Abacus Life announces offering of 12.5M shares of common stock

Abacus Life (ABL) announced the commencement of an underwritten public offering of 12.5M shares of its common stock, including 10M shares of common stock to be sold by the company and 2.5M to be sold by certain stockholders of the company. 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. Piper Sandler & Co., TD Securities, KKR Capital Markets, B. Riley Securities, and SG Americas Securities are acting as joint book-running managers and representatives of the underwriters of the proposed offering.