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Abacus Settlements, LLC and Longevity Market Assets, LLC, represented by CEO Jay Jackson, announced a podcast appearance on SPACInsider. Jackson discussed the life settlement industry, highlighting a $233 billion annual market opportunity. The company has plans to go public through a merger with East Resources Acquisition Company (NASDAQ: ERES), expected to close subject to standard conditions. Abacus has acquired over $2.9 billion in life insurance policies and has a strong operational framework, operating across 49 states with substantial institutional partnerships.
Abacus Settlements, LLC (d/b/a Abacus Life) and Longevity Market Assets, LLC announced that CEO Jay Jackson will keynote at the Fasano Longevity Conference on November 7, 2022, in Washington D.C. This conference will delve into life settlements and related markets, featuring insights from industry experts. Furthermore, Abacus is set to merge with East Resources Acquisition Company (NASDAQ: ERES) as part of a business combination agreement announced on August 30, 2022, creating a publicly listed company. Abacus has acquired policies worth over $2.9 billion, showcasing their robust market position.
Abacus Life and East Resources Acquisition Company (NASDAQ: ERES) have announced a definitive merger agreement. This transaction is expected to solidify Abacus as a publicly listed company, with a pro-forma enterprise value of $618 million. The deal will enable Abacus to lower its cost of capital and scale its portfolio in the $233 billion life settlement market. The transaction is scheduled to close as early as Q4 2022, subject to regulatory approvals. The combined entity will trade under the ticker symbol ABAL.
East Resources Acquisition Company (ERES) has announced a non-binding letter of intent (LOI) for a business combination with a specialty insurance-focused alternative asset manager. This merger aims to leverage ERES's resources and network to enhance the Target's growth and financing access. The Target's equityholders will roll over 100% of their equity into the new entity. A special stockholder meeting is scheduled for July 25, 2022, to vote on extending the business combination deadline to January 27, 2023. No assurances are made regarding the finalization of the agreement.
East Resources Acquisition Company (NASDAQ: ERES) announced it received a notice from NASDAQ on May 19, 2022, for failing to file its Quarterly Report on Form 10-Q for the quarter ending March 31, 2022, on time. The notice cites non-compliance with NASDAQ Listing Rule 5250(c)(1). The company has until June 21, 2022, to submit a compliance plan to NASDAQ, which may allow an extension until October 12, 2022, for compliance. The delay was due to its auditor's inability to complete the review in time.
East Resources Acquisition Company (NASDAQ: ERES) announced on April 22, 2022, that it received a notice from NASDAQ regarding non-compliance with Listing Rule 5250(c)(1) due to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The deadline for compliance is set for June 21, 2022, with a possible extension until October 12, 2022, if a compliance plan is accepted. The Company is actively working to complete the Form 10-K and determine the impact of the SEC Statement on its unaudited financial statements.
East Resources Acquisition Company (NASDAQ: ERES) announced it received a notice from NASDAQ regarding non-compliance with Listing Rule 5250(c)(1) due to not timely filing its Quarterly Report on Form 10-Q for Q3 2021. The notice does not immediately affect trading. The company has until January 31, 2022, to submit a compliance plan and may be granted up to 180 days to regain compliance. The management is reviewing the financial impact related to SEC guidance on the classification of redeemable shares from its IPO.
East Resources Acquisition Company (NASDAQ:ERES) announced receipt of a notice from NASDAQ regarding non-compliance with Listing Rule 5250(c)(1) due to late filing of its Quarterly Report for Q1 2021. This does not immediately affect trading. The delay is linked to recent SEC guidance on the accounting treatment for warrants, leading the company to reclassify these as derivative liabilities. The company has until July 26, 2021, to submit a plan to regain compliance, with a potential extension to November 22, 2021, if accepted.