RELIANCE

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Reliance Global Group Announces Pricing of $20.0 Million Private Placement with Institutional Investors

LAKEWOOD, NJDec. 23, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines AI and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced a private placement of preferred stock, common stock and warrants for gross proceeds of $20.0 million before deducting the placement agent’s fees and other estimated offering expenses.  The offering is expected to close on or around December 27, 2021.

Under the terms of the securities purchase agreement, the Company sold 9,076 shares of the Company’s newly designated Series B Convertible Preferred Stock, 2,670,892 shares of common stock and warrants to purchase up to 9,779,952 shares of common stock. The Series B Convertible Preferred Stock is convertible immediately into 2,219,084 shares of common stock at a conversion price of $4.09 per share, subject to customary adjustment. The Series B Convertible Preferred Stock receives dividends if and when dividends are paid on the common stock, and is, generally, non-voting. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $4.09 per share. The warrants will expire five years from the date of issuance. The purchase price for one share of common stock and two corresponding warrants was $4.09.  The purchase price for one share of Series B Preferred Stock (convertible into approximately 244.5 shares of common stock), and approximately 489 corresponding warrants, was $1,000 (equal to $4.09 per share of common stock into which it is convertible, and corresponding two warrants).

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Reliance Global Group Announces Definitive Agreement to Acquire Medigap Health Insurance Company

Acquisition Would Expand the Company’s Presence into the Medicare Supplement Insurance Market

LAKEWOOD, N.J.Dec. 22, 2021 (GLOBE NEWSWIRE) — via NewMediaWire – Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines AI and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that it has entered into a definitive agreement to acquire Medigap Health Insurance Company (“Medigap”) in an asset purchase transaction. The acquisition is expected to close during the first quarter of 2022, and is subject to customary closing conditions.

Medigap is an insurance brokerage company headquartered in Florida, specializing in Medicare supplement insurance. Medigap generated revenue of approximately $7 million1 for the trailing twelve months ended September 30, 2021.

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Reliance Global Group Launches 5MinuteInsure.com in 8 Additional States

5MinuteInsure.com now available in 20 states across the U.S. with a combined population of more than 100 million

LAKEWOOD, N.J.Dec. 07, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines AI and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that it has launched 5MinuteInsure.com in IllinoisConnecticutNebraskaNew MexicoNevadaSouth DakotaVermont and Wisconsin.

Ezra Beyman, CEO of Reliance Global Group, commented, “We have added another 8 states to the 5MinuteInsure.com platform, and are now commercially available a total of 20-states across the U.S., with a combined population of over 100 million people. We are extremely pleased with the pace of the nationwide rollout of 5MinuteInsure.com and I’d like to personally thank our team and advisors, who have helped us achieve these major milestones.  In the meantime, we continue to execute on our agency business model, including organic growth of our portfolio companies.  We are also in advanced discussions with potentially significant acquisitions, building on our strong track record, which we believe could further expand our product offering and geographic reach.”

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