Abacus Life Announces Proposed Public Offering of Common Stock
Abacus Life (NASDAQ: ABL) has announced a public offering of 12.5 million shares of common stock, comprising 10 million shares from the company and 2.5 million from selling stockholders. The underwriters have a 30-day option to purchase up to 1.5 million additional shares from the company and 375,000 from stockholders. The proceeds will fund operations, life settlement policy purchases, business strategy, working capital, potential acquisitions, and debt refinancing. The offering's completion depends on market conditions, with no guaranteed terms or timing.
Abacus Life (NASDAQ: ABL) ha annunciato un'offerta pubblica di 12,5 milioni di azioni ordinarie, di cui 10 milioni provengono dalla società e 2,5 milioni da azionisti venditori. Gli underwriter hanno un'opzione di 30 giorni per acquistare fino a 1,5 milioni di azioni aggiuntive dalla società e 375.000 dagli azionisti. I proventi finanzieranno le operazioni, acquisti di polizze di liquidazione sulla vita, strategie aziendali, capitale circolante, potenziali acquisizioni e rifinanziamento del debito. Il completamento dell'offerta dipende dalle condizioni di mercato, senza termini o tempistiche garantiti.
Abacus Life (NASDAQ: ABL) ha anunciado una oferta pública de 12.5 millones de acciones ordinarias, de las cuales 10 millones son de la compañía y 2.5 millones de accionistas vendedores. Los suscriptores tienen una opción de 30 días para comprar hasta 1.5 millones de acciones adicionales de la compañía y 375,000 de los accionistas. Los ingresos financiarán las operaciones, la compra de pólizas de liquidación de vida, estrategias empresariales, capital de trabajo, adquisiciones potenciales y refinanciamiento de deuda. La finalización de la oferta depende de las condiciones del mercado, sin términos o plazos garantizados.
Abacus Life (NASDAQ: ABL)은 1,250만 주의 보통주에 대한 공모를 발표했습니다. 이 중 1,000만 주는 회사에서, 250만 주는 매도 주주로부터 나옵니다. 인수인은 30일 동안 회사에서 최대 150만 주, 주주로부터 37만 5천 주를 추가로 구매할 수 있는 옵션을 가지고 있습니다. 조달된 자금은 운영, 생명 보험 정책 구매, 비즈니스 전략, 운전 자본, 잠재적 인수 및 부채 재융자에 사용됩니다. 이번 공모의 완료는 시장 상황에 따라 달라지며, 보장된 조건이나 일정은 없습니다.
Abacus Life (NASDAQ: ABL) a annoncé une offre publique de 12,5 millions d'actions ordinaires, dont 10 millions proviennent de la société et 2,5 millions d'actionnaires vendeurs. Les souscripteurs ont une option de 30 jours pour acheter jusqu'à 1,5 million d'actions supplémentaires de la société et 375 000 des actionnaires. Les recettes financeront les opérations, les achats de polices d'assurance vie, la stratégie commerciale, le fonds de roulement, les acquisitions potentielles et le refinancement de la dette. L'achèvement de l'offre dépend des conditions du marché, sans conditions ou délais garantis.
Abacus Life (NASDAQ: ABL) hat eine öffentliche Angebotsrunde über 12,5 Millionen Aktien des Stammkapitals bekannt gegeben, darunter 10 Millionen Aktien aus dem Unternehmen und 2,5 Millionen von verkaufenden Aktionären. Die Underwriter haben die Option, innerhalb von 30 Tagen bis zu 1,5 Millionen zusätzliche Aktien vom Unternehmen und 375.000 von den Aktionären zu kaufen. Die Erlöse werden zur Finanzierung der Betriebe, zum Erwerb von Lebensversicherungsrichtlinien, zur Geschäftspolitik, für das Betriebskapital, potenzielle Übernahmen und die Umfinanzierung von Schulden verwendet. Der Abschluss des Angebots hängt von den Marktbedingungen ab, ohne garantierte Bedingungen oder Fristen.
- Potential capital raise to fund operations and business expansion
- Proceeds will support life settlement policy purchases
- Funds available for debt refinancing and working capital
- Significant shareholder dilution from 12.5 million new shares
- Secondary offering indicates insider selling of 2.5 million shares
- No guaranteed completion or terms of the offering
Insights
This secondary offering of 12.5 million shares signals a significant capital raise that could substantially dilute existing shareholders. The offering includes 10 million new shares from the company and 2.5 million shares from existing stockholders, with an additional overallotment option of 1.875 million shares.
The company's plan to use proceeds for purchasing life settlement policies and potential acquisitions indicates an aggressive growth strategy. However, the timing and pricing of this offering are important factors to watch, especially considering the company's current market cap of
ORLANDO, Fla., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a pioneering alternative asset manager specializing in leveraging longevity and actuarial technology to offer uncorrelated investment opportunities, today announced the commencement of an underwritten public offering of 12,500,000 shares of its common stock, including 10,000,000 shares of common stock to be sold by the Company and 2,500,000 to be sold by certain stockholders of the Company (the “Selling Stockholders”). The Company and the Selling Stockholders also expect to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock from the Company and up to an additional 375,000 shares of common stock from the Selling Stockholders.
Abacus intends to use net proceeds of the primary portion of the offering 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 will receive no proceeds from the secondary portion of the offering.
The offering is subject to general market conditions, and there can be no assurances as to whether or when the offering may be completed, or as to the size or terms of the offering.
Piper Sandler & Co., TD Securities (USA) LLC, KKR Capital Markets LLC, B. Riley Securities, Inc. and SG Americas Securities, LLC are acting as joint book-running managers and representatives of the underwriters of the proposed offering.
The registration statements on Form S-3 (including the accompanying prospectuses for each registration statement) relating to the proposed offering have been filed with the Securities and Exchange Commission (the “SEC”) and became effective on November 14, 2024. Copies of the prospectus supplements relating to the offering, when filed, may be obtained on the SEC’s website located at https://www.sec.gov. When available, copies of the prospectus supplements related to the offering may also 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; or SG Americas Securities, LLC by mail at 245 Park Avenue, New York, NY 10167 or by email at us-ny-prospectus@sgcib.com. The final terms of the offering will be disclosed in the final prospectus supplements to be filed with the SEC.
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. Any offers, solicitations or offers to buys, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended.
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
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 Relations
rob@abacuslife.com
(321) 290-1198
David Jackson – IR/Capital Markets Associate
djackson@abacuslife.com
(321) 299-0716
Abacus Life Public Relations
press@abacuslife.com
FAQ
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