Reliance Global Group Inc. Finalizes Amended Stock Exchange Agreement with Spetner, Acquiring 80% Equity Stake
Reliance Global Group, Inc. has announced an update to its Stock Exchange Agreement with Spetner, Jonathan Spetner, and Agudath Israel of America. Initially dated May 14, 2024, and amended on September 6, 2024, and October 29, 2024, the agreement involves the acquisition of 80% equity ownership in Spetner by Reliance Global Group. The First Purchase Price for this transaction is set at $13,714,286, which includes $5,500,000 in cash, a $2,500,000 promissory note, and a 9.9% beneficial ownership in Reliance Global Group's common stock. On October 29, 2024, Reliance issued 140,064 shares of its common stock to Spetner's stockholders as a prepayment towards the First Purchase Price. The remaining 20% equity ownership will be acquired in a second closing, with the price based on Spetner's final annual EBITDA and payment options similar to the first closing.
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