcement and service quality enhancement. Before EY, Mr. Prasad was the Founder at RPHR & Company, a chartered accountant firm, from May 2013 to May 2021, where he provided strategic insights in audit, certification and consulting services fo
08 Shareholder Director Nominations
Item 5.08 Shareholder Director Nominations. The Company currently plans to hold its 2024 annual meeting of stockholders (the "Annual Meeting") on December 13, 2024. The Company intends to set the record date for determining the stockholders of record who will be entitled to vote at the Annual Meeting as the close of business on October 23, 2024. Additional details regarding the Annual Meeting, including the time and location, will be set forth in the Company's definitive proxy statement on Schedule 14A for the Annual Meeting to be filed with the U.S. Securities and Exchange Commission. Because the Company did not hold an annual meeting in 2023, the Company is providing deadlines regarding the submission of stockholder proposals pursuant to Rule 14a-8 ("Rule 14a-8") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for the Annual Meeting. In order for a stockholder proposal, submitted pursuant to Rule 14a-8, to be considered timely for inclusion in the Company's proxy statement and form of proxy for the Annual Meeting, such proposal must be received by the Company by October 21, 2024, which the Company has determined is a reasonable time before the Company plans to begin printing and mailing its proxy materials on or around October 29, 2024. Therefore, in order for a stockholder to submit a proposal for inclusion in the Company's proxy materials for the Annual Meeting, the stockholder must comply with the requirements set forth in Rule 14a-8, including with respect to the subject matter of the proposal, and must deliver the proposal and all required documentation to the Company at its principal executive offices at the address set forth above no later than October 21, 2024. The public announcement of an adjournment or postponement of the date of the Annual Meeting will not commence a new time period (or extend any time period) for submitting a proposal pursuant to Rule 14a-8. The Company has determined that October 21, 2024 is a reasonab
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1*+ Employment Agreement of Rakesh Prasad, effective as of January 16, 2023. 10.2*+ Amendment of Employment Agreement of Rakesh Prasad, effective as of October 11, 2024. 104* Cover Page Interactive Data File (embedded within the Inline XBRL document). * Filed herewith + Indicates an agreement with management or compensatory plan or arrangement 2 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: October 11, 2024 REALPHA TECH CORP. By: /s/ Giri Devanur Giri Devanur Chief Executive Officer 3