Reliance Global Group Inc. Chairman and CEO Ezra Biman (pictured above) announced that the company has met the offer price requirements of the Nasdaq Stock Exchange, a crucial step as the company continues to grow.

Reliance’s board of directors approved a 1-for-17 stock split last month to meet the Nasdaq Capital Market’s $1 minimum share price requirement. As a result, every 17 shares of the company’s issued and outstanding common stock were converted into one share, with no change in the par value of $0.086 per share.

The move reduced the number of shares of common stock outstanding to about 921,000 from about 15.7 million, according to a company statement. Despite the reverse stock split, each shareholder’s ownership percentage remained unchanged, according to a report from AM Best.

Payman explained that the company remains focused on executing its strategic initiatives, including closing the pending acquisition of Spetner Associates and pursuing additional acquisition opportunities.

Payman noted that progress is also continuing on the OneFirm initiative, which aims to merge nine U.S.-owned and operated agencies to operate as one unit.

Read more: Reliance Group acquires The Referral Depot

Moshe Fishman, group chief technology and operations officer, previously said the Spetner acquisition includes BenManage’s voluntary insurance business, which provides insurance to more than 75,000 employees.

Fishman highlighted key points of the acquisition, including a strong management team, excellent revenues with a high EBITDA to revenue ratio, residual commission income, and synergies with Reliance’s core businesses.

Reliance believes the acquisition could double its revenue to over $28 million.

Earlier in 2023, Reliance executed a reverse stock split to meet the minimum offering price requirements on the Nasdaq.

Reliance shares were trading at $4.40 on the afternoon of July 17, up 10.55% from the previous close.

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