Welcome to our dedicated page for Reliance Global Group news (Ticker: RELI), a resource for investors and traders seeking the latest updates and insights on Reliance Global Group stock.
Reliance Global Group, Inc. (RELI) operates as a holding company with diversified interests primarily in the insurance market. The company employs an acquisition strategy, targeting both wholesale and retail insurance agencies. Reliance Global Group focuses on identifying opportunities for risk-to-reward arbitrage to expand its footprint on a national platform, optimizing operations and boosting revenue generation. The company primarily earns revenue through commissions from its diverse portfolio of insurance products.
The company's notable achievements include the development of its InsurTech platform, RELI Exchange, which equips independent insurance agencies with vital business development tools, allowing them to compete effectively against large-scale national agencies. Additionally, the company's consumer-facing platform, 5minuteinsure.com, leverages artificial intelligence and data mining to offer competitive insurance quotes within minutes, catering to auto, home, and life insurance needs.
Reliance Global Group is actively expanding its operations through strategic acquisitions, with a focus on underserved and growing segments of the insurance market. This approach not only maximizes asset value but also generates steady interim cash flows. The company is involved in ongoing projects and partnerships aimed at enhancing its market position and driving long-term growth.
Recent developments include the announcement of Q4 2023 financial results and a business update during a conference call on April 4, 2024. Additionally, the company is progressing towards finalizing a definitive agreement following a previously announced letter of intent, which is anticipated to further strengthen its market presence. Reliance Global Group's participation in the upcoming EF Hutton Annual Global Conference on May 15, 2024, highlights its proactive approach to engaging with investors and stakeholders.
For more information and the latest updates on Reliance Global Group's performance and events, visit the official website or follow their Twitter page.
Reliance Global Group has announced a 1-for-17 reverse stock split to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The split will take effect on June 28, 2024, with trading on a split-adjusted basis starting July 1, 2024, under the symbol 'RELI'. The move aims to consolidate approximately 15.7 million shares into 921,000 shares, without altering the ownership percentages. CEO Ezra Beyman highlighted that this step is important for maintaining Nasdaq listing and emphasized the anticipated acquisition of Spetner Associates, expected to double annual revenues to $28 million. Shareholders holding certificates will receive further instructions from VStock Transfer, , the company's transfer agent.
Reliance Global Group (Nasdaq: RELI; RELIW) announced the withdrawal of its previously filed registration statement with the SEC, which was meant to register potential shares issuable under the Series G warrants. Institutional investors holding Series B and G warrants have chosen to convert their warrants into a reduced number of shares issued on a Rule 144 basis. CEO Ezra Beyman emphasized that this move eliminates the perceived warrant overhang and simplifies the capital structure. Reliance is optimistic about unlocking shareholder value and is looking forward to the planned acquisition of Spetner Associates, which is expected to significantly boost revenues and cash flows.
Reliance Global Group announced the final redemption of its outstanding Series B and Series G warrants, simplifying its capital structure and removing the warrant overhang that negatively impacted its share price. CEO Ezra Beyman highlighted that the cashless exercise did not require transaction incentives, resulting in a reduced number of common stock shares. This move leaves the company with a nominal number of basic warrants, enhancing its capital structure and positioning it for value creation. Additionally, Reliance continues progress on acquiring Spetner Associates, expected to double annual revenues to $28 million and significantly boost cash flow.
Reliance Global Group (Nasdaq: RELI) announced an update on its pending acquisition of Spetner Associates, expected to close in the second half of 2024. The acquisition is projected to double the Company's annual revenue to approximately $28 million. Spetner's BenManage insurance segment has expanded significantly, now covering 85,000 employees, up from 45,000 at the acquisition announcement. CEO Ezra Beyman highlighted this acquisition as the largest in the Company's history, aligning with their 'OneFirm' strategy to build a profitable, technology-driven enterprise. The acquisition is seen as a key growth inflection point for Reliance.
Reliance Global Group (Nasdaq: RELI) reported financial results for Q1 2024, revealing significant development. The company achieved consistent organic growth, driven by its 'OneFirm' approach integrating nine agencies across the U.S. Reliance announced a definitive agreement to acquire Spetner Associates, expected to double annual revenue to $28 million and boost EBITDA. Spetner's advanced technologies and voluntary benefits programs align with Reliance's strategy to expand personal insurance lines via the RELI Exchange platform. The acquisition aims to enhance shareholder value and position Reliance as a leading technology-enabled enterprise within the $463 billion global insurance market. A conference call to discuss these updates is scheduled for May 20, 2024, at 4:30 PM ET.
Reliance Global Group (NASDAQ: RELI; RELIW) has announced a conference call on May 20, 2024, at 4:30 PM ET to discuss its Q1 2024 financial results and provide a business update.
US callers can dial +1 888-506-0062, and international callers can dial +1 973-528-0011 with access code 512517 to join. A webcast will be available on the company's website and a replay will be accessible through May 20, 2025.
Reliance Global Group announced the acquisition of Spetner Associates, a benefits enrollment company. This move is projected to double Reliance's revenue to approximately $28 million in 2024, with an expected Adjusted EBITDA of over $4 million. Spetner, through its BenManage platform, serves over 75,000 employees in the U.S. and integrates HR processes such as benefits enrollment, applicant tracking, onboarding, and payroll. The acquisition is seen as a strategic fit to enhance Reliance's tech-driven insurance enterprise, offering cross-selling opportunities and operational efficiencies.
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