Reliance Global Group Announces Closing of $2 Million Public Offering

Core Viewpoint - Reliance Global Group, Inc. has successfully closed a public offering of 7,407,408 shares of common stock at a price of $0.27 per share, along with warrants to purchase an additional 14,814,816 shares, generating approximately $2 million in gross proceeds for the company [1][2]. Group 1: Offering Details - The public offering price was set at $0.27 per share, which includes pre-funded warrants and associated warrants [1]. - The warrants have an exercise price of $0.27 per share, are exercisable upon issuance, and will expire two years after issuance [1]. - H.C. Wainwright & Co. served as the exclusive placement agent for the offering [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for working capital, mergers and acquisitions strategies, and general corporate purposes [2]. Group 3: Company Overview - Reliance Global Group, Inc. is an InsurTech pioneer that leverages artificial intelligence and cloud-based technologies to enhance efficiencies in the insurance agency and brokerage industry [5]. - The company's business-to-business platform, RELI Exchange, provides independent insurance agencies with tools to compete effectively against larger national agencies while reducing operational costs [5]. - The business-to-consumer platform, 5minuteinsure.com, offers competitive online insurance quotes for auto, home, and life insurance using AI and data mining [5].