12:29 PM EST, 12/23/2024 (MT Newswires) -- Reliance Global (RELI) said Monday that the planned Spetner acquisition is in its final stages and on track for completion in early 2025.

Since announcing the transaction, Spetner's BenManage voluntary benefit insurance segment has expanded coverage to over 85,000 from 45,000 employees, Reliance said.

"Upon completion, the acquisition is expected to nearly double our annual revenue to approximately $28 million while significantly boosting our Adjusted EBITDA," said Chief Executive Officer Ezra Beyman.

Beyman also said its transformation to the RELI Exchange OneFirm platform has enhanced operational efficiency across all areas of its business.

"The impact is clear - the OneFirm approach has driven revenue growth, reduced expenses, and strengthened EBITDA, with our Q3 2024 performance showing significant improvements directly linked to this strategic initiative," he said.

The stock was up about 219% in recent trading.

Price: 3.84, Change: +2.64, Percent Change: +219.58