Reliance Global to Buy 51% of Enquantum for $2.125M

Reliance Global Group Inc. has entered into a share purchase agreement with Enquantum Ltd. to acquire 51.00% of Enquantum on a fully diluted basis. The agreement contemplates the issuance of newly issued ordinary shares to Reliance, with an aggregate purchase price of $2,125,000.

The purchase price will be paid in tranches tied to milestones, with corresponding fully diluted percentage issuances under an Annex I milestone schedule. A $166,000 secured bridge note previously provided by Reliance is also set to be converted at closing into ordinary shares equal to 4.0% of Enquantum’s issued and outstanding ordinary shares on a fully diluted basis, and that conversion is treated as part of the first milestone tranche.