ORLANDO, Fla., June 20, 2024 (GLOBE NEWSWIRE) — Abacus Life, Inc. (Abacus or the Firm) (NASDAQ: ABL), a pioneering different asset supervisor specializing in longevity and actuarial know-how, as we speak introduced the pricing of its oversubscribed underwritten public providing of 10,000,000 shares of its widespread inventory at a worth to the general public of $8.00 per share. In reference to the providing, the Firm additionally granted the underwriters a 30-day choice to buy as much as a further 1,500,000 shares of widespread inventory on the public providing worth. The gross proceeds from the providing, earlier than deducting underwriting reductions and commissions and providing bills, are anticipated to be roughly $80 million, excluding any train of the underwriters’ choice to buy further shares. All the shares within the public providing are to be offered by Abacus.
Abacus intends to make use of internet proceeds for its operations, together with the acquisition of life settlement insurance policies, to help its general enterprise technique, for working capital functions and for common company functions, which can embody reimbursement and refinancing of its indebtedness.
Piper Sandler & Co., TD Securities (USA) LLC, B. Riley Securities and KKR Capital Markets LLC are performing as joint book-running managers and representatives of the underwriters. The providing is anticipated to shut on June 24, 2024, topic to customary closing circumstances.
A registration assertion on Kind S-1 referring to this providing was declared efficient by the Securities and Alternate Fee (SEC) on June 20, 2024. The preliminary prospectus has been filed with the SEC and is offered on the SEC’s web site at www.sec.gov. The ultimate phrases of the providing might be disclosed in a closing prospectus to be filed with the SEC. The ultimate prospectus, when obtainable, might be filed with the SEC and might be obtainable on the SEC’s web site at www.sec.gov. Copies of the preliminary prospectus and the ultimate prospectus, when obtainable, can also be obtained from: Piper Sandler & Co. by mail at 1251 Avenue of the Americas, sixth Flooring, New York, NY 10020 or by electronic mail at [email protected]; TD Securities (USA) LLC by mail at 1 Vanderbilt Avenue, New York, NY 10017, by phone at (855) 495-9846 or by electronic mail at [email protected]; B. Riley Securities, Inc. by mail at 1300 seventeenth Avenue North, Suite 1300, Arlington, VA 22209, by phone at (703) 312-9580 or by electronic mail at [email protected]; or KKR Capital Markets LLC by mail at 30 Hudson (NYSE:) Yards, seventy fifth Flooring, New York, NY 10001, Consideration: Prospectus Supply.
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase the shares of the Firm’s widespread inventory or another securities, nor shall there be any sale of such shares of widespread inventory or another securities in any state or different jurisdiction during which such provide, solicitation or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such state or different jurisdiction. Any affords, solicitations or affords to purchase, or any gross sales of securities might be made in accordance with the registration necessities of the U.S. Securities Act of 1933, as amended.
About Abacus Life, Inc.
Abacus is a number one vertically built-in different asset supervisor and market maker, specializing in longevity and actuarial know-how. The Firm is democratizing the life insurance coverage area via three groundbreaking new channels: ABL Tech, ABL Wealth, and ABL Longevity Funds. Since 2004, Abacus has bought life insurance coverage insurance policies from shoppers looking for liquidity and has actively managed these insurance policies over time (by way of buying and selling, holding, and/or servicing). With over $5 billion in face worth of insurance policies bought, Abacus has helped hundreds of purchasers maximize the worth of life insurance coverage. Abacus is the one public life settlement firm, buying and selling on the Nasdaq Alternate below the ticker image ABL.
Ahead Trying Statements
This communication might comprise sure forward-looking statements throughout the that means of the federal securities legal guidelines with respect to the proposed providing, together with the anticipated closing of the providing. These forward-looking statements typically are recognized by the phrases consider, predict, undertaking, suggest, anticipate, anticipate, estimate, intend, technique, future, scales, consultant of, valuation, potential, alternative, plan, might, ought to, will, would, might be, will proceed, will probably end result, and comparable expressions or the negatives of those phrases or variations of them. Ahead-looking statements are predictions, projections and different statements about future occasions which are based mostly on present expectations and assumptions and, because of this, are inherently topic to dangers and uncertainties. These aheadwanting statements are offered for illustrative functions solely and are usually not supposed to function, and should not be relied on by any investor as, a assure, an assurance, a prediction or a definitive assertion of truth or chance. Precise occasions and circumstances are past Abacus’ management, are tough or unimaginable to foretell and should differ from assumptions. Many components may trigger precise future occasions to vary materially from the forward-looking statements on this communication, together with however not restricted to: (i) the danger that demand for Abacus’ life settlement and associated choices don’t develop as anticipated, (ii) the flexibility of Abacus to retain current clients and entice new clients, (iii) the potential incapacity of Abacus to handle development successfully, (iv) the potential dangers related to Abacus’ income being concentrated in a restricted variety of clients, a few of that are associated events, (v) the potential incapacity of Abacus to develop its market share of the life settlement business or to attain efficiencies concerning its working mannequin or different prices, (vi) detrimental developments within the life settlement business impacting the worth of life settlements, together with will increase to the premium prices of life insurance coverage insurance policies, elevated longevity of insureds, and errors within the methodology and assumptions of life expectancy reviews, (vii) authorized challenges by insurers referring to the validity of the origination or task of sure life settlements, (viii) the enforceability of Abacus’ mental property rights, together with its emblems and commerce secrets and techniques, and the potential infringement on the mental property rights of others, (ix) Abacus’ dependence on senior administration and different key staff, and (x) the danger of downturns and a altering regulatory panorama within the business during which Abacus operates. The foregoing record of things isn’t exhaustive.
Nothing on this communication ought to be thought to be a illustration by any individual that the forward-looking statements set forth herein might be achieved or that any of the contemplated outcomes of such forward-looking statements might be achieved. It’s best to rigorously take into account the foregoing components and the opposite dangers and uncertainties which might be extra totally described within the paperwork filed by Abacus every so often with the SEC. These filings determine and handle different necessary dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers of this communication are cautioned to not put undue reliance on forward-looking statements, and Abacus assumes no obligation and don’t intend to replace or revise these forward-looking statements, whether or not because of new data, future occasions, or in any other case. Abacus offers no assurance that it’ll obtain expectations.
Contacts:
Jeff Smith
Director of Advertising and marketing
1-800-561-4148 | [email protected]
Abacus Life Investor Relations
[email protected]
Abacus Life Public Relations
[email protected]
Supply: Abacus Life Settlements