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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 13, 2025
EXP WORLD HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
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001-38493 |
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98-0681092 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
of incorporation) |
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File Number) |
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Identification No.) |
2219 Rimland Drive, Suite 301, Bellingham, WA |
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98226 |
(Address of principal executive offices) |
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(Zip Code) |
(360) 685-4206 | ||
(Registrant’s telephone number, including area code) | ||
Not applicable | ||
(Former name or former address, if changed since last report.) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to section 12(b) of the Act:
Title of Each Class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.00001 par value per share |
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EXPI |
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The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 17, 2025, eXp World Holdings, Inc. (the “Company”) announced the appointment of Jesse Hill as Interim Chief Financial Officer (“CFO”) and principal financial officer of the Company, effective April 1, 2025.
Mr. Hill, 37, has been a key member of the Company’s financial leadership team, currently serving as Vice President, International Finance & Corporate FP&A of eXp Realty, LLC, a wholly owned subsidiary of the Company, since November 2024. Prior to this role, Mr. Hill held several finance leadership positions at the Company, including Senior Director of Finance, eXp Global & Corporate FP&A (July 2021 – November 2024), Director of Finance, Virbela/FRAME (January 2021 – July 2021), Finance Manager, US Realty and Virbela/FRAME (March 2020 – January 2021), and Senior Financial Analyst, US Realty (March 2019 – March 2020). Before joining the Company, Mr. Hill was a Senior Financial Analyst at General Motors Company (April 2018 – March 2019), a Financial Analyst II at Nissan Motor Corporation (January 2016 – April 2018), and held multiple finance roles at The Walt Disney Company (June 2011 – September 2014). Mr. Hill holds a Bachelor of Science in Business Administration with a focus in Finance from the University of Central Florida.
Mr. Hill does not have any familial relationships with any executive officer or director of the Company. Mr. Hill is not a party to any transaction required to be disclosed under Item 404(a) of Regulation S-K, and there is no arrangement or understanding between Mr. Hill and any other person pursuant to which he was selected to serve as Interim CFO.
In connection with Mr. Hill’s appointment as the Company’s Interim CFO, the Board of Directors of the Company approved and the Company agreed to provide the following compensatory arrangements with Mr. Hill: annual base salary of $450,000, effective April 1, 2025; a one-time award of options to purchase common stock of the Company (“Common Stock”) with a grant date fair value of $150,000; and a one-time award of restricted stock units with a grant date fair value of $150,000 that, upon vesting, will settle in shares of Common Stock on a one-for-one basis. The option award and restricted stock unit award are expected to be granted on or around March 14, 2025. The option award will have an exercise price equal to the closing stock price of a share of Common Stock on the grant date (or, if there is no sale of Common Stock on such date, then on the trading day immediately preceding the grant date), will be eligible to vest in equal quarterly installments over a three-year period following the grant date, and will otherwise be subject to the term and conditions of the eXp World Holdings, Inc. 2024 Equity Incentive Plan (the “Plan”) [and the corresponding award agreement]. The restricted stock unit award will be eligible to vest in quarterly installments over a three-year period following grant date, with 30% of the award vesting over the first one-year period, 30% of the award vesting over the second one-year period, and the remaining 40% of the award vesting over the third one-year period. The restricted stock unit award will otherwise be subject to the term and conditions of the Plan [and the corresponding award agreement]. Vesting of options and restricted stock units under the awards are subject to Mr. Hill’s continued service through each applicable vest date.
Item 7.01Regulation FD Disclosure.
On March 17, 2025, the Company issued a press release announcing Jesse Hill’s appointment as Interim CFO of the Company. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act, 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 or other document by the Company under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing or document, except as expressly set forth by specific reference in such filing or document.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Exhibit Description |
99.1 |
Press Release, issued by eXp World Holdings, Inc. on March 17, 2025 |
104 |
Inline XBRL for the cover page of this Current Report on Form 8-K |
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 hereunto duly authorized.
