Mon Sep 09 14:17:11 UTC 2024: ## Reliance Global Reduces Upfront Payment in Spetner Acquisition, Transaction Remains on Track

**New York, NY – August 2, 2024** – Reliance Global Group, Inc. (RELI) has announced a significant revision to the terms of its pending acquisition of Spetner Associates, reducing the upfront cash payment required to close the transaction to $5.5 million from the original $8 million.

The move, announced by Chair and CEO Ezra Beyman, is seen as beneficial for shareholders, providing the company greater flexibility in funding the acquisition and minimizing dilution while maximizing returns.

The transaction, initially announced in May 2024, is expected to double Reliance Global’s current revenue and generate an adjusted EBITDA of over $4 million in 2024. Despite the revised terms, the acquisition remains on track to close in the second half of 2024.

Since the initial announcement, Spetner’s BenManage voluntary benefit insurance segment has seen impressive growth, now covering over 85,000 employees. This growth is expected to contribute to Reliance Global’s annual revenue reaching approximately $28 million, further bolstering its Adjusted EBITDA.

Reliance Global, an InsurTech provider utilizing AI and cloud-based technologies, is focused on transforming and improving efficiencies within the insurance agency/brokerage industry.

**RELI stock closed at $2.80 on Friday.**

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