RELI - Holding Company Has Strong Open Following LOI Announcement

2023-11-21 09:39:27 ET

A New Jersey-Based %IndustrialHoldingCompany is gaining some traction so far on Tuesday morning after it was announced that the company has entered into a Letter of Intent to acquire a well established benefits enrollment company. According to the release, the target company is a leading provider of voluntary benefits to approximately 45,000 employees throughout the United States and utilizes cutting-edge technology, setting them apart in the industry.

Traders were eager to get their hands on shares of %RelianceGlobalGroup (Nasdaq: RELI) both during premarket hours as well as at the opening bell, with shares of this micro cap opening up at $0.9201/share (+2.50%) and quickly traded higher.

Reliance Global Group, Inc. (Nasdaq: ) operates as a holding company with diversified interests in the insurance and real estate markets. The Company is focused on acquiring growing, cash flow positive insurance agencies. Within the real estate segment, the Company is involved in acquiring, owning, leasing, managing, and redeveloping multifamily residential properties throughout the U.S. for risk-adjusted returns.