Reliance global CFO Markovits sells shares worth $121k

Published 25/07/2025, 04:20
Reliance global CFO Markovits sells shares worth $121k

Reliance Global Group, Inc. (NASDAQ:RELI), a micro-cap insurance company with a market capitalization of $4.14 million, saw its Chief Financial Officer Joel Markovits sell 40,534 shares of common stock on June 18, 2025, at a price of $3.00, according to a Form 4 filing with the Securities and Exchange Commission. The total value of the shares sold was $121,602. The stock, currently trading at $1.39, is considered undervalued according to InvestingPro analysis.

The filing also indicates that on July 16, 2025, Markovits disposed of 13,783 shares to cover tax obligations, at a price of $1.4198, for a total value of $19,569. These shares were related to a previously reported stock grant.

Additionally, on July 18, 2025, Markovits received 213,704 shares of common stock as part of an equity incentive plan. The grant, valued at $0, vests in eight equal bimonthly installments beginning October 15, 2025, and ending on January 31, 2026.

Following these transactions, Markovits directly owns 360,189 shares of Reliance Global Group, Inc., which has seen its stock price decline by 66% over the past year amid challenging market conditions and weak financial health metrics.

In other recent news, Reliance Global Group has made several significant announcements. The company has increased its director compensation, with non-employee directors now receiving a base annual cash retainer of $52,000. Additionally, Reliance Global Group has raised its credit facility limit to $2 million with YES Americana, amending its Revolving Credit Facility Agreement. In terms of acquisitions, the company filed financial statements for its proposed acquisition of Spetner Associates, including audited and unaudited financial documents for recent years. Reliance Global Group has also signed a non-binding Letter of Intent to sell Fortman Insurance Agency for $5 million in cash, subject to due diligence and documentation. Furthermore, the company has withdrawn its S-1 registration, halting plans for a public offering, stating it no longer intends to pursue this option. These developments reflect the company’s ongoing strategic and financial adjustments.

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