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Reliance Global Group Announces Partial Conversion of Company Loan Beneficially Held by Company CEO Significantly Above Current Share Price
LAKEWOOD, N.J., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) ) (“Reliance”, “we” or the “Company”), which combines
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"LAKEWOOD, N.J., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) ) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced the conversion of $645,000 of a $1.845 million Company loan (the “Note”), beneficially held by the Company’s CEO, Mr. Ezra Beyman, at $0.64 per share, significantly above the closing market price of $0.55 on February 13, 2023, which is equal to 1,009,390 common shares. The Note was originally issued on September 13, 2022, in the amount of $1.5 million and was increased by an additional $345,000 on February 7, 2023. The Note matures on Jan 15, 2026, and bears interest at a rate of 0% per annum for the first six months, and 5% per annum thereafter. As a result of the partial Note conversion, the current balance of the Note is $1.2 million. Ezra Beyman, CEO of Reliance Global Group, commented, “This loan was provided at extremely favorable terms to the Company in order to accelerate the growth of RELI Exchange, while protecting the interests of shareholders. By making the decision to convert a portion of the Note significantly above the current market price, I hope to further illustrate my complete alignment with shareholders and utmost confidence in the bright future ahead for our business.\" About Reliance Global Group, Inc. Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of its current portfolio of agencies owned in addition to the growth of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/. Forward-Looking S...