Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when EZRA files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsRed Flags Detected
- Related Party (new) — Multiple related-party transactions where CEO and director hold 49% ownership in investment entity funded by company loans, creating potential conflicts around investment decisions and loan repayment.
Reliance Global forms healthcare investment unit with CEO, director as 49% owners
Filed May 4, 2026 · Period ending April 28, 2026 · ~1 min read
Key Changes
-
high
Company formed LifeSci Global Group LLC with 51% ownership; CEO Ezra Beyman and director Scott Korman own remaining 49% through related entity, creating significant related-party structure for healthcare investments.
Item 1.01 verify on EDGAR → -
high
Company provided $2M credit facility at 7% interest to fund LGG's investments; $500K advanced at closing. LGG made initial $2M investment in Innervate Radiopharmaceuticals, an early-stage radiopharmaceutical developer.
Item 1.01 verify on EDGAR → -
high
Director Scott Korman removed from all board committees (Audit, Compensation, Nominating) due to conflicts from LGG ownership and role as CEO of Innervate, the investment target.
Item 5.02 view on EDGAR → -
medium
LGG secured preferential investment terms including priority distribution of $4.75 per unit from Innervate proceeds and warrants to purchase up to 210,526 additional units through October 2029.
Item 1.01 verify on EDGAR → -
medium
Independent directors approved all related-party transactions after CEO and involved director recused themselves, following company policy and Florida corporate law requirements.
Item 1.01 verify on EDGAR →
Summary
Reliance Global Group has launched a healthcare investment strategy through a new entity where company insiders hold substantial minority ownership. The company formed LifeSci Global Group LLC with 51% ownership, while CEO Ezra Beyman and director Scott Korman control the remaining 49%. The company is funding LGG through a $2 million credit facility at 7% interest, with $500,000 already advanced.
LGG immediately deployed $2 million into Innervate Radiopharmaceuticals, an early-stage radiopharmaceutical developer where Korman serves as CEO. Retail investors should note this creates a complex related-party structure where company capital funds investments that benefit insiders who own nearly half of the investment vehicle.
While independent directors approved the arrangement and Korman was removed from all board committees to address conflicts, the structure means investment gains and losses will be shared 51-49 between the company and management. The $2 million loan to LGG represents new debt on the books, and the Innervate investment carries early-stage company risk. Watch for: (1) additional advances under the $2M credit facility and how quickly LGG deploys capital, (2) disclosure of LGG's investment performance and whether returns justify the related-party structure, and (3) any changes to the loan terms or LGG ownership structure in future filings.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 30, 2026 (the “Closing Date”), Reliance Global Group, Inc. (the “Company”) and certain of its affiliates entered into a series of definitive agreements (collectively, the “Transaction Documents”) in connection with the formation of LifeSci Global Group LLC, a Delaware limited liability company (“LGG”), and the consummation by LGG of an initial investment in Innervate Radiopharmaceuticals LLC, a Delaware limited liability company (“Innervate”), an early-stage company focused on the development of radiopharmaceutical products and related technologies (the “Innervate Investment”).
The Company formed a new entity called LifeSci Global Group LLC and through it made an initial investment in Innervate Radiopharmaceuticals, an early-stage radiopharmaceutical development company. The transaction was approved by independent board members and closed on April 30, 2026.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On the Closing Date, LGG entered into a Unit Subscription Agreement (the “Subscription Agreement”) and a related Letter Agreement (the “Side Letter”, and together with the Subscription Agreement, the “Innervate Agreements”) with Innervate, pursuant to which LGG agreed to subscribe for up to 421,053 Class A units of Innervate at a purchase price of $4.75 per unit, for an aggregate purchase price of $2,000,001.75, payable in installments.
LGG committed to invest approximately $2 million in Innervate, a healthcare company, purchasing 421,053 Class A units at $4.75 per unit. This represents LGG's first disclosed investment and will result in a minority equity position in Innervate.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 — Creation of a Direct Financial Obligation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
EIG may make additional advances from time to time at its discretion, up to the maximum principal amount, with each advance recorded on records maintained by EIG.
