Abacus Life, Inc. announced the closing of its oversubscribed underwritten public offering of 12,500,000 shares of common stock on November 25, 2024. The offering was priced at $8.00 per share, with 10,000,000 shares sold by the company and 2,500,000 shares sold by certain stockholders. The gross proceeds from the offering totaled approximately $100 million.
The company received approximately $80 million in net proceeds from its portion of the offering. These funds are designated for operations, including the purchase of life settlement policies, supporting its overall business strategy, providing working capital, and potentially funding acquisitions and debt management. Abacus Life did not receive any proceeds from the sale of shares by the selling stockholders.
The successful completion of this offering provides Abacus Life with significant capital to execute its growth initiatives. This includes expanding its portfolio of life settlement policies and pursuing strategic acquisitions, reinforcing its position as an alternative asset manager.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.