Reliance Global Group Issues Amendment to Stock Exchange Agreement, Issues Unregistered Equity Securities

On October 29, 2024, Reliance Global Group, Inc. (NASDAQ: RELI) announced that it has entered into an Amendment No. 1 to its Amended and Restated Stock Exchange Agreement. This Amendment is related to an agreement dated September 6, 2024, involving Reliance Global Group, Inc., Spetner Associates, Inc., Jonathan Spetner, and Agudath Israel of America.

Per the terms of the Amendment, Reliance Global Group will issue 70,032 shares of common stock to Mr. Spetner and 70,032 shares of common stock to Agudath Israel of America. These shares are valued at $0.086 per share, serving as a non-refundable deposit and a prepayment towards a portion of the First Purchase Price outlined in the Original Agreement. Additionally, the Amendment extends the First Termination Date mentioned in the Original Agreement from November 10, 2024, to December 31, 2024.

The issuance of these shares of common stock was carried out without prior registration, with reliance on the exemption provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506(d) of Regulation D. As of November 4, 2024, Reliance Global Group had a total of 1,712,573 shares of common stock issued and outstanding.

Furthermore, the company unveiled plans to host a conference call on Thursday, November 7, 2024, at 4:30 PM Eastern Time. This call aims to discuss the financial results for the third quarter of 2024 and provide an update on the business operations of Reliance Global Group, Inc.

The full details of the Amendment can be accessed in the Exhibit 10.1 attached to the Current Report on Form 8-K filed by Reliance Global Group. For more information and insights on Reliance Global Group, Inc., including its innovative business model leveraging AI and cloud-based technologies in the insurance industry, visit the company’s official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Reliance Global Group’s 8K filing here.

Reliance Global Group Company Profile

Reliance Global Group, Inc focuses in the acquisition and management of wholesale and retail insurance agencies in the United States. It provides agency services for insurance products in the healthcare and Medicare, personal and commercial, trucking, property and casualty, and insurance brokerage. The company was formerly known as Ethos Media Network, Inc and changed its name to Reliance Global Group, Inc in October 2018.