Abacus Life, Inc. announced the pricing of its underwritten public offering of 12,500,000 shares of common stock at $8.00 per share on November 21, 2024. The offering includes 10,000,000 shares from the company and 2,500,000 shares from certain selling stockholders. Gross proceeds from the offering are expected to be approximately $100 million, excluding any exercise of the underwriters’ option to purchase additional shares.
Abacus Life intends to use the net proceeds from its portion of the offering for its operations, including the purchase of life settlement policies, supporting its overall business strategy, providing working capital, and potentially funding previously announced and future acquisitions, as well as debt repayment and refinancing. The offering is expected to close on November 25, 2024.
This capital raise is significant for Abacus Life as it provides substantial funding to fuel its expansion plans and strengthen its balance sheet. The ability to secure $80 million in net proceeds for the company's primary operations demonstrates investor confidence in its growth strategy.
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