# EDGAR Filing Document

**Accession Number:** 0001812727
**File Stem:** 0001493152-23-007928
**Filing Date:** 2023-3
**Character Count:** 16955
**Document Hash:** 1f17c7a604d29efb781cb8ff7bc6f52d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-007928.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001493152-23-007928

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230316

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Reliance Global Group, Inc.
- **CENTRAL INDEX KEY:** 0001812727
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **IRS NUMBER:** 463390293
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40020
- **FILM NUMBER:** 23739230

**BUSINESS ADDRESS:**
- **STREET 1:** 300 BOULEVARD OF THE AMERICAS,
- **STREET 2:** SUITE 105
- **CITY:** LAKEWOOD
- **STATE:** NJ
- **ZIP:** 08701
- **BUSINESS PHONE:** 732-780-4647

**MAIL ADDRESS:**
- **STREET 1:** 300 BOULEVARD OF THE AMERICAS,
- **STREET 2:** SUITE 105
- **CITY:** LAKEWOOD
- **STATE:** NJ
- **ZIP:** 08701

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest reported): **March 16, 2023** 

**Reliance Global Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Florida** | **001-40020** | **46-3390293** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification Number) |

---

**<u>300 Blvd. of the Americas, Suite 105, Lakewood, NJ 08701</u>**

(Address of principal executive offices)

**<u>(732) 380-4600</u>**

(Registrant's telephone number, including area code)

**<u>N/A</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.)

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CF$240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered |
| Common Stock, $0.086 par value per share | RELI | The Nasdaq Stock Market LLC<br> (The Nasdaq Capital Market) |
| Series A Warrants to purchase shares of Common Stock, par value $0.086 per share | RELIW | The Nasdaq Stock Market LLC<br> (The Nasdaq Capital Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Forward-Looking Statements**

Certain statements either contained in or incorporated by reference into this Current Report on Form 8-K, other than purely historical information, by the Registrant and any statements relating to the Registrant's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "should," "could," "potential," or similar expressions. The forward-looking statements contained in this filing are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. This Current Report should be read in conjunction with the risks and cautionary statements discussed or identified in the Registrant's public filings with the SEC from time to time, including the Registrant's most recent Annual Report on Form 10-K for the year ended December 31, 2021, and Quarterly Reports on Form 10-Q. The Registrant's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Registrant expressly disclaims any intent or obligation to update or revise publicly these forward-looking information or statements.

**Item 1.01 Entry into Material Definitive Agreement.**

As previously reported by Reliance Global Group, Inc. (the "Company"), on March 13, 2023, the Company entered into a securities purchase agreement (the "Purchase Agreement") with one institutional buyer appearing on the signature page thereto (the "Buyer") for the purchase and sale of, subject to customary closing conditions, (i) an aggregate of 155,038 shares (the "Common Shares") of the Company's common stock, par value $0.086 per share (the "Common Stock") along with accompanying common warrants (the "Common Units"), (ii) prefunded warrants (the "Prefunded Warrants") that are exercisable into 897,594 shares of Common Stock (the "Prefunded Warrant Shares") along with accompanying common warrants (the "Pre-Funded Units"), and (iii) common warrants (the "Common Warrants") to initially acquire up to 2,105,264 shares of Common Stock (the "Common Warrant Shares") (representing 200% of the Common Shares and Prefunded Warrant Shares) in a private placement offering (the "Private Placement"). Additionally, the Company agreed to issue a warrant to the Placement Agent (defined below), to initially acquire 52,632 shares of common stock (the "PA Warrant").

The closing of the Private Placement occurred on March 16, 2023. EF Hutton, a division of Benchmark Investments, LLC (the "Placement Agent") acted as the sole placement agent for the Company in connection with the Private Placement. Pursuant to that certain Engagement Letter, dated as of January 30, 2023, between the Company and the Placement Agent, the Placement Agent is entitled to a cash fee of 8% of the gross proceeds of the Private Placement and the reimbursement of certain Placement Agent fees and expenses, including, but not limited to, up to $95,000 for fees and expenses including "road show", diligence, and reasonable legal fees and disbursements for the Placement Agent's counsel.

