Reliance Global Group adjourns annual meeting, seeks more votes

In a recent development, Reliance Global Group, Inc. (RELI), an insurance brokerage firm with annual revenues of $14.08 million, has adjourned its Annual Meeting originally scheduled for December 16, 2024, to December 31, 2024.

According to InvestingPro data, the company's stock has faced significant challenges, declining over 85% year-to-date. The decision, announced on Monday, aims to provide stockholders additional time to cast their votes on several proposals.

The adjournment was announced by the Company’s Chief Financial Officer, Joel Markovits, during the Virtual Annual Meeting of Stockholders. The reconvened meeting is set to take place virtually at 1:00 p.m. Eastern time on the last day of the year. The link provided for stockholders to join the meeting is www.virtualshareholdermeeting.com/RELI2024.

Stockholders of record as of October 17, 2024, who have not yet voted are encouraged to participate. The company has emphasized that there have been no changes to the proposals since the definitive proxy statement was filed with the Securities and Exchange Commission (SEC) on October 31, 2024. Those who have already voted do not need to vote again, unless they decide to revoke their previous proxies.

Reliance Global Group, based in Lakewood, NJ, has engaged the services of Morrow Sodali LLC, a proxy solicitation firm, to assist with achieving the required quorum and to garner enough votes to pass the proposals under consideration.

This move underscores the importance of the proposals at hand and the company's commitment to ensuring that all stockholder voices are heard. The company’s definitive proxy statement and any other relevant materials can be accessed free of charge on the SEC's website.

The information for this article is based on a press release statement.

In other recent news, Reliance Global Group has reported a successful third quarter, with revenues rising by 5% to reach $3.4 million. In addition, the company has managed to reduce operating expenses by 16%, resulting in a 64% improvement in the loss from operations. The company also achieved a positive adjusted EBITDA of approximately $42,000, marking a 121% increase year-over-year.

Reliance Global Group has also announced plans for strategic expansion, including the acquisition of Spetner Associates. This acquisition is expected to nearly double the company's consolidated revenues and provide substantial cross-selling opportunities. Furthermore, the company has launched an AI-powered solution on the RELI Exchange platform, aimed at enhancing agent efficiency and client satisfaction.

In preparation for its forthcoming annual stockholders meeting, Reliance Global Group has enlisted the services of Morrow Sodali LLC to assist with proxy solicitation. The engagement of Morrow Sodali LLC comes after the initial proxy materials were distributed, indicating the company's intent to ensure adequate stockholder participation and the success of the proposals at the annual meeting.

The company will cover the costs of banks, brokers, and other entities for forwarding solicitation materials and collecting voting instructions from beneficial owners of the company's common stock.

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