Welcome to our dedicated page for ERES news (Ticker: ERES), a resource for investors and traders seeking the latest updates and insights on ERES stock.
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Abacus Settlements, LLC and Longevity Market Assets, LLC have announced their initiatives for becoming a publicly traded company, as highlighted in Life Annuity Specialist. The company, known for purchasing life insurance policies, recently launched a television campaign to raise awareness among financial professionals about their Life Settlements Calculator. Abacus aims to be the first publicly traded life settlement company by completing a merger with East Resources Acquisition Company (NASDAQ: ERES), which is anticipated to conclude subject to customary conditions. Over the last year, Abacus has expanded its workforce by 20% due to increasing demand, having purchased over $2.9 billion in life insurance policies and serviced approximately $950 million in policies.
Abacus Settlements, LLC, a prominent buyer of life insurance policies, has been spotlighted by The Deal for its competitive pricing and recent management promotions, including Cassie Schaelling and Efi Laina. In 2021, Abacus paid an average of 22.5% per face value, surpassing the competition's 16.7%. Since 2019, the company has acquired policies worth approximately $1.3 billion. Abacus is set to become a publicly listed company through its merger with East Resources Acquisition Company (NASDAQ: ERES), pending standard closing conditions. Abacus's leadership brings over 20 years of experience in the industry.
East Resources Acquisition Company (ERES) announced the results of a special meeting held on January 20, 2023, where stockholders approved a proposal to amend the company's certificate of incorporation. This amendment allows ERES to extend the deadline for completing a business combination. The approval was secured with the requisite number of shares voting in favor. A report detailing the full voting results will be filed with the Securities and Exchange Commission on January 23, 2023.
ERES is a blank check company focused on merger opportunities in North America.
Abacus Settlements, LLC and Longevity Market Assets, LLC have received approval from the Florida Office of Insurance Regulation for East Resources Acquisition Company (NASDAQ: ERES) to proceed with their business combination. This merger aims to leverage a $233 billion annual life settlement market. Abacus Life, with a team of 61, has serviced approximately $950 million in policies since October 2021. The deal is expected to result in Abacus Life becoming publicly listed, pending customary closing conditions.
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