Reliance Global Group Announces Major Enhancement of Capital Structure Following Cashless Exercise of Warrants
Reliance Global Group Announces Major Enhancement of Capital Structure Following Cashless Exercise of Warrants
LAKEWOOD, N.J, June 20, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) ("Reliance", "we" or the "Company") today announced that its final large institutional investor has redeemed all of its outstanding Series B and Series G warrants. The Company now effectively has a much more simplified capital structure with no known significant institutional warrant holders and no significant warrant overhang.
2024年6月20日新泽西州莱克伍德市（全球新闻社）——Reliance Global Group, Inc.（纳斯达克:RELI; RELIW）（以下简称“Reliance”、“我们”或“公司”）宣布，公司最后一家大型机构投资者已赎回其所有未行使的B系列和G系列认股权证。如今公司的资本结构更趋于简单化，未知重要机构投资者拥有认股权证，而认股权证溢价程度也已经降至较低水平。
Ezra Beyman, CEO of Reliance, remarked, "We are pleased to report the elimination of all remaining Series B and Series G warrants, which converted into a reduced number of shares of Reliance common stock as a result of cashless exercises. No transaction incentives, such as additional shares or warrants, were required to effectuate the exercises. These transactions successfully complete the removal of the fairly significant warrant overhang, which we believe was negatively impacting our share price. As a result, the Company has only a nominal number of warrants outstanding, and all are plain vanilla (basic) warrant instruments. Importantly, we are confident that we now have a much more attractive, simpler, and significantly improved capital structure, which we believe will help us unlock tremendous value for our shareholders as we execute key upcoming initiatives in 2024 and beyond."
Reliance首席执行官Ezra Beyman表示:"我们很高兴地宣布清除了所有剩余的B系列和G系列认股权证，这些权证通过无现金行权转换为了少量Reliance普通股。行权并不需要进行任何交易激励，例如额外的股票或者认股权证。这些交易成功地解决了相当显著的认股权证溢价问题，我们认为这正是影响公司股价的负面因素之一。因此，公司只有少量明显的基础权证尚未行使，而且全部是基本认股证券。更为重要的是，我们有信心现在拥有更具吸引力、更简单、更实质性改进的资本结构，随着我们在2024年及未来一些重要举措的执行，我们相信这将有助于我们为股东创造巨大价值。"
Mr. Beyman concluded, "Most notably, we are making continued progress on our planned acquisition of Spetner Associates, which is projected to double our annualized revenues to an estimated $28 million and contribute very meaningful cash flow."
Beyman先生表示:"最值得一提的是，我们在计划收购Spetner Associates的过程中取得了持续进展，我们预计收购将使我们的年化收入增加一倍，达到2,800万美元，并提供非常实质性的现金流。"
About Reliance Global Group, Inc.
关于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.
Reliance Global Group, Inc.（纳斯达克:RELI; RELIW）是一家保险科技（InsurTech）的领先公司，利用人工智能（AI）和基于云的技术改变和提高保险代理/券商业的工作效率。公司的业务-to-business InsurTech平台RELI Exchange为独立保险代理提供一个完整的业务拓展工具，使他们能够有效地与大规模的全国性保险代理竞争，同时降低后勤成本与负担。公司的业务-to-consumer平台5minuteinsure.com利用人工智能和数据挖掘，为希望购买汽车、住宅和人寿保险的普通消费者提供竞争力十足的在线保险报价。此外，公司还经营着自己的一系列精选的零售“实体”保险代理，这些代理在美国各大区域都是领导者和先驱，提供各种各样的保险产品。