Reliance Global Proposes $3 Million Cash Purchase of GPU Cloud Assets
Key Facts
In a filing dated October 22, 2026, Reliance Global said it signed a non-binding letter of intent on September 23 to acquire the assets of a GPU cloud provider and on-demand computing marketplace operator. The filing identified AI training, inference and intensive workloads as intended uses. CEO Ezra Beyman said the proposed acquisition "provides an operating base for our entry into AI infrastructure, with a clear strategy to scale significantly." The deal would position the company for a planned shift from its existing business into the computing infrastructure market, but the announcement does not mean the acquisition has closed. The company confirmed that the letter of intent is non-binding and that the deal had not been completed at the time of the filing.
The letter of intent proposes a cash payment of $3,000,000 at closing, along with a $375,000 deposit into escrow. It provides for an additional $375,000 after 12 months from closing, with both additional payments contingent on achieving specified milestones. It also includes $250,000 in consulting fees for the target company's founder during the 12 months following closing. The proposed consideration is thus divided among an initial payment, escrow-related amounts and payments subject to later conditions, as well as consulting fees. These figures describe the letter of intent's structure, not completed payments, because the deal had not closed when it was announced.
Reliance said the closing payment, escrow amounts and milestone payments would be in cash, and that it did not intend to issue common stock as consideration for the acquisition. It also said it had repaid 100% of its term debt and described itself as free of that type of debt. But the proposed cash financing for the purchase does not settle how the business's subsequent expansion will be funded. The company acknowledged that building an owned GPU fleet would require capital beyond the amount needed to complete the acquisition, and that funding could include share issuances that dilute shareholders. Accordingly, the commitment not to issue shares applies to the proposed acquisition consideration, while the company left open the possibility of dilutive financing for the fleet buildout.
The company outlined two growth paths after the deal: buying and expanding an owned fleet of GPU units, and growing its own marketplace, where third-party device owners can offer their computing capacity to customers. Chief Operating Officer Judah Korman said the focus would be on deploying GPU units, expanding the customer base and helping device owners generate revenue through the marketplace. The model combines directly owned computing capacity with capacity offered by others, according to the filing. The first path would require additional capital, and the company may turn to equity financing for that purpose. The proposed assets would give the company an operating base to enter the sector, while its expansion plans remain tied to securing funding and executing them.
Reliance said due diligence was nearing completion and that it expected to close the deal in early November 2026. That timing remains a target and is contingent on executing definitive agreements and satisfying closing conditions, according to the filing. Alongside its new direction, the company plans to adopt "GPU Exchange" as a trade name for its business and change its Nasdaq ticker from EZRA to XGPU. It said an announcement of the ticker change's effective date would follow, so the filing did not specify when it would take effect. This follows its January 2026 announcement that trading under the EZRA ticker would begin at the opening of the January 26 session, as part of the creation of EZRA International Group to focus on acquiring controlling stakes in technology companies.