Reliance Global Group, Inc. (NasdaqCM:RELI) signed a definitive agreement to acquire 80% stake in Spetner Associates, Inc. from Jonathan Spetner and Michelle Spetner for $13.7 million on May 14, 2024. Under the agreement, Reliance Global Group acquire eighty percent (80%) of the issued and outstanding shares (24,000 Shares) of common stock, par value $1.00 per share, of Spetner (the ?Spetner Common Stock?) for the amount of $13,714,286.00 (which shall be paid in $8 million cash, the issuance of certain shares of common stock of the Company, and the issuance of a promissory note of the Company); and (ii) have the sole option to acquire the remaining twenty percent (20% i.e 6000 shares) of the Spetner Common Stock for the amount that is equal to the product of ten (10) times twenty percent (20%) of Spetner?s final annual EBITDA (as defined in the Agreement) for the most recently completed fiscal year prior to the fiscal year in which the Company elects to exercise such option to acquire additional shares of Spetner Common Stock. In connection with the transactions contemplated by the Agreement, the Company shall undertake a private or public offering of the Company?s shares of common stock with the goal of raising approximately $10 million in net proceeds. The closing of the transaction is subject to approval from Board of Directors of Reliance Global Group and the effectiveness of registration statement by SEC.

Laura Anthony of Anthony, Linder & Cacomanolis, PLLC acted as legal advisor for Reliance Global and Albert S. Watkins and Kodner Watkins of K&W acted as legal advisors for Spetner.