Summary by Moomoo AI
On February 15, 2024, Reliance Global Group, Inc. announced the entry into an At Market Issuance Sales Agreement with EF Hutton LLC. Under this agreement, Reliance Global Group may offer and sell shares of its common stock up to an aggregate offering price of $858,637. The shares will be sold through an 'at-the-market' offering, as per the Securities Act of 1933, and will be issued under the company's effective shelf registration statement, which was declared effective on November 7, 2023. The agreement stipulates that EF Hutton LLC will receive a commission of 3.5% of the gross proceeds from each sale of shares and will be reimbursed for certain expenses. The offering will continue until all shares are sold or the agreement is terminated. Reliance Global Group has also agreed to indemnify EF Hutton LLC against certain liabilities, including those under the Securities Act. The details of the agreement are included in the company's Form 8-K filing with the SEC, along with the legal opinion on the validity of the shares to be issued.