Abacus Life Inc. (ABL) announced the pricing of its underwritten public offering of 12.50 million shares of its common stock, including 10 million shares of common stock being offered by the Company and 2.50 million shares of common stock being offered by certain stockholders of the company, at a price to the public of $8.00 per share.
In connection with the offering, the company also granted the underwriters a 30-day option to purchase up to an additional 1.50 million shares of common stock from the Company and up to an additional 375,000 shares of common stock from the Selling Stockholders at the public offering price.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $100 million, excluding any exercise of the underwriters' option to purchase additional shares.
Abacus noted that it plans 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.
For comments and feedback: editorial@rttnews.com