"After careful deliberation, the Board unanimously approved this proposal because we believe Texas offers a governance environment that is clearer, more predictable and better suited to a company of our size and complexity. This is not a structural change to how we operate. It is a thoughtful evolution of the framework within which we operate—one that serves the long-term interest of our stockholders, our agents and the business."
"The reincorporation is not expected to result in any change to our business, management, operations, assets or liabilities. Extensive details about the proposal are described in our proxy statement filed with the SEC. eXp's annual shareholder meeting is slated to occur on April 24, 2026."
"According to the court, Sanford allegedly covered up these assaults because the brokerage's agent revenue downline system placed the two alleged perpetrators in Sanford's direct downline. In an emailed statement, an eXp spokesperson told HousingWire that the company's board believes reincorporating to Texas is in the best interests of the Company and its stockholders."
eXp Realty's board has unanimously approved a proposal to reincorporate the company from Delaware to Texas. Leadership characterizes this as a thoughtful evolution rather than a structural change, emphasizing that Texas offers a clearer and more predictable governance environment suited to the company's size and complexity. The decision reflects eXp's philosophy of choosing clarity over complexity and prioritizing long-term stewardship. The reincorporation is not expected to alter business operations, management, or assets. The announcement comes six weeks after Delaware's Chancery Court ordered CEO Glenn Sanford to face claims that he covered up sexual assaults by former top agents. The shareholder vote is scheduled for April 24, 2026. In 2025, eXp generated $4.8 billion in net revenue, up 4% annually, though net losses increased to $22.7 million.
#corporate-reincorporation #governance-structure #legal-controversy #real-estate-industry #shareholder-vote
Read at www.housingwire.com
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