Abacus Life (ABL) said Monday that certain holders of its outstanding publicly traded warrants have agreed to surrender a total of about 4.9 million warrants in exchange for about 1.1 million shares of newly issued common stock.

The exchange represents a ratio of 0.23 share per warrant, the company said.

The warrants were issued in connection with the company's initial public offering and entitle holders to purchase up to about 17.3 million common shares at an exercise price of $11.50 per share, the company said.

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