Core Viewpoint - Abacus Life, Inc. has successfully closed an oversubscribed public offering, raising approximately $92 million through the sale of 11,500,000 shares at a price of $8.00 per share, which includes the full exercise of an option for an additional 1,500,000 shares [1]. Group 1: Offering Details - The public offering was underwritten and managed by Piper Sandler & Co., TD Securities (USA) LLC, B. Riley Securities, and KKR Capital Markets LLC [2]. - The registration statement for the offering was declared effective by the SEC on June 20, 2024, with a final prospectus filed on June 21, 2024 [3]. Group 2: Use of Proceeds - Abacus intends to utilize the net proceeds from the offering for operations, including the purchase of life settlement policies, working capital, and general corporate purposes, which may involve repayment and refinancing of its debt [1]. Group 3: Company Overview - Abacus is a leading alternative asset manager specializing in longevity and actuarial technology, with over $5 billion in face value of life insurance policies purchased since 2004 [5]. - The company operates through three innovative channels: ABL Tech, ABL Wealth, and ABL Longevity Funds, aiming to democratize the life insurance market [5].
Abacus Life Announces Closing of Public Offering of 11,500,000 Shares of Common Stock