Reliance Global Group, Inc. Announces Nasdaq Listing and Pricing of $10.8 Million Public Offering
via NewMediaWire -- Reliance Global Group, Inc. (NASDAQ: RELI)
("Reliance" or "Company"), a company engaged in the acquisition and
management of insurance agencies in the United States, today
announced the pricing of an underwritten public offering of
1,800,000 shares of common stock and accompanying Series A warrants
at a public offering price of $6.00 per share and accompanying
Series A warrant for aggregate gross proceeds of $10,800,000 prior
to deducting underwriting discounts, commissions, and other
offering expenses. In addition, the Company has granted the
underwriters a 45-day option to purchase up to an additional
270,000 shares and accompanying Series A warrants at the public
offering price less the underwriting discounts and commissions. The
offering is expected to close on February 11, 2021, subject to
satisfaction of customary closing conditions.
The Company has received approval to list its common stock and
Series A warrants on the Nasdaq Capital Market under the symbols
“RELI” and “RELIW", respectively, with trading expected to begin on
February 9, 2021.
Kingswood Capital Markets, division of Benchmark
Investments, Inc., is acting as representative of the underwriters
for the offering.
The United States Securities and Exchange
Commission ("SEC") declared effective a registration statement on
Form S-1 relating to these securities on February 8, 2021. A final
prospectus relating to this offering will be filed with the SEC.
When available, copies of the final prospectus relating to this
offering can be obtained at the SEC's website at www.sec.gov or
from Kingswood Capital Markets, division of Benchmark Investments
Inc., 17 Battery Place, Suite 625, New York, NY 10004, Attention:
Syndicate Department, or via email at email@example.com or
telephone at (212) 404-7002. Before investing in this offering,
interested parties should read in their entirety the prospectus,
which provides more information about the Company and such
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI) is
moving forward with its goal to operate in the insurance sector
through its insurance brokerage agencies and online insurance
businesses, and potentially other sectors. RELI's focus continues
to be to grow the Company by pursuing an aggressive growth strategy
of acquisition opportunities, including insurance agencies.
Insurance agencies, as opposed to insurance carriers, bear no
insurance risk. The Company is controlled by Reliance Global
Holdings, LLC, a New York-based limited liability company, which is
the owner and operator of numerous companies with core interests
invested in real estate and insurance brokerage.
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. 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. 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