Reliance Global Group settles $500K acquisition balance with $75K cash + 174,610 restricted shares

Reliance Global Group, Inc.

Company issued 174,610 restricted common shares and paid $75K cash to Julie Blockey to satisfy $500K remaining earn-out from 2019 purchase of Southwestern Montana Insurance Center.
Outstanding shares increase to 2,303,975; shares valued at roughly $2.43 each at settlement, implying ~$425K equity portion.
If RELI closing price is below $2.43 on March 29, 2024, company must pay cash and issue additional shares as a Make-Up Amount (capped at $425K minus value of initial shares).
Shares issued under Section 4(a)(2) exemption; Holder represented as accredited investor; shares bear restrictive legend.

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 first amendment to the purchase agreement with Julie A. Blockey (the Holder) valued at total remaining balance of $500,000.00; issuance of 174,610 shares of common stock in satisfaction; (effective 2023-09-29).

Action: amendment
Agreement: asset purchase
Counterparty: Julie A. Blockey (the Holder)
Value: total remaining balance of $500,000.00; issuance of 174,610 shares of common stock in satisfaction;
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, the Parties agreed entered into that certain first amendment to the Purchase Agreement (the "First Amendment").

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Reliance Global Group, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-035649

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