Reliance Global Group, Inc. (Nasdaq: EZRA) has signed a non-binding letter of intent to purchase the assets of a GPU cloud provider, a move that signals a full pivot toward AI infrastructure. The transaction is structured as an all-cash deal, meaning no new shares will be issued and existing shareholders will not face dilution.
The letter of intent, executed on September 23, 2026, outlines a total closing payment of $3,375,000. This sum includes $3,000,000 in immediate cash and $375,000 placed in escrow. An additional $375,000 is due 12 months after the deal closes. Both $375,000 payments are contingent on the target meeting specific milestones. The agreement also includes $250,000 in consulting fees for the founder over the year following closing and an optional $500,000 investment in a related seller entity.
Reliance Global Group stated that it is debt-free after retiring all term debt and that the necessary funds are already secured. Due diligence is substantially complete. The company expects to finalize the transaction in early November 2026, provided it can conclude definitive agreements and meet all closing requirements.
As part of this strategy, Reliance plans to operate as "GPU Exchange" and change its Nasdaq ticker from EZRA to XGPU. The acquired business will run under the GPU Exchange brand. The company noted that its shares still trade under EZRA and will announce the ticker change date separately.
Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group, called the acquisition the most significant step in the company's evolution. He emphasized that the deal is being pursued with no outstanding debt and no shareholder dilution.
Judah Korman, Chief Operating Officer of Reliance Global Group, said the focus is on execution: acquiring GPUs, deploying them, and growing the customer base. By combining a company-owned fleet with third-party capacity from the marketplace, Reliance aims to scale supply quickly. The marketplace allows hardware owners to earn revenue by renting out their equipment.
After the acquisition closes, Reliance will pursue growth through two initiatives: scaling a company-owned GPU fleet for AI workloads and expanding the proprietary marketplace. The owned fleet will complement third-party capacity, allowing growth through both direct investment and increased provider participation.
The letter of intent remains non-binding, and the acquisition has not yet closed. Reliance Global Group currently operates insurance and technology businesses while pursuing AI-related platforms. The company believes this acquisition creates new opportunities for expansion alongside its existing RELI Exchange platform.