Reliance Global Group ($EZRA) isn't doing a traditional IPO — this S-1 registers up to 16.1M shares for resale by White Lion Capital under a $50M equity line. That’s ~959% of the current 1.68M shares

The company did a 1-for-40 reverse split in May 2026 to regain Nasdaq’s $1 minimum bid compliance. But its market value of listed securities has since slipped below the proposed $5M continued listing threshold — delisting risk remains live. Use of proceeds here is indirect: this registers shares White Lion may sell under an existing equity line. Fully drawn, the dilution would be massive. Reliance also closed a $2M public offering in January 2026. Bottom line: a micro-cap leaning on discounted equity financing, reverse splits, and AI/cyber pivots to stay listed. Big dilution risk, ongoing Nasdaq compliance fight, and $11M Altruis sale pending. High-risk setup.

The company did a 1-for-40 reverse split in May 2026 to regain Nasdaq’s $1 minimum bid compliance. But its market value of listed securities has since slipped below the proposed $5M continued listing threshold — delisting risk remains live.