RELI - Reliance Global Group announces closing of $4M private placement

2023-03-16 16:38:00 ET

• Reliance Global Group ( NASDAQ: RELI ) has announced the closing of its previously announced private placement of common stock and warrants.
• Under the terms, the Co. sold 155,038 shares of common stock and accompanying common warrants and 0.9M pre-funded warrants and accompanying common warrants to purchase an aggregate of 2.11M shares of common stock underlying the common warrants.
• Each Common Unit was sold at a combined effective purchase price of $3.80 and the Pre-Funded Units were sold at the same price as the Common Units less the pre-funded warrant exercise price of $0.001.
• The common warrants will be exercisable six months from the date of issuance at an initial exercise price of $3.55/share.
• The Company intends to use the net proceeds from the private placement for general working capital and administrative purposes.

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