11:58 AM EDT, 06/17/2025 (MT Newswires) -- Reliance Global Group ( RELI ) said Tuesday it signed a letter of intent to sell its unit Fortman Insurance Agency for $5 million in cash.

The company plans to use the sales proceeds to acquire Spetner Associates, according to a statement.

The non-binding LOI is subject to customary conditions, the company said.

Shares rose more than 43% in recent trading.

Price: 1.69, Change: +0.51, Percent Change: +43.22