eXp World Holdings, Inc. (EXPI): M&A transaction — eXp sells Virbela assets to former executives for severance waiver; amends buyback plan

eXp World Holdings, Inc.

Closed sale of Virbela assets to Virbela LLC, wholly owned by former co-founders Alex Howland and Erik Hill.
Buyer assumed all Virbela liabilities; Howland and Hill waived $252,100 in severance owed by eXp.
Virbela was already classified as discontinued operations; pro forma shows $5.99M net income in 2023.
Board amended stock repurchase plan on Dec 5, 2024; monthly amounts modified through Dec 31, 2025.
No cash proceeds; transaction is a related-party disposition of a previously reported discontinued segment.

item 2.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

eXp World Holdings, Inc. completed a disposition involving Virbela LLC (closed 2024-11-29).

Action: disposition
Counterparty: Virbela LLC
Closing: 2024-11-29

Exact text from the filing

On November 29, 2024, eXp World Technologies, LLC (“Seller”), a wholly owned subsidiary of eXp World Holdings, Inc. (the “Company”), completed the sale of substantially all of the assets, including intellectual property, used primarily in its Virbela application-based software platform (the “Business”) pursuant to the Asset Purchase Agreement, dated November 29, 2024 (the “Agreement”), with Virbela LLC (the “Buyer”).

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Source: SEC EDGAR

accession 0001558370-24-016043

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