Reliance Global Group, Inc. Announces Pricing of $4.0 Million Private Placement Priced At-the-Market Per Nasdaq Rules

Lakewood, NJ, March 13, 2023 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (NASDAQ:RELI; RELIW) (“Reliance” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency,today announced that it has entered into a securities purchase agreement with a single institutional investor to raise gross proceeds of approximately $4.0 million through the private placement of 155,038 shares of common stock and 897,594 pre-funded warrants and warrants to purchase an aggregate of 2,105,264 shares of common stock underlying the common warrants. Each share of common stock or pre-funded warrant is being sold together with accompanying warrants (together, the “Units” or “Pre-Funded Units”, respectively) at a combined effective purchase price of $3.80 priced at-the-market under Nasdaq rules. The Pre-Funded Units will be sold at the same price as the Units less the pre-funded warrant exercise price of $0.001. The warrants will be exercisable six months from the date of issuance at an initial exercise price of $3.55 per share, subject to adjustments as set forth therein, and will expire five and a half years from the date of issuance. The closing of the private placement is expected to occur on March 16, 2023, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement.

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