Summary by Moomoo AI
On April 19, 2024, Reliance Global Group, Inc. reported the issuance of 510,485 shares of restricted common stock to Julie A. Blockey. This action is part of an agreement related to the acquisition of Southwestern Montana Insurance Center, LLC, and associated assets, which was initially agreed upon on April 1, 2019. The issuance was a result of the First Amendment to the Purchase Agreement, dated September 29, 2023, which adjusted the remaining balance owed to $500,000. The amendment included a provision for additional shares to be issued if the Nasdaq closing price of the common stock was below $2.43 on March 29, 2024. As the price was indeed below the threshold, the Make-Up Amount of shares was calculated and issued to Blockey. The shares were issued in reliance upon an exemption from registration under Section 4(a)(2) of the Securities Act of 1933 and Rule 506(d) of Regulation D. Following this transaction, Reliance Global Group has 7,477,441 shares of common stock issued and outstanding.