Streetbeat News

RELI

Reliance Global Group, Inc.

https://www.relianceglobalgroup.com

Industry

Insurance - Brokers

Reliance Global Group, Inc. engages in the acquisition and management of wholesale and retail insurance agencies in the United States. It provides healthcare and Medicare, personal and commercial, trucking, and employee benefits insurance products. The company was formerly known as Ethos Media Network, Inc. and changed its name to Reliance Global Group, Inc. in October 2018. Reliance Global Group, Inc. was incorporated in 2013 and is headquartered in Lakewood, New Jersey.

Open

1.58

Mkt cap

2.5M

Volume

52K

High

1.58

P/E Ratio

-0.02

52-wk high

24.14

Low

1.42

Div yield

N/A

52-wk low

1.42

Reliance Global Group, Inc. (RELI) has announced a Letter of Intent to acquire a benefits enrollment company, which is expected to more than double Reliance's revenue to $35M in FY24. The acquisition is set to close in Q1 2024, subject to definitive agreement and customary closing conditions. The target company is a leading provider of voluntary benefits to 45,000 employees in the U.S. and is anticipated to generate over $21M in revenue during FY24.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 1:32 pm

Reliance Global Group, Inc. has decided to withdraw its proposed underwritten public offering. The company had previously filed with the SEC to raise capital through the sale of its securities, but has now chosen to retract this plan. The reasons for this decision have not been disclosed. This withdrawal could be due to a variety of factors, such as market conditions, valuation concerns, or changes in the company's capital requirements. Investors in RELI should monitor the situation for further updates and potential implications for the company's financial strategy and stock performance.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 12:28 pm

Reliance Global shares have dropped following the announcement of a proposed underwritten public offering. The offering suggests that the company is seeking to raise capital, which typically dilutes existing shareholders' equity, leading to a negative short-term reaction in the stock price.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 9:30 pm

Reliance Global Group has initiated an underwritten public offering to raise funds for working capital and general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 9:17 pm

In Thursday's intraday session, insurance stocks saw significant movement. Marpai (MRAI) surged 101.61% after its Q3 earnings report. Huize Holding (HUIZ), Cheche Group (CCG), FG Finl Gr (FGFPP), Abacus Life (ABL), and Global Indemnity Group (GBLI) also saw gains. Conversely, GoHealth (GOCO), Maiden Hldgs (MHLD), Lemonade (LMND), Root (ROOT), Maiden Holdings, Ltd. 6.625% Notes due 2046 (MHLA), and Reliance Global Group (RELI) experienced declines.