Reliance Global Closes Altruis Sale for $8M — $3.1M Deferred via 7-Day Note
EZRA sits 54% above its 52-week low of $1.75.
Summary
Reliance Global closed the sale of its Altruis subsidiary for $8 million, but only $4.44 million was paid in cash — the remaining $3.1 million is a secured note due September 30, 2026, with rescission rights if unpaid.
Updates
· SEC 8-K — The $3.1 million secured promissory note from the Altruis sale was paid in full on September 30, 2026, bringing total cash received to approximately $7.5 million, with $461,729 held back for indemnity and working capital.
· Wiseek News — Reliance Global repaid its Oak Street Funding term loan in full, eliminating about $1M of annual principal, interest and fees; loan balance was ~$4.4M as of June 30, 2026, and cash exceeds $6M post-repayment.
Key Events · M&A and Partnerships · EZRA
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Altruis Sale Closed at $8M
A definitive Asset Purchase Agreement was executed and closed simultaneously on September 23, 2026, selling substantially all assets of the Altruis employee benefits business to Altruis Benefit Management, LLC for $8,000,000 — down from the $11 million contemplated in prior non-binding LOIs.
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Only $4.44M Cash at Closing
Cash paid at closing was $4,440,782.60; the remaining $3,097,488.40 was deferred via a secured promissory note maturing September 30, 2026, personally guaranteed by buyer principal Trent D. Bryson and secured by all acquired assets plus his membership interests.
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Oak Street Debt Repaid in Full
The $2,176,164 Oak Street Funding credit facilities were repaid in full from transaction proceeds, with the prepayment premium waived and no early termination penalty incurred.
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Contingent Earnout up to $1M
Altruis is entitled to earnout payments of up to $1,000,000 over three years, based on annual revenue growth of 10%, 15%, or 20% or more relative to the twelve months ended June 30, 2026.
Analysis · EZRA · Finance
The completed sale of Reliance Global Group's Altruis benefits subsidiary on September 23, 2026, carries materially weaker terms than the $11 million LOI announced in August. Only $4.44 million was paid in cash at closing; the remaining $3.1 million sits in a secured promissory note due September 30, 2026 — just seven days after closing. The buyer, Altruis Benefit Management LLC, is personally guaranteed by Trent D. Bryson, and the note is secured by all of the acquired business's assets plus Bryson's membership interests. If the note is not paid by September 30, Reliance can rescind the entire sale. Against the backdrop of Reliance's Q2 revenue decline, heavy cash burn, and Nasdaq delisting risk, this transaction provides immediate liquidity but leaves meaningful collection risk on nearly 40% of the purchase price.
How filings like this one have moved
In the 30 days to Oct 6, 2026, 36.5% of the 1012 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, EZRA was trading at $2.69 on NASDAQ in the Finance sector, with a market capitalization of approximately $4.4M. The 52-week trading range was $1.75 to $53.20. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.