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eXp World Holdings, Inc. |
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(Registrant) |
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Date: March 17, 2025 |
/s/ James Bramble |
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James Bramble |
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Chief Legal Counsel |
Exhibit 99.1
eXp World Holdings Announces Interim CFO, Provides Chief Financial Officer Transition Update
Jesse Hill, VP, International Finance, eXp Realty, named eXp World Holdings Interim Chief Financial Officer, effective April 1, 2025
BELLINGHAM, Wash. — March 17, 2025 — eXp World Holdings, Inc. (Nasdaq: EXPI), the holding company for eXp Realty®, FrameVR.io and SUCCESS® Enterprises, today announced that Jesse Hill, VP, International Finance & Corporate FP&A of, eXp Realty has been named Interim Chief Financial Officer of eXp World Holdings, Inc., effective April 1, 2025. It is anticipated that current Principal Financial Officer Kent Cheng will transition into an advisory role on March 31, 2025, and will remain at the Company until August 31, 2025 to support the transition. The Company and its Board of Directors continue to conduct an active search for a permanent Chief Financial Officer among highly qualified external and internal candidates.
“As VP, International Finance & Corporate FP&A, Jesse Hill has been an important part of our growth and expansion plans,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings, Inc. and eXp Realty. “Under Jesse’s financial leadership, International Realty has expanded into eight additional markets, increasing revenue nearly five-fold and significantly improving segment operating margins. Jesse has also been recognized as one of the most impactful finance executives in the mortgage and real estate industries, awarded a 2025 Finance Leader by HousingWire. I would also like to recognize Kent Cheng for the contributions he has made across eXp World Holdings, Inc.’s business segments over the last five years. We look forward to working closely with Kent in his strategic advisory role as we continue our search for a permanent CFO.”
“I am excited for the opportunity to serve as Interim Chief Financial Officer of eXp World Holdings beginning next month,” Jesse Hill said. "One of my top priorities as Interim CFO will be to ensure that our agent-centric investments deliver the highest ROI to our agent base as we remain focused on operating efficiently at scale. I am grateful for the trust placed in me by Glenn and the eXp Board, and I am honored by the opportunity to lead a high-performing finance organization at eXp, the most agent-centric real estate platform on the planet.”
Randall Miles, member of the Board of Directors and Chairperson of the Audit Committee, said, “On behalf of the Board of Directors, I would like to thank Kent for his significant contributions to eXp, and to congratulate Jesse on his new role as Interim CFO. We are confident in eXp’s long-term outlook due to the platform’s leading scale, superior profitability, cash flow profile and highly talented team, and look forward to naming a permanent CFO to help lead eXp through its next phase of growth.” Cheng’s planned departure is not a result of any disagreement regarding eXp World Holdings, Inc.’s financial statements or disclosures.
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) (the “Company”) is the holding company for eXp Realty® and SUCCESS® Enterprises. eXp Realty is the largest independent real estate brokerage in the world, with nearly 83,000 agents across 25 international locations. As a cloud-based, agent-centric brokerage, eXp Realty provides real estate agents industry-leading commission splits, revenue share, equity ownership opportunities, and a global network that empowers agents to build thriving businesses. For more information about eXp World Holdings, Inc., visit: expworldholdings.com
SUCCESS® Enterprises, anchored by SUCCESS® magazine, has been a trusted name in personal and professional development since 1897. As part of the eXp ecosystem, it offers agents access to valuable resources to enhance their skills, grow their businesses, and achieve long-term success. For more information about SUCCESS, visit success.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s and its management’s current expectations but involve known and unknown risks and uncertainties that could impact actual results materially. These statements include, but are not limited to, statements regarding the search for a permanent CFO, impact of leadership changes on operational results, and the future profitability, expansion, and cash flows of the Company. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include the successful integration of new leadership, real estate market fluctuations, competitive pressures, and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. We do not undertake any obligation to update these statements except as required by law.
Media Relations Contact:
eXp World Holdings, Inc.
mediarelations@expworldholdings.com
Investor Relations Contact:
Denise Garcia, Managing Partner
Hayflower Partners
investors@expworldholdings.com