- Reliance Global Group (RELI, Financial) withdraws its Form S-1 Registration Statement.
- The withdrawal halts the company's planned public offering.
- No securities were sold as the registration was not declared effective by the SEC.
Reliance Global Group, Inc. (NASDAQ: RELI) has announced the withdrawal of its Form S-1 Registration Statement (No. 333-284218) filed with the Securities and Exchange Commission (SEC). The decision reflects the company's choice to not proceed with its proposed public offering at this time. Initially submitted on January 10, 2025, the Registration Statement had not reached effectiveness, and no securities had been sold under the proposal.
The cancellation of the planned public offering could suggest potential unfavorable market conditions or challenges in raising capital. This move may limit the company’s immediate access to additional funding, potentially impacting its ability to expand operations or invest in new opportunities.
Reliance Global Group is known for its InsurTech innovations, leveraging artificial intelligence (AI) and cloud technologies to enhance efficiency within the insurance industry. Through platforms like RELI Exchange and 5minuteinsure.com, the company aims to empower independent insurance agencies and provide consumers with quick, competitive insurance quotes.
The company continues to focus on its existing operations, including a portfolio of "brick and mortar" insurance agencies across the United States, while ensuring compliance with Nasdaq’s listing requirements.