Reliance Global Group (NASDAQ: RELI), a company that combines artificial intelligence (“AI”) and cloud-based technologies with the personalized experience of a traditional insurance agency, announced the closing of a private placement of common stock (or prefunded warrants in lieu thereof) and warrants. According to the announcement, RELI sold 155,038 shares of common stock and accompanying common warrants, along with 897,594 prefunded warrants and accompanying common warrants, to purchase an aggregate of 2,105,264 shares of common stock underlying the common warrants. The announcement noted that the common units were sold at a combined effective purchase price of $3.80 per unit, with prefunded units sold at the same price less the prefunded warrant exercise price of $0.001. Reliance Global Group anticipates using the funds from the private placement for general working capital and administrative purposes.
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About Reliance Global Group Inc.
Reliance Global Group, an insurtech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (“AI”) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of its current portfolio of agencies owned in addition to the growth of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining to provide competitive insurance quotes within five minutes, and RELI Exchange, its B2B insurtech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business-development tools and the ability to effectively compete with national agencies. For more information about the company, visit www.RelianceGlobalGroup.com.
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