Reliance Global sells agency business, repays $2.18 million debt

What happened

Reliance Global Group, Inc. (NASDAQ: EZRA) said Altruis Benefit Consultants, Inc. sold substantially all of its employee benefits insurance agency business for $8 million.

The signing and closing occurred on September 23, 2026. Of the purchase price, $4.44 million was paid in cash, $3.10 million came as a secured promissory note, $300,000 was held back for indemnity and $161,729 for working capital.

Altruis can also receive up to $1 million in earnouts over three consecutive twelve-month measurement periods if annual revenue growth reaches 10%, 15% or 20% or more. On September 24, 2026, Oak Street Funding LLC facilities were repaid in full for $2.18 million from transaction cash proceeds, and the related liens and UCC financing statements were released.

Key numbers

Metric	Latest	Change	Source
Purchase price	$8 million		SEC 8-K
Cash paid at closing	$4.44 million		SEC 8-K
Secured promissory note	$3.10 million		SEC 8-K
Oak Street debt repayment	$2.18 million		SEC 8-K
Aggregate earnout cap	up to $1 million		Asset Purchase Agreement

Read more: Reliance Global Group (EZRA) stock analysis and investment case

Why it matters

OptimistFi's case is that the insurance agency base must fund the company. This filing weakens that case because Altruis sold substantially all of its employee benefits insurance agency business and used cash proceeds to repay debt.

The $2.18 million debt repayment was about 27.2% of the $8 million purchase price. The headline price is not all cash, because $3.10 million came as a secured promissory note, $300,000 was held back for indemnity and $161,729 was held back for working capital.

Altruis can also earn up to $1 million more only if future revenue growth reaches the filing's thresholds, and those earnouts are subordinated to the buyer's senior secured indebtedness.

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What's next

The secured promissory note matures on September 30, 2026, making payment then the next dated test in the filing.

The parties also said Altruis will continue to employ the six employees of the acquired business through October 31, 2026 on a cost reimbursement basis. After that, those employees are expected to transfer to the buyer.

The indemnity holdback is scheduled to release 12 months after closing, less properly asserted claims, and the working capital holdback stays in place until the adjustment is determined.

Payment of the note on time and any earned earnout would strengthen the cash outcome, while a missed note payment or no earnout would leave more value deferred.

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