Abacus Life Announces Closing of Public Offering of 12,500,000 Shares of Common Stock
25 Novembre 2024 - 11:23PM
Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
pioneering alternative asset manager specializing in longevity and
actuarial technology, today announced the closing of its
oversubscribed underwritten public offering of 12,500,000 shares of
its common stock, consisting of 10,000,000 shares of its common
stock sold by the Company and 2,500,000 shares of common stock sold
by certain stockholders of the Company (the “Selling Stockholders”)
at the public offering price of $8.00 per share. The gross proceeds
raised in the offering, before underwriting discounts and
commissions and estimated expenses of the offering, were
approximately $100 million, of which approximately $80 million was
raised in the primary offering by the Company and approximately $20
million was paid in connection with the sale of shares by the
Selling Stockholders.
Abacus intends to use net proceeds that it
receives for its operations, including the purchase of life
settlement policies, to support its overall business strategy, for
working capital purposes, and for general corporate purposes, which
may include funding previously announced and future acquisitions
and repayment and refinancing of its indebtedness. Abacus did not
receive any proceeds from the sale of shares of common stock by the
Selling Stockholders.
Piper Sandler & Co., TD Securities (USA)
LLC, KKR Capital Markets LLC, B. Riley Securities, Inc. and SG
Americas Securities, LLC acted as joint book-running managers and
representatives of the underwriters for the offering.
The registration statements on Form S-3 relating
to this offering were declared effective by the Securities and
Exchange Commission (“SEC”) on November 14, 2024. Final prospectus
supplements and accompanying prospectuses relating to and
describing the terms of the offering were filed with the SEC on
November 25, 2024 and may be obtained from: Piper Sandler & Co.
by mail at 1251 Avenue of the Americas, 6th Floor, New York, NY
10020 or by email at prospectus@psc.com; TD Securities (USA) LLC by
mail at 1 Vanderbilt Avenue, New York, NY 10017, by telephone at
(855) 495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com;
KKR Capital Markets LLC by mail at 30 Hudson Yards, 75th Floor, New
York, NY 10001, Attention: Prospectus Delivery; B. Riley
Securities, Inc. by mail at 1300 17th Street North, Suite 1300,
Arlington, VA 22209, by telephone at (703) 312-9580 or by email at
prospectuses@brileyfin.com; SG Americas Securities, LLC by mail at
245 Park Avenue, New York, NY 10167 or by email at
us-ny-prospectus@sgcib.com; or by accessing the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the shares of the
Company’s common stock or any other securities, nor shall there be
any sale of such shares of common stock or any other securities in
any state or other jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other
jurisdiction.
About
Abacus
Abacus is a pioneering global alternative asset
manager and market maker specializing in uncorrelated financial
products. The Company leverages its longevity data and actuarial
technology to purchase life insurance policies from consumers
seeking liquidity. This creates a high-return asset class
uncorrelated to market fluctuations for institutional
investors.
With nearly $3 billion in assets under
management, including pending acquisitions, Abacus is the only
publicly traded global alternative asset manager focused on
lifespan-based financial products.
Forward-Looking Statements
All statements in this press release (and oral
statements made regarding the subjects of this press release) other
than historical facts are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
uncertainties and factors that could cause actual results to differ
materially from such statements, many of which are outside the
control of Abacus. Forward-looking information includes but is not
limited to statements regarding the proposed offering, including
the expected closing of the proposed offering; Abacus’s financial
and operational outlook; Abacus’s operational and financial
strategies, including planned growth initiatives and the benefits
thereof, Abacus’s ability to successfully effect those strategies,
and the expected results therefrom. These forward-looking
statements generally are identified by the words “believe,”
“project,” “estimate,” “expect,” ”intend,” “anticipate,” “goals,”
“prospects,” “will,” “would,” “will continue,” “will likely
result,” and similar expressions (including the negative versions
of such words or expressions).
While Abacus believes that the assumptions
concerning future events are reasonable, it cautions that there are
inherent difficulties in predicting certain important factors that
could impact the future performance or results of its business. The
factors that could cause results to differ materially from those
indicated by such forward-looking statements include, but are not
limited to: the fact that Abacus’s loss reserves are bases on
estimates and may be inadequate to cover its actual losses; the
failure to properly price Abacus’s insurance policies; the
geographic concentration of Abacus’s business; the cyclical nature
of Abacus’s industry; the impact of regulation on Abacus’s
business; the effects of competition on Abacus’s business; the
failure of Abacus’s relationships with independent agencies; the
failure to meet Abacus’s investment objectives; the inability to
raise capital on favorable terms or at all; the effects of acts of
terrorism; and the effectiveness of Abacus’s control environment,
including the identification of control deficiencies.
These forward-looking statements are also
affected by the risk factors, forward-looking statements and
challenges and uncertainties set forth in documents filed by Abacus
with the SEC from time to time, including the Annual Report on Form
10-K, as amended, and Quarterly Reports on Form 10-Q and subsequent
periodic reports. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Abacus cautions you not to place undue
reliance on the forward-looking statements contained in this press
release. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Abacus assumes no obligation and,
except as required by law, does not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. Abacus does not give any
assurance that it will achieve its expectations.
Contacts:
Robert Phillips – SVP Investor Relationsrob@abacuslife.com(321)
290-1198
David Jackson – IR/Capital Markets
Associatedjackson@abacuslife.com(321) 299-0716
Abacus Life Public
Relationspress@abacuslife.com
Abacus Life (NASDAQ:ABL)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Abacus Life (NASDAQ:ABL)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024