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8-K: Reliance Global Group Reports First Quarter 2024 Results and Provides Business Update

SEC announcement ·  May 21 04:13
Summary by Futu AI
On May 20, 2024, Reliance Global Group, Inc. announced its financial results for the first quarter ending March 31, 2024. The company, listed on the NASDAQ with common stock symbol RELI and warrants symbol RELIW, is headquartered in Lakewood, New Jersey. The announcement came alongside a definitive agreement to acquire Spetner Associates, a move expected to more than double Reliance's annual revenue to approximately $28 million and significantly contribute to EBITDA. Chairman and CEO Ezra Beyman highlighted the quarter's organic growth and the implementation of the 'OneFirm' approach, which consolidates the company's nine owned and operated agencies across the U.S. into a single cohesive unit. The acquisition of Spetner Associates, known for its advanced technologies and voluntary benefits programs, is seen...Show More
On May 20, 2024, Reliance Global Group, Inc. announced its financial results for the first quarter ending March 31, 2024. The company, listed on the NASDAQ with common stock symbol RELI and warrants symbol RELIW, is headquartered in Lakewood, New Jersey. The announcement came alongside a definitive agreement to acquire Spetner Associates, a move expected to more than double Reliance's annual revenue to approximately $28 million and significantly contribute to EBITDA. Chairman and CEO Ezra Beyman highlighted the quarter's organic growth and the implementation of the 'OneFirm' approach, which consolidates the company's nine owned and operated agencies across the U.S. into a single cohesive unit. The acquisition of Spetner Associates, known for its advanced technologies and voluntary benefits programs, is seen as a transformational event for Reliance, aligning with the company's 'OneFirm' strategy and enhancing its market presence in the $463 billion global insurance agency/brokerage market. The company aims to establish itself as a technology-enabled enterprise focused on sustainable profitability and shareholder value. A conference call was held on the same day to discuss the financial results and corporate progress.

This announcement is a separate document:

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