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Reliance Global Group, Inc. (NASDAQ:RELI), a micro-cap company with a market capitalization of $7.05 million, announced Tuesday that it has amended its Revolving Credit Facility Agreement with YES Americana Group, LLC, increasing the loan commitment to $2,000,000 from the previous $600,000. The amendment was executed the same day, according to a statement released in a filing with the Securities and Exchange Commission.
Alongside the credit agreement amendment, Reliance Global Group also revised its Revolving Note with YES Americana Group. The updated note states that the principal amount payable will be the greater of $1,075,064 or the total aggregate principal amount of all loans outstanding under the amended credit facility.
The original Revolving Credit Facility Agreement and Revolving Note were both dated March 5, 2025. The company noted in the filing that the descriptions of the amendments are qualified in their entirety by reference to the full text of the documents, which were included as exhibits to the filing.
Reliance Global Group’s common stock and Series A Warrants are listed on the NASDAQ Capital Market under the symbols RELI and RELIW, respectively.
This information is based on a press release statement included in the company’s SEC filing.
In other recent news, Reliance Global Group reported a 68% reduction in its net loss for the first quarter of 2025, decreasing from $5.3 million in Q1 2024 to $1.7 million. The company also saw its adjusted EBITDA turn positive, improving from a negative $74,000 to a positive $145,000. Additionally, commission income increased by 4% to $4.2 million, reflecting organic growth in their insurance distribution channels. Reliance Global Group has signed a non-binding Letter of Intent to sell its subsidiary, Fortman Insurance Agency, for $5 million, with plans to use the proceeds to support the acquisition of Spetner Associates. The acquisition of Spetner Associates is expected to enhance the company’s market footprint and agency network. In another development, Reliance Global Group withdrew its S-1 registration, halting plans for a public offering. These strategic moves align with the company’s focus on strengthening its financial position and expanding its operations. The company has also launched Reliance Auto Leasing to enhance its product offerings.
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