Business
Reliance Global Group Announces Withdrawal of Registration Statement
LAKEWOOD, N.J., June 24, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”) today announced that
About this update from Reliance Global Group, Inc.
[{"type":"text","content":"LAKEWOOD, N.J., June 24, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”) today announced that it has withdrawn its previously filed registration statement with the Securities and Exchange Commission, which was originally filed to register the potential shares issuable under the Series G warrants. As previously announced, the institutional investor holding the Series B and Series G warrants elected to convert all of their warrants into a reduced number of shares issued to the investor on a Rule 144 basis. Ezra Beyman, CEO of Reliance, remarked, “We are pleased to report our withdrawal of the previously filed registration statement, covering the potential shares issuable under the Series G warrants. As a result of the investor converting all of their warrant holdings, we have successfully eliminated the perceived warrant overhang and vastly simplified our capital structure. We remain committed to unlocking value for our shareholders and are more encouraged than ever by the outlook for the business, including our planned acquisition of Spetner Associates, which is expected to increase and drive very significant revenues and cash flows.” About Reliance Global Group, Inc. Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com. Forward-Looking Statements This press release...