Fathom Holdings Secures $5 Million for Growth Initiatives
Fathom Holdings Inc. Secures $5 Million for Expansion
Fathom Holdings Inc. (NASDAQ: FTHM), a leader in technology-driven real estate services, has announced a significant milestone as it moves forward with its ambitious growth plans. The company has successfully entered into a securities purchase agreement that will see it raise a total of $5 million through senior secured convertible promissory notes.
Purpose of the Capital Raise
This $5 million capital influx is strategically aimed at accelerating both agent recruitment and the growth of transactions within the company. The funds are pivotal in supporting Fathom's ongoing efforts to enhance its service offerings and improve operational capabilities across its platform.
Convertible Note Details
Fathom's convertible notes are structured with an initial conversion price set at $4.25 per share, indicating a promising conversion premium of approximately 85% above its last reported stock price. This structure signals confidence in the company's future performance and reflects the board's strategic vision for scaling operations. Interest on these notes is to be paid quarterly, beginning on October 1, 2025, at a rate linked to the Secured Overnight Financing Rate (SOFR) with a minimum rate of 8%.
CEO's Vision for the Future
Fathom's CEO, Marco Fregenal, expressed enthusiasm over this financial boost, stating, "This capital allows us to fast-track our plans for agent and transaction growth, focusing on targeted walkovers and acquisitions. The demand for our revenue share model across both agent fee plans highlights our momentum, and this investment affirms our shareholders' belief in our direction."
About Fathom Holdings Inc.
Fathom Holdings Inc. stands out as a technologically-enabled real estate services platform. Its offerings integrate residential brokerage, mortgage, title, insurance, and Software as a Service (SaaS) solutions, aiming to optimize the experience for brokerages and agents through innovative tools like the proprietary cloud-based software, intelliAgent. The brands under Fathom include Fathom Realty, Encompass Lending, intelliAgent, and Verus Title, each contributing to its comprehensive service model aimed at empowering real estate professionals.
Investor Relations and Company Contact
Investors seeking further information about Fathom Holdings or specific inquiries related to the recent convertible note placement can reach out to Matt Glover or Clay Liolios at Gateway Group, Inc. For direct communications, you can contact them at 949-574-3860 or via email at FTHM@gatewayir.com.
Frequently Asked Questions
What is the purpose of the $5 million raised by Fathom Holdings?
The funds will be used to accelerate agent recruitment and enhance transaction growth.
Who is involved in this financing agreement?
The financing involves an existing shareholder who owns more than 5% of the company's common stock and the chairman of the Board.
What is the conversion price for the notes?
The conversion price for the senior secured convertible notes is set at $4.25 per share.
When will the first interest payment on the notes be made?
The first interest payment is scheduled for October 1, 2025.
What services does Fathom Holdings provide?
Fathom Holdings integrates residential brokerage, mortgage, title, insurance, and SaaS offerings to support real estate agents and brokerages.
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