Reliance Global issues 352,260 shares to settle $1.43M Fortman acquisition obligations

Reliance Global Group, Inc.

Company issued 176,130 shares each to Jonathan and Zachary Fortman, total 352,260 restricted shares.
Remaining balance settled: $716,850 per holder, total $1,433,700 in purchase price and earn-out.
Post-issuance outstanding common stock will be 1,983,308 shares; issuance is ~17.8% of new total.
If stock closing price below $4.07 on Nov 18, 2023, company must pay cash make-up payment up to $616,850 per holder.
Shares issued as unregistered under Section 4(a)(2); holders represented as accredited investors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Reliance Global Group, Inc. amended Second Amendment with Jonathan Fortman, Zachary Fortman, Fortman Insurance Services, LLC, and Fortman Insurance Agency, LLC valued at combined total amount owed of $1,433,700 (effective 2023-05-18).

Action: amendment
Agreement: asset purchase
Counterparty: Jonathan Fortman, Zachary Fortman, Fortman Insurance Services, LLC, and Fortman Insurance Agency, LLC
Value: combined total amount owed of $1,433,700
Effective: 2023-05-18

Exact text from the filing

On May 18, 2023, the Parties entered into that certain second amendment to the Purchase Agreement (the “Second Amendment”).

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Reliance Global Group, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-018937

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