Reliance Global (NASDAQ:RELI) stock is rocketing higher on Tuesday after the wholesale and retail insurance agencies management company provided an acquisition update.
Reliance Global says that it continues to make progress on its acquisition of Spetner Associates. The firm also notes that the deal, set to close in the second half of 2024, is surpassing its previous estimates.
Spetner Associates has seen strong growth since the start of negotiations for this acquisition, resulting in the number of employees covered increasing from 45,000 to 85,000.
Reliance Global says this is good news for it as it will make Spetner Associates its largest acquisition yet. The company also anticipates that this deal will double its annual revenue to roughly $28 million.
Reliance Global chairman and CEO Ezra Beyman said the following about the acquisition:
“Our ultimate goal is to build a highly profitable business that delivers substantial returns to our shareholders. We are confident that this transformational acquisition will open up significant opportunities that align perfectly with our ‘OneFirm’ go-to-market strategy.”
RELI Stock Movement Today
With this acquisition update comes heavy trading of RELI shares this morning. That has more than 238 million units changing hands as of this writing. That’s well above the company’s daily average trading volume of about 1.6 million shares.
RELI stock is up 283.2% as of Tuesday morning.
Investors will want to keep reading for more of the most recent stock market news!
We have all of the hottest stock market stories available on Tuesday! That includes what’s going on with shares of Philip Morris (NYSE:PM) stock, Nvidia (NASDAQ:NVDA) stock and Tesla (NASDAQ:TSLA) stock today. All of this news is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
