REMAX Cash Election Proration Set at $4.33 Plus 0.3535 Shares for Real Merger Closing Aug. 24

The Quick Take

• REMAX shareholders who elected the cash option will receive approximately $4.33 per share plus 0.3535 shares after proration
• The exchange ratio applies after a 10-for-1 share consolidation in advance of the merger's August 24 close
• The REMAX-Real merger creates one of North America's largest residential real estate brokerage networks

REMAX Holdings shareholders who elected the cash option in the company's merger with Real Brokerage will receive approximately $4.33 per share plus 0.3535 shares of Real stock after the cash election proration is applied following a 10-for-1 share consolidation. The proration reflects the mechanics of a mixed cash-and-stock deal where aggregate cash consideration is fixed: when more shareholders elect cash than the deal can fully fund, each cash elector receives a proportionate fraction of their requested cash consideration with the remainder converted to stock. The merger is scheduled to close on August 24, 2026.

The REMAX-Real combination is one of the most significant consolidation events in North American residential real estate brokerage in recent years, bringing together REMAX's established brand and franchise network with Real's technology-forward platform and commission structure model. For REMAX franchise holders, the merger's terms and their resulting ownership in the combined entity will influence their decisions about renewing franchise agreements, making the proration math important to agent network retention calculations. Real Brokerage has been one of the fastest-growing brokerages in North America by agent count, and the REMAX brand acquisition adds an established network layer to complement its digital-first approach.

The key forward signal is the actual closing confirmation on August 24 and the initial integration timeline announced by the combined leadership team. Merger execution risk in brokerage M&A typically relates to agent attrition — competing brokerages will approach REMAX agents during the transition period, and any hints of adverse integration decisions (commission structure changes, leadership appointments) could accelerate departures. The macro variable is US existing home sales volume: the combined brokerage's revenue depends on transaction count, which remains compressed by elevated mortgage rates keeping existing homeowners locked into their current low-rate mortgages.

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