LAKEWOOD, N.J., Sept. 23, 2022 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which mixes synthetic intelligence (AI) and cloud-based applied sciences with the customized expertise of a conventional insurance company, as we speak introduced that its Board of Directors (the “Board”) licensed a share repurchase program underneath which the Company might repurchase as much as 3.0 million shares of its excellent frequent inventory, which is able to change into efficient three business days after the date the Company points its quarterly earnings launch for the three months ended September 30, 2022 (the “Commencement Date”), which the Company presently anticipates issuing on or about November 14, 2022.
Following the Commencement Date, and for a interval of six months thereafter, repurchases could also be made by way of open market transactions (primarily based on prevailing market costs), privately negotiated transactions, block trades, or any mixture thereof, in accordance with relevant federal securities legal guidelines, together with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The variety of shares to be repurchased and the timing of the repurchases, if any, will rely upon a variety of elements, together with, however not restricted to, value, buying and selling quantity and common market situations, together with the Company’s working capital necessities and common business situations. The Board of Directors of the Company will re-evaluate this system every so often and should authorize changes to its phrases. The Company expects to make the most of its present funds to fund repurchases underneath the repurchase program.
Ezra Beyman, CEO of Reliance Global Group, commented, “We are pleased to announce this share repurchase program, which we expect will help drive value for shareholders by reducing the outstanding shares. We believe the Company is in a stronger position than at any time in our history, but do not believe this is reflected in the share price given the current market conditions. As further illustration of my confidence, I have personally purchased over $400,000 of stock in the open market within the past weeks. We could not be more encouraged by the outlook for the business and look forward to providing further updates on RELI Exchange and other significant initiatives underway.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining superior applied sciences with the customized expertise of a conventional insurance company mannequin. Reliance Global Group’s progress technique is concentrated on each natural enlargement, together with 5minuteinsure.com and RELI Exchange, in addition to buying nicely managed, undervalued and money move optimistic insurance companies. Additional details about the Company is out there at https://www.relianceglobalgroup.com/.
This press launch comprises forward-looking statements throughout the which means of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements aside from statements of historic information included on this press launch might represent forward-looking statements and will not be ensures of future efficiency, situation or outcomes and contain a variety of dangers and uncertainties. In some instances, forward-looking statements might be recognized by terminology akin to “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and comparable expressions and embody statements akin to driving worth for shareholders by decreasing the excellent shares, the Company being in a stronger place than at any time in its historical past, the Company’s place not being mirrored in its share value and offering additional updates on RELI Exchange and different important initiatives underway. Actual outcomes might differ materially from these within the forward-looking statements because of a variety of elements, together with these described every so often in our filings with the Securities and Exchange Commission and elsewhere and danger as and uncertainties associated to: the Company’s capability to implement its share repurchase program as deliberate, the Company’s capability to generate income and develop the RELI Exchange, the Company’s capability to take care of its NASDAQ itemizing and the opposite elements described within the Company’s Annual Report on Form 10-Okay for the 12 months ended December 31, 2021 and its subsequent filings with the SEC, together with subsequent periodic studies on Forms 10-Q and 8-Okay. The info on this launch is supplied solely as of the date of this launch, and the Company undertakes no obligation to replace or revise publicly any forward-looking statements, whether or not because of new info, future occasions or in any other case, after the date on which the statements are made or to mirror the incidence of unanticipated occasions, besides as required by regulation.
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