The foregoing summaries of the terms of the Purchase Agreement, the Prefunded Warrants, the Common Warrants, the PA Warrant and the Registration Rights Agreement are subject to, and qualified in their entirety by, the forms of such documents, which are filed as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5, hereto respectively, and are incorporated herein by reference.

**Item 3.02 Unregistered Sale of Securities**

The applicable information set forth in Item 1.01 of this Current Report is incorporated by reference in this Item 3.02. The Common Shares, Prefunded Warrants, Common Warrants, and the PA Warrant will be issued without prior registration in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act, and Rule 506(D) of Regulation D thereunder.

**Item 8.01 Other Events.**

On March 16, 2023, the Company issued a press release announcing the closing of the Private Placement. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1# | [Securities Purchase Agreement, dated March 13, 2023, between Reliance Global Group, Inc. and Investor (incorporated herein by reference to Exhibit 10.1 to Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023).](https://www.sec.gov/Archives/edgar/data/1812727/000149315223007544/ex10-1.htm) |
| 10.2 | [Form of Warrant (incorporated herein by reference to Exhibit 10.2 to Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023).](https://www.sec.gov/Archives/edgar/data/1812727/000149315223007544/ex10-2.htm) |
| 10.3 | [Form of Pre-Funded Warrant (incorporated herein by reference to Exhibit 10.3 to Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023).](https://www.sec.gov/Archives/edgar/data/1812727/000149315223007544/ex10-3.htm) |
| 10.4 | [Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 10.4 to Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023).](https://www.sec.gov/Archives/edgar/data/1812727/000149315223007544/ex10-4.htm) |
| 10.5 | [Form of Registration Rights Agreement (incorporated herein by reference to Exhibit 10.5 to Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2023).](https://www.sec.gov/Archives/edgar/data/1812727/000149315223007544/ex10-5.htm) |
| 99.1 | [Press Release](ex99-1.htm) |
| 104 | Cover Page Interactive Data File |

---

# Certain schedules and exhibits have been omitted pursuant to Item 601(A)(5) of Regulation S-K. The Company will furnish supplementally copies of omitted schedules and exhibits to the Securities and Exchange Commission or its staff upon its request.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Reliance Global Group, Inc.** | **Reliance Global Group, Inc.** |
| Dated: March 16, 2023 | By: | */s/ Ezra Beyman* |
|  |  | Ezra Beyman |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Reliance Global Group, Inc. Announces Closing of $4.0 Million Private Placement**

**Lakewood, NJ – March 16, 2023** – Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) ("Reliance" or the "Company"), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced the closing of its previously announced private placement of common stock (or pre-funded warrants in lieu thereof) and warrants.

Under the terms of the securities purchase agreement, the Company sold 155,038 shares of common stock and accompanying common warrants (the "Common Units") and 897,594 pre-funded warrants and accompanying common warrants (the "Pre-Funded Units") to purchase an aggregate of 2,105,264 shares of common stock underlying the common warrants. Each Common Unit was sold at a combined effective purchase price of $3.80 and the Pre-Funded Units were sold at the same price as the Common Units less the pre-funded warrant exercise price of $0.001. The common warrants will be exercisable six months from the date of issuance at an initial exercise price of $3.55 per share, subject to adjustments as set forth therein, and will expire five and a half years from the date of issuance.

The Company intends to use the net proceeds from the private placement for general working capital and administrative purposes.

EF Hutton, division of Benchmark Investments, LLC ("EF Hutton") acted as exclusive placement agent for the offering.

Anthony L.G., PLLC acted as legal counsel to Reliance and Lucosky Brookman LLP acted as legal counsel to EF Hutton.

The Common Units and Pre-Funded Units described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares issuable upon exercise of the pre-funded warrants and warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

**About Reliance Global Group, Inc.** 

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group's growth strategy includes the organic expansion of its current portfolio of agencies owned in addition to the growth of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.

**Safe Harbor Statement**

This press release may contain forward-looking statements as defined in Section 27A of the Securities Act or 21E of the Securities Exchange Act of 1934, as amended, about Reliance Global Group, Inc. activities that are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods, and other risks set forth in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to general stock market conditions. We have incurred and will continue to incur significant expenses in the expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long-term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

**Contact:**

Crescendo Communications, LLC

Tel: +1 (212) 671-1020

Email: RELI@crescendo-ir.com