UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 11, 2023, Jason Gesing, a member of the Board of Directors (the “Board”) of eXp World Holdings, Inc. (the “Company”), a member of the Board’s Sustainability Committee, and the Company’s Chief Industry Relations Officer, notified the Board that he intends to resign as a member of the Board, effective on the earlier of: (i) January 10, 2024, or (ii) such date that the Board appoints a new member to the Board to fill his vacancy. Mr. Gesing’s resignation is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Gesing will remain employed by the Company in his non-executive officer capacity as the Company’s Chief Industry Relations Officer.
Item 7.01Regulation FD Disclosure
On December 8, 2023, a putative class action complaint under the caption Grace v. The National Association of Realtors, et al. (Case No. 3:23-cv-06352, the “Class Action”) was filed in the United States District Court for the Northern District of California, San Francisco Division, naming The National Association of Realtors, the Bay Area Real Estate Information Service, certain northern California Realtor associations and certain real estate brokerages as defendants, including the Company. The Class Action complaint alleges that defendants conspired to restrain trade by causing certain home sellers to pay buyer broker fees and inflated commissions on the sale of homes in violation of federal and California antitrust laws and in violation of California unfair competition laws. The putative class representative seeks to represent a class of sellers of certain residential property that was listed for sale on the Bay Area Real Estate Information Service. Plaintiff, on behalf of herself and the putative class, seeks a permanent injunction enjoining the defendants from requiring home sellers to pay buyer broker fees or otherwise restricting competition among buyer brokers and seller brokers and an award of declaratory relief, actual damages trebled in an amount to be determined at trial, restitutionary disgorgement, pre-and post-judgment interest and attorneys’ fees, expenses and costs of suit. The Company believes that additional antitrust litigation may be possible. The Company cannot provide any assurances that results of such litigation will not have a material adverse effect on its business, results of operations or financial condition.
The information in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the Company under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| eXp World Holdings, Inc. |
| (Registrant) |
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Date: December 15, 2023 | /s/ James Bramble |
| James Bramble |
| Chief Legal Counsel |