What You Have to Know
- East Assets shareholders authorised the SPAC on the finish of June.
- The mixed firm will likely be often known as Abacus Life, and its shares will commerce underneath the image ABL.
- The Nasdaq itemizing will assist Abacus Life inform your purchasers that they’ll get money for his or her undesirable life insurance coverage insurance policies.
Abacus Life Settlements and an affiliate, Longevity Market Belongings, are actually utilizing the Nasdaq Capital Market to advertise the concept your purchasers can get money for his or her in-force life insurance coverage insurance policies.
The Orlando, Florida-based life settlement agency right this moment moved onto Nasdaq by finishing a beforehand introduced $618 million merger with East Assets Acquisition Firm, a Boca Raton, Florida-based particular goal acquisition firm, or SPAC.
The inventory of the mixed firm, which will likely be known as Abacus Life, continues to be buying and selling on Nasdaq underneath East Assets’ ERES inventory image. On Wednesday, the corporate’s frequent inventory will start buying and selling underneath the image ABL.
A SPAC is a public firm that exists to assist different firms get inventory change listings. East Assets was managed by Terry Pegula, the proprietor of the Buffalo Payments soccer staff. ERES shareholders voted to approve the deal final week.
What It Means
Abacus Life now has extra capital that it could actually use to purchase your purchasers’ undesirable life insurance coverage insurance policies, and it has extra money it could actually use to let you know, your purchasers and your rivals that traders are hungry for insurance policies.
The Nasdaq itemizing itself might give Abacus Life a greater likelihood to get CEO Jay Jackson and different executives, resembling Invoice McCauley, the chief monetary officer, onto TV reveals, radio reveals and podcasts aimed toward traders.
Abacus Life
Abacus Life Settlements was based in 2004, and it began the Longevity Market Belongings life settlement asset administration affiliate in 2017.
Abacus Life Settlements misplaced $52,495 in 2022 on $22 million in income, and Longevity Market Belongings earned $32 million that yr on $45 million in income.