The note structure allows EIG to make additional advances up to the $2 million maximum at its sole discretion. This gives EIG control over future funding availability, with advances tracked in EIG's records.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The transactions described in this Current Report on Form 8-K were reviewed and approved by the independent and disinterested members of the Company’s Board of Directors, in accordance with the Company’s policy on related-party transactions and Section 607.0832 of the Florida Business Corporation Act. Mr. Beyman and Mr. Korman recused themselves from all Board deliberations and voting regarding the transactions and did not participate in the approval thereof.
The board's independent directors approved the related-party transactions after the CEO and involved director recused themselves. This disclosure confirms proper governance procedures were followed for transactions where executives have conflicting interests.
Added in current filing · verify on EDGAR →
On April 28, 2026, and in connection with the related-party transactions described above and Mr. Korman’s ongoing role as Chief Executive Officer and a member of the board of managers of Innervate, the Board of Directors of the Company approved the following changes to the composition of the standing committees of the Board, in each case effective as of April 28, 2026: ● Audit Committee. Mr. Korman was removed as a member and as Chairman of the Audit Committee. Alex Blumenfrucht was appointed as a member of the Audit Committee, and Ben Fruchtzweig was appointed as Chairman of the Audit Committee. ● Compensation Committee. Mr. Korman was removed as a member of the Compensation Committee. Mr. Fruchtzweig was removed as Chairman of the Compensation Committee. Mr. Blumenfrucht was appointed as a member and as Chairman of the Compensation Committee. ● Nominating Committee. Mr. Korman was removed as a member of the Nominating Committee, and Mr. Blumenfrucht was appointed as a member of the Nominating Committee.
Director Scott Korman was removed from all three board committees (Audit, Compensation, and Nominating) where he previously served as Audit Committee Chairman. The changes were made due to his conflicts of interest from the related-party transactions and his role as CEO of Innervate, a company receiving investment from the newly formed LGG entity. The company states this ensures all committees remain composed solely of independent directors.
Added in current filing · verify on EDGAR →
LGG’s investments are funded through loans from the Company (either directly or through its wholly-owned subsidiary EIG) to LGG.
The new healthcare investment entity will be funded through loans from the parent company rather than equity contributions. This means the company is lending money to an entity where its CEO and a director own 49%, creating potential conflicts around loan terms, repayment, and investment decisions.
Event · Item 9.01 — Financial Statements and Exhibits
Reliance Global Group disclosed a promissory note and investment agreements involving subsidiaries EZRA International and LifeSci Global.
Added in current filing · verify on EDGAR →
Promissory Note, dated April 29, 2026, by and between EZRA International Group LLC and LifeSci Global Group LLC.
The company entered into a promissory note agreement on April 29, 2026, between two of its subsidiaries, EZRA International Group LLC and LifeSci Global Group LLC. This represents a debt obligation between related entities, though the amount and terms are not disclosed in the 8-K body.
Added in current filing · verify on EDGAR →
Unit Subscription Agreement, dated April 30, 2026, by and between Innervate Radiopharmaceuticals LLC and LifeSci Global Group LLC.
LifeSci Global Group LLC, a subsidiary, entered into a unit subscription agreement with Innervate Radiopharmaceuticals LLC on April 30, 2026. This indicates an equity investment or ownership stake in a radiopharmaceutical company, potentially expanding the company's healthcare portfolio.
Added in current filing · verify on EDGAR →
Letter Agreement (Side Letter), dated April 30, 2026, by and between Innervate Radiopharmaceuticals LLC and LifeSci Global Group LLC.
A side letter was executed alongside the unit subscription agreement with Innervate Radiopharmaceuticals on April 30, 2026. Side letters typically contain supplemental terms, special rights, or conditions not included in the main agreement, though specific terms are not disclosed in the 8-K body.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify