Reliance Global Group, Inc. has announced an amendment to the definitive agreement for the acquisition of Spetner Associates, a benefits enrollment company. The updated terms, disclosed in a Form 8-K filed with the SEC on September 9, 2024, include a reduction in upfront cash consideration from $8 million to $5.5 million. Additionally, Mrs. Michelle Spetner is no longer a party to the agreement, with Agudath Israel of America joining as a new party. The acquisition, which is expected to close in the second half of 2024, is set to nearly double Reliance's annual revenue to approximately $28 million and significantly increase its Adjusted EBITDA. The company believes the revised terms will benefit shareholders by providing greater flexibility in funding the transaction and minimizing dilution. The acquisition aligns with Reliance's 'OneFirm' strategy and is anticipated to accelerate the company's growth trajectory.

Reliance Global Group, Inc. has announced an amendment to the definitive agreement for the acquisition of Spetner Associates, a benefits enrollment company. The updated terms, disclosed in a Form 8-K filed with the SEC on September 9, 2024, include a reduction in upfront cash consideration from $8 million to $5.5 million. Additionally, Mrs. Michelle Spetner is no longer a party to the agreement, with Agudath Israel of America joining as a new party. The acquisition, which is expected to close in the second half of 2024, is set to nearly double Reliance's annual revenue to approximately $28 million and significantly increase its Adjusted EBITDA. The company believes the revised terms will benefit shareholders by providing greater flexibility in funding the transaction and minimizing dilution. The acquisition aligns with Reliance's 'OneFirm' strategy and is anticipated to accelerate the company's growth trajectory.