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
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