DEFA14A: Reliance Global Group Engages Morrow Sodali for Proxy Solicitation Ahead of Annual Meeting

Reliance Global Group has hired Morrow Sodali LLC to assist in soliciting proxies for its upcoming annual shareholder meeting on December 16, 2024.

Summary

• Reliance Global Group has engaged Morrow Sodali LLC to help solicit proxies for their annual meeting.
• The annual meeting is scheduled for December 16, 2024, and will be held virtually.
• The company filed its definitive proxy statement on October 31, 2024, and has mailed proxy materials to stockholders.
• Morrow Sodali will be paid a fee of $11,500, plus potential per-stockholder fees and reimbursement for expenses.
• Directors and officers may also solicit proxies but will not receive additional compensation.
• The company will reimburse brokers and custodians for their expenses in forwarding materials and obtaining voting instructions.

Sentiment

Score: 7

Explanation: The document is a routine update regarding the annual meeting and proxy solicitation, indicating a neutral to slightly positive sentiment as the company is taking necessary steps for corporate governance.

Positives

• The company is actively working to ensure a successful annual meeting by engaging a professional proxy solicitation firm.
• The company is taking steps to ensure all shareholders have the opportunity to vote.

Risks

• There is a risk that the company may not achieve the required quorum for the annual meeting.
• The cost of proxy solicitation, including fees and reimbursements, could impact the company's financials.

Future Outlook

The company is focused on ensuring a successful annual meeting and achieving the required quorum for voting on the proposals.

Management Comments

• The company's directors and officers may also solicit proxies by telephone, facsimile, mail, Internet, or in person.
• They will not be paid any additional amounts for soliciting proxies.

Industry Context

Engaging proxy solicitation firms is a common practice for public companies to ensure sufficient shareholder participation in annual meetings, particularly when important proposals are up for vote.

Comparison to Industry Standards

• The engagement of a proxy solicitation firm like Morrow Sodali is a standard practice for companies listed on the NASDAQ Capital Market to ensure adequate shareholder participation in annual meetings.
• The fee structure of $11,500 plus per-stockholder fees and expense reimbursement is typical for proxy solicitation services.
• Many companies use similar methods to solicit proxies, including mail, internet, and direct contact by officers and directors.

Stakeholder Impact

• Shareholders are being asked to vote on the proposals at the annual meeting.
• The company is incurring expenses related to the proxy solicitation process.

Next Steps

• The company will continue to solicit proxies for the annual meeting.
• The annual meeting will be held on December 16, 2024.

Key Dates

Keywords

proxy solicitation, annual meeting, Morrow Sodali, stockholders, voting, quorum, RELI, RELIW