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Reliance Global Group (Nasdaq: EZRA) has signed a non-binding letter of intent to acquire the assets of a GPU cloud provider and marketplace operator, outlining plans to enter the artificial intelligence infrastructure market through a combination of company-owned computing resources and third-party GPU capacity.
The agreement, executed on September 23, 2026, covers a business providing on-demand computing infrastructure for AI training, inference, machine learning, rendering and other computationally intensive applications.
- Reliance Global Group has signed a non-binding letter of intent to acquire a GPU cloud provider and marketplace operator, with $3.75 mn in closing and milestone-based payments.
- The company plans to expand AI computing infrastructure through a company-owned GPU fleet and a marketplace connecting customers with third-party computing capacity.
- Reliance expects the acquisition to close in early November 2026 without shareholder dilution and plans to adopt the GPU Exchange brand and Nasdaq ticker XGPU.
The acquisition target also operates a proprietary marketplace that allows third-party GPU owners to rent out available computing capacity and generate revenue when customers use their hardware.
Reliance intends to expand the existing platform by purchasing additional graphics processing units (GPUs), increasing available computing capacity and attracting more customers and infrastructure providers.
The proposed transaction involves $3.75 mn in closing and milestone-based payments, alongside separate consulting fees and an optional investment in a seller-related business.
The company expects to complete the acquisition in early November 2026, subject to definitive agreements and customary closing conditions.
Reliance Global outlines acquisition terms and financing structure
Under the letter of intent, Reliance would commit $3.375 mn at closing, comprising $3 mn in cash and $375,000 deposited into escrow.
A further $375,000 would become payable 12 months after closing. Both $375,000 amounts are subject to specified performance milestones.
The agreement also provides for $250,000 in consulting fees payable to the founder of the acquisition target over the 12 months following completion.
Separately, Reliance has the option to invest $500,000 in a related company belonging to the seller.
The company said the acquisition would be funded entirely in cash, with the required financing already available. No Reliance common shares would be issued as consideration, meaning the transaction is structured to avoid dilution of existing shareholders.
Reliance also reiterated that it has eliminated all outstanding term debt and currently operates without debt. Due diligence is substantially complete, although the agreement remains non-binding and completion depends on finalising definitive transaction documents and satisfying applicable conditions.
The proposed acquisition provides an operating foundation for our entry into AI infrastructure, with a clear strategy to scale substantially.
Ezra Beyman, chairman and chief executive officer of Reliance Global Group
“We believe this is the most significant step in the Company’s evolution to date. We are pursuing this acquisition with no outstanding debt, funding already in place and no dilution to existing shareholders.”
GPU Exchange strategy combines owned infrastructure and marketplace capacity
Following the proposed acquisition, Reliance plans to pursue expansion through two complementary business activities.
- The first involves investing in a company-owned GPU fleet to provide computing resources directly to customers requiring capacity for AI model training, inference, rendering and other demanding workloads.
- The second focuses on expanding the acquisition target’s proprietary GPU marketplace, where individuals, businesses and infrastructure operators can offer their hardware capacity to customers seeking on-demand computing resources.
Reliance intends to invest in marketplace development, attract additional customers and providers, and simplify the process through which GPU owners make their computing resources available for rental income.
The company-owned fleet would operate alongside third-party GPU capacity, allowing the business to increase supply through direct hardware purchases and broader participation by independent infrastructure providers.
Reliance plans to use the acquisition target’s existing platform as the operating foundation for expanding customer adoption, available computing capacity and marketplace activity.
Our focus is execution: acquiring and deploying GPUs, growing the customer base and making it easier for hardware owners to earn revenue through the marketplace.
Judah Korman, chief operating officer of Reliance Global Group
“By combining our own GPU fleet with third-party capacity, we intend to scale supply rapidly and serve more customers through a single platform. GPU Exchange will bring these efforts together under one brand,” Judah Korman said.
The proposed operating structure would give Reliance two sources of computing capacity: infrastructure acquired and operated directly by the company, and hardware made available by external providers through its marketplace.
Customers would be able to access computing resources through the platform, while participating hardware owners would receive rental revenue when their GPUs are used.
Reliance plans GPU Exchange brand and Nasdaq ticker change
As part of its planned entry into AI cloud infrastructure, Reliance intends to adopt GPU Exchange as its doing-business-as (DBA) name.
The company also plans to change its Nasdaq trading symbol from EZRA to XGPU, aligning its public market identity with the proposed business expansion.
Following completion of the acquisition, the acquired GPU cloud business would operate under the GPU Exchange brand.
Reliance said it would announce the effective date of the proposed ticker change separately. Its common shares continue to trade on Nasdaq under EZRA until any change takes effect.
The company intends to position GPU Exchange as a platform serving customers seeking computing resources and GPU owners looking to generate income from available hardware.
Alongside the planned AI infrastructure business, Reliance will continue operating, developing and expanding its existing RELI Exchange platform.
Management believes the proposed acquisition could provide additional opportunities to increase the company’s operating scale and expand into AI-related computing services.
Acquisition expected to close in November 2026
Reliance expects the transaction to close in early November 2026, following completion of the remaining contractual and closing requirements.
The company has substantially completed due diligence, but the non-binding letter of intent does not guarantee that the acquisition will proceed.
The planned financing structure would allow Reliance to complete the purchase without issuing additional common shares, while its proposed GPU investment strategy would require subsequent capital deployment to increase computing capacity.
The acquisition target’s existing marketplace would provide the initial operating platform, with Reliance planning to expand both its directly owned GPU infrastructure and the number of third-party hardware providers.
Reliance said it would provide further information as the transaction progresses, including details of the proposed transition to the GPU Exchange brand and the timing of any Nasdaq ticker change.
