Summary by Futu AI
reAlpha Tech Corp. has filed a prospectus supplement on February 1, 2024, to update and supplement information contained in the original prospectus dated October 20, 2023, regarding the potential offer and resale of up to 4,151,519 shares of common stock by Registered Stockholders in connection with its direct listing on Nasdaq. The company will not receive any proceeds from the sale of shares by the Registered Stockholders. The supplement includes the company's current report on Form 8-K, which details executive changes, including the appointment of Michael J. Logozzo as Chief Operating Officer and President, and Michael Frenz as the new Chief Financial Officer. The report also outlines compensation arrangements and amendments to employment agreements for the company's executives. reAlpha Tech is a controlled company under Nasdaq listing rules, with CEO and chairman Giri Devanur owning approximately 62.64% of outstanding common stock. The company has chosen not to take advantage of certain Nasdaq corporate governance exceptions available to controlled companies. The closing price of reAlpha Tech's common stock on February 1, 2024, was $1.23.