eXp World Holdings loses controlled company status after voting group member departure

eXp World Holdings, Inc.

On July 31, 2023, Eugene Frederick left Voting Group that previously held 78,997,394 shares (51.73%).
No person or group now holds >50% voting power, ending controlled company status under NASDAQ rules.
Company must phase in majority independent board, independent compensation committee, and independent director nominations.
Controlled company status had allowed certain governance exemptions; loss triggers phase-in compliance deadlines.

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