What happened to RELI stock

The RELI stock has experienced significant changes recently. Here's a recap:

1. Reverse Stock Split: RELI announced a 1-for-17 reverse stock split to comply with Nasdaq's minimum bid price requirement. This was approved by the Board of Directors and filed with the Secretary of State of Florida on June 28, 2024. The reverse split will adjust the trading price to $1.00 per share and will begin trading on July 1, 2024.
2. Withdrawal of Registration Statement: RELI withdrew its registration statement for the potential shares issuable under the Series G warrants. This was done after the institutional investor converted all their warrants into shares on a Rule 144 basis, eliminating the warrant overhang and simplifying the capital structure.
3. Enhancement of Capital Structure: The cashless exercise of warrants by the final large institutional investor resulted in a significant simplification of RELI's capital structure, with only nominal warrants outstanding. This is expected to unlock value for shareholders as key initiatives are executed.
4. Stock Price Impact: Despite these corporate actions, RELI stock experienced a significant surge, increasing by 283.2% in a single trading session. This was attributed to an acquisition update, indicating progress on the planned acquisition of Spetner Associates, which is expected to double annual revenues to approximately $28 million.

In conclusion, while the reverse stock split and withdrawal of registration statement were corporate actions aimed at improving the stock's compliance and capital structure, the stock price surge was driven by the positive news surrounding the Spetner Associates acquisition.