Reliance Global Group, Inc. - RELI STOCK NEWS

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced a 1-for-15 reverse stock split, effective February 23, 2023, to comply with the Nasdaq minimum bid price requirement of $1.00. This move reduces outstanding shares from approximately 20 million to 1.3 million without changing shareholder ownership percentages. CEO Ezra Beyman emphasized the split's role in enhancing market perception and combating unethical trading practices. Despite challenging market conditions, the company reported a 170% increase in independent agents since May 2022, now totaling 176 agents. Reliance remains committed to maximizing shareholder value and building its InsurTech platform.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced the conversion of $645,000 from a $1.845 million loan at $0.64 per share, above the market price of $0.55. This conversion, made by CEO Ezra Beyman, results in 1,009,390 new common shares and reduces the loan balance to $1.2 million. The loan, initially issued on September 13, 2022, has a 0% interest rate for the first six months and 5% thereafter, maturing on January 15, 2026. Beyman emphasized his alignment with shareholders and confidence in the company's future growth, particularly with the RELI Exchange platform.

Reliance Global Group (NASDAQ: RELI, RELIW) has announced significant enhancements to its InsurTech platform, RELI Exchange. The upgrades include new customer relationship management (CRM) tools that streamline operations and reduce costs for agency partners. The AI engine now pre-populates 90% of customer applications, allowing agents to focus on providing comprehensive policy comparisons. CEO Ezra Beyman noted that these developments follow the launch of a real-time life insurance quotation tool, positioning Reliance as a leader in the InsurTech space.

Reliance Global Group (NASDAQ: RELI, RELIW) has launched a new real-time life insurance quotation tool on its 5MinuteInsure.com and RELI Exchange platforms. This tool enables quick access to life insurance quotes from over 15 companies, enhancing agents' capabilities to compare policies efficiently. With more than 150 agency partners, Reliance aims to empower agents with tools that reduce back-office duties, allowing them more time for client engagement and business growth.

Reliance Global Group (NASDAQ: RELI; RELIW) has entered a referral partnership with Eastern Union to enhance revenue streams for its RELI Exchange agents by providing commercial real estate financing solutions. This agreement follows a similar partnership with NRS Funding and aims to boost the profitability of agency partners. Since launching in May 2022, RELI Exchange has seen an 84.6% growth as agents join the platform. Both companies are leveraging technology to improve client services, further solidifying RELI Exchange's market proposition.

Reliance Global Group (NASDAQ: RELI; RELIW) reported a 61% year-over-year revenue increase for Q3 2022, reaching approximately $4.2 million, driven by acquisitions, including the Barra & Associates relaunch as RELI Exchange. Operating expenses rose to $5.7 million, influenced by salaries, commissions, and marketing costs. Notably, net income surged to $6.1 million, primarily due to a significant $7.9 million change in fair value of warrant liabilities. The company is expanding its agency network, currently boasting over 120 partners.

Reliance Global Group (NASDAQ: RELI, RELIW) announces a conference call on November 15, 2022, at 12:00 PM ET to discuss Q3 2022 financial results and provide a business update. Investors can join via phone or webcast. The company, known for combining AI with traditional insurance services, focuses on organic growth through platforms like 5minuteinsure.com and RELI Exchange, along with strategic acquisitions of cash flow positive insurance agencies. A replay of the call will be accessible until November 29, 2022.

Reliance Global Group, Inc. (Nasdaq: RELI, RELIW) has announced its participation in the 2022 MicroCap Rodeo Windy City Roundup Conference in Chicago, Illinois, set for October 12-13, 2022. Chief Financial Officer William Lebovics and Senior VP Grant Barra will present on October 13 at 9:00 AM CT/10:00 AM ET, with a live webcast available for replay. Investors can also meet one-on-one with management during the event. Reliance focuses on integrating AI and cloud technologies with traditional insurance services, targeting organic growth and strategic acquisitions.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) has announced a significant milestone, surpassing 100 agency partners on its RELI Exchange platform since its launch in July 2022. The platform combines AI and cloud technology with traditional insurance services, enabling agency partners to streamline operations and enhance efficiency without upfront fees. CEO Ezra Beyman highlighted the positive feedback from partners and the platform's scalability, emphasizing its potential for future growth. The company aims to establish RELI Exchange as the largest agency partner network nationwide.