false
0001812727
0001812727
2023-11-13
2023-11-13
0001812727
RELI:CommonStock0.086ParValuePerShareMember
2023-11-13
2023-11-13
0001812727
RELI:SeriesWarrantsToPurchaseSharesOfCommonStockParValue0.086PerShareMember
2023-11-13
2023-11-13
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest reported): November 13, 2023
Reliance
Global Group, Inc.
(Exact
name of registrant as specified in its charter)
| Florida |
|
001-40020 |
|
46-3390293 |
| (State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
| of
Incorporation) |
|
File
Number) |
|
Identification
Number) |
300
Blvd. of the Americas, Suite 105, Lakewood, NJ 08701
(Address
of principal executive offices)
(732)
380-4600
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2.)
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CF$ 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on which Registered |
| Common
Stock, $0.086 par value per share |
|
RELI |
|
The
Nasdaq Capital Market |
| Series
A Warrants to purchase shares of Common Stock, par value $0.086 per share |
|
RELIW |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
November 13, 2023, Reliance Global Group, Inc. (the “Company”) issued a press release announcing its financial results for
the three and nine months ended September 30, 2023. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated
herein by reference. The information contained in any website is not a part of this Current Report on Form 8-K.
In
accordance with General Instruction B.2 of Form 8-K, the information included in this Item 2.02, including Exhibit 99.1, shall not be
deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
Reliance
Global Group, Inc. |
| |
|
|
| Dated:
November 13, 2023 |
By: |
/s/
Ezra Beyman |
| |
|
Ezra
Beyman |
| |
|
Chief
Executive Officer |
Exhibit
99.1
Reliance
Global Group’s Revenue Grows by 16% for the Third Quarter of 2023
Working
Capital Increases by $5.4 million
Company
to Host Conference Call Today at 4:30 PM Eastern Time
LAKEWOOD,
N.J., November 13, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we”
or the “Company”), today provided a business update and reported financial results for the third quarter and nine months
ended September 30, 2023.
Ezra
Beyman, CEO of Reliance, commented, “We are pleased to report a 16% and 19% year-over-year increase in revenue for the third quarter
and first nine months of 2023 respectively. This growth primarily stems from the organic expansion of our business, bolstered by our
acquisition of Barra Associates in April 2022. Following the acquisition and the rebranding to RELI Exchange, our agency network has
demonstrated consistent growth. Despite substantial investments in RELI Exchange, we’ve managed to cut our operational losses by
over 21% in the first nine months of 2023 compared to the same period in the prior year. Additionally, our working capital has increased
by $5.4 million, or 117%, for the nine-month period ended, and as of September 30, 2023. RELI Exchange is crucial to our long-term strategic
vision and growth and we are extremely pleased with the significant progress we’ve made in such a short time. By equipping independent
agencies with a robust array of business tools, which include cutting-edge technologies and AI capabilities, RELI Exchange enables these
agencies to not only compete but actually outperform larger national agencies in their services. Lastly, we’re moving to consolidate
Reliance Global Group’s standalone agencies under the umbrella of RELI Exchange and look forward to providing near-term updates
on our refined strategy.”
Moshe
Fishman, Director of Insurtech and Operations, added, “Having completed the majority of our investment in RELI Exchange and experiencing
solid performance across our operating subsidiaries, we’ve established what we believe is a highly scalable business model. The
U.S. market alone presents a $2.7 trillion market opportunity for the Company, nearly 40% of the global market, and is anticipated to
experience significant growth of 26% to $3.4 trillion by 2027. We remain active in tapping into this market and continue to seek out
accretive business acquisition opportunities to grow our agency network, expand our national footprint, and increase our market share.
As we continue to organically enhance our platform and broaden our presence throughout the U.S., we believe the Company is well-placed
to achieve success in the short term and lay the groundwork for significant, ongoing long-term growth. We are confident that our strategic,
cost-effective, and distinctive market approach can generate substantial long-term returns for our shareholders.”
The
Company’s complete financial results are available in its Quarterly Report on Form 10-Q, which will be filed with the U.S. Securities
and Exchange Commission today.
Conference
Call
Reliance
Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter
and nine months ended September 30, 2023, as well as the Company’s corporate progress and other developments.
The
conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international
callers and using entry code: 757200. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/49462
or on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/.
A
webcast replay will also be available on the Company’s Investors section of the website (https://relianceglobalgroup.com/events-and-presentations/)
through November 13, 2024. A telephone replay of the call will be available approximately one hour following the call, through November
27, 2023, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference
ID: 49462.
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 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 the Company having built a best-in-class InsurTech platform,
making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other
services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S.,
the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value.
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 risks as and uncertainties related
to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency
partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2022, as the same may be updated from time to time. The foregoing review of important factors that could cause actual events
to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included
herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2022, the Company’s Quarterly Reports on Form 10-Q, the Company’s Current Reports on Form 8-K and other subsequent
filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein.
All forward-looking statements speak only as of the date of this press release.
Contact:
Crescendo
Communications, LLC
Tel:
+1 (212) 671-1020
Email:
RELI@crescendo-ir.com
v3.23.3
Cover
|
Nov. 13, 2023 |
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Nov. 13, 2023
|
| Entity File Number |
001-40020
|
| Entity Registrant Name |
Reliance
Global Group, Inc.
|
| Entity Central Index Key |
0001812727
|
| Entity Tax Identification Number |
46-3390293
|
| Entity Incorporation, State or Country Code |
FL
|
| Entity Address, Address Line One |
300
Blvd. of the Americas
|
| Entity Address, Address Line Two |
Suite 105
|
| Entity Address, City or Town |
Lakewood
|
| Entity Address, State or Province |
NJ
|
| Entity Address, Postal Zip Code |
08701
|
| City Area Code |
(732)
|
| Local Phone Number |
380-4600
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
false
|
| Common Stock, $0.086 par value per share |
|
| Title of 12(b) Security |
Common
Stock, $0.086 par value per share
|
| Trading Symbol |
RELI
|
| Series A Warrants to purchase shares of Common Stock, par value $0.086 per share |
|
| Title of 12(b) Security |
Series
A Warrants to purchase shares of Common Stock, par value $0.086 per share
|
| Trading Symbol |
RELIW
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=RELI_CommonStock0.086ParValuePerShareMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=RELI_SeriesWarrantsToPurchaseSharesOfCommonStockParValue0.086PerShareMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Reliance Global (NASDAQ:RELI)
Historical Stock Chart
From Oct 2024 to Nov 2024
Reliance Global (NASDAQ:RELI)
Historical Stock Chart
From Nov 2023 to Nov 2024
