Douglas Elliman completes spin-off from Vector Group, begins trading on NYSE as DOUG

Douglas Elliman Inc.

Distribution ratio: 1 share of DOUG for every 2 shares of VGR held on Dec 20, 2021 record date.
Issued 77,720,631 shares of common stock; fractional shares converted to cash.
Added to S&P SmallCap 600 effective prior to open on Dec 30, 2021.
Strong balance sheet with ~$200M net cash, limited capex, healthy margins.
Poised to pursue growth via market expansion, talent retention, and PropTech investments.

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