Publicly traded flat-fee brokerage Redefy announced on Wednesday a new private securities offering of up to $6 million to fuel anticipated growth.
The $6 million is being raised through the issuance of units, Redefy CEO Chris Rediger told Inman. Each unit consists of 20,000 shares at $2.50 per share, plus warrants to buy an additional 10,000 for $3 per unit, Rediger said.
“The company intends to use the proceeds from the Offering to fund its anticipated growth including, but not limited to, marketing, business development, technology investments, strategic initiatives and working capital,” the company said in a statement announcing the offering.
Redefy is a flat-fee brokerage headquartered in Colorado and serving the markets of that state as well as Phoenix, Arizona; Tampa, Florida; Hampton Roads (Virginia and North Carolina); Charlotte, North Carolina; Austin and San Antonio, Texas; and Atlanta, Georgia (Intown); where consumers can list and sell their home for a flat rate of $3,500 (or 1 percent on homes priced at over $1 million) — versus the industry standard of paying a listing agent around three percent.
The company, which launched in 2014 initially under the name “Elite Home,” says it acts as a full-service brokerage, providing the same service that a traditional agent charging that three percent commission can provide.
Redefy has engaged wealth management and investment banking firm Maxim to act as its exclusive placement agent.
Redefy became a public company in May upon completing its share exchange transaction with management consulting firm Mister Goody – which subsequently changed its name to Redefy Corporation.
The company is currently trading on the OTC Markets platform, but is in the process for applying to be listed on NASDAQ.
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