Reliance Global Group Announces Share Repurchase Program of Up to 3 Million Shares
September 23 2022 - 5:29PM
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 that its Board of Directors (the “Board”)
authorized a share repurchase program under which the
Company may repurchase up to 3.0 million shares of its outstanding
common stock, which will become effective three business days after
the date the Company issues its quarterly earnings release for the
three months ended September 30, 2022 (the “Commencement Date”),
which the Company currently anticipates issuing on or about
November 14, 2022.
Following the Commencement Date, and for a
period of six months thereafter, repurchases may be made through
open market transactions (based on prevailing market prices),
privately negotiated transactions, block trades, or any combination
thereof, in accordance with applicable federal securities laws,
including Rule 10b-18 of the Securities Exchange Act of 1934, as
amended. The number of shares to be repurchased and the timing of
the repurchases, if any, will depend on a number of factors,
including, but not limited to, price, trading volume and general
market conditions, along with the Company’s working capital
requirements and general business conditions. The Board of
Directors of the Company will re-evaluate the program from time to
time and may authorize adjustments to its terms. The Company
expects to utilize its existing funds to fund repurchases under the
repurchase program.
Ezra Beyman, CEO of Reliance Global Group,
commented, “We are pleased to announce this share repurchase
program, which we expect will help drive value for shareholders by
reducing the outstanding shares. We believe the Company is in a
stronger position than at any time in our history, but do not
believe this is reflected in the share price given the current
market conditions. As further illustration of my
confidence, I have personally purchased over $400,000 of stock in
the open market within the past weeks. We could not be
more encouraged by the outlook for the business and look forward to
providing further updates on RELI Exchange and other significant
initiatives underway.”
About Reliance Global Group,
Inc.Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is
combining advanced technologies with the personalized experience of
a traditional insurance agency model. Reliance Global Group’s
growth strategy is focused on both organic expansion,
including 5minuteinsure.com and RELI Exchange, as well as
acquiring well managed, undervalued and cash flow positive
insurance agencies. Additional information about the Company is
available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Statements
other than statements of historical facts included in this press
release may constitute forward-looking statements and are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. In some cases, forward-looking
statements can be identified by terminology such as “may,”
“should,” “potential,” “continue,” “expects,” “anticipates,”
“intends,” “plans,” “believes,” “estimates,” and similar
expressions and include statements such as driving value for
shareholders by reducing the outstanding shares, the Company being
in a stronger position than at any time in its history, the
Company’s position not being reflected in its share price and
providing further updates on RELI Exchange and other significant
initiatives underway. Actual results may differ materially from
those in the forward-looking statements as a result of a number of
factors, including those described from time to time in our filings
with the Securities and Exchange Commission and elsewhere and risk
as and uncertainties related to: the Company’s ability to implement
its share repurchase program as planned, the Company’s ability
to generate revenue and grow the RELI Exchange, the Company's
ability to maintain its NASDAQ listing and the other factors
described in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021 and its subsequent filings with the SEC,
including subsequent periodic reports on Forms 10-Q and 8-K. The
information in this release is provided only as of the date of this
release, and the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, after the date on
which the statements are made or to reflect the occurrence of
unanticipated events, except as required by law.
Contact:
Crescendo Communications, LLCTel: +1 (212)
671-1020Email: RELI@crescendo-ir.com
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