Abacus Global Management Stock Price, News & Analysis

Abacus Life (NASDAQ: ABL) has released preliminary Q2 2024 results, showing strong growth. The company expects:

• Total Revenue between $28.0-$30.0 million (146-163% YoY growth)
• Net Income between $0.0-$1.0 million
• Adjusted EBITDA between $15.0-$17.0 million (64-86% YoY growth)

CEO Jay Jackson highlighted key achievements, including a successful public offering raising over $90 million and a new distribution partnership with AIMCOR. Abacus also announced an agreement to acquire Carlisle Management Company SCA. The company will release full Q2 2024 results on August 12, 2024.

Abacus Life (NASDAQ: ABL) has announced a definitive agreement to acquire Carlisle Management Company SCA, a Luxembourg-based investment manager in the life settlement space, for approximately $200 million. This strategic acquisition will add up to $2 billion in assets under management to Abacus, accelerating its expansion as a global alternative asset manager. The deal aligns with Abacus' goal of enhancing its offering to institutional investors seeking attractive risk-adjusted returns with low correlation to other asset classes.

Key points of the acquisition include:

• Carlisle shareholders will receive $73.5 million in Abacus bonds and 9.3 million Abacus common stock
• The transaction is subject to regulatory approval and certain performance thresholds
• Carlisle is licensed as an Alternative Investment Fund Manager under CSSF oversight in Luxembourg
• The acquisition is expected to provide synergies and expand Abacus' global financial presence

Abacus Life has successfully closed its oversubscribed public offering, raising gross proceeds of $92 million by selling 11,500,000 shares of common stock at $8.00 per share. This includes the full exercise of the underwriters' option to purchase an additional 1,500,000 shares. The funds will support corporate operations, including buying life settlement policies, business strategies, working capital, and possibly repaying or refinancing debt. Piper Sandler, TD Securities, B. Riley Securities, and KKR Capital Markets acted as joint book-running managers. The offering's registration statement was declared effective by the SEC on June 20, 2024, and the final prospectus was filed on June 21, 2024.

This announcement does not constitute an offer to sell or a solicitation to buy these securities in any jurisdiction where such activities would be unlawful.

Abacus Life (NASDAQ: ABL) has announced the pricing of its oversubscribed public offering of 10,000,000 shares at $8.00 per share.

The gross proceeds are expected to be approximately $80 million, excluding the underwriters' 30-day option to purchase an additional 1,500,000 shares. The offering is anticipated to close on June 24, 2024, subject to customary conditions.

Abacus plans to utilize the net proceeds for operations, including purchasing life settlement policies, supporting its business strategy, working capital, and potentially repaying or refinancing indebtedness.

Piper Sandler & Co., TD Securities (USA) , B. Riley Securities, and KKR Capital Markets are acting as joint book-running managers.

Abacus Life (NASDAQ: ABL) has initiated a public offering of 10,000,000 shares of its common stock, aiming to raise capital.

The offering includes an option for underwriters to purchase an additional 1,500,000 shares within 30 days.

Proceeds will be used for operational needs, business strategy support, working capital, and potentially repaying debt.

The offering's completion is subject to market conditions, with Piper Sandler & Co., TD Securities, B. Riley Securities, and KKR Capital Markets acting as joint book-running managers.

A registration statement has been filed with the SEC but isn't effective yet.

Abacus Life (NASDAQ: ABL) announced that it led the life settlement industry in 2023 with a 26% market share in funds paid to clients, according to The Deal's annual ranking.

The company paid $220 million in life settlement funds, equivalent to over 20% of policy face value on average, which is 32% higher than its closest competitor.

Additionally, Abacus acquired 640 policies with a collective face value of nearly $1.1 billion, reflecting a 31.4% increase from 2022, compared to the industry growth of 4%.

CEO Jay Jackson expressed pride in the company's achievements and commitment to delivering exceptional value to clients.

Abacus Life (NASDAQ: ABL), a leader in alternative asset management, announced a new national distribution agreement with AIMCOR, a top insurance marketing organization. This relationship enables Abacus to offer life settlement solutions through AIMCOR’s network of 40+ brokerage general agencies. Abacus CEO Jay Jackson highlighted the partnership's potential to help AIMCOR members leverage Abacus' resources, fostering better financial decisions for policyholders. AIMCOR's EVP, Marc Verbos, emphasized the collaboration's role in promoting life settlements as a mainstream financial solution, enhancing the strategic growth and education of financial professionals.

Abacus Life, Inc. reported a more than doubled total revenue of $21.5 million in the first quarter of 2024, driven by a 59% year-over-year growth in the Direct-to-Consumer division. The company also launched ABL Tech, raised $25 million from the issuance of senior notes, and strengthened its management team. Adjusted EBITDA grew by 38.1% to $11.6 million, with an EBITDA margin of 53.9%. Despite a GAAP net loss of $1.3 million, adjusted net income was $6.7 million. The company had cash equivalents of $65.4 million and repurchased shares worth $11 million.