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NEW YORK - Reliance Global Group, Inc. (NASDAQ: RELI), currently trading at $1.18 and down over 67% in the past year, has filed a request with the Securities and Exchange Commission to withdraw its Registration Statement on Form S-1, the company announced Monday.
The InsurTech company originally filed the registration statement on January 10, 2025, but stated it "no longer intends to pursue a public offering under the Registration Statement at this time." The filing had not been declared effective by the SEC, and no securities were sold in connection with the proposed offering.
Reliance Global Group operates as an InsurTech company that leverages artificial intelligence and cloud-based technologies for the insurance agency industry. The company maintains two technology platforms: RELI Exchange, a business-to-business platform for independent insurance agencies, and 5minuteinsure.com, a consumer-facing platform that provides online insurance quotes.
In addition to its technology offerings, the company operates retail insurance agencies across the United States.
The withdrawal announcement did not specify reasons for abandoning the offering plans or detail alternative financing strategies the company might pursue.
The information in this article is based on a press release statement from Reliance Global Group.
In other recent news, Reliance Global Group Inc. reported a notable improvement in its financial performance for the first quarter of 2025. The company achieved a 68% reduction in net loss, decreasing from $5.3 million in Q1 2024 to $1.7 million in Q1 2025. Additionally, Reliance Global’s adjusted EBITDA turned positive, showing a 300% improvement from a negative $74,000 to a positive $145,000. The firm also reported a 4% increase in commission income, reaching $4.2 million. In a strategic move, Reliance Global launched Reliance Auto Leasing, a new service aimed at enhancing its product offerings. The company is also nearing the completion of its acquisition of Spetner Associates, which is expected to expand its market footprint and enhance its agency network. Analysts from Blackridge Capital noted the potential for EBITDA and revenue doubling due to this acquisition. These recent developments reflect Reliance Global’s strategic focus on cost control and organic growth.
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