Why Are Investors Watching Shares of Reliance Global Group?

Shares of Reliance Global Group, Inc. (NASDAQ:RELI) on Wednesday announced it would acquire a majority stake in Scentech.

First Investment Under New Arm

Scentech is an Israeli diagnostic company developing AI tools to identify disease-associated molecular signatures in human breath, and none of the company’s product candidates have been approved for commercial use.

Reliance’s stake in the company is expected to become the first asset within Ezra International Group, Reliance's newly established technology investments arm.

"Through the acquisition of a majority equity interest of Scentech, we believe we are expanding our reach into the broader health-tech ecosystem, if successfully developed, validated and approved for commercialization,” said Ezra Beyman, the CEO of Reliance.

Reliance Stock Falls

RELI Price Action: Shares were down 4.93% at 58 cents at the time of publication, according to Benzinga Pro.

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