Reliance Global Signs LOI to Buy GPU Cloud Provider for $3.375M at Closing

Reliance Global Group (Nasdaq: EZRA) said on Oct. 22, 2026 it signed a non-binding letter of intent to buy a GPU cloud business, with $3,375,000 due at closing.

Reliance, an insurance and technology company based in Lakewood, New Jersey, said in a GlobeNewswire release that it signed the letter of intent (LOI) on Sept. 23, 2026. A Form 8-K filed with the U.S. Securities and Exchange Commission on Oct. 23, 2026 sets out the terms: an asset purchase from an unnamed, privately held technology company for up to $3,750,000, all in cash. At closing, $3,000,000 is paid in cash and $375,000 goes into escrow, released to the seller after six months only if the business reaches a minimum revenue threshold. A further $375,000 is due 12 months after closing, subject to a performance milestone.

Nothing in the release or the filing sizes the power load: neither gives a GPU count, a data-center location, a megawatt figure, target revenue or the seller's name. The structure points to an asset-light marketplace where third-party owners list their own hardware, which would leave the power and cooling for that capacity with them. That is Voltgrid's reading, not a company statement. Reliance's own load would come from the GPU fleet it plans to buy, and it has not said where that hardware would be hosted or who would supply the electricity.

What Reliance says it is buying

According to the release, the target rents on-demand computing capacity for AI training, inference, rendering and other heavy workloads, and runs a proprietary marketplace where third-party GPU owners earn revenue by renting out hardware. Reliance intends to buy additional graphics processing units (GPUs) for a company-owned fleet beside that supply, while it keeps operating its RELI Exchange platform. The 8-K calls the deal its planned entry into the GPU cloud and AI infrastructure market.

Reliance intends to adopt GPU Exchange as its doing-business-as name and change its Nasdaq symbol from EZRA to XGPU, with the date to be announced separately. The target's founder would sign a one-year, $250,000 cash consulting agreement and a two-year non-compete. Reliance also holds an option, not a condition of the purchase, to invest up to $500,000 in the seller. It said no shares will be issued, the funds are in place and it is debt-free.

How the price compares with neocloud financing

The scale is small. On the same day, Oct. 22, 2026, Nebius announced a $3.5 billion, 364-day senior secured facility from Citi for data-center development and GPUs, as Voltgrid reported, against Reliance's $3,375,000 closing payment. Reliance's risk language also touches the constraint NVIDIA's Jensen Huang raised that day in his remarks to CNBC: scarce working capital. Its company-owned fleet needs capital beyond the purchase cash, it says, possibly from dilutive equity financing, so the no-dilution claim covers the acquisition, not the fleet.

What is not confirmed yet

The LOI is non-binding on its main economic terms; only exclusivity, confidentiality, governing law and expenses bind the parties. The seller agreed not to pursue an alternative deal for 60 days from Sept. 23, 2026, extendable by 30 days in writing. Reliance expects to close in early November 2026, subject to due diligence (which the release calls substantially complete), definitive agreements, third-party consents and no material adverse change at the target. The 8-K warns the deal may not close on these terms, on this timeline or at all.

The seller's name, the target's revenue and GPU count, Reliance's fleet budget, the hosting site and the power source are undisclosed. As of Oct. 25, 2026, the latest filing on the company's EDGAR list is the Oct. 23 8-K, and Voltgrid found no definitive agreement, closing notice or ticker-change date after it.