Abacus Life slides on equity offering

Abacus Global Management

22/11/2024 14:06

** Abacus Life Inc's  ABL.O  shares down 8.7% premarket to
$7.95, , lowest since Dec, after overnight follow-on priced
** Orlando, Florida-based alternative asset manager late Thurs
announced 12.5 mln shares at $8, an 8.2% discount to last sale
    ** ABL sold 10 mln shares, while certain existing holders
offloaded 2.5 mln shares
    ** Co intends to use net offering proceeds it receives to
purchase life settlement policies, fund growth and for working
capital, and may use some to fund acquisitions or repay debt
    ** Piper Sandler, TD Secs, KKR Capital Markets  KKR.N , B.
Riley and SG Americas are jt bookrunners
    ** With ~74.4 mln shares outstanding, ABL has $648 mln
market cap, per LSEG
    ** Through Thurs, stock has lost 13% over the past three
months
** ABL shares closed at $9.50 in their Jul 5, 2023 debut after
co  with Buffalo Bills owner Terry Pegula's East Resources
Acquisition SPAC

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))