Summary by Moomoo AI
On June 20, 2024, Reliance Global Group, Inc. announced the redemption of all outstanding Series B and Series G warrants by its final large institutional investor, leading to a simplified capital structure with no significant institutional warrant holders or overhang. CEO Ezra Beyman highlighted the cashless exercise of these warrants, which converted into a reduced number of common stock shares without the need for transaction incentives. Beyman expressed confidence that this development, along with the planned acquisition of Spetner Associates expected to double annualized revenues to $28 million, will unlock value for shareholders. Reliance Global Group, an InsurTech company, leverages AI and cloud technologies to enhance efficiency in the insurance industry through platforms like RELI Exchange for businesses and 5minuteinsure.com for consumers, in addition to operating physical insurance agencies.