Reliance Global signs LOI for GPU cloud assets; $3.375M due at close

Reliance Global Group signed a non-binding letter of intent to acquire the assets of a GPU cloud provider and marketplace operator, with $3,375,000 payable at closing, the Nasdaq-listed company said on Oct. 22.

The closing payment consists of $3,000,000 in cash and $375,000 funded into escrow, and no shares of common stock will be issued as consideration. Reliance said the funds required to complete the transaction are already in place and that it is debt-free, having retired 100% of its term debt. Due diligence is substantially complete, and the company anticipates closing in early November 2026, subject to finalizing definitive agreements and satisfying applicable closing conditions.

The payout schedule is the part a selector would read line by line. A second $375,000 is payable 12 months after closing, and both $375,000 payments are subject to specified milestones the announcement does not describe. Reliance will also pay $250,000 in consulting fees to the founder of the business over the 12 months following closing, and the LOI provides for an optional $500,000 investment by Reliance in a related company of the seller. Added to the closing payment, those items come to $4,500,000 in potential outlay, and the announcement does not name the target.

The business delivers on-demand computing capacity for AI training, inference and other compute-intensive applications, and lets third-party GPU owners earn revenue by offering their hardware through its platform. Reliance said it intends to acquire additional GPUs, increase available capacity and broaden marketplace participation. It plans to adopt GPU Exchange as its doing-business-as name and to change its Nasdaq ticker from EZRA to XGPU, and said the proposed acquisition would mark its entry into the AI cloud